Real Estate Salesperson California State Exam Questions with Correct Answers

Real Estate Salesperson California State Exam Questions with Correct Answers Under a conditional / installment sales contract for the sale of real property, legal title is held by the: - Answer-Vendor Which of the following closing costs would be classified as a recurring cost: - Answer-Impound Account Items If a broker misrepresented his principal's property to a buyer, the broker could cause his principal to be subject to: - Answer-Any of the below: -A rescission of the sale by the buyer -A court action for damages by the buyer -A civil suit compensating the buyer for misrepresentation of the broker Which of the following REPRESENTS the minimum time period for an exclusive right to sell listing on real property: - Answer-Whatever time period is agreed to by seller and broker When appraising real property by the income approach, the capital invested in the improvements is recaptured by: - Answer-Accruals for depreciation Agent Flag often refers to tax shelters when discussing a property with a customer. Agent Flag is primarily referring to: - Answer-Income taxes Which of the following is NOT one of the four important elements of value: - Answer-Appreciation Economic rent is the rent: - Answer-Received for comparable space in the economic open market