Easy To Pass-California Real State Exam Test
Questions With Solved Solutions.
What would be used to transfer the title of personal property? - Correct Answer-Bill of sale
What is the key advantage of an installment sale for federal income tax reasons? - Correct
Answer-The gain realized will be taxed in the year was received.
When parties of two or more own property as tenants in common each one - Correct
Answer-Has the right to Possession of the entire property
Why can a corporation not qualify as a "joint tenant" for ownership interest of real
property? - Correct Answer-It has perpetual existence, death is a requirement
How are ownership rights and interest in real property established by way of court
proceeding? - Correct Answer-Quiet title action
Dairy owned a duplex worth 210,000 with an adjusted basis of 165,000. Samantha owned
a triplex valued at 260,000. Both parties are owned out right free and clear. Samantha and
Larry agreed to an exchange with Larry giving Samantha 50,000 in cash. How would the
federal income tax be handled for this situation - Correct Answer-Samantha will recognize
a gain
Of the following which is an actual type of deed and would most likely not have implied
covenant's by the grantor - Correct Answer-A quick claim deed
A dam broke and the flow of water cut away a large section of the river - Correct Answer-
Avulsion
What occurs when deprecation is taking on real property - Correct Answer-The cost basis
is lowered
How is title held on city owned parks playgrounds and public buildings - Correct Answer-
Severalty
,Accretion result in the acquisition of title, how? - Correct Answer-The owner of fires land
by natural causes
What is the main purpose of a deed - Correct Answer-It shows evidence of the change in
title or transfer of the interest in real property
The value of the multiunit apartment building is being determined by an appraiser using
the income approach under which of the following circumstances would be appraiser did
that the cost of management from the effective gross income? - Correct Answer-The
owner of the building manages it, one of the tenants is the on-site manager and history do
used rate of rent, one of the tenants who lives in the adjoining building manages both
buildings for the owner and receives free rent for providing that service
A piece of real property sold for 750,000 which is 7% more than the original cost. How
much was the original cost? - Correct Answer-107% percent of cost equals 750,000(2)
750,000÷1.07 equals 700,934.75
In appraiser defines the word deprecation as - Correct Answer-The lost in value resulting
from any Cause
In appraisal report has three major subheadings; introduction, description of the area,
neighborhood and the property, and analysis, conclusions and opinions of value. What
type of appraisal is this? - Correct Answer-Narrative report
1/2 of a township would have how many square miles - Correct Answer-The township
contains 36 mi.², therefore half would be 18 mi.²
The maximum income (potentially) that an income property can generate is known as -
Correct Answer-Gross schedule income
What is the major cause of loss of value when we are referring to real property - Correct
Answer-Obsolescence
Real property that experiences economic changes which reduces the desirability and
usefulness of the property - Correct Answer-Economic obsolescence
, Of all the following approaches to assess value that are available Two appraisers, which
method is most commonly used by real estate licensees and brokers? - Correct Answer-
Market approach
What is the best method to change the gross income into value? - Correct Answer-Rent
multiplier
What does on a given date referred to on an appraisal or an income producing property -
Correct Answer-Market conditions affecting the value of that property at that single point
in time
An appraiser will be used in depth table when faced with In a evaluation problem involving
- Correct Answer-A commercial property
What position does a mortgage in regards to priority? - Correct Answer-Which ever is
recorded first
Besides zoning laws in the state map act, what are other regulations that can be
implemented on a subdivision? - Correct Answer-FHA, BA regulations, building safety
laws health laws and fire codes, the bureau of real estate regulations
Which of the following is true when holding real property as joint tenants? - Correct
Answer-The shares must be equally split between each of the joint tenants
What is considered ownership rights and interest in real estate? - Correct Answer-Estate
or fees
With whom does someone report a file to under the subdivision map at - Correct Answer-
Local city, town or county where the land is located
If an owner of a property allows a telecommunication company to place a cell tower on
their land, which type of encumbrance you with this create? - Correct Answer-An
easement
The following are ways to determine if something is either personal property or real
property - Correct Answer-Five test of the fixture intention of attachment, method of
attachment, adaptability of the items, agreement of the parties, and relationship of the
parties
Questions With Solved Solutions.
What would be used to transfer the title of personal property? - Correct Answer-Bill of sale
What is the key advantage of an installment sale for federal income tax reasons? - Correct
Answer-The gain realized will be taxed in the year was received.
When parties of two or more own property as tenants in common each one - Correct
Answer-Has the right to Possession of the entire property
Why can a corporation not qualify as a "joint tenant" for ownership interest of real
property? - Correct Answer-It has perpetual existence, death is a requirement
How are ownership rights and interest in real property established by way of court
proceeding? - Correct Answer-Quiet title action
Dairy owned a duplex worth 210,000 with an adjusted basis of 165,000. Samantha owned
a triplex valued at 260,000. Both parties are owned out right free and clear. Samantha and
Larry agreed to an exchange with Larry giving Samantha 50,000 in cash. How would the
federal income tax be handled for this situation - Correct Answer-Samantha will recognize
a gain
Of the following which is an actual type of deed and would most likely not have implied
covenant's by the grantor - Correct Answer-A quick claim deed
A dam broke and the flow of water cut away a large section of the river - Correct Answer-
Avulsion
What occurs when deprecation is taking on real property - Correct Answer-The cost basis
is lowered
How is title held on city owned parks playgrounds and public buildings - Correct Answer-
Severalty
,Accretion result in the acquisition of title, how? - Correct Answer-The owner of fires land
by natural causes
What is the main purpose of a deed - Correct Answer-It shows evidence of the change in
title or transfer of the interest in real property
The value of the multiunit apartment building is being determined by an appraiser using
the income approach under which of the following circumstances would be appraiser did
that the cost of management from the effective gross income? - Correct Answer-The
owner of the building manages it, one of the tenants is the on-site manager and history do
used rate of rent, one of the tenants who lives in the adjoining building manages both
buildings for the owner and receives free rent for providing that service
A piece of real property sold for 750,000 which is 7% more than the original cost. How
much was the original cost? - Correct Answer-107% percent of cost equals 750,000(2)
750,000÷1.07 equals 700,934.75
In appraiser defines the word deprecation as - Correct Answer-The lost in value resulting
from any Cause
In appraisal report has three major subheadings; introduction, description of the area,
neighborhood and the property, and analysis, conclusions and opinions of value. What
type of appraisal is this? - Correct Answer-Narrative report
1/2 of a township would have how many square miles - Correct Answer-The township
contains 36 mi.², therefore half would be 18 mi.²
The maximum income (potentially) that an income property can generate is known as -
Correct Answer-Gross schedule income
What is the major cause of loss of value when we are referring to real property - Correct
Answer-Obsolescence
Real property that experiences economic changes which reduces the desirability and
usefulness of the property - Correct Answer-Economic obsolescence
, Of all the following approaches to assess value that are available Two appraisers, which
method is most commonly used by real estate licensees and brokers? - Correct Answer-
Market approach
What is the best method to change the gross income into value? - Correct Answer-Rent
multiplier
What does on a given date referred to on an appraisal or an income producing property -
Correct Answer-Market conditions affecting the value of that property at that single point
in time
An appraiser will be used in depth table when faced with In a evaluation problem involving
- Correct Answer-A commercial property
What position does a mortgage in regards to priority? - Correct Answer-Which ever is
recorded first
Besides zoning laws in the state map act, what are other regulations that can be
implemented on a subdivision? - Correct Answer-FHA, BA regulations, building safety
laws health laws and fire codes, the bureau of real estate regulations
Which of the following is true when holding real property as joint tenants? - Correct
Answer-The shares must be equally split between each of the joint tenants
What is considered ownership rights and interest in real estate? - Correct Answer-Estate
or fees
With whom does someone report a file to under the subdivision map at - Correct Answer-
Local city, town or county where the land is located
If an owner of a property allows a telecommunication company to place a cell tower on
their land, which type of encumbrance you with this create? - Correct Answer-An
easement
The following are ways to determine if something is either personal property or real
property - Correct Answer-Five test of the fixture intention of attachment, method of
attachment, adaptability of the items, agreement of the parties, and relationship of the
parties
