75 New California Exam Questions with
Correct Answers.
When agent Andy took a listing, he promised the seller that he would advertise the
property in a magazine until it was sold. Andy told the seller he submitted the ad, but the
magazine said Andy never contacted them or submitted an advertisement. Andy is most
likely guilty of: - Correct Answer-actual fraud
A fee simple estate is: - Correct Answer-an estate of inheritance.
If an appraiser is appraising a special purpose property he would probably use the: -
Correct Answer-Cost approach;
The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: - Correct
Answer-To provide consumers with enough information to enable them to shop for
settlement services.
Definitions of market value is least concerned with: - Correct Answer-Market cost
What type of an appraisal license is required to appraise a commercial strip mall valued at
$700,000: - Correct Answer-Certified general license
Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means -
Correct Answer-According to value;
In order to comply with the regulations of the state Housing Law, a person should seek the
issuance of a building permit from: - Correct Answer-the local Department of Building and
Safety.
One of the main benefits of a sale-leaseback transaction would be; - Correct Answer-The
ability of the seller to deduct all of his future rent payments as business expenditures.
A broker who holds a valid listing on a property places a classified ad for the property
containing only the following information "For Sale:3 bedroom, 2 bath home with
swimming pool. Asking price $165,000. Telephone 555-9276". This type of advertisement
would be an example of a: - Correct Answer-Blind ad
, A property owner lists his property for sale with a broker. During the negotiations, the
owner told the broker that the owner wanted $138,000 for the property, and anything
above that amount the broker could keep as his commission. The listing with this type of
provision is known as a: - Correct Answer-net listing.
Which of the following is an example of a less-than-freehold estate? - Correct Answer-
leasehold estate
When a lender loans a borrower 100% of the purchase price of a house, and the loan is
not government-related, the lender would be best protected by: - Correct Answer-
appreciation.
The term "warehousing" as used in real estate financing, means: - Correct Answer-A
mortgage company collecting loans prior to resale
When a lender makes a loan regulated by the real estate settlement procedures act, the
loan applicant must be provided with which of the following? - Correct Answer-A loan
estimate
The law which gives cities and counties control over the physical design of subdivisions is:
- Correct Answer-the Subdivision Map Act.
Who usually has responsibility for providing streets, utilities, sidewalks, and curbs in a
new subdivision? - Correct Answer-The builder/developer.
Economic Obsolescence is a cause of depreciation that can occur because of: - Correct
Answer-Factors extraneous to the property.
The usual listing contract authorizes a broker to: - Correct Answer-Find a purchaser and
accept a deposit with an offer to purchase
An appraiser's narrative appraisal report of a single-family residence probably would
contain no reference to: - Correct Answer-A buyer's financing
The unit of comparison when using the market data approach to appraise a single-family
residence, is the: - Correct Answer-Entire property
Correct Answers.
When agent Andy took a listing, he promised the seller that he would advertise the
property in a magazine until it was sold. Andy told the seller he submitted the ad, but the
magazine said Andy never contacted them or submitted an advertisement. Andy is most
likely guilty of: - Correct Answer-actual fraud
A fee simple estate is: - Correct Answer-an estate of inheritance.
If an appraiser is appraising a special purpose property he would probably use the: -
Correct Answer-Cost approach;
The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: - Correct
Answer-To provide consumers with enough information to enable them to shop for
settlement services.
Definitions of market value is least concerned with: - Correct Answer-Market cost
What type of an appraisal license is required to appraise a commercial strip mall valued at
$700,000: - Correct Answer-Certified general license
Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means -
Correct Answer-According to value;
In order to comply with the regulations of the state Housing Law, a person should seek the
issuance of a building permit from: - Correct Answer-the local Department of Building and
Safety.
One of the main benefits of a sale-leaseback transaction would be; - Correct Answer-The
ability of the seller to deduct all of his future rent payments as business expenditures.
A broker who holds a valid listing on a property places a classified ad for the property
containing only the following information "For Sale:3 bedroom, 2 bath home with
swimming pool. Asking price $165,000. Telephone 555-9276". This type of advertisement
would be an example of a: - Correct Answer-Blind ad
, A property owner lists his property for sale with a broker. During the negotiations, the
owner told the broker that the owner wanted $138,000 for the property, and anything
above that amount the broker could keep as his commission. The listing with this type of
provision is known as a: - Correct Answer-net listing.
Which of the following is an example of a less-than-freehold estate? - Correct Answer-
leasehold estate
When a lender loans a borrower 100% of the purchase price of a house, and the loan is
not government-related, the lender would be best protected by: - Correct Answer-
appreciation.
The term "warehousing" as used in real estate financing, means: - Correct Answer-A
mortgage company collecting loans prior to resale
When a lender makes a loan regulated by the real estate settlement procedures act, the
loan applicant must be provided with which of the following? - Correct Answer-A loan
estimate
The law which gives cities and counties control over the physical design of subdivisions is:
- Correct Answer-the Subdivision Map Act.
Who usually has responsibility for providing streets, utilities, sidewalks, and curbs in a
new subdivision? - Correct Answer-The builder/developer.
Economic Obsolescence is a cause of depreciation that can occur because of: - Correct
Answer-Factors extraneous to the property.
The usual listing contract authorizes a broker to: - Correct Answer-Find a purchaser and
accept a deposit with an offer to purchase
An appraiser's narrative appraisal report of a single-family residence probably would
contain no reference to: - Correct Answer-A buyer's financing
The unit of comparison when using the market data approach to appraise a single-family
residence, is the: - Correct Answer-Entire property
