Gradespins

Long Beach salesperson Eric Janey is providing sellers Julie and Zach Roberts with the necessary disclosures they must be given upon the sale of real property. Which of the following is NOT a disclosure that is given upon the sale of real property? - correct answers Mold Disclosure Required Lead-based Paint Disclosure Required Natural Hazards Disclosure Required Radon Detection Test Disclosure - NOT REQUIRED IN CA Escrow cannot be terminated in which of the following ways? - correct ans...

Which law prohibits discrimination in real estate transactions based on race, with no exceptions? Civil Rights Act of 1866 Civil Rights Act of 1964 Civil Rights Act of 1968 Fair Housing Act - correct answers Civil Rights Act of 1866 The Civil Rights Act of 1866 prevents discrimination based on race or color in any real estate transaction, without exception. The 1964 Act is limited to programs where the federal government offers financial assistance, while the Fair Housing Act (a part of...

Anything that is fastened or attached to real property permanently is considered to be: - correct answers Real Property A quitclaim deed releases all present claims, rights and title of the: - correct answers Grantor When a creditor wants to satisfy a judgement which was levied against another person, the creditor would: - correct answers Obtain a writ of execution Before a mechanics lien is effective it must be: - correct answers Verified and recorded Discrimination by a real estate...

Nonhomogeneity - correct answers uniqueness The bundle of legal rights includes all of the following rights EXCEPT - correct answers use the property for any purpose, legal or otherwise. Who, if anyone, is permitted to obtain aviation easements over land surrounding airports? - correct answers Local government authorities A buyer purchased a parcel of land and immediately sold the mineral rights to an oil company. The buyer gave up which of the following? - correct answers Subsurface ri...

What term describes the interest rates for a whole year? - correct answers annual percentage rate (APR) If a grantee takes title to a property "subject to" a mortgage, who is responsible for making the mortgage payments? - correct answers the seller In relation to fair housing laws, reasonable accommodations are - correct answers exceptions, changes, or adjustments to the rules for a person with a disability directing home buyers toward or away from houses in a certain neighborhoo...

1 of 10 - John completes the Salesperson Examination Application and submits it to the California Bureau of Real Estate. Driving home from work, he realizes he used his old address and not his new one on the application. What should he do? A. Contact the CalBRE and tell the story of how he used the incorrect address and request his application sent back in order to make the change. B. He does not have any options. Once a completed Salesperson Examination Application is submitted to the CalBR...

Mary is getting a $120,000 loan at 6.5 percent and will pay 3 discount points. What will the effective interest rate be? 0.0665 0.0675 0.06875 0.0695 - correct answers 0.06875 3/8+6.5 =.06875 Which of the following is not a HUD responsibility? FHA Ginnie Mae FDIC CDBG - correct answers FDIC What is a leasehold mortgage called that is based mostly upon a well-known tenant's financial strength? Purchase money loan Credit loan Term loan Secondary loan - correct answers Credit ...

Which of the following is a primary market lender? Federal Housing Administration Mortgage banking company Mortgage broker Veterans Administration - correct answers Mortgage banking company A mortgage banker is a primary market lender, meaning that it originates loans directly to property buyers. Under the traditional distinction between a mortgage banker and a mortgage broker, a mortgage broker negotiates loans, bringing borrowers and lenders together for a fee, but (unlike a mortgage ...

After passing state exam, you have ___ days to apply for a Temporary License, either on an Active or Inactive basis. - correct answers 90 Temporary Licenses are only valid for ___ year(s), and cannot be renewed. - correct answers 1 For an Original License, you must pass a ___ hour post-license course. - correct answers 30 If Temporary License is ACTIVE, the post-license course must be completed within ___ months. - correct answers 6. If the post-license course is not completed within...

(1) 1. The Real Estate Law is found in the a. Licensing Code b. Business and Professions Code c. Health and Safety Code d. Corporations Code - correct answers Business and Professions Code (1) 2. The Real Estate Commissioner reports to the a. California Bureau of Real Estate b. governor c. Real Estate Advisory Commission d. legislature - correct answers governor (1) 3. Salesperson Sam owns 25% of the outstanding shares of Rollo Realty, Inc., and broker Barbara Rollo owns the ...

Estate in land - correct answers degree of ownership one holds in the land. Feudal system - correct answers all land was once owned by the king/government Allodial System (USA) - correct answers although the government detains some rights, individuals own property without proprietary control of government. Freehold estate - correct answers the estate lasts at least a lifetime; leasehold estate - renting or leasing. Types of freehold: - correct answers Fee simple (fee simple absolut...

Documents that create, assign, reference, or transfer interests in real property by reference to a legal description must be prepared by whom? - correct answers Professional land surveyor Land descriptions within the boundaries of Montana are comprised of townships, sections, section subdivisions, and special surveys. These are known collectively as what? - correct answers Montana Public Land Survey System Is it true that townhouses, townhomes and condominiums are all considered statutory ...

what happens with a Judicial foreclosure? - correct answers the mortgaged property is sold under the supervision of a court broker Dean realizes he has relocation buyers. What is something he should focus on with these buyers? - correct answers finding a property with good resale value real estate licensees should know enough about building ordinances to be able to... - correct answers alert clients of potential problems in a home if an industrial property is described as "special-pu...

What is the Education, Research & Recovery Fund? - correct answers Compensates customers for damages caused by a real estate licensee. What is the minimum balance of the Fund? - correct answers At least $1,000,000. What happens if the Fund balance drops below $1,000,000? - correct answers Licensees may be assessed a fee of up to $30 per year. What is the purpose of the Fund's investment income? - correct answers To further real estate education and research in Georgia. How much do...

A licensee who is interested in retail stores and shopping centers should look into entering: residential real estate. commercial real estate. real estate counseling. real estate appraisal. - correct answers Commercial Of the following, which would NOT likely be a prospect? Blogs FSBOs People in your target audience Sphere of influence - correct answers Blogs Which of the following is considered the most important factor in real estate value due to the limited supply of land and im...

Maria offered to purchase Alexander's house for $135,000. After talking it over with his agent, Alexander signed the offer and returned it to Maria. At this point, what type of title does Maria have to the house? Legal Indivisible Equitable Chattel - correct answers Equitable A buyer receives equitable title to the property once the sales contract has been signed. Siobhan listed her property with ABC Realty. She asks her agent, Robert, to draft deed covenants that will prevent a ...

Which of the following provisions would be included in an independent contractor employment agreement? A. The required work schedule B. Benefits provided by the broker C. The amount of taxes the broker would pay D. Which expenses the broker will pay - correct answers D. Which expenses the broker will pay In an IRS audit, which of the following situations would cause the IRS to think that a contractor might really be an employee? A. The licensee attends sales meetings. B. The license...

Agent - correct answers Someone who acts on behalf on another, such as a real estate licensee when representing a client Brokerage - correct answers A company where people go to buy and sell real estate through certified professionals. Broker - correct answers A real estate licensee with several years of experience who has received advanced training and passed a broker exam. Corporation - correct answers A legal entity with rights like a person. It has a centralized management and board...

A devisee is the A. Female maker of a will B. Male maker of a will C. Property being transferred by a will D. Beneficiary of a will - correct answers D. Beneficiary of a will How can a property owner avert the danger of losing title by adverse possession? A. By recording proof of ownership in county title records B. By inspecting the property and evicting any trespassers found C. By claiming hostile and notorious possession D. By filing a claim of right with the county recorder - ...

This idea is called conservation of capital. - correct answers With any investment, one wants the original investment to grow, without losing it. Unfortunately, no investment is truly secure. Risk versus return - correct answers The general rule in investments is that the safer the investment, the more slowly it gains in value. The more you want it to gain, and the more quickly, the more you must risk losing it. Liquidity - correct answers . The issue of exchangeability is an important one...