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Question
A broker receives a deposit from a buyer with no instructions to hold the check uncashed pending the seller's acceptance of the offer. After the offer is accepted, the broker decides to put the check in a safe in the office for security purposes until the broker can get to the bank next week. The broker is:(a) guilty of conversion
(b) innocent of any wrongdoing
(c) guilty of commingling
(d) required to place the deposit into a trust fund within 3 days
Answer
This answer is hidden. It contains 121 characters.
Related questions
Q:
Real property can be most completely defined as:
(a) land, buildings
(b) land, fixtures, minerals
(c) land, items affixed to land, immovable by law
(d) land, affixed to land, appurtenances, immovable by law
Q:
The most important consideration in an appraisal is the:
(a) methods used
(b) experience, license, and integrity of the appraiser
(c) data gathered
(d) inspection of the title records
Q:
Which program has the seller deed title to the government?
(a) VA
(b) Cal-Vet
(c) FHA
(d) FNMA
Q:
Which organization requires a CRV appraisal before approving a loan?
(a) California Department of Veteran's Affairs
(b) Federal Housing Administration
(c) U. S. Department of Veterans Affairs
(d) Federal National Mortgage Association
Q:
For an REIT to avoid double taxation, it must distribute what percentage of its income each year to the shareholders /investors?
(a) 85%
(b) 90%
(c) 95%
(d) 100%
Q:
Traditionally, the total monthly expenses should not exceed____ to ____of the borrower's gross monthly income.
(a) 33%-38%
(b) 33%-36%
(c) 28%-30%
(d) 25%-30%
Q:
The major source for junior loans (2nds, 3rds, etc.) is:
(a) FHA
(b) Cal-Vet
(c) private parties
(d) savings and loan associations
Q:
Any loan payment twice as large as a regular payment is called a:
(a) balloon
(b) wrap
(c) teaser
(d) cap
Q:
Under the Real Property Loan Law, the maximum amount a borrower can pay for closing costs, excluding commission, regardless of the size of the loan, is:
(a) 5%
(b) $390
(c) $700
(d) $900
Q:
If a broker negotiated a third trust deed for $12,000 payable in five semi-annual installments, the maximum rate of commission allowed by the Mortgage Loan Brokerage Law would be:
(a) 15%
(b) 10%
(c) 5%
(d) no rate is established for third trust deeds
Q:
Seller is guaranteed a $50,000 net. Seller's closing cost and existing loan total $130,000. If a broker wishes to earn a 10% commission, what must be the selling price?
(a) $135,000
(b) $186,000
(c) $198,000
(d) $200,000
Q:
When would a broker be legally required to reveal the amount of commission under a net
listing?
(a) when the property is listed
(b) after the close of escrow
(c) whenever the seller asks
(d) before the seller accepts the buyer's offer
Q:
Megan's Law is concerned with the:
(a) possibility of mold and its required disclosure
(b) location of registered sex offenders
(c) issue of AIDS and/or death in the home
(d) hazards of earthquakes and un-braced water heaters
Q:
A real estate broker takes an exclusive right to sell listing from a seller for $400,000. A buyer
makes an offer for $375,000, which the seller accepts. Before the sale closes, the buyer discovers that the broker misrepresented the square footage of the home. Based on this information, the purchase contract is probably:
(a) void
(b) voidable
(c) illegal
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Q:
Interest in real property held by a tenant:
(a) freehold estate
(b) fee estate
(c) rental estate
(d) less-than-freehold estate
Q:
Which of the following is not required for a deed to be valid?
(a) signature of grantor
(b) granting clause
(c) date
(d) must be in writing
Q:
Effective January 1, 2005, a California Law called the Domestic Partnership Act was created to give ________ many new rights and responsibilities.
(a) real estate agents
(b) joint tenants
(c) registered domestic partners
(d) community property laws
Q:
Broker A takes a listing on a property and Broker B procures a buyer. In this situation:
(a) Broker A is a buyer's agent
(b) Broker A is a selling agent
(c) Broker A is a seller's agent
(d) Broker A is a dual agent
Q:
Which of the following two terms do not go together?
(a) joint tenancy " unity of title
(b) tenants in common " right of survivorship
(c) tenants in common " unequal interests
(d) community property " equal ownership
Q:
The of the following are true, except:
(a) a violation of a condition in a deed may cause loss of title
(b) a suit for removal of an encroaching fence must be brought within 10 years from the date of the encroachment
(c) easements can be eliminated when the dominant tenement deeds to the servient tenement
(d) to be valid, a Notice of Completion must be recorded within 10 days after the completion of construction
Q:
If an owner files a proper Notice of Completion in the County Recorder's office, unpaid subcontractors have how many days to file a lien?
(a) 30 days
(b) 60 days
(c) 90 days
(d) 180 days
Q:
In which one of the following ways are joint tenancy and community property similar?
(a) title can only be held by husband and wife
(b) both provide the right of survivorship
(c) all owners have the right to will their interest in the property
(d) ownership shares are equal
Q:
A candidate for the real estate broker's examination must:
(a) be 21 years or older
(b) have completed 8 college-level real estate courses
(c) have at least 4 years' experience as a real estate salesperson
(d) be a resident of California
Q:
There are certain requirements that must be met before a transaction can be placed in escrow. They are:
(a) a binding contract between buyer and seller
(b) a neutral third party is employed
(c) conditional delivery of all documents related to sale
(d) all of the above
Q:
Regarding the sales comparison approach, which is false?
(a) the comps are adjusted to the subject property
(b) three is the minimum number of comps to use
(c) the subject property is adjusted to the comps
(d) this approach is best for valuating residential homes
Q:
The market approach would be given the most weight if appraising a:
(a) new home
(b) new apartment
(c) five-year-old home
(d) special purpose property
Q:
A loss in value because of a busy street is an example of:
(a) economic obsolescence
(b) accrual for depreciation
(c) functional obsolescence
(d) physical deterioration
Q:
In a normal sale using both a grant deed and a trust deed (deed of trust) the buyer is the:
(a) grantor and trustor
(b) grantor and trustee
(c) grantee and trustee
(d) grantee and trustor
Q:
A lot is sold for $180,000, making a 20% profit over cost. What was the cost?
(a) $136,000
(b) $144,000
(c) $148,000
(d) $150,000
Q:
An owner gives Ace Realty an exclusive right to sell listing for 90 days. Thirty days later, the owner finds a buyer and sells the property without the services of Ace Realty. The:
(a) owner owes Ace Realty a commission
(b) owner does not owe a commission
(c) sale is voidable
(d) two of the answers are correct