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Question
A lender foreclosed on a California home that had a VA loan. The proceeds from the sale were not enough to cover the outstanding loan amount. Which of the following statements are true?(a) The lender takes the loss and cannot do anything about it.
(b) The lender can sue the seller who sold the home to the veteran.
(c) The lender cannot sue because California is an anti-deficiency judgment state.
(d) The lender can sue for a deficiency judgment.
Answer
This answer is hidden. It contains 97 characters.
Related questions
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
Q:
The law that states that real estate contracts must in writing to be enforceable is called the statute of:
(a) frauds
(b) time
(c) contracts
(d) limitations
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:
In a business opportunity sale, the payment for continued patronage is called:
(a) bulk sale
(b) goodwill
(c) blue sky
(d) net worth
Q:
The Real Estate Commissioner has the right to issue regulations for the interpretation of Real Estate Law. These regulations:
(a) must be approved by the California Association of REALTORS
(b) have the same force and effect as Real Estate Law
(c) become part of the California Administrative Code
(d) both (b) and (c) are correct
Q:
Commission rates for real estate agents are established by:
(a) the Real Estate Commissioner
(b) local boards of real estate
(c) multiple listing organizations
(d) negotiations
Q:
A real estate broker's license enables a person to handle:
(a) registered mobile homes
(b) business opportunities
(c) property management
(d) all of these
Q:
When a builder purchases lumber, he or she does so by the board foot. Which of these contain 8 board feet?
(a) a 2" x 8" board 12 feet long
(b) a 4" x 4" board 10 feet long
(c) a 2" x 4" board 12 feet long
(d) a 2" x 6" board 10 feet long
Q:
When foreigners sell U. S. property, the Foreign Investment in Real Property Tax Act (FIRPTA) may require what percentage to be withheld from the sale proceeds?
(a) 3 1/3%
(b) 5%
(c) 10%
(d) 13%
Q:
A deviation from zoning requirements for a single parcel of land is a/an:
(a) rezoning
(b) variance
(c) appeal
(d) planning change
Q:
To exercise this power, government must have a public use and pay just compensation:
(a) eminent domain
(b) police power
(c) planning
(d) zoning
Q:
The state and federal governments have instituted laws prohibiting illegal discrimination in real estate transactions. Which of the following is a federal law that affects all states?
(a) Holden Act
(b) Rumford Act
(c) Civil Rights Act of 1968 and 1988 Amendments
(d) Unruh Civil Rights Act
Q:
The type of development in which an owner obtains an individual deed to his or her living unit and has an undivided interest in all the land and common areas is a:
(a) planned unit development
(b) community apartment
(c) stock cooperative
(d) condominium
Q:
The subdivision law administered by the California Real Estate Commissioner, who requires the issuance of a public report, is called the:
(a) Subdivision Map Act
(b) Subdivided Lands Act
(c) Subdivision Report Act
(d) Subdivided Interstate Act
Q:
A professional property manager(a) is required to have a real estate license(b) must reside on the premises(c) is typically a salaried employee of the property owner(d) all charge the same amount for their services
Q:
Specific laws in the State of California make it illegal to screen and eliminate potential tenants for a rental unit based on:
(a) religion, sex, or age
(b) race, color, or creed
(c) physical handicap or marital status
(d) all of the above
Q:
A licensed real estate broker states that a lot is 1/3 of an acre, when in fact the lot is 1/4 of an
acre. The agent is guilty of:
(a) false promise
(b) divided agency
(c) secret profit
(d) misrepresentation
Q:
All of the following are acceptable ways to terminate an easement, except:
(a) express release
(b) abandonment
(c) merger
(d) if created by deed, it may be extinguished by non-use
Q:
The landlord has come by on the first of the month to collect rent from the tenant. He notices a work on a new patio has begun, which he has not authorized. The tenant is not at home to ask about this new structure. The landlord should immediately:
(a) file a mechanic's lien.
(b) file a notice of cessation.
(c) file a notice of completion.
(d) file a notice of non-responsibility.