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Real Estate
Q:
Which of the following would not be governed by the Subdivision Map Act?
(a) A condominium project
(b) A new single family residence
(c) A 100 acre residential development in Las Vegas
(d) A new commercial subdivision
Q:
Discrimination due to race, color, or creed in housing under both federal and state legislation is:
(a) illegal
(b) unlawful
(c) unenforceable
(d) all of the above
Q:
All of the following regarding housing and construction laws are true, except:
(a) a person can build his or her own home without a contractor's license, but must follow housing codes
(b) state housing codes are uniform throughout California
(c) a major development will normally require an environmental impact report
(d) a negative impact report is used when a development will have a significant impact on the environment
Q:
Which is not an example of police power:
(a) A property zoned single family residential
(b) A one story construction limitation
(c) Smoke detectors required to be in homes
(d) Taking someone's home to build a freeway
Q:
Which of the following statements is not true in regard to the issuance of the preliminary public report on a subdivision project?
(a) subdividers may take reservations for purchase pending the issuance of the final public report
(b) preliminary public reports are ordinarily good for five years
(c) it is canceled with the presentation of the final public report
(d) it is good for only one year
Q:
If a city planning commission turns down a variance request, the next level of appeal is
to the:
(a) city engineer
(b) city assessor
(c) city council
(d) courts
Q:
Which of the following is not a material change that requires an amended public report?
(a) placement of a billboard on a highway showing the location of the subdivision
(b) change in the purchase contract forms
(c) readjustment of lot sizes
(d) sale of five or more lots to a single buyer
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:
Q:
Which of the following requires a certain number of units to be set aside for people of low and moderate income?
(a) Holden Act
(b) Fair Housing Act
(c) comprehensive zoning
(d) inclusionary zoning
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:
State legislation gives cities and counties some control over real property in all of the following matters, except:
(a) lien and attachment laws
(b) local planning and zoning laws
(c) land use regulations
(d) rent controls
Q:
All of the following are common interest developments, except:
(a) condominiums
(b) PUDs
(c) stock cooperatives
(d) standard tract homes
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:
Which of the following is the best definition of the term "zoning"?
(a) joining together non-harmonious land uses
(b) a deviation from subdivision rules and regulations
(c) separating non-harmonious land uses
(d) enforcing the process of eminent domain
Q:
If a seller offers to give a real estate agent a listing that contains an illegal discriminatory clause, the agent should:
(a) refuse the listing
(b) take the listing then tell the seller the clause is illegal
(c) take the listing and report same to the multiple listing service
(d) take the listing and follow the seller's wishes
Q:
The California law that makes it unlawful for private parties to illegally discriminate is the:
(a) Fair Housing Act
(b) Unruh Act
(c) Rumford Act
(d) Housing Financial Discrimination (Holden) Act
Q:
Redlining in California is illegal because of the:
(a) Fair Housing Act
(b) Rumford Act
(c) Unruh Act
(d) Housing Financial Discrimination (Holden) Act
Q:
Businesses, including real estate offices are directly affected by which state anti discrimination law?
(a) Unruh Civil Rights Act
(b) Rumford Act
(c) Holden Act
(d) Civil Rights Act of 1968
Q:
If a person purchases the right to occupy a unit for a certain designated period each year, this is called:
(a) undivided ownership
(b) time share ownership
(c) cooperative ownership
(d) estate for years ownership
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:
All subdivisions offered for sale in California must provide a Real Estate Commissioner-approved disclosures if the land is located in:
(a) California only
(b) rural areas of California only
(c) urban areas of California only
(d) any state in the nation
Q:
The Subdivision Map Act requires the filing of a subdivision map with:
(a) local government
(b) state government
(c) federal government
(d) all of the above
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:
Which of the following types of leaseholds is no longer used in the State of California?
(a) periodic tenancy
(b) tenancy at will
(c) tenancy for years
(d) tenancy at sufferance
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:
Which is not an obligation of the tenant:(a) To pay rent(b) to not interfere with other tenants(c) to give a 60 notice before vacating on a month to month tenancy(d) not to damage the premises
Q:
Under a three-year lease that has expired, if the tenant remains in possession and the owner accepts rent payments, the lease:
(a) is renewed for three years
(b) is canceled
(c) becomes a month-to-month tenancy
(d) is renewed for one year
Q:
Under the rental offset rules, which of the following is true? The tenant can do housing code repairs up to:
(a) one month's rent, once per year
(b) two months' rent, twice per year
(c) one month's rent, twice per 12-month period
(d) one month's rent, twice per year
Q:
Ms. Estes owned a fee simple estate and leased it to Mr. Eaton for six years. Ms. Estes has:
(a) a remainder interest
(b) a fee simple estate
(c) an estate in joint tenancy
(d) a less-than-freehold estate
Q:
A lease is to lessee as:
(a) assignment agreement is to affiant
(b) trust deed is to trustee
(c) agreement of sale is to equitable owner
(d) fee simple estate is to executor
Q:
When a valid lease is assigned, the assignee receives the entire leasehold interest and becomes:
(a) an assignor
(b) a tenant
(c) a landlord
(d) a sublessor
Q:
A broker is hired to collect rents in an apartment house. The rents are due January 1, and the broker is able to collect all but one of the tenants' rents. The next day the owner dies, and the day after that the delinquent tenant refuses to pay the broker, saying that the owner's death voided the property management contract. The tenant:
(a) cannot refuse to pay because the rent was due January 1 and the owner did not die until January 2
(b) cannot refuse to pay because the tenant had previously recognized the agent and paid rent for prior months
(c) cannot refuse to pay because agent's authority continues until an administrator or executor is appointed
(d) under these circumstances, the tenant was right not to pay
Q:
How many units would there have to be in an apartment building to make it necessary for the owner to hire an onsite resident manager?
(a) 20 or more units
(b) 18 or more units
(c) 16 or more units
(d) 14 or more units
Q:
If no agreement exists between the tenant and landlord and the tenant is in possession, this might be best described as a:
(a) Estate for years
(b) Periodic tenancy
(c) Estate at will
(d) Estate at sufferance
Q:
Quite often a retail store owner will contract to pay rent under a percentage lease. This means the rent is based on:
(a) net receipts plus a base rental fee
(b) gross receipts with an established base rent
(c) net receipts with an established maximum
(d) a fixed amount for entire lease
Q:
A landlord signs a lease and the lessee takes possession but never signs the lease. Under these circumstances, the lease is:
(a) valid
(b) void
(c) voidable
(d) illegal
Q:
If an owner deeds a property encumbered by an existing lease, the new owner is best described as the:
(a) grantor-lessee
(b) grantee-lessee
(c) grantor-lessor
(d) grantee-lessor
Q:
A lease for a definite period of time at a flat rental rate is best described as an:
(a) estate for years, payable at a gross rate
(b) periodic tenancy, payable at a gross rate
(c) estate for years, payable at a net rate
(d) periodic tenancy, payable at a net rate
Q:
The maximum security deposit for an unfurnished apartment is:
(a) one month's rent
(b) two months' rent
(c) three months' rent
(d) four months' rent
Q:
Implied right of habitability means the:
(a) landlord guarantees the residential unit meets housing codes
(b) tenant agrees to maintain the residential unit
(c) government is responsible for the tenant's safety
(d) lender insists the property meets housing standards
Q:
The legal action in court to remove a tenant is called:
(a) unlawful tenancy
(b) unlawful occupancy
(c) unlawful detainer
(d) unlawful possession
Q:
A lease on agricultural land cannot exceed:
(a) 15 years
(b) 37 years
(c) 51 years
(d) 99 years
Q:
Most month-to-month rental agreements can be classified as an:
(a) estate for years
(b) estate from period to period
(c) estate at will
(d) estate at sufferance
Q:
A landlord signs a 3-year binding residential lease with a tenant. Six months later, the landlord wishes the tenant to move so the landlord's father can occupy the apartment. The tenant will be forced to move after the landlord serves a:
(a) 3-day notice
(b) 30-day notice
(c) 60-day notice
(d) the tenant cannot be forced to move
Q:
Lessor A leases to Lessee B who legally subleases to Sublessee C. Which of the following is correct?
(a) Lessor A looks to Lessee B for payment.
(b) Lessor A looks to Sublessee C for payment.
(c) Lessee B does not have a contract with Sublessee C.
(d) There is only one contract in this transaction.
Q:
A lease in which the lessee is required to pay the property taxes, insurance, and maintenance is known as a:
(a) gross lease
(b) triple net lease
(c) percentage lease
(d) ground lease
Q:
It is illegal to screen and eliminate potential tenants based on:
(a) income levels
(b) credit rating
(c) past delinquent rental history
(d) marital status
Q:
The buyer's closing costs are divided into categories. They are:
(a) recurring and seller's costs.
(b) buyer's costs and seller's costs.
(c) recurring and nonrecurring costs.
(d) nonrecurring costs only because the buyer does not pay recurring costs.
Q:
Which law requires the escrow officer to prepare HUD-1 closing statements?
(a) Truth in Lending
(b) RESPA
(c) Regulation Z
(d) ECOA
Q:
On behalf of the buyer and seller, the escrow officer acts as:
(a) an employee
(b) an independent contractor
(c) an agent
(d) a licensee
Q:
Prepaid property taxes would appear as a prorated:
(a) credit to buyer
(b) debit to buyer
(c) debit to seller
(d) charge to lender
Q:
Title insurance rates are set by:
(a) title companies
(b) insurance commissioner
(c) real estate commissioner
(d) corporation commissioner
Q:
Title insurance does not cover publicly disclosed:
(a) easements
(b) zoning ordinances
(c) deeds of trust
(d) deeds
Q:
Which law prohibits a real estate agent from receiving a referral fee from an escrow or title company?
(a) Truth in Lending
(b) Regulation Z
(c) RESPA
(d) all of the above
Q:
A standard title insurance policy insures against:
(a) encroachments
(b) incompetent parties on record
(c) unrecorded easements
(d) mining claims
Q:
When an escrow officer receives conflicting instruction that cannot be resolved by the parties, the escrow officer can file a legal action in court called:
(a) arbitration
(b) hold harmless
(c) interpleader
(d) settlement suit
Q:
In Northern California, most escrows are handled by:
(a) escrow companies.
(b) real estate agents.
(c) title companies.
(d) all of the above.
Q:
Which insurance policy requires the title company to make a physical inspection of the property?
(a) CLTA
(b) standard
(c) RESPA
(d) ALTA
Q:
A history of title transfers for a particular parcel of land is a/an:
(a) preliminary report
(b) title insurance policy
(c) abstracter index
(d) chain of title
Q:
Which of the following is not exempt from the escrow licensing law?
(a) trust companies
(b) escrow companies
(c) title insurance companies
(d) real estate brokers when acting as an agent in the transaction
Q:
In a real estate transaction, who decides which escrow company to use?
(a) The seller
(b) The buyer
(c) It is negotiated between the buyer and the seller
(d) The real estate agent
Q:
For an escrow to be valid, there must be a:
(a) conditional delivery of transfer documents to a third party
(b) real estate agent in the transaction
(c) title insurance policy
(d) 60-day limit on the closing date
Q:
The floor in the kitchen has a slight slope. The cost to fix it is estimated to be $20,000, and the value a level floor will add to the $350,000 home is projected to be $10,000. This is an example of:
(a) curable depreciation
(b) incurable depreciation
(c) functional obsolescence
(d) two of the above are correct
Q:
Real estate loan payments and income tax depreciation deductions are not considered operating expenses.
(a) It depends if the property is held as an LLC
(b) False
(c) True
(d) Only on state income tax not federal income tax
Q:
In a small country town, an appraiser was asked to place a value on the Town Hall. It was a beautiful building with unique Roman architecture. Which approach would the appraiser most likely emphasize?
(a) cost
(b) capitalization
(c) comparison
(d) gross rent multiplier
Q:
Accrued depreciation is used in what appraisal technique?
(a) Market approach.
(b) Cost approach.
(c) Income approach.
(d) All of the above.
Q:
All things being equal, the higher the cap rate, the:
(a) higher the value
(b) lower the return
(c) higher the rent
(d) lower the value
Q:
In evaluating a house that has an actual age of 15 years, the appraiser assigned it an age of only 10 years because of the home's excellent condition. This is an example of:
(a) effective age
(b) chronological age
(c) economic age
(d) physical age
Q:
In the cost approach, the most difficult item to measure accurately is:
(a) square footage
(b) accrued depreciation
(c) lot size
(d) replacement cost
Q:
Which of the following is not an annual operating expense?
(a) real property taxes
(b) deferred maintenance
(c) janitor's wages
(d) utility expenses
Q:
Real estate appraisers are needed to:
(a) determine values for real property taxes.
(b) help set premiums on fire policies.
(c) estimate real estate loan values.
(d) all of the above.
Q:
The principle that states that land should be applied to generate its greatest net return:
(a) highest and best use
(b) conformity
(c) supply and demand
(d) substitution
Q:
Objective value is also known as:
(a) value in use
(b) market value
(c) utility value
(d) emotional value
Q:
The acronym OREA stands for:
(a) Office of Real Estate Appraisers.
(b) Organization of Real Estate Appraisers.
(c) Office of Real Estate Alliance.
(d) Organization for Real Estate Appraisers.
Q:
Capitalization is a process of:
(a) establishing the cost of capital
(b) converting an income flow into value
(c) computing gross income
(d) determining reserves for depreciation
Q:
"Value in use" refers to:
(a) how a particular property can be used.
(b) the value of a particular property to a particular owner or user of real estate.
(c) what the property is worth.
(d) market value.
Q:
With a gross monthly multiplier of 150, a duplex that rents one unit for $575 per month and the other for $625 should have an estimated value of:
(a) $173,000
(b) $176,000
(c) $180,000
(d) $197,000
Q:
You are appraising Home X in an affordable area. You find comparables A, B, and C, which have sold recently.
Sales Prices A = $300,000 B = $304,000 C = $276,000
Condition poorer than X poorer than X equal to X
Lot Size equal to X better than X poorer than X
Location equal to X equal to X poorer than X
Adjustment Figures
Difference in condition use $8,000
Difference in lot size use $4,000
Difference in location use $8,000
Home X should have a value of:
(a) $300,000
(b) $304,000
(c) $308,000
(d) $312,000