[DOWNLOAD] California Real Estate Exam Flash Cards
But, because this restaurant equipment is used in the tenant's business, it will be considered a "trade fixture" that the tenant can remove before the end of the lease. D is incorrect. The lessor is the landlord. The rule related to trade fixtures...
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The state--without the prior owner's permission--acquiring permanent title to realty through escheat. Control over real estate and land use by a government entity is called "public control. The government's police power over real estate includes things like: zoning, building codes, city planning, public health, public safety, and general welfare. Answer Choice "B" is a classic example of Police Power. Here, the city exercised its Police Power to enhance public health and safety--by separating the new residential area from industrial activity.
California Real Estate Exam Prep
The state examiners frequently write questions trying to trick examinees into incorrectly lumping one of these other three powers into Police Power. A is incorrect. A Special Weapons and Tactics SWAT team uses specialized equipment and tactics to respond to criminal activity posing an elevated risk to the public or to law enforcement personnel. That's an entirely different type of "police power.
California Real Estate Exam
Under the power of Eminent Domain, the government can take private property for public purposes e. In contrast, the government would not typically have to pay owners if there is a decline in value due to a zoning change. The state can exercise its power of Escheat when a parcel of real estate has been abandoned, or if the owner dies without a will and no heir can be found. After 5 years, the real estate permanently escheats and belongs to the State of California. Test-Taking Tip: The state examiners may try to trick you into lumping one or more of these four, separate powers together.
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All of the following are examples of lawful private controls on real estate except: a. Limiting the size of the American flag homeowners are permitted to fly on their property. Forbidding paint color other than beige on the exterior of a home. Promoting diversity through restricting sales to unrepresented races. Banning people from owning large dogs weighing over 40 pounds. Private control is exercised by a non-governmental entity. Private control usually "runs with the land. The restrictions may be limited to a single parcel of land or they might cover an entire subdivision. In , in the landmark case of Shelley vs. Kraemer, the U. Supreme Court held that the Federal Constitution prohibits racially-restrictive housing covenants in the United States. Therefore, limiting the sale of real estate to certain races, even with the goal of promoting diversity, is an example of illegal private control. Test-Taking Tip: Restricting the sale or rental of real estate on the basis of race is never legally permitted in the United States.
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A, B, and D are all common examples of lawful private controls. Section 2. California Laws of Agency and Fiduciary Duties 4. Late one afternoon, a listing broker was holding an open house at Woodriver Drive in CA. Seeing the "Open House" sign, a prospective buyer came in to look at the home. After several questions about the house and local school system, the inexperienced buyer asked the listing broker for suggestions on how to negotiate successfully for the Woodriver Drive residence. The listing broker answered the questions as helpfully as possible. However, because the broker was tired, the broker did not raise the issue of agency representation, compensation, or even ask for the prospective buyer's name. The following morning, the prospective buyer started to act on the listing broker's advice.
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What type of agency, if any, was created with the prospective buyer? Implied agency c. An agency relationship cannot be formed without first learning basic information like names. Because compensation was never discussed, no agency relationship was created. In CA, an "implied agency" can be created unintentionally or by accident, and without any written formalities. By guiding the prospective buyer on the negotiation tactics needed to purchase the Woodriver Drive property, the listing broker was engaging in the advisory conduct that should be reserved for clients, thus accidentally creating an implied agency relationship.
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An express agency is created by the oral or written agreement of both parties. Here, the test question states that the subject of agency representation was never discussed. An unintended or implied agency can be created during a casual conversation where names have not been exchanged. An agency relationship can be created without compensation being discussed, or without even the expectation of compensation. This is one reason why real estate licensees do everything possible to prevent an implied agency: An implied agency can create fiduciary duties owed by the real estate professional before there is any type of agreement related to compensation. Note: The listing broker was already the agent of the seller. By advising the prospective buyer and establishing an implied agency, the listing broker created an undisclosed dual agency with the seller and the prospective buyer. An undisclosed dual agency is illegal, and will subject the listing broker to DRE discipline and the loss of any earned commission.
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Which duty owed only to the principal will require the listing broker to disclose the delinquent child support to Jon Brown? Honesty c. Disclosure d. Disclosure of material facts In CA, disclosure is a fiduciary duty owed by an agent to a principal. Here, the agent is the listing broker and the principal is the seller. The listing broker owes the seller the disclosure of relevant and pertinent information pertaining to the listing broker's duties. One of the listing broker's duties is to counsel the seller as to a prospective buyer's ability to complete a sale. Information related to the delinquent child support must be disclosed by the listing broker to Jon Brown as it pertains to Samantha Southerland's financial ability to buy the condominium.
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A, B, and D are incorrect. Real estate licensees owe both parties to a transaction the duties of honesty, good faith, fair dealing, and a full disclosure of all material facts related to the desirability or value of the property. Test-Taking Tip: Be careful to distinguish "the fiduciary duty of disclosure" from the "disclosure of all material facts related to the property.
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The fiduciary duty of disclosure is not owed to an unrepresented member of the public. In contrast, the "disclosure of all material facts related to the property" is owed by a real estate licensee to both parties in a transaction, and does not depend on an agency relationship. All of the following are correct statements related to a listing broker and a broker working as a property manager in CA except: a. Both brokers owe fiduciary duties to their principals. Both brokers must supervise their associate licensees. Both brokers typically have a limited authority to bind their principals. A listing broker is a special agent, while a property manager is a general agent. In CA, the listing broker is a special agent, employed by the seller for a particular transaction or act i. A special agent is typically only an advisory position. So, for example, while the listing broker can solicit offers and advise the seller as to the merits of each offer, the listing broker cannot accept an offer and bind the seller.
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All states have their own test. Check your state for specific information. In general, you should expect your real estate licensing exam to be around multiple choice questions; about state-specific questions, and about questions related to generally universal real estate concepts. You will have between hours to complete your exam. What is the best way to study for the Real Estate Licensing Exam? Before you qualify to take the exam , you will be required to take a number of hours of prelicensure classes. This curriculum is meant to help prepare you for your state-specific exam, so make sure you keep these materials and continue to study them after the course has been completed. Beyond that, it is absolutely vital that you use all available free real estate practice exams and study resources available online.
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You can find a comprehensive list of free real estate practice exams, sample questions, study guides, flashcards, and more resources linked above. Is the Real Estate Licensing Exam multiple choice? In general, you should expect state-specific multiple choice questions, and around multiple choice questions on general real estate concepts. The test is usually given in two sections and candidates are expected to pass both sections. What score is needed to pass the real estate licensing exam? Below are some example passing scores. Check the exact score requirements for your state here.
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Back Acceleration Clause Clause in trust deed or mortgage giving lender right to call all sums owinghim to be immediately due and payable upon the happening of a certain event. Acceptance When the seller's or agent's principal agrees to the terms of the agreement of saleand approves the negotiation on the part of the agent and acknowledges receipt of the depositin subscribing to the agreement of sale, that act is termed an acceptance. Agreement of Sale A written agreement or contract between seller and purchaser in which they reach a meeting of minds on the terms and conditions of the sale.
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Air Rights The rights in real property to use the air space above the surface of the land. Alienation The transferring of property to another; the transfer of property and possession oflands, or other things, from one person to another. Amortization The liquidation of a financial obligation on an equal installment basis; also,recovery: over a period, of cost or value. Anticipation, Principle of Affirms that value is created by anticipated benefits to be derived inthe future. Appurtenance Something annexed to another thing which may be transferred incident to it. That which belongs to another thing, as a barn, dwelling, garage, or orchard is incident to theland to which it is attached. Assessed Value Value placed on property as a basis for taxation.
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Attachment Seizure of property by court order, usually done to have it available in event a Balloon Payment Where the final installment payment on a note is greater than the precedinginstallment payments and it pays the note in full, such final installment is termed a balloon payment. Bill of Sale A written instrument given to pass title of personal property from vendor to the vendee.
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Buyer's Agent An agent representing the buyer rather than the seller. Capitalization In appraising, determining value of property by considering net income andpercentage of reasonable return on the investment. Thus, the value of an income property isdetermined by dividing annual net income by the capitalization rate Chattel Mortgage A claim on personal property instead of real property used to secure orguarantee a promissory note. Share the flashcard by embedding it on your website or blog.
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Friedman has been licensed as a real estate broker in Texas for 40 years. About the Publisher In the s, Manuel H. Barron opened a bookstore in Brooklyn, New York. People from the community asked Mr. Barron about books that might be available to help their children study for the New York State Regents exams. After realizing there wasn't anything available, Mr. Barron's created his own study guides. Report incorrect product info. This item cannot be shipped to the following locations: Alaska, Hawaii Return details This item can be returned to any Target store or Target. This item must be returned within 90 days of the in-store purchase, ship date or online order pickup. See return policy for details. See the return policy for complete information. From the manufacturer No information loaded. See our price match guarantee. See how a store is chosen for you.
California Real Estate Agent Exam Prep
Property held in Severalty is what? Definition It is another form of Vesting [Holding] Property. Term What does "T-Tip" stand for? JT cannot be Willed to someon. If you die your part ownership goes to the other JT owners equaly. Term "Time" as it relates to Joint Tenancy is What? Term "Title" as it relates to Joint Tenancy is What? Term What two people create Community Property? Definition Husband and Wife create Community Property. Term If a Wife attempts to sell the property without the Husbands aknowledgement and a Broker finds a "Willing and ready Buyer" and the Husband declines to sell the House Definition Yes, the Broker fulfilled his side of the contract.
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PITI An acronym for a mortgage payment that is the sum of monthly principal, interest, taxes, and insurance. A valid deed does not have to contain. An acknowledgment of the grantor's signature. Chattel Mortgage Loan arrangement in which an item of movable personal property is used as security for the loan. A chattel mortgage is a loan that is secured by chattel rather than by real property. Fully Amortized Loan A loan to be completely repaid, principal and interest, by a series of regular equal installment payments. Unruh Civil Rights Act Is a piece of California legislation that specifically outlaws discrimination based on sex, race, color, religion, ancestry, national origin, disability, medical condition, marital status, or sexual orientation.
California Real Estate Flash Cards
This law applies to all businesses. Fair Employment and Housing Act Prohibits harassment and discrimination in employment because of race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, marital status, national origin, ancestry, mental and physical disability. Separate ownership Ownership by one person.
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Co-ownership A concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants. Tenancy in common When two or more persons are owners of undivided interests in the title to real property. Cloud on Title Any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property or make the title doubtful. Blockbusting Panic selling based on fear of the entry of persons of another race, color, religion, or ancestry into the area. Breach of Contract Failure to comply with a material term or provision of a contract.
California Real Estate Flashcards
A recorded judgment provides Is natural growing vegetation normally considered real or personal property? Real Property When applying for a real estate loan, by law are you required to disclose your race and marital status? No, you can skip that portion of the application. Zoning laws, planning, and government land use are examples of what? Use of police power. Yes Once the appraiser finish collecting all the data on a property, what is the next step in the appraisal process? Correlate the adjusted sales price with comparables. When a lender pays a commission to an agent in a real estate transaction must both the seller and buyer be notified? Yes What are Gross leases are most commonly used with Residential Property Can Private Restrictions on the use of land be created by a written agreement? What rate of Commission did this broker charge? Blueprint The right of a government or its agent to expropriate private property for public use, with payment of compensation.
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Real Estate Exam Prep Free - 1, Real Estate Practice Exam Questions
PITI An acronym for a mortgage payment that is the sum of monthly principal, interest, taxes, and insurance. A valid deed does not have to contain. An acknowledgment of the grantor's signature. Chattel Mortgage Loan arrangement in which an item of movable personal property is used as security for the loan. A chattel mortgage is a loan that is secured by chattel rather than by real property. Fully Amortized Loan A loan to be completely repaid, principal and interest, by a series of regular equal installment payments. Unruh Civil Rights Act Is a piece of California legislation that specifically outlaws discrimination based on sex, race, color, religion, ancestry, national origin, disability, medical condition, marital status, or sexual orientation.
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This law applies to all businesses. Fair Employment and Housing Act Prohibits harassment and discrimination in employment because of race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, marital status, national origin, ancestry, mental and physical disability. Separate ownership Ownership by one person. Co-ownership A concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants. Tenancy in common When two or more persons are owners of undivided interests in the title to real property. Cloud on Title Any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property or make the title doubtful. Blockbusting Panic selling based on fear of the entry of persons of another race, color, religion, or ancestry into the area.
Real Estate Agent Tests
Breach of Contract Failure to comply with a material term or provision of a contract. A recorded judgment provides Is natural growing vegetation normally considered real or personal property? Real Property When applying for a real estate loan, by law are you required to disclose your race and marital status? No, you can skip that portion of the application. Zoning laws, planning, and government land use are examples of what? Use of police power. Yes Once the appraiser finish collecting all the data on a property, what is the next step in the appraisal process? Correlate the adjusted sales price with comparables. When a lender pays a commission to an agent in a real estate transaction must both the seller and buyer be notified?
California Real Estate Practice Exam
Yes What are Gross leases are most commonly used with Residential Property Can Private Restrictions on the use of land be created by a written agreement? What rate of Commission did this broker charge? Blueprint The right of a government or its agent to expropriate private property for public use, with payment of compensation. If you do not pass your test, simply contact us with your failure notice and we will refund you in full. What You Will Get?
California Broker Exam Flashcards
Give actual notice of the insturments to third parties who may be affected by the related transactions. The seller may withdraw the counteroffer anytime. Most states administer the tests in two parts, and require that the candidate pass both. Real Estate Exam Scholar is not the developer of these courses and is simply providing a referral. When one person or legal entity owns the entire estate, Requires more than one owner and does not require any speical wording to create. Only non-residents who are licensed in another state may qualify to take the South Carolina state exam … the broker may be guilty of.. What is not a category protected by federal fair housing laws against discrimination in housing? As a real estate agent, its important to be knowledgeable and stay up to date. According to the law of agency, a real estate broker does NOT owe the principal the duty of.. A broker acting as the agent of the seller Must report all offers to the principal unless instructed otherwise.
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Browser Not Supported Internet Explorer is not secure and is not supported anymore by us or anyone else, frankly. For salespersons: Proof of age 18 and above. First, you have to pass the exam which will consist of Multiple Choice Questions about general real estate concepts, and 80 questions that are specific to state licensing laws. Choose from different sets of sc real estate flashcards on Quizlet.
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Hier sind die besten dokumente um health assessment exam testbank an Chamberlain College Of Nursing zu passieren. You should show the buyer properties only in which your commission is protected. Pass the South Carolina real estate Salesperson exam with confidence! Learn vocabulary, terms, and more with flashcards, games, and other study tools. Everything you need to ace the real estate licensing exam, right at your fingertips! If so, you only need to take the state portion of the SC real estate exam if you are still an out-of-state resident. With PrepAgent, you'll walk in prepared and walk out confident. Salesperson C is primarily responsible to: In MOST states, the listing broker has a fiduciary duty with, A broker was employed by an owner to sell her home.
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Example if someone dies without a will. Learn about Real Estate exam content and format, including study tips for each section. Salesman- 60 hour pre-license, state exam, 30 hour post license within 1 year, take 8 hours every two … Our real estate exam prep comes with over practice real estate exam questions, and vocabulary test questions with detailed answer explanations, up … Prefab is an abbreviation for prefabricated. The IRS has how many requirements for establishing an independent contractor status? Apt owners must give the 60 days notice, if converting the units to condos, and may have to pay up to 3 months of rent. In the absence of a named remainderman, the life estate with revert back to the orginal owner, A third named party to receive the interest of a life estate upon the death of the owner, Bundle of rights convey by non-freehold estates. An old friend sees the sign and stops in, and ultimately asks you to write an offer to purchase.
Crib Notes Flashcards for the CA Real Estate Exam - Salesperson & Brok
On August 1 there was a house fire that required extensive kitchen repairs. What is a TRUE statement about the brokers position in this situation? In general, you should expect your real estate licensing exam to be around multiple choice questions; this includes about state-specific questions, and about questions related to generally universal real estate … Exam Prep Edge is an intuitive online study experience that will help you gain the edge in acing your exam and getting your real estate … Need of a License: A real estate salesperson must be licensed by the state of South Carolina to represent clients in the sale or purchase of real estate that is located in South Carolina.
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September 12, Because the owner breached the first listing agreement by signing a second. Both give the responsibility of representing the seller to just one broker. This strategy will ensure that you have ample time to complete the test in its entirety. Prepare for the Real Estate by taking a Real Estate practice test. Executive Programs Real Estate School offers numerous state exam test preparation training tools to help you pass the state salesperson license and broker license exams. The rights of ownership including the right to use, possess, enjoy and dispose of a thing in any legal way and to exclude everyone else without rights from interfering is: A Record of a Property's grantors and grantees. A broker refuses to cooperate with a flat fee broker, The Civil Rights Act of prohibits discrimination based on.
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