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Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action could: - ✔✔Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: - ✔✔A foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to a third party. One of the joint tenants sell his interest. A man owns six seperate parcels of real property. He wants to offer all of the parcels as security for a mortgage loan. The mortgage that he will obtain will probably be? - ✔✔A blanket mortgage All of the following acts of one joint tenant terminates a joint tenancy except when the joint tenant: - ✔✔Mortgages his or her share Avulsion - ✔✔Is the sudden tearing away of land by the the action of water When appraising a home build in 1910 the appraiser must use: - ✔✔Today's
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Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action could: - ✔✔Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: - ✔✔A foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to a third party. One of the joint tenants sell his interest. A man owns six seperate parcels of real property. He wants to offer all of the parcels as security for a mortgage loan. The mortgage that he will obtain will probably be? - ✔✔A blanket mortgage All of the following acts of one joint tenant terminates a joint tenancy except when the joint tenant: - ✔✔Mortgages his or her share Avulsion - ✔✔Is the sudden tearing away of land by the the action of water When appraising a home build in 1910 the appraiser must use: - ✔✔Today's cost and today's reproduct ion cost The appraiser gives an 30 year old home a rating of 6 years is called: - ✔✔Effective age a home painted in 1972, even if the seller repainted the property a lead based paint booklet is required, if not, the ommission allows the buyer to: - ✔✔cancel the transaction. Not funtional obsolescense - - ✔✔Proximity of nuisances Intestate means: - ✔✔Someone that left no will
A principle may request an accounting from the real estate agent of his funds : - ✔✔At any time The seller's responsibility is to transfer the property: - ✔✔Free and clear When compare to real estate, stocks and bonds are: - ✔✔More liquid Which of the following are liens? - ✔✔Incometax Judgements Attachment subagents: - ✔✔They work for the seller If a builder pays $35 an hour to a hostess, to perform an open house, to answer questions: - ✔✔a license is required to answer questions Who must disclose Mello - ✔✔Seller (OWNER) if the electrical was intalled by the son-in-law of the seller, and not to code and the buyer moves in, and after, the property catches on fire : - ✔✔the real estate agent is innocent of any wrong doing Miles sold a home to North with the help of Olsten, if the buyer (North) finds out that something was not properly disclose by Miles and Olsten, this is called: - ✔✔Fraud Logan sold a home to Hughes, if Hughes backs out: - ✔✔Logan can sue for a specific performance A buyer pays for which of the following? - ✔✔Escrow, Title, Insurance
An easement can be canceled by signing a: - ✔✔Quitclaim deed For income tax purposes improvements are - ✔✔Added to the basis of the property. For income tax purposes improvements are - ✔✔Added to the basis of the property Information concealment by an agent is - ✔✔Misrepresentation A strip lines of stores are: - ✔✔Shopping centers In a counter offer: - ✔✔the buy may reject to perform or to cancel The agency is terminated - ✔✔if the property is destroyed by fire Outmoded design is: - ✔✔Function absolescene In a purchase money trust deed" - ✔✔A loan disclosure is required A lender may evict a borrower within - ✔✔3 months A mispelled name in a deed: - ✔✔May be corrected with a quitclaim deed A standard policy of title insurance doesnt cover - ✔✔property lines oral commission - ✔✔are legal if the seller selects to do so
Conflicts with the LA county codes and the uniform codes - ✔✔the one with the highest standards of safety will apply An offer presented with a $1000 note - ✔✔Communicate to the seller the type of deposit before acceptance 1/2 a mile by 1/2 miles is: - ✔✔160 Acres When appraising a site the appraiser applies the - ✔✔Highest and best use Successor liability has to do with - ✔✔The Alcohol Beverage Control Board If equal payments are made - ✔✔The equity increases and interest rate decreases an offer written on April 24th with a contingency, the seller to respond within 5 days, if the seller fails to respond: - ✔✔The seller must return the deposit to the buyer The analysis for a residential property is : - ✔✔Marketability and acceptablility Impound account is - ✔✔recuring cost items If a broker has out-of state relatives and wants to buy a propery in CA. With a lease option to buy,the broker must present disclosure to - ✔✔The seller (owner) Owner Tesoro listed a valand with Broker Gonzalez for $124,200, Buyer Carter made and offer for $123,000 with a 3 days expiration date. The following date the seller counter back with a sales price of $123,600. When Broker Gonzales presented the counter offer to buyer Carter he rejected the conter offer. When Tesoro found out of Carters rejection the seller
Escrow settlement statement: - ✔✔could be different SAM LOAN: - ✔✔Shareed Appreciation Mortagage- any increase in the value of the home will be split with ur mortgage lender. SAM loans are recommended in a strong financial market CHILD SUPPORT - ✔✔Has to be paid before a license is issued The benefits of Tax Shelter - ✔✔Income tax purposes Brokers Trust Account - ✔✔It is not necessary for a broker to have one REAL PROPERTY - ✔✔Vegetation FNMA (Fannie Mae) - ✔✔Provides a secondary market for FHA and VA Company dollar - ✔✔is the amount of commission reamining to the broker after paying the salesperson and other possible commissions. A property held in "Severalty" is owned by: - ✔✔Sole Ownership What is the best way to depreciate a 20 year old commercial building - ✔✔Straight line depreciation The land that is subject to an easemnt is - ✔✔Encumbered Subdivision reports must be filed with the - ✔✔city or county where the land is located The agent most likely to earn a sales commission - ✔✔Is the one who communicates acceptance of the offer from the seller to the buyer
If a buyer withdraws - ✔✔the seller may sue for a specific performance PARTY WALL - ✔✔Is a wall that divides two apartment buildings What does Lis Pendens stand for - ✔✔Judgment pending The construction member found above the doors and windows is called - ✔✔Header Turnkey Project - ✔✔Is a construction project completed (ready for occupancy) Grandfather clause - ✔✔is a continuation of a non-conforming use Interim use - ✔✔is the current use of a building to its highest and best use R - ✔✔Resistance to heat flow EEr - ✔✔Energy Efficiency Ratio Leverage - ✔✔Is to borrow money to the maximum extend possible Novation - ✔✔Is a contract replace entirely by a new one Ownership rights are represented by - ✔✔Estate or Fees Home Accomodations mean - ✔✔Units 1 through 4 Police power means - ✔✔Zoning
The transfer of Bulk sales applies to - ✔✔Transfer of personal property, inventory or merchandise Loan origination fees are paid by the - ✔✔Buyer