Business - Business Law. Quiz Level 5

Which of the following is most vital or important in planning a subdivision:

The Real Estate Commissioner has primary regulatory authority over subdivision matters involving:

Generally, as the employment rate and the GNP (Gross National Product) both rise:

The owner of a hardware store who owned the real property where it was located, sold the real property and leased it back for a long term. For income tax purposes, the seller may:

5

Agent Flag often refers to tax shelters when discussing a property with a customer. Agent Flag is primarily referring to:

6

If each of the following loans would otherwise normally require compliance with the Federal Truth-in-Lending Act, which one would be exempt on the basis of the type of loan itself:

7

Federal income tax rates on ordinary taxable income are:

8

Which of the following is the best example of the practice known as "puffing":

9

Salesman Burke showed several properties to Carl and Wilma Strong. They did not make any offers to purchase. Subsequently, while Mr. Strong was away on business, Mr. Burke showed Mrs. Strong a property which she liked. She gave Burke a cash deposit of $500 with a written offer to purchase, signed by Mrs. Strong only. To be a legally complete offer, which of the following should be inserted on line 2 of the deposit receipt, which reads, "Received from _________, herein called buyer."

10

Miller agreed in writing to purchase Owner Morgan's property through Broker Gold. Miller deposited with Gold a personal check for $500 towards a purchase price of $65,000. The offer contained the following clause: "Conditioned upon the obtaining of a VA loan for $65,000 for a period of 30 years, payable at approximately $679 per month including interest at the rate of 11% per annum plus taxes and insurance." Which most nearly represents Buyer Miller's option under this purchase transaction:

11

The words "time is of the essence" can be found in which of the following contracts:

12

Concerning options, which of the following is the most correct statement:

13

If a broker has a nonexclusive listing, and he wants to be legally entitled to a commission, he must be able to prove that:

14

When a salesperson takes a listing which does not authorize the listing broker to accept a deposit from an offeror toward purchase of the property, the broker should advise his salesperson that:

15

Which of the following represents the minimum time period for an exclusive right to sell listing on real property:

16

If a buyer takes title to a residential property "subject to" the existing loan and does not obtain the lender's consent, which of the following best expresses the potential consequences:

17

Broker Sampson has a listing to sell a property owned by Mr. Abel. Which of the following actions by Broker Sampson would be most likely to result in creating an agency relationship with a buyer:

18

A broker who is acting as agent in the offering of property, may, without further authority from his principal:

19

Bob, a real estate agent, refers buyers to Bug-B-Gone Termite Company, and the company pays him a referral fee for each inspection sold. Which of the following is correct:

20

A man listed his property with Broker White. The listing said, "Seller to receive no more than 23% down payment." The broker brought the owner an all cash offer which the owner rejected. Broker White is entitled to:

21

Which of the following government actions in relation to private property would not be an example of police power:

22

A real estate licensee has a practice that when he is approached by members of minority groups who want to be shown property, he avoids showing them property in integrated areas. This would be an example of:

23

The real estate disclosure law that became effective on January 1, 1988, refers to:

24

When an agent took a listing she promised the seller that she would advertise the property in the newspaper until it was sold. The agent did not do the advertising that she promised. She is guilty of:

25

If a person obtains a contract through duress, that contract is:

26

In which of the following years did the U.S. Supreme Court prohibit all racial discrimination when real property is sold or rented:

27

Insurance can be described as:

28

When serving as a buyer's agent, according to the Civil Code sections dealing with agency, a licensee owes a fiduciary duty:

29

Which of the following state agencies would receive complaints concerning fair housing laws?

30

When a real estate agent acts as an agent for both the buyer and seller in a transaction, but does not specifically reveal this fact because he is unaware that both consider him their agent, he has become involved in:

31

When a lender on a graduated payment mortgage is making disclosures that are required under the Truth-in-Lending law concerning advertising, he must disclose the:

32

Interest rates on trust deed loans are primarily determined by which of the following:

33

Of the following items, which one would normally appear on the seller's closing statement as a credit to the seller:

34

If a seller refuses to state on a real estate transfer disclosure statement that his property is in a slide area, when it is, the real estate agent should:

35

Which of the following pairs of words are synonymous:

36

Under a land contract for the sale of real property, legal title is held by the:

37

A real estate agency relationship may be terminated in several ways, according to the California Civil Code. Which of the following is included in that list:

38

Which of the following is the most difficult for the mortgage lender to evaluate:

39

When processing a real estate loan application, a lender would correlate characteristics of borrower, loan, and property to make:

40

The function of mortgage companies, which play an important role in present-day real estate financing, could best be described as:

41

The real estate commissioner would not permit which of the following mortgage loan advertisements:

42

Which of the following would usually be true concerning a hard money second trust deed:

43

Which of the following defines the term "equity":

44

Which of the following types of lenders would have the greatest percentage of, and the most funds invested in, real estate mortgages:

45

The available supply of real estate loan funds tends to be increased by all of the following, except:

46

When a licensee negotiates a loan secured by real property, the licensee must deliver a mortgage loan disclosure statement to the borrower:

47

"The measure of goods and services produced by the nation during any one calendar year" is the definition of which of the following:

48

If a real estate licensee was trying to persuade people to list or to sell their property by telling them that members of another ethnic group were moving into their neighborhood, and it would be to their advantage to list or to sell, it would be an example of all of the following, except:

49

Carter needed $2,000 to buy a car. Broker Denton negotiated the loan for him. Carter gave the lender his note for $2,400 secured by a second deed of trust against his home. The note was payable $77 per month including 10% interest per annum over a three-year term. Carter signed a broker's loan statement showing that he would receive an estimated $1,980 from the completed transaction. The total principal amount which Carter must pay to the lender is:

50

By law and regulation, a real estate agent is obligated to communicate any offer to the principal:

51

A prudent investor, to hedge against the erosion of capital caused by inflation, would logically place funds in

52

Tenant A agrees to perform certain property repairs for owner B. Despite repeated promises, A fails to perform the repairs. B then writes up a contract, and compels A to sign it by threatening to evict him if he doesn't. Such a contract would be:

53

When the Real Estate Commissioner wishes to rescind approval of a new subdivision, he would likely do which of the following:

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Business - Business Law. Quiz Level 5

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