CA Real Estate Principles Course » 2021 » Section 15 Unit 2 Exam
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Question #1
Chadwick is a developer considering purchasing a large piece of unimproved land for a subdivision development. What should he do before committing to the project?
A.
Conduct a feasibility study.
B.
Apply for financing.
C.
Start marketing the property to see if there are buyers.
D.
Phone a friend.
Question #2
Why may a developer have to pay impact fees?
A.
To apply for a use variance from the Zoning Board of Appeals
B.
To pay for an Environmental Impact Statement
C.
To address a violation of zoning ordinances
D.
To address the burden on existing infrastructure caused by the development
Question #3
In order for a Adroc Development Corp. to receive approval to build a new subdivision, it is required to create a community park bordering the development. The developer agreed to do so, but what may the city require to ensure the park actually gets completed?
A.
An IOU
B.
A completion bond
C.
A promissory note
D.
A feasibility study
Question #4
Determining who the buyers of subdivision homes are, the market niche to target, and whether to have different price points for various phases of development are all considerations in the ___________.
A.
Environmental assessment
B.
Feasibility study
C.
Subdivision lot release plan
D.
Marketing strategy
Question #5
Which type of contract allows developers to enter into binding contracts with purchasers?
A.
Interim report
B.
Preliminary report
C.
Conditional report
D.
Binding report
Question #6
Which of the following involves street specifications, lot size, single- or multi-family dwellings, utilities provided and easements, how far houses must be set back from property lines, and drainage requirements?
A.
Alquist-Priolo Act
B.
Abstract of title
C.
CEQA
D.
Subdivision regulations
Question #7
What's an outlot?
A.
The cornerstone space of a retail center occupied by an anchor tenant
B.
The main roadway leading into and out of a subdivision
C.
A parcel of land left over after the subdivision is built
D.
The parcel of land where a home in a subdivision is built
Question #8
In which type of common interest subdivision are the owner’s shareholders in a corporation that owns the property?
A.
Time-share
B.
Planned development
C.
Condominium project
D.
Stock cooperative project
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