What's the biggest security issue with using social networking sites to market your listings?

Ben is purchasing a home and reviewing a loan amortization chart. If the home price is $330,000 and he's financing $300,000, once he finds the factor (number that intersects his interest rate and term on the amortization chart), what number does he multiply by that factor?

Amy is working with seller clients who have suggested they would like the property to go to another African-American family. Which section of the listing agreement would help Amy convey why she cannot market the property this way?

Former landfills are often used for what purpose?

A mortgage is a legally binding document that creates a lien on a piece of property and gives the lender the right to foreclose on the property if the borrower defaults. Who or what entity is considered the mortgagee?

When you’re representing a client in a real estate transaction, what’s your responsibility regarding tax advice?

Your buyer clients, the Thompsons, told you about a problem they ran into with the lender that handled their mortgage. The Thompsons, who are African American, were given less favorable loan terms than a white couple they know who used the same lender. You know the Thompsons have excellent credit. Which act should you make them aware of?

In which of the following types of contracts has one or more of the contract's terms yet to be completed?

Borrowers who fall into the ______ category may be faced with paying interest 1% to 5% over the current market rate.

What does the metes and bounds system use to develop a property’s legal description?

Which agency issues the MLO endorsement?

Seth owns a property on a small island with six other property owners. Recently, Seth built a fishing pier along the water’s edge; however, the pier is actually on his neighbor’s property, which Seth has no rights to. What might this be an example of?

You have listed a property for Jim and Alice, a couple who loves DIY projects. Does the TDS provide a place for sellers such as these to disclose non-permitted work they have done on the property?

Which of the following is a true statement about buying one's own listing?

Jacqueline is a licensee working with a property near a Superfund site. Which of these statements is true?

Sylvia is a single mother living in a small town surrounded by ranch and farm land. She would like to buy a house there, but her income level and her status as an independent contractor makes it hard for her to qualify for a conventional loan. What government program might provide her with a direct loan to purchase a home?

April was able to establish a day care in a residential neighborhood, where the zoning wouldn't normally be permitted. This required permission from the planning board and ______.

This statute allows a public agency to issue bonds for the improvement of subdivision street surfaces.

One area of town has maximum building height requirements and setbacks for the front, side, and rear yards. These requirements are all indicative of ______.

In the eyes of the law, why do people under age 18 lack contractual ability?

If a lien is released because the tax debt has been satisfied prior to further action being taken, the property owner will receive a certificate of _____________.

When real estate licensee Brian discovered that real estate licensee Arnold was using a "Choose Your Neighbor" letter to market a property without also listing the property in the MLS, in the local paper, or even putting a for sale sign in the yard, what charge could he bring against Arnold to the National Association of REALTORS®?

Marsten is the personal representative for his grandmother's estate. After her death, he learns that he can't distribute the estate's property until after the will goes through probate. What does this mean?

A town passes a zoning ordinance preserving the architectural style of an area and requiring plantings in the parking strips. This is an example of ______.

Marketing exclusively to which of the following niches may be illegal?

What types of records must a California brokerage retain for at least three years?

Two large local brokerage firms agreed to lower their commission rates to the same amount—approximately 1% less than any other firm in town. After extensive marketing of their new lower rate, these two firms began to see a big increase in the number of listings they received, costing their competitors substantial amounts of money. What about this situation makes it a per se antitrust violation?

When you perform a required visual inspection of a property, what will you be looking for?

In the sales comparison approach, which of these are selected and evaluated both quantitatively and qualitatively against the subject property?

Who would inherit the property in a family with legally adopted children if both parents died without a will?

According to RESPA, what must the lender give to the borrower in the days immediately prior to settlement?

What's the name of the calculation that looks at a borrower’s monthly housing obligation—including principal, interest, taxes, and insurance, as well as any homeowners or condo association fees—as a percentage of their monthly gross income?

Sellers Matt and Kyle are fed up with their obnoxious neighbor, who insists on doing home construction work with power tools late at night, and having loud arguments with his family during the day. Does the TDS require them to disclose this type of nuisance?

How many members make up the Real Estate Advisory Commission?

Which economic principle pertains to how a change in a property affects its value as a whole?

Which of the following statements about an easement appurtenant is TRUE?

Yolanda purchased a house from the Griffins 10 months ago. Shortly after she moved in, the city began work on building a middle school on the empty lot right across the street. She feels that the city’s plans must have been known to the Griffins and should have been disclosed, and she really doesn’t want to live across the street from a school. Is it too late for her to take legal action against the Griffins?

A borrower has a 30-year, $500,000 loan with an interest rate of 6.25%. His monthly principal and interest payment is $3,078.59. What's the total amount of interest he'll pay over the course of the loan?

  

The government’s authority at all levels to ensure the health, safety and welfare of its citizens, which includes the control of public land use is the definition of ______.

A small duplex sold for $550,000. Each unit can gross $2,500 in monthly rent for the owner, and there are no additional income sources from the property. What’s the GRM?

According to national standards, under what circumstances may a pool house be included in total square footage?

Many supplementary statutory disclosures will be included in the ____________ when provided by a third-party company.

Which of the following is a true statement about the MLS and sellers?

James represented a client who believes James was guilty of misrepresentation. The client files a complaint against James. Which entity will investigate?

If a new licensee is worried about making commission soon, what is one strategy that could help?

When working with a seller, you signed a listing agreement that ensured you'd receive a commission, provided the property sold during the listing term. What type of listing agreement did you sign?

In contract law, when does partial performance occur?

Why is it important that the legal description appears in real estate documents?

The loss in value caused by deterioration in physical condition is called _______.

Which of these statements is NOT true about a specific lien?

The California DRE is performing a routine audit of Gold Standard Brokerage, Inc. Broker Chip is sweating bullets since he knows they’re likely to find some of his creative accounting involving the brokerage trust fund. Why is Chip nervous?

Seth is a licensee representing seller Dora. Which of these items is Seth required to disclose to prospective buyers about the property?

Fairwell Lending must seek the court’s permission to foreclose on a property used as collateral for a loan that is in default. What type of foreclosure process is likely being used?

The Siegels are purchasing a commercial investment property and plan to use straight-line depreciation on their financial statements and tax calculations. Which of the following would NOT be included in the Siegels' depreciation basis calculations?

What are the main benefits to veterans of the VA-guaranteed loan program?

Which statement describes a conforming loan?

The owner of ABC Construction entered into a contract to build two homes for brothers Jack and John. The contract specified that the homes must be completed by April 1. ABC finished the homes on March 30. Of what is this an example?

While showing a property to your buyer client, you notice that new carpet was recently installed in the basement, and new paneling has been tacked to the walls. You know this is often something sellers do when they want to cover up evidence of water damage. You are ethically obligated to ______.

Sellers, landlords, and real estate agents are required to include a ______ in the contract or lease if the real estate was built prior to 1978.

Which of the following items directly increases the supply of real estate properties on the market?

Which of these is NOT a C.A.R. form option available to California licensees for buyer broker agreements?

Which of the following tasks would require a real estate license in California?

Where is required information included on your website?

With what type of loan do the principal and interest payments remain the same for the life of the loan?

Nevina may be creating an implied agency agreement if she does which of these?

Which of the following best describes the state of the market during the expansion phase of the real estate cycle?

You’re a new licensee who’s thrilled to be working with five different buyer clients. Under what circumstances is it appropriate for you to determine the earnest money amount for your clients?

Jane’s offer of $310,000 was accepted, but the appraisal just came in at $300,000. Jane plans to finance $250,000. What's the loan-to-value ratio?

Benjamin is interested in a piece of property but is curious about its exact legal description. What's one of the best ways to find this information?

When agents put their clients' interests ahead of their own, this describes the duty of ______.

Ezra's lease on his condo includes an option to purchase. He told his landlord, Sherm, that he’s ready to purchase the condo, and they’ve negotiated a purchase price and closing date. What kind of contract is this?

Spark City has built a new city courthouse. The construction caused a landslide, which buried most of Joe’s farmland; now it can no longer be used for farmland. Joe is bringing an action against the city for his property loss. What is this an example of?

Giant Industries has a $674,232 gross operating income, operating expenses of $329,129, and other expenses totaling $38,719. What is the net operating income?

Which fiduciary duty requires agents to handle their clients’ funds and paperwork properly?

When a complaint is filed against a real estate licensee in California, who is responsible for investigating the complaint?

What is the role of the Real Estate Commissioner?

Which of the following is a true statement about borrower qualification standards for a VA-guaranteed loan?

A property is listed as having four bedrooms and two-and-a-half bathrooms. However, when showing your buyer clients the property, you only count three bedrooms. As their agent, what should you do as part of your due diligence?

Which of the following individuals is exempt from contractor licensing requirements?

A loss in value caused by an undesirable or hazardous influence offsite is which type of depreciation?

A buyer with a 20-year, $419,000 loan at a 4.25% interest rate has a monthly principal and interest payment totaling $2,594.59. If $1,483.95 is interest, how much is applied toward principal for that payment?

Where is the Residential Earthquake Hazards Report found?

What's the best definition of land?

Beginning at a stake and stones about 30 feet from the center of the brook that runs across the road Southwesterly from the dwelling house of the late Henry Nelson …” is an example of what type of legal description?

Which type of a buyer representation agreement allows a buyer to enter into agreements with multiple brokers and pay only the broker who found the property that was ultimately purchased by the buyer?

Anthony owns a new commercial strip mall with several units. He’s hired Jillian as his agent to find tenants to rent each unit. Is Jillian required to provide Anthony with an agency disclosure form?

What is one disadvantage of joining a team?

Generally, there are covenants between the borrower and the lender within a mortgage document. Which of the following is a mortgage covenant?

Marsha made an offer of $325,000 on a home listed for $350,000. The seller accepted her offer. She’s now having a(n) ______ done on the home to determine its actual value and hopes it comes in at more than $350,000.

Roberto, a licensee, filled in the blanks on a standard form used in his brokerage firm. Is this okay?

The California Supreme Court has held that protections under the Unruh Act are ______.

Ted is selling his home near a golf course. His agent provides a prospective buyer with the booklet Residential Environmental Hazards: A Guide for Homeowners, Buyers, Landlords, and Tenants. Ted happens to know that pesticides used on the golf course can sometimes drift into his open windows if the wind is right, causing his whole family to have trouble breathing. Does he need to disclose this?

What is the effective gross income for a property that has a potential gross income of $50,000, a vacancy and collection loss of 10%, and pays 10% in additional taxes?

Melanie is selling her single-family home. She has hired Damian to represent her as her agent in this transaction. Is Damian required to provide Melanie with an agency disclosure form?

Which federal act makes phone solicitation to numbers on the Do Not Call Registry illegal unless a prior relationship or permission exists?

Ken, Dale, and James are brothers who own more than 100 acres as tenants in common. The relationship between Ken and James disintegrated, and so James initiated a lawsuit. The end result is that the court gave each brother a designated set of acres to own. What was granted by the court?

Christine listed her house with you. Tailleur represents the buyer, Rebecca, and the seller's mother, Freida, is paying your commission. Which of these factors determines how legal agency is determined in this situation?

Kevin and Regina sold their property to Vickey using a general warranty deed. Which of these statements is true?

What type of natural hazard area is designated by local agencies?

Datums and benchmarks are used for ______.

You’ve been in real estate for a while, have your broker’s license, and have been serving as an associate broker for several years. If you have business acumen and like managing people, a natural next step in your career would be becoming a _______.

Which of these individuals is responsible for holding a California buyer’s down payment funds until the transaction closes?

Sue believes she's about to get into an undisclosed dual agency position. What should she do?

When information is stolen from online real estate listings, what is it known as?

What type of title insurance covers defects of an incorrect survey and boundary encroachments?

Which of the following best describes the state of the market during the recession phase of the real estate cycle?

The following is an advertisement: "Apartment for rent in a lively complex catering to the gay and lesbian community. Building is located next door to the West Town Elementary School." Is this discriminatory?

Which term is defined as someone claiming property of another simply by using it for an extended period of time?

Which of the following statements best describes a listing that terminates by performance?

Casey signed a contract form offering a purchase price of $309,000 on a home, and gave his agent a $5,000 earnest money deposit. The owner is out of town and her agent can’t reach her. At this point what does Casey have?

Consuela is a real estate licensee, and she has three other licensees working under her supervision. What type of license does Consuela hold?

Marcus listed his property with Home Sweet Home Realty and one of its listing agents, Ron Savage. About a month later, Ron filed for bankruptcy. Which of the following statements about this situation is true?

Your client, Ray, is worried about title issues that may arise after closing. Remind Ray of his secret protection: ______.

Leigh Ann is a licensee. Her cousin, Carly, is interested in buying a house. Leigh Ann shows Carly how to look for properties online and runs some CMAs for her. When Carly finds a property she likes and asks Leigh Ann to help her make the offer, Leigh Ann decides she should ratify the agreement with Carly. What are Leigh Ann’s options for accepting an agency relationship after the fact?

Monica meets a colleague from another firm, Kate, for lunch, and discovers that a former seller client, Reuben, is now Kate's buyer customer. Monica tells Kate, "You know Reuben inherited a bunch of money right before he sold his house, right?" Which of these statements is true?

Which type of analysis is a broad estimate of price in case the lender must take over the property and sell it to an investor or on the market?

Licensee Erika is excited about her new listing, a small cottage near her town's center within walking distance of shops, pubs, and restaurants. What's more, the HOA fees cover all grounds maintenance. The cottage is perfect for active retirees, and she says so in all her marketing materials. Although likely unintentional, Erika can be held accountable for illegal ______.

Barb is a real estate broker and has decided real estate sales are not for her. She likes valuing properties, though. What might be a natural career change for her?

Jeremy, a buyer, refused to sign Calli’s agency disclosure form. Later, he decided to use Calli as his agent. How many disclosure forms must Calli retain in her files?

Why should buyers ask sellers of older homes whether they’ve replaced the wiring system?

Paula is bidding on a property that’s being sold at a foreclosure auction. She’s excited about the great deal she’s getting on the property after she finds out she submitted the winning bid. What could cause Paula’s great deal to turn into a nightmare?

Martha made an offer to buy Drake’s home, and he accepted it. Under the terms of the agreement, Martha was supposed to make an earnest money deposit of $10,000, but she only put down $5,000. Drake accepted the lesser deposit, and the sale was ultimately finalized. This is an example of ______.

Tyrell and Barb bought a commercial investment property in 2009 during the real estate market downturn. Through what year will they be able to depreciate the investment?

Your buyer client is following your advice and has obtained title insurance. The policy is from ______ and shows the legal description of the property and the standard items it covers, such as encumbrances of record.

Which of these terms can be defined as what a buyer has paid for a property and what the seller has accepted?

Sue Ellen has a contract to buy Roger's house, which she has always admired, when Roger decides he's ready to move to a senior living community. After Roger finds a suitable senior apartment and moves, Sue Ellen writes a check for the agreed-upon amount, and Roger transfers the deed to her. What is happening in this scenario?

A client terminates a listing agreement before its expiration date. What happens now?

Which of the following best describes a bilateral contract?

Which of the following features is shared by the mortgage and the deed of trust?

Rob is searching for a new apartment that he can lease for the next two years while he’s working in the area. He has hired Danielle to represent him as his agent in this transaction. Is Danielle required to provide Rob with an agency disclosure form?

Bradley provided his clients with a dual agency disclosure. He obtained his clients' signatures and provided copies to his clients. What step did he miss?

Which economic principle is related to supply and demand?

Jenny is selling her property and has hired Larry as her agent. After the property’s listed, Jane brings her client, Andrew, to see the property, and he decides to make an offer. Who is Jane in this scenario?

What well-known economic principle says that a property’s value is determined by what it would cost to purchase a similar property?

Which type of agent is an escrow officer?

What is an advance fee agreement?

Informing parties of material facts related to a transaction describes the duty of ______.

What does the Financial Institutions Reform, Recovery, and Enforcement Act require?

The GRM for Sunny Hills is 147. If a three-bedroom, one-bath house in Sunny Hills rents for $820 monthly and sold for $125,000, what is the suggested value of a house that leases for $1,000 monthly based on the GRM?

Which of the following describes a universal agent?

What "quick and dirty" investment formula seeks to achieve a percentage of gross monthly rental income as compared to purchase price?

If you fail to notify your client of a conflict of interest, in addition to the duty of loyalty, what other duty have you breached?

Stacey, a buyer, is working with Rebecca, a licensee, in a state that doesn’t recognize or permit implied agency. Rebecca doesn't represent Stacey, however, and is performing only ministerial tasks for her. Which of the following statements about this situation is correct?

Elisa agreed to list Simone’s house for sale. After the listing contract was signed, Simone lost her job, and her father, George, offered to help Simone by paying Elisa’s listing commission. The buyer’s agent, Carl, also reduced his commission by a quarter percent to help Simone. Who is Elisa’s client?

A buyer obtained a 30-year, $205,000 loan with a 5.0% interest rate. How much of the monthly payment is interest?

Beverly's trust account has an overage, and she has no idea to whom the funds belong. What does the law permit Beverly to do with these funds?

John uses the VA home loan to purchase property. His mortgage is $200,000. Then, two years later, John defaults on his loan. How much will the VA reimburse the lender?

Terry purchases a property. The deed includes a description of an easement given to the neighboring property. This is an easement created by ______.

Doris and Kathleen, who are neighbors, enter into an agreement to not permit their real estate agents to sell their homes to families with children. This agreement lacks ______, so it's void.