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California Real Estate Practice 5th Edition, by Walt …

1 California real Estate Practice 5thEdition, by Walt Huber and Arlette LyonsFINAL A CHAPTERS 1-15 Copyright July 2005, Educational Textbook Company1. The list of potential clients that an agent contacts on a regular basis:a. is considered his or her "sphere of influence."b. always belongs to his or her is technically considered is a waste of Errors and Omissions insurance is meant to protect whom from liability?a. Brokersb. Agentsc. Both a and bd. Neither a nor b3. A salesperson who receives all (or nearly all) of the commission earned from a real Estate transaction:a. has a 100% commission arrangement with his or her has a 50/50 commission is breaking real Estate none of the How many brokers can a salesperson work for at a time?a. Noneb. Onec. Twod. Unlimited5. A person whose physical conduct is not subject to the control of another, and who sells results rather thantime, is:a. an an an independent all of the Soliciting potential clients by telephoning people you don't know is called:a.

2 8. An open house is a prospecting tool for finding: a. buyers. b. sellers. c. both a and b. d. neither a nor b. 9. Sources of listings may include:

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Transcription of California Real Estate Practice 5th Edition, by Walt …

1 1 California real Estate Practice 5thEdition, by Walt Huber and Arlette LyonsFINAL A CHAPTERS 1-15 Copyright July 2005, Educational Textbook Company1. The list of potential clients that an agent contacts on a regular basis:a. is considered his or her "sphere of influence."b. always belongs to his or her is technically considered is a waste of Errors and Omissions insurance is meant to protect whom from liability?a. Brokersb. Agentsc. Both a and bd. Neither a nor b3. A salesperson who receives all (or nearly all) of the commission earned from a real Estate transaction:a. has a 100% commission arrangement with his or her has a 50/50 commission is breaking real Estate none of the How many brokers can a salesperson work for at a time?a. Noneb. Onec. Twod. Unlimited5. A person whose physical conduct is not subject to the control of another, and who sells results rather thantime, is:a. an an an independent all of the Soliciting potential clients by telephoning people you don't know is called:a.

2 Cold warm blind All commissions are negotiable between a seller and listing broker, and determined:a. when an offer is when the listing agreement is at the close of None of the An open house is a prospecting tool for finding:a. both a and neither a nor Sources of listings may include:a. "for sale by owner" all of the When writing effective ads, the formula "A-I-D-A" refers to:a. attention, interest, desire, avoid, imply, deceive, advertising inferior dwellings none of the Rules for regulating real Estate advertising under the Truth in Lending Act are covered by:a. Regulation Regulation The X All of the FSBO refers to which of the following?a. Financing Secured By Ownerb. Financing Subject to Buyer's Okayc. Fire Sale By Ownerd. For Sale By Owner13. Brokers should examine the call log book regularly to determine:a. the impact of any advertising if agents are showing up for work on what hours the office should stay none of the The bulk of the typical residential broker's advertising budget is spent on:a.

3 Novelty classified highway The type of listing in which the owners would be obligated to pay a commission to the broker even if theowners sell the property themselves during the listed period is:a. illegal in a multiple an exclusive right to an exclusive right to sell The amount of commission payable to a real Estate broker is ordinarily based on:a. statutory rules and regulations of the DRE and the a secret formula known only the real Estate agreement of the To earn a commission, a broker must produce a buyer who is:a. all of the If an owner enters into an exclusive agency listing andthereafter sells the property through his or her ownefforts:a. the broker is entitled to his or her full commission, plus no commission is the broker takes title to the the broker must pay the owner a The type of listing that is most likely to give rise to charges of misrepresentation or fraud is the:a.

4 Multiple open net none of the How a house looks to a passerby when compared to the rest of the neighborhood, is called:a. curb competitive factord. all of the In order for agents to gain access to the house, keys are often kept:a. under a in a lock with a all of the The real Estate Commissioner requires that all agreements prepared by salespeople:a. be approved by their designated broker or sales be approved within a reasonable both a and b are neither a nor b is In a listing agreement, handwritten or typed-in instructions:a. are given precedence over preprinted are superseded by preprinted are not none of the above424. To earn the commission guaranteed by a safety clause, the original listing broker must provide the sellerwith a list of prospects who were shown or made offers on the property within:a. 24 hours of the expiration of the original 48 hours of the expiration of the original 3 calendar days of the expiration of the original 10 calendar days of the expiration of the original Copies of the listing agreement must be given to the signing parties:a.

5 At the time signatures are within 30 days of within 90 days of none of the Which of the following (seller s) listing forms does the buyer also receive a copy of?a. Residential listing agreementb. Transfer Disclosure Statementc. Estimated seller's proceedsd. All of the above27. The form that is often referred to as FRPTA is the:a. real Estate Transfer Disclosure Natural Hazard Disclosure Seller s Affidavit of Nonforeign Status and/or California Withholding none of the The amount of cash or cash equivalent that is most likely to be paid for a property on a given date in a fairand reasonable open market sale is called:a. capitalization market affordable comparative The term CMA refers to:a. Comparable Marketing Competitive Market Cooperative Marketing Coordinated Multiple Most property owners move on an average of every:a. 6 to 8 6 to 8 20 to 30 30 to 40 Economic obsolescence is:a.

6 Also referred to as social is also referred to as functional loss of value due to conditions outside the property itself (external).d. both a and c are Advantages to home ownership include:a. tax equity all of the When selling real Estate , the MOST effective form of communication is:a. direct contact (face-to-face).b. by letter (one way).c. by telephone (two way).d. none of the An incoming call register is a useful tool for:a. record controlling ad revenue and following up on All of the The time assigned to individual agents to answer the company telephone is called:a. private golden Character, capacity, and capital are called the three C s of:a. real The most commonly used purchasecontract in California is the:a. California Residential Purchase Agreement and Joint Escrow Instructions Residential Listing Agreement and Exclusive Right to Sell Competitive Market Analysis none of the If there is a contradiction in the purchase agreement form:a.

7 The form is considered the handwritten or typed-in words supersede the printed the printed words supersede the written or typed-in none of the Liquidated damages are:a. the damages caused by paid for not fulfilling a clause or condition in the agreed to in advance and stated in the both b and c are Under the buyer occupancy section of the purchase contract, the term CE+3 means:a. the buyer will take possession 3 days after the close of the buyer will take possession 3 weeks after the close of the buyer will take possession 30 days after the close of none of the Which of the following is TRUE concerning wood destroying pest inspections?a. Section A1 indicates actual termite Section A2 indicates existing conditions that may lead to termite Termite clearance is usually a lenders All of the The seller must provide the buyer with a Lead-Based Paint Notice as an attachment to the purchasecontract if the residential property was constructed:a.

8 Prior to prior to prior to all of the The Disclosure Regarding real Estate Agency Relationships:a. is only given to a is only given to a must be given to buyers and sellers before entering into any contract with a none of the Which of the following forms details the total cost of the purchase, including monthly payments?a. Buyer's Inspection Advisoryb. Estimated Buyer's Costsc. Notice to Seller to Performd. None of the above45. Which of the following is TRUE concerning the Buyer s Request for Repairs?a. The buyer s request is really a wish The seller may choose to do all, some, or none of the The buyer may cancel the escrow if a dispute over repairs cannot be All of the If there are more than two counter offers, an agent/broker should:a. lower his or her ask the real Estate Commissioner for start from scratch and rewrite the have the final counter offer Which of the following is TRUE concerning the Buyer s Affidavit?

9 A. It involves the Foreign Investment in real Property Tax Act (FIRPTA).b. It involves property for use as a It involves property with a sales price that does not exceed 300, All of the The Verification of Property Condition is filled out:a. when the buyer first visits the during the final by pest all of the The Professional Physical Inspection Waiver:a. is a broker-generated is meant to limit a broker s liability ifa party declines to have a physical both a and b are neither a nor b is The terms mortgagee and mortgagor refer to:a. mortgages trust deeds mortgages and trust none of the In a trust deed, the party who is lending the money is called the:a. none of the The compensation for processing the loan and setting it up on the books, which is based on the loanamount, is:a. a loan origination the prevailing market start up The term APR refers to:a. annual percentage average percentage annual points none of the A charge to the borrower for paying off all or part of a loan balance before the due date:a.

10 Is illegal in is called a prepayment is called an impound all of the Lenders refer to a borrower with a low FICO score and alimited ability to cover family living expenses as a:a. lost cause prime subprime commercial The term PMI refers to:a. prime money private money private mortgage none of the An escrow holder can be:a. a an attorneyc. a real Estate broker acting as the agent in a all of the Which of the following is NOT one of the three requirements for a valid escrow?a. Signed escrow instructionsb. Legal adviceb. Neutral third party as an escrow companyc. Conditional delivery of funds and documents59. In Northern California , the majority of escrows are handled by:a. escrow departments of title insurance independent escrow the none of the Death does not cancel escrow because:a. it is binding on the heirs ( Estate ).b. of the prior agreed-to both a and b are neither a nor b is The two rules of proration in an escrow include:a.


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