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63. The cost approach is most effective: a.  at finding similar comparable properties.              b.  with new, unique, or special purpose buildings.               c.  for properties that generate income. d.  all of the answers are correct.

55. Which of the following statements constitutes an example of progression? a.  A home of greater value is worth more when located among homes of lesser value. b.  A home of greater value is worth less when located among homes of lesser value. c.  A home of lesser value is worth less when located among homes of greater value. d.  A home of lesser value is worth more when located among homes of greater value.

50. The fundamental goal of the California Housing Finance Agency (Cal HFA) is to: a.  subsidize rents for low income renters.                     b.  provide funds for low-income family housing.                  c.  help minority buyers obtain financing for new home purchases. d.  make funds available for residential loans in distressed areas.

62. An “REIT” is a: a.  real equity interest trust.                   b.  real estate investment transfer.                                                                  c.  residential encouragement involving trusts. d.  real estate investment trust.

19. What is the section in the Residential List Agreement (Exclusive Authorization and Right to Sell) that can entitle a broker to a commission even after the termination of the listing? a.  Safety Clause              b.  End of Listing Clause c.  Broker Entitlement Clause       d.  All answers are correct

76. Which of the following is an important tax date to remember? a.  November 1                b.  December 10                                     c.  February 1 d.  All of the answers are correct

61. An incompetent person: a.  is of unsound mind.   b.  cannot individually contract. c.  must have court approval to contract. d. all of the answers are correct.

57. Which of the following are considered non-institutional lenders? a.  Private lenders           b.  Mortgage companies c.  Credit unions d.  All of the answers are correct

18. The market data method (comparison approach) is the most common approach for: a.  houses.                                                                            b.  condos.                                                                             c.  vacant land. d. all answers are correct.

85. Mello-Roos liens: a.  require a seller and/or salesperson to disclose.               b.  are municipal bonds.            c.  usually fund street improvements. d.  all of the answers are correct.