Blog

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.

84. A fee estate that is subject to particular limitations imposed by the grantor of the estate is called. a.  a restricted fee estate.            b.  an imperfect fee estate.      c.  a fee simple defeasible estate d.  none of the answers are correct.

71. In a trust deed, the beneficiary is the: a.  escrow. b.  third party.       c.  lender. d.  borrower’s spouse.

78. Which of the following would best describe an open listing? a.  Bilateral contract                 b.  Illegal in California    c.  Nonexclusive d.  Exclusive

64. In real estate, the person who acts for and with the authority of another is called a(n): a.  agent.   b.  principal.         c.  buyer. d. third party.

80. The “Purchase Agreement Package” includes which of the following forms? a.  Disclosure Regarding Real Estate Agency Relationship (AD)                        b.  Buyer’s Inspection Advisory (BIA)             c.  Wire Fraud and Electronic Funds Transfer Advisory (WFA) d.  All of the answers are correct

93. Which of the following is NOT usually prorated in escrow? a.  Rents                       b.  Title insurance           c.  Property taxes d.  Interest