Real Estate Principles Final Exam Collibri with Questions and Answers – 100%
Solved
A contract in which the vendor (seller) agrees to convey the title to the real property after the
vendee (buyer) has met certain named conditions, and which does not require conveyance
within one year, is ordinarily used in the case of a buyer who can only make a small down
payment and monthly installments. This type of contract, because it holds disadvantages for
both the seller and the buyer, is no longer a popular financing instrument in California. This is
known as a(n): - ✔✔✔-Installment land contract, also known as an installment sales contract.
A Point of Beginning refers to: - ✔✔✔-Definition: the starting point in a metes-and-bounds
description of property; usually a street intersection or a specific monument
A subdivision has a homeowner association rule that states there can be no above ground pools
in the subdivision. The Curtis family has an above ground pool in their backyard. Four years
later, the new association president threatens to take the family to court for violating the
subdivision regulations. Why doesn't the new president have a case? - ✔✔✔-Statute of
Limitations
In simple words, A statue of limitations refers to the legislation enacted by a governing body to
specify the permissible period following an incident wherein legal procedures can begin.
After the duration stated under a limitations statute expires, a lawsuit can no more be pursued
or, if lodged, can be rejected if the argument against the lawsuit occurs that the petition is
duration-barred as being brought beyond the legislative expiration date. If in a civil proceeding a
statute of limitations passes, the judiciary have no authority any more.
Adeeb has listed his condo with Maria's broker and she is his listing agent. The listing agreement
is signed and the day to begin showing his property is nearing. Adeeb decides the day before
the open house to raise his asking price by $20,000. Maria disagrees with the decision but goes
along with Adeeb's wishes. How must Maria take care of this contractual change in price? -
✔✔✔-Maria must change the listing price on a price change or extension form.
After receiving the seller's transfer disclosure statement, buyer Clark Rivers is not satisfied that
ALL has been revealed. He's heard rumors that a previous tenant died of AIDS inside the very
home he would like to buy. Clark demands to know if this is true, since it was not mentioned on
,Real Estate Principles Final Exam Collibri with Questions and Answers – 100%
Solved
the disclosure statement. Which of the following is the appropriate legal response the broker
must give to Clark's query? - ✔✔✔-"I'm sorry, but the Transfer Disclosure Statement covers all
material facts that must be disclosed, and a person having AIDS is NOT a material fact, whether
or not it would be applicable in this situation."
Agent Sims needs one more new home sale this month to receive a bonus. She has one more
that could possibly close and help her meet the goal. However, today she was informed the
financing fell through for the buyer. Agent Sims has a lender friend that owes her a favor. She
calls the lender and offers the friend one-quarter of her bonus if he will finance the buyers who
were turned down. Which penal code section addresses this crime? - ✔✔✔-PC 639-639a
Any false or misleading advertising, whether on the Internet or via any other medium, can result
in which of the following type of penalties? - ✔✔✔-Civil, administrative, ans criminal
Appraiser Louis finds a property located in the same neighborhood as the appraised property,
and wants to use it as a comparable sale. The comparable has more bedrooms than the subject,
one less bath, and one less garage. The appraiser will have to subtract the extra bedrooms from
the comparable, add a bathroom to the comparable, and add a garage to make the properties
equal. What type of approach to value has Louis utilized? - ✔✔✔-Sales Comparison Approach
(also called Market Data Approach):
Used for appraising residential property or vacant land. This approach compares the subject
property to similar properties and makes adjustments on the basis of the date of the sale, the
location, the physical features, and/or amenities.
Ben and Amanda are interested in a vacant, undeveloped lot. They are going to continue to live
in their current home, pay off the lot's loan, and then build a new home on the lot. Before
closing on the purchase of the lot, they discover the zoning regulations permit nightclubs to be
built in the immediate area. They specifically asked the broker about this issue and were told
there was no reason to worry. What are Ben and Amanda's options, if any? - ✔✔✔-They may
rescind the transaction based on the misrepresentation of the broker.
, Real Estate Principles Final Exam Collibri with Questions and Answers – 100%
Solved
Brokers are required to disclose certain information that impacts a property and certainly may
not lie or misrepresent facts the prospective buyer may ask. Doing so allows the buyer to
rescind the contract.
Bob leased an apartment for three years from the Steiners. He was never late on his rent in
those three years, kept the apartment immaculate, and never caused a moment of trouble. He
has recently purchased his first home and moved out of the apartment. As expected, Bob gave
the Steiners sixty days' notice he would be moving and left the apartment in perfect condition.
It has been 45 days since he moved out and he's been watching for his security deposit refund
to purchase a new sofa. When should he expect his security deposit refunded? - ✔✔✔-If there
had been no damage or cleaning required, which seemed highly unlikely in Bob's case, the
landlord should have refunded his security deposit within 21 days of Bob's vacating the
property.
Explanation:
According to lease termination or surrender and acceptance of the premises, the dateline to
return security deposit as provided in state's security deposit statutes is within a month or 21
days.
In case if a lease agreement specifies a longer period of time for the return of the security
deposit, the tenant must forward a demand letter, which applies in both lease termination and
lease agreement, and comply with the dateline as specified in the agreement.
However in Bob's case, if there is no case of such agreement that specifies a longer period of
time for the return of security deposit. Therefore, the landlord should have refunded the
security deposit within 21 days given that Bob has left the apartment in perfect condition.
Both the federal and California governments have the right to take private property for a
necessary use, IF they pay the owner "just compensation" for doing so. In addition to the
payment of just compensation, if the government takes a property in this way, which of the
following rules apply? - ✔✔✔-No other regulations apply; this is a government-given right of
the government to take a property, and the owner only need to be paid the appropriate
compensation to fulfill the requirements.
Solved
A contract in which the vendor (seller) agrees to convey the title to the real property after the
vendee (buyer) has met certain named conditions, and which does not require conveyance
within one year, is ordinarily used in the case of a buyer who can only make a small down
payment and monthly installments. This type of contract, because it holds disadvantages for
both the seller and the buyer, is no longer a popular financing instrument in California. This is
known as a(n): - ✔✔✔-Installment land contract, also known as an installment sales contract.
A Point of Beginning refers to: - ✔✔✔-Definition: the starting point in a metes-and-bounds
description of property; usually a street intersection or a specific monument
A subdivision has a homeowner association rule that states there can be no above ground pools
in the subdivision. The Curtis family has an above ground pool in their backyard. Four years
later, the new association president threatens to take the family to court for violating the
subdivision regulations. Why doesn't the new president have a case? - ✔✔✔-Statute of
Limitations
In simple words, A statue of limitations refers to the legislation enacted by a governing body to
specify the permissible period following an incident wherein legal procedures can begin.
After the duration stated under a limitations statute expires, a lawsuit can no more be pursued
or, if lodged, can be rejected if the argument against the lawsuit occurs that the petition is
duration-barred as being brought beyond the legislative expiration date. If in a civil proceeding a
statute of limitations passes, the judiciary have no authority any more.
Adeeb has listed his condo with Maria's broker and she is his listing agent. The listing agreement
is signed and the day to begin showing his property is nearing. Adeeb decides the day before
the open house to raise his asking price by $20,000. Maria disagrees with the decision but goes
along with Adeeb's wishes. How must Maria take care of this contractual change in price? -
✔✔✔-Maria must change the listing price on a price change or extension form.
After receiving the seller's transfer disclosure statement, buyer Clark Rivers is not satisfied that
ALL has been revealed. He's heard rumors that a previous tenant died of AIDS inside the very
home he would like to buy. Clark demands to know if this is true, since it was not mentioned on
,Real Estate Principles Final Exam Collibri with Questions and Answers – 100%
Solved
the disclosure statement. Which of the following is the appropriate legal response the broker
must give to Clark's query? - ✔✔✔-"I'm sorry, but the Transfer Disclosure Statement covers all
material facts that must be disclosed, and a person having AIDS is NOT a material fact, whether
or not it would be applicable in this situation."
Agent Sims needs one more new home sale this month to receive a bonus. She has one more
that could possibly close and help her meet the goal. However, today she was informed the
financing fell through for the buyer. Agent Sims has a lender friend that owes her a favor. She
calls the lender and offers the friend one-quarter of her bonus if he will finance the buyers who
were turned down. Which penal code section addresses this crime? - ✔✔✔-PC 639-639a
Any false or misleading advertising, whether on the Internet or via any other medium, can result
in which of the following type of penalties? - ✔✔✔-Civil, administrative, ans criminal
Appraiser Louis finds a property located in the same neighborhood as the appraised property,
and wants to use it as a comparable sale. The comparable has more bedrooms than the subject,
one less bath, and one less garage. The appraiser will have to subtract the extra bedrooms from
the comparable, add a bathroom to the comparable, and add a garage to make the properties
equal. What type of approach to value has Louis utilized? - ✔✔✔-Sales Comparison Approach
(also called Market Data Approach):
Used for appraising residential property or vacant land. This approach compares the subject
property to similar properties and makes adjustments on the basis of the date of the sale, the
location, the physical features, and/or amenities.
Ben and Amanda are interested in a vacant, undeveloped lot. They are going to continue to live
in their current home, pay off the lot's loan, and then build a new home on the lot. Before
closing on the purchase of the lot, they discover the zoning regulations permit nightclubs to be
built in the immediate area. They specifically asked the broker about this issue and were told
there was no reason to worry. What are Ben and Amanda's options, if any? - ✔✔✔-They may
rescind the transaction based on the misrepresentation of the broker.
, Real Estate Principles Final Exam Collibri with Questions and Answers – 100%
Solved
Brokers are required to disclose certain information that impacts a property and certainly may
not lie or misrepresent facts the prospective buyer may ask. Doing so allows the buyer to
rescind the contract.
Bob leased an apartment for three years from the Steiners. He was never late on his rent in
those three years, kept the apartment immaculate, and never caused a moment of trouble. He
has recently purchased his first home and moved out of the apartment. As expected, Bob gave
the Steiners sixty days' notice he would be moving and left the apartment in perfect condition.
It has been 45 days since he moved out and he's been watching for his security deposit refund
to purchase a new sofa. When should he expect his security deposit refunded? - ✔✔✔-If there
had been no damage or cleaning required, which seemed highly unlikely in Bob's case, the
landlord should have refunded his security deposit within 21 days of Bob's vacating the
property.
Explanation:
According to lease termination or surrender and acceptance of the premises, the dateline to
return security deposit as provided in state's security deposit statutes is within a month or 21
days.
In case if a lease agreement specifies a longer period of time for the return of the security
deposit, the tenant must forward a demand letter, which applies in both lease termination and
lease agreement, and comply with the dateline as specified in the agreement.
However in Bob's case, if there is no case of such agreement that specifies a longer period of
time for the return of security deposit. Therefore, the landlord should have refunded the
security deposit within 21 days given that Bob has left the apartment in perfect condition.
Both the federal and California governments have the right to take private property for a
necessary use, IF they pay the owner "just compensation" for doing so. In addition to the
payment of just compensation, if the government takes a property in this way, which of the
following rules apply? - ✔✔✔-No other regulations apply; this is a government-given right of
the government to take a property, and the owner only need to be paid the appropriate
compensation to fulfill the requirements.
