DRE salesperson exam Q&A 2022/2023

How many baseline and meridian systems in CA? - Answer- 3 A resident of Nebraska who owns property in CA dies while in Vermont. The probate procedures for this property are in? - Answer- CA In the order in which they are to occur, the three steps of agency discosure are? - Answer- disclose, elect, confirm The value of a residential property is best measured by which of the following groups of characteristics? - Answer- Demand, utility, scarcity, and transferability Collateralized loan - Answer- A loan secured by another loan, rather than a property Excess Land - Answer- Used for practical purposes such as storage Frank leased a property to Chester. Chester gave Mark an easement over the property. At the end of the lease term: - Answer- the easement may not extend beyond the term of Chester's lease In a newspaper advertisment, Annual percentage rate (APR) - Answer- May stand alone as financial info without providing any additional financial info When a lease is for a period greater than one year, the contract does not require the signature of - Answer- Does not requiree the signature of the owner, only the tenant A landlord is required to provide a copy of the written lease to the tenant within: - Answer- 15 calendar days In an escrow statement, "recurring costs" refers to - Answer- Impound account items A subdivider needs to give a copy of the real estate commisionners public report to: - Answer- Anyone upon request Quiet title: - Answer- A court action to clear clouds on the title of a property. FHAs and mortgage - Answer- The FHA insures mortgages but DOES NOT fund them The existance of a military establishment that contains explosives needs to be disclosed if it is located within how miles of the property? - Answer- 1 mile Option adjustable rate mortgatge (ARM) - Answer- has negative amortization, meaning that the monthly payments are less than the interest accruing