Quiz
Question 1
The number one objective for investing in real estate is:
Select one:
a. to keep busy.
b. to make money.
c. to save the environment.
d. none of the above.
Question 2
Commercial banks make the majority of their funds available for
Select one:
a. high interest loans.
b. short term loans.
c. credit cards, automobile and construction loans.
d. all of the above.
Question 3
In buying income-producing property, greater emphasis is placed on:
Select one:
a. financial benefits.
b. sentimental attachments.
c. aesthetics.
d. political climate.
Question 4
The total gross income a property is capable of producing at full
occupancy, without any deductions for expenses is:
Select one:
a. probable gross income.
b. potential gross income.
c. present gross income.
d. all of the above.
Question 5
Operating expenses DO NOT include:
Select one:
a. loan payments.
b. depreciation allowances.
c. income tax provisions.
d. all of the above.
Question 6
Question text
Which of the following is a category of operating expenses for appraisal
purposes?
Select one:
a. Fixed expenses
b. Variable expenses
c. Reserves for replacement
d. All of the above
Question 7
Question text
Which of the following are operating expenses that DO vary?
Select one:
a. Utility costs
b. Property management fees
c. Cleaning and maintenance fees
d. All of the above
Question 8
Question text
A Subchapter S Corporation is taxed:
Select one:
a. only once.
b. twice.
c. unlimited times.
d. none of the above.
Question 9
The most preferred form of legal organization is:
Select one:
a. general partnership.
b. limited partnership.
c. unlimited partnership.
d. none of the above
Question 10
Not yet answered
REIT stands for:
Select one:
a. Real Estate Investment Trust.
b. Real Estate Interim Trust.
c. Real Equity Interest Trust.
d. none of the above.
Question 11
. A business opportunity sale can include:
Select one:
a. the sale of a business.
b. the lease of a business.
c. the goodwill of a business.
d. all of the above.
Question 12
In a bulk sale, the transferee refers to the:
Select one:
a. seller.
b. buyer.
c. broker.
d. none of the above.
Question 13
Which of the following is filed with the Secretary of State in California?
Select one:
a. The Financing Statement
b. The Security Agreement
c. Both a and b
d. None of the above
Question 14
A seller’s permit is secured from the:
Select one:
a. State Board of Equality.
b. State Board of Equalization.
c. Federal Board of Real Estate Sales.
d. all of the above.
Question 15
The bill of sale serves the same function in the transfer of personal
property as:
Select one:
a. the grant deed does for real property.
b. the grant deed does for personal property.
c. the lease does for real property.
d. none of the above.
Question 16
An agreement where the seller of a business agrees to not open a
competing business for a period of time within a specific geographical area
is referred to as:
Select one:
a. an agreement to recluse oneself.
b. an agreement to withdraw.
c. A covenant not to compete.
d. none of the above.
Question 17
The term RPSD stands for:
Select one:
a. Real Property Securities Dealer.
b. Real Property Substandard Department
c. Real Property Securities Division.
d. none of the above.
Question 18
Before selling real property securities to the public, the broker must obtain
a permit from the:
Select one:
a. Governor.
b. California Bureau of Real Estate.
c. State Franchise Board.
d. all of the above.
Question 19
A syndicate can be a:
Select one:
a. corporation.
b. partnership.
c. trust.
d. all of the above.
Question 20
The broker’s broker or consultant is one way to describe the:
Select one:
a. Real Estate Investment Counselor.
b. Real Estate Commissioner.
c. Escrow Officer.
d. none of the above.
13 chapter
Question 1
Question text
The Unruh Civil Rights Act is a:
Select one:
a. California act.
b. federal act.
c. city act.
d. none of the above.
Question 2
Question text
The California Act that prohibited steering and blockbusting was the:
Select one:
a. Unruh Corporations Act.
b. Unruh Civil Rights Act.
c. Civil Rights Act of 1900.
d. none of the above.
Question 3
Question text
The refusal of a loan or insurance based upon a property’s location (zip
code) is called:
Select one:
a. bluelining.
b. redlining.
c. yellowlining.
d. greenlining.
Question 4
Question text
If an agent is asked to discriminate in the sale of a property, the agent:
Select one:
a. must refuse the listing.
b. must take the listing.
c. has the option of taking the listing.
d. can take the listing only with permission from the CalBRE.
Question 5
Question text
Besides residential, the basic types of income-producing properties
include:
Select one:
a. commercial office buildings.
b. retail property.
c. industrial property.
d. all of the above.
Question 6
Flag question
Question text
Licensed real estate brokers who represent more than one owner in
managing more than one property are referred to as:
Select one:
a. multiline brokers.
b. building superintendents,
c. outside managers.
d. real estate managers.
Question 7
Question text
The most profitable, physically possible, and legally permissible use for a
property is described as:
Select one:
a. zoning compliance.
b. “highest and best use.
c. net operating income.
d. capitalization rate.
Question 8
Question text
A notice that the tenant has 3 business days to pay all past due rents or
vacate the property and face unlawful detainer is called a:
Select one:
a. Three day Notice to Pay Rent or Quit.
b. Pay or Move Notice.
c. Summons.
d. Notice of Pending Eviction.
Question 9
Question text
Any rental agreement that ends over one year from the date of signing:
Select one:
a. should be in writing.
b. must be in writing.
c. must be notarized.
d. must be recorded.
Question 10
Question text
Residential property is usually rented under the terms of a:
Select one:
a. single net lease.
b. percentage lease.
c. gross lease.
d. triple net lease.
Question 11
Question text
Ultimately, who is responsible for the management of an HOA?
Select one:
a. The management company
b. The board of directors
c. Individual owners
d. The Governor
Question 12
Question text
A person who, or entity that for compensation or in expectation of
compensation, exercises control over the assets of a common interest
development is referred to as the:
Select one:
a. managing agent.
b. board president.
c. facilities director.
d. project superintendent.
Question 13
Question text
As a property manager, your responsibilities will include:
Select one:
a. maintenance of the building.
b. caring for mechanical equipment.
c. planning and implementing a modernization program.
d. all of the above.
Question 14
Delaying the fixing of existing repairs is called:
Select one:
a. smart management.
b. deferred maintenance.
c. denied maintenance.
d. debilitating management.
Question 15
Question text
By California law, no governmental agency can adopt any rent control
restrictions on:
Select one:
a. retail property.
b. commercial office property.
c. industrial property.
d. all of the above.
Question 16
Question text
“Section 8” refers to:
Select one:
a. high-income housing.
b. medium-income housing.
c. low-income housing.
d. free housing.
Question 17
Question text
A professional association for property managers that is a division of the
National Association of REALTORS® (NAR) is:
Select one:
a. the Association of Property Managers (APM).
b. the Institute of Real Estate Management (IREM).
c. the Nationwide Managers Association (NMA).
d. the Professional Property Managers Guild (PPMG).
Question 18
Question text
The designation “CPM” refers to:
Select one:
a. Certified Property Manager.
b. California Property Manager.
c. Certified Public Manager.
d. none of the above.
Question 19
Question text
The designation AMO refers to:
Select one:
a. Accredited Management Organization.
b. Accounting Management Organization.
c. American Merchant Organization.
d. none of the above.
Question 20
Question text
CALGreen is:
Select one:
a. a drought resistant brand of grass.
b. the short name for the “California Green Building Standards Code.”
c. the official color for all California park maintenance vehicles.
d. none of the above.
14 chapter
Question 1
Question text
Real estate assistants:
Select one:
a. are licensed.
b. must be licensed.
c. may be unlicensed.
d. both a and c.
Question 2
Question text
Which of the following should be listed on a real estate assistant’s resume?
Select one:
a. Real estate background
b. Education
c. Skills
d. All of the above
Question 3
Question text
A basic knowledge of computer use is:
Select one:
a. mandatory.
b. helpful.
c. not needed if working part time.
d. only useful if unlicensed.
Question 4
Question text
A person who works regular hours set by an employer and is paid a regular
or hourly wage is a(n)
Select one:
a. sole proprietor.
b. employee.
c. independent contractor.
d. none of the above.
Question 5
Question text
A person who works with a minimum of supervision, pays his or her own
taxes, and in general, sets his or her own schedule is:
Select one:
a. considered management.
b. an employee.
c. an independent contractor.
d. retired.
Question 6
Question text
Any document that has both buyer’s and seller’s signatures is referred to
as a(n)
Select one:
a. shared document.
b. master document.
c. escrowed document.
d. trust file document.
Question 7
Question text
All the documents a broker may require on a single completed transaction
are contained in a:
Select one:
a. master transaction file.
b. subfile.
c. miniature file.
d. temporary file.
Question 8
Question text
Which of the following is a filing system you might find in real estate office?
Select one:
a. Alphabetic system
b. Shared document
c. Computer files
d. All of the above
Question 9
Flag question
Question text
An alphabetical list of topics is called a(n):
Select one:
a. conduit.
b. index.
c. resume.
d. all of the above.
Question 10
Question text
A paper file containing signed copies and originals of documents, in
addition to the computer file, should be kept for each transaction:
Select one:
a. for legal reasons.
b. in case of a computer crash.
c. due to most office policies.
d. all of the above.
Question 11
Question text
A client’s computer file should include:
Select one:
a. e-mails sent and received.
b. letters.
c. spreadsheets.
d. all of the above.
Question 12
Question text
Prepared packets that agents take on listing and selling appointments
contain:
Select one:
a. forms.
b. brochures.
c. electronic presentations.
d. all of the above.
Question 13
Question text
The first picture or video of a listing uploaded onto most Multiple Listing
Services:
Select one:
a. must show the address.
b. must be of the front of the house.
c. cannot show the address.
d. must have the broker’s sign visible.
Question 14
Question text
Who has access to a full MLS listing?
Select one:
a. Only real estate brokers
b. Only agents representing pre-approved buyers
c. Only MLS members
d. All of the above
Question 15
Question text
Smartphones and tablets allow agents who are away from their office to
search the MLS by:
Select one:
a. price.
b. city.
c. address.
d. all of the above.
Question 16
Question text
Mobile devices, programmed with the appropriate real estate software, can
double up as a(n):
Select one:
a. calculator.
b. programmer that opens up lockboxes.
c. appoint book.
d. all of the above.
Question 17
Question text
A public official whose main powers include administering oaths and
arresting to signatures is called:
Select one:
a. a notary public.
b. a court reporter
c. a public clerk.
d. the Secretary of State.
Question 18
Question text
Each person who signs the notarized document must place a:
Select one:
a. right thumb print in the notary’s journal.
b. left thumb print in the notary’s journal.
c. right index finger print in the notary’s journal.
d. left index finger print in the notary’s journal.
Question 19
Question text
Real estate assistants assist with escrows:
Select one:
a. by finding out if all documents have been returned to escrow.
b. by finding out if all contingencies have been removed.
c. by finding out if all conditions have been met.
d. all of the above.
Question 20
Question text
When escrow closes:
Select one:
a. the listing needs to be removed from the MLS.
b. the file need to have all documents put in chronological order.
c. the broker or office manager must review the file to make sure all
pertinent
documents have been initialed before the file is placed in the master file
cabinet.
d. all of the above.
chpter15
Question 1
Question text
Every state government regulates its own real estate brokerage activities
by staff members who are collectively referred to as:
Select one:
a. registrants.
b. regulators.
c. representatives.
d. respondents.
Question 2
Question text
Police power deals with:
Select one:
a. health.
b. safety.
c. morals.
d. all of the above.
Question 3
Question text
Any person who is actively involved in a real estate transaction at the
service of another, in the expectation of receiving a commission, must be:
Select one:
a. licensed.
b. married.
c. American born.
d. bonded.
4, An individual who is not a real estate salesperson or broker may solicit
for the sale of real property as long as he or she is:
a. the owner or holding power of attorney for the owner.
b. a receiver or court appointee.
c. a trustee, selling under a deed of trust.
*d. all of the above.
Question 4
Question text
A candidate must be how old to obtain a real estate license?
Select one:
a. 15 years old
b. 18 years old
c. 21 years old
d. 35 years old
Question 5
Question text
The salesperson exam takes:
Select one:
a. fifteen hours, three minutes.
b. three hours, fifteen minutes.
c. five hours, ten minutes.
d. half an hour tops.
Question 6
Question text
To pass the salesperson examination, you must get:
Select one:
a. 30% correct.
b. 50% correct.
c. 70% correct.
d. 100% correct.
Question 7
Question text
In order to be permitted to take the state real estate exam, an examinee
must present a(n):
Select one:
a. acceptable picture ID.
b. printed test date notice.
c. validated health screening card.
d. both a and b.
Question 8
If you take an electronic examination, your results will be:
Select one:
a. provided to you upon completion of the exam.
b. e-mailed to you within 48 hours.
c. e-mailed to you within 3 business days.
d. mailed to upon receipt of your written request and a self-addressed,
stamped envelope.
Question 9
Question text
Qualified candidates who pass their electronic exam:
Select one:
a. will be entered in a drawing for lunch date with the real estate commissioner.
b. can be issued a temporary license and begin conducting licensed activities immediately.
c. will receive a gift card to Office Depot.
d. will receive a coupon good for $100,00 towards their first year dues to a board of REALTORS®.
Question 10
Question text
The CalBRE fee for the original salesperson examination is:Select one:
a. $15.00.
b. $30.00.
c. $60.00.
d. $95.00.
Question 11
Question text
The CalBRE fee for 4 year salesperson license is:
Select one:
a. $175.00.
b. $245.00.
c. $300.00.
d. $395.00.
Question 12
Question text
The portion of the Business and Professions code that refers to licensing
and subdivisions is called:
Select one:
a. the Commissioner’s Regulations.
b. the California Real Estate Law.
c. the Realty Civil Code.
d. Real Estate Ethics.
Question 13
Question text
The Real Estate Commissioner is:
Select one:
a. elected.
b. appointed by the State Legislature.
c. appointed by the President.
d. appointed by the Governor.
Question 14
Question text
The Real Estate Commissioner is defended by:
Select one:
a. the state Attorney General.
b. private counsel who is paid for by the state.
c. the designated public defender.
d. the president of the California Bar Association.
Question 15
Question text
After a license is revoked, that licensee cannot apply for reinstatement until
after:
Select one:
a. one year has passed.
b. two years have passed.
c. ten years have passed.
d. there is no reinstatement.
Question 16
Question text
Regulations of the Real Estate Commissioner can be found in:
Select one:
a. the NAR Code of Ethics.
b. the California Civil Code.
c. the CalBRE publication Real Estate Law.
d. The Business and Professions Code.
Question 17
Question text
The NAR mandates that every member must take a course studying the
NAR Code of Ethics or risk the loss of membership:
Select one:
a. within 6 months of becoming a member.
b. within 18 months of becoming a member.
c. every four years.
d. every time they are convicted of a violation by the CalBRE.
Question 18
Question text
Every REALTOR® must swear to abide by:
Select one:
a. the Constitution of the United States.
b. the Magna Carta.
c. their conscience.
d. the NAR Code of Ethics.
Question 19
Question text
A document that spells out the company’s ethical and professional
expectations and requirements, including a mission statement, personnel
policies, and general procedures is called:
Select one:
a. an Office Policy Manual.
b. a Company Constitution.
c. a Company Magna Carta.
d. Company Guidelines.
Question 20
Question text
A document that spells out the company’s ethical and professional
expectations and requirements, including a mission statement, personnel
policies, and general procedures is called:
Select one:
a. a Company Constitution
b. a Company Magna Carta.
c. Company Guidelines.
d. an Office Policy Manual.
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