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General #2
| Question | Answer |
|---|---|
| What law requires that FEDERAL AGENCIES and other entities undertaking activities on federal property conduct an "Environmental Analysis" of the proposed project? | NEPA - National Environmental Policy Act. |
| In which case did a property owner successfully challenge the "Restrictive Conditions" on development imposed by the public agency? (blockage of the view of the ocean caused by construction of a larger house should have CONDITIONAL APPROVAL | Nollan v. California Coastal Commission |
| Which state law requires the preparation of a public report for all major subdivisions? | Subdivided Lands Law |
| What are the 4 "Powers of Government" that affects private ownership of real estate? (hint= P.E.T.E.) | Police Power. Eminent Domain. Taxation. Escheat |
| What formula is calculated by dividing the fair market value or asking property price by the estimated annual gross rental income? | Gross Rent Multiplier "GRM" ( Value / Annual Gross Income=GRM) |
| A _______sets up the terms of "temporary" residency prior to closing. (It address when the buyer will be able to receive the keys and occupy the property as well as the items that the buyer will need to provide to move into the home) | Interim Occupancy Agreement |
| If my home is worth $500,000 and it is surrounded by $1,000,000 homes that means... the value of my property will go up its the principle of? | PROgression - INCREASING in value :-) |
| If my home is estimated at 600,250 but im surrounded by houses that are worth 320,000 this is a example of what principle? | REgression - DECREASING in value :-( |
| I bought one building after another until the property I desired was"assembled."Individually tho the properties had a lower value until I assembled them all together. (Resulting in "Plotage") | |
| Real estate salespeople are called upon to provide "Comparable Sales" to a seller who wants to list a property for sale... This is called? | CMA - Competitive Market Analysis |
| The goal of the appraiser is to determine what 4 things? | 1.market value 2.insurance value 3.salvage value 4.tax value of a property. |
| To replace with current materials and methods with utility and function similar to original is the "Reproduction Cost" or the "Replacement Cost" method? (more expensive) | Reproduction Cost |
| To replace with current materials and methods with utility and function similar to original is the "Reproduction Cost" or the "Replacement Cost" method? | Replacement Cost |
| If a landmark (church, historical building, etc.) had a fire or was destroyed in any way, we would want to "Reproduce" it as close as possible to original construction and look. Is it Replacement Cost or Reproduction Cost? | Reproduction Cost |
| If my house had a fire, I would be happy to "replace" the damage to the property using current methods of construction and materials Replacement Cost or Reproduction Cost? | Replacement Cost |
| The cost approach to value may be derived by? | The cost approach to value= estimate the value of the land alone, then add the depreciated replacement or reproduction costs to determine the property value. (Total Land Valuation + Depreciated Value of Building = Value of Property Cost Approach) |
| In California, anyone who wishes to sell real estate investment type security must FIRST obtain a? | Commissioner's Permit |
| When a tenant passes the lease over to another person making him or her responsible for rent payments and any property damages according to the original lease contract is known as? | Novation... basically the substitution (NOVA= Latin for "New") |
| What California State law prohibits financial institutions from engaging in discriminatory loan practices such as redlining? | The Holden Act AKA the Housing Financial Discrimination Act (The California State law prohibiting financial institutions from engaging in discriminatory loan practices, like Redling" |
| Kim is selling her house she hasn't experienced any problems and doesn't know her plumbing system is seriously corroded and will soon need to be replaced. What are the disclosure responsibilities of her and her agent? + Why? | They should answer "UNKNOWN" to any questions about plumbing + Plumbing systems are hidden and neither an owner nor a licensee can not be reasonably expected to know of potential problems (Kim and her agent to indicate that there are NO KNOWN problems. |
| Paul Stonington is a broker who has been found guilty of violating the Unruh Act. What penalty or penalties is he subject to? | Payment to the the injured party up to three times the amount of actual damages or $4,000, whichever is more. |
| Previously, the Unruh Civil Rights Act protected people from being discriminated against. However, recent changes have added ______ to the other classes protected under this legislation in California. | marital status and sexual orientation. |
| Sally is a real estate broker. Among her acquaintances is a motel clerk named Tom who gives Sally the names of people moving to town. In exchange Sally pays Tom a stipend for the names. Tom does not hold a real estate license. Is this a legal practice? | NO, Tom needs a license to refer prospective buyers. (Any action involving the procuring of prospects requires a license) |
| The "Estate at Will" has no time limit. The possession is given with permission but there is no agreement about the rent. This estate can be terminated by either party at any time, with proper notice of ____ day is required | 30 days |
| Licensee Brutus is representing Tim, the owner of a pawn shop. The inventory of the pawn shop is transferred to buyer Jan with? | a Written Bill of sale + (The "Written Instrument" that passes the title to the personal property. The inventory of the pawn shop would qualify as PERSONAL PROPERTY) |
| A married couple are about to buy a condo! What is a way for them to hold title so that, when one spouse dies, the survivor immediately owns the condominium in severalty? | As Community Property with Right of Survivorship OR as Joint Tenants |
| What are the 2 Subdivision Land Laws? + Lot requirements? | 1. Subdivision Map Act ---2 or more lots 2. Subdivided Lands Act---- 5 or more lots |
| What are the 3 Physical characterics of land + Descriptions? | 1. Immobile - Real estate Permanent/ Not movable 2. Indestructible - Land is permanent 3. Non-Homogeneous - Uniqueness, no two properties are the same |
| The requirement to “REPORT Annual & Quarterly loan activities” to the C.A. DRE within 12 months, a broker has negotiated 10 or more loans to a subdivision OR a total of 1,000,000 in loans is known as? | Threshold Reporting |
| What law regulates land sales between 2 or more state to protect consumers from fraud? | Interstate sales Full Disclosure act |
| This is the process of conveyance when a person dies without having a valid will in place, his or her property passes to the heirs | Interstate succession |
| What is the name of the legal process in which a will is reviewed to determine who is in the will and who the property will be administered to? | Probate |
| What is the name of the term that happens when you acquire property that involves the addition of value to property through labour or the addition of new materials?EXAMPLE- A person owns property on a river bank and new deposits/land formation is made | Accession |
| The DONATION of real property or partial donation of property to a government for a public purpose is known as? | Dedication |
| What is a Suretyship? | When a person Pledges/Promises a lender that they will be “Assuming/Responsible for someone’s DEBT” |
| ______ is enforced by requiring a “Negative Impact Report” (stating the building will have little to no environmental concern) which is required for any _____ projects. | CEQA Minor projects |
| ______ is enforced by requiring a “Environmental Impact Report” (an expensive fully detailed report prepared by the building developer) which is required for any _____ projects. | CEQA Major projects |
Created by:
Mahzel