When agent Andy took a listing, he promised the seller that he would advertise the property in a magazine until it was sold. Andy told the seller he submitted the ad, but the magazine said Andy never contacted them or submitted the ad. Andy is guilty of: - ✔✔Actual Fraud A fee simple estate is: - ✔✔an estate of inheritance If an appraiser is appraising a special purpose property he would probably use the: - ✔✔Cost Approach The main purpose of "RESPA" (Real Estate Settlement Procedures Act) is to: - ✔✔To provide consumers with enough information to enable them to shop for settlement services Definitions of market value is least concerned with: - ✔✔Market cost What type if an appraisal license is required to appraise a commercial strip mall valued at $700,000: - ✔✔Certified general license; Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means - ✔✔According to value; In order to comply with the regulations of the state Housing Law, a person should seek the issuance of a building permit from: - ✔✔the local Department of Building and Safety One of the main benefits of a sale-leaseback transaction would be; - ✔✔The ability of the seller to deduct al of his future rent payments as business expenditures A broker who holds a valid listing on a property places a classified ad for the property containing only the following information "For Sale: 3 bedroom, 2 bath home with swimming pool. Asking price $165,000. Telephone 555-9276". This type of advertisement would be an example of a: - ✔✔Blind ad A property owner lists his property for sale with a broker. During the negotiations, the owner told the broker that the owner wanted $138,000 for the property, and anything above that amount the broker could keep as his commission. The listing with this type of provision is known as a: - ✔✔net listing Which of the following is an example of a less-than-freehold estate? - ✔✔leasehold estate When a lender loans a borrower 100% of the purchase price of a house, and the loan is not governmentrelated, the lender would be best protected by: - ✔✔appreciation The term "warehousing" as used in real estate financing, means: - ✔✔A mortgage company collection loans prior to resale When a lender makes a loan regulated by the Real Estate Settlement Procedures Act, the loan applicant must be provided with which of the following: - ✔✔a loan estimate The law which gives cities and counties control over the physical design of subdivisions is: - ✔✔the Subdivision Map Act Who usually has the responsibility for providing streets, utilities, sidewalks, and curbs in a new subdivision? - ✔✔The builder/developer Economic Obsolescence is a cause of depreciation that can occur because of: - ✔✔Factors extraneous to the property The usual listing contract authorizes a broker to: - ✔✔Find a purchaser and accept a deposit with an offer to purchase An appraiser's narrative appraisal report of a single-family residence probably would contain no reference to: - ✔✔a buyer's financing The unit of comparison when using the market data approach to appraise a single-family residence, is the: - ✔✔Entire property; Which of the following approaches to value estimate tends to set the upper limits of value: - ✔✔Replacement When a situation is such that damages would not provide an adequate remedy (like for a breach of contract), a suit for specific performance could be successfully brought by all of the following, except: - ✔✔a licensed real estate broker acting as agent for the principals Less -than-freehold estates consist of estates held by: - ✔✔Lessees; If five people own property as joint tenants; - ✔✔there is still only one title to the whole property An increase in the availability of money would lead to which effect? - ✔✔Interest rates would go down Allison has just qualified for her salesperson's license. How much time does she have to file her application to practice? - ✔✔One year from the date she passed the exam Defined as a loss in value from any cause, depreciation is generally divided into three categories. The loss of value due to the normal wear and tear on a property is called - ✔✔physical deterioration The primary purpose of a listing agreement is to: - ✔✔serve as a contract of employment between the owner and the broker A trust deed may be released from the records by: - ✔✔recording a reconveyance deed. Blockbusting is best described as an attempt - ✔✔to panic a neighborhood into thinking property values will decline due to unwanted person(s) moving in.