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Real Estate

TEST 27

admin 2019.03.27 01:58 Views : 549

1 of 10 - Under the amended Davis-Stirling Common Interest Development Act, in order to grant the exclusive use of a common area to one or more owner, there must be a passing affirmative vote of what percentage of the owners of that common interest development?
51%
 
67%
69%
75%
You answered correctly
2 of 10 - In some counties, certain funds are collected and then distributed to be used only for the exclusive purpose of deterring, investigating, and prosecuting real estate fraud crimes. This fund is the:
Real Estate Advisory Commission Fund.
Real Estate Recovery Account.
 
Real Estate Fraud Prosecution Trust Fund.
 
Real Estate Fraud Investigation Fund.
You answered incorrectly
The Real Estate Fraud Prosecution Trust Fund is used to collect money to fund those programs that serve to enhance the capacity of local police and prosecutors to deter, investigate, and prosecute real estate fraud crimes.
3 of 10 - Civil Code Section 1365.1 states that the homeowner association must distribute a written notice entitled, “NOTICE ASSESSMENTS AND FORECLOSURE” to EACH member of the common interest development association. How long immediately preceding the beginning of the association’s fiscal year must this notice be distributed?
 
60 days
 
90 days
3 months
4 months
You answered incorrectly
Civil Code Section 1365.1 states that the homeowner association must distribute a written notice entitled, "NOTICE ASSESSMENTS AND FORECLOSURE" to each member of the common interest development association, and this must be distributed during the 60-day period immediately preceding the beginning of the association's fiscal year.
4 of 10 - Assembly Bill 1099 does not require a property tax reassessment for the construction or addition of
a beachfront home.
 
a separate building such as a guest home or workshop measuring less than 1,500 square feet.
 
an active “solar energy system” in a new subdivision.
a barn or horse corral built on a parcel of land two acres or larger.
You answered incorrectly
Under Assembly Bill 1099, the amended Revenue and Taxation Code excludes property for a property tax assessment for the construction or addition of an active solar energy system that uses solar devices to provide the collection, storage, or distribution of solar energy.
5 of 10 - If a person believes that her property has been placed under an unlawful restriction, covenant, or other provision, based on an arbitrary reason as defined in the Government Code, she may:
Refuse to pay her rent or mortgage.
File suit against the parties that sold her or rented her the property.
 
File a civil suit against the party/parties that so placed this unlawful restriction.
 
Record a Restrictive Covenant Modification document.
You answered incorrectly
An update to the California Government Code Section 12956.2 regarding the Conditions, Covenants, and Restrictions allows a property owner to record a Restrictive Covenant Modification document if the county counsel makes the determination that a previously recorded covenant contains an illegal restriction.
6 of 10 - Formerly, the Unruh Civil Rights Act protected people from being discriminated against because of their sex, race, color, religion, ancestry, national origin, disability, or medical condition. However, recent changes have added two new bases for discrimination that are illegal in California. These are:
Marital status and legal source of income.
Marital status and source of income.
 
Marital status and sexual orientation.
Legal source of income and sexual orientation.
You answered correctly
7 of 10 - Each of the following types of housing, with one exception, falls under the heading of Common Interest Development. Which is the exception to this?
 
A manufactured housing community.
 
A condominium project.
A community apartment project.
A stock cooperative.
You answered incorrectly
A common interest development includes a condominium project, a community apartment project, a stock cooperative, and a planned development, but not a manufactured housing community.
8 of 10 - Under California Finance Code, what is defined as a consumer credit transaction that is secured by real property located in California, which is used, or intended to be used or occupied, as the principal dwelling of the consumer?
Vacant land loan
 
Consumer loan
Commercial loan
 
Land development loan
You answered incorrectly
Under California Finance Code Section 4970, a consumer loan is a consumer credit transaction that is secured by real property located in California, which is used, or intended to be used or occupied, as the principal dwelling of the consumer that is improved by a one-to-four residential unit.
9 of 10 - San Diego tenant Jack Stone is a full-time slacker. The guy has not paid rent in months and refuses to give up possession of the property. After many attempts to solve the problem outside of a courtroom, landlord Tom Crick gives up, files an eviction notice, and obtains a judgment to obtain possession of the property. Three weeks later, however, Jack tells Tom that just that morning he’s filed for bankruptcy--so the eviction is off. Which of the following statements is true of this situation?
Tom is out of luck and should get in line behind Jack’s other creditors. As for the apartment, Jack cannot be forced out of it when he’s in bankruptcy.
 
Tom is in luck. Since he has already taken the appropriate actions and obtained a judgment to obtain possession of the property before Jack filed his bankruptcy petition, the previously filed eviction remains in effect.
Tom and Jack must retain lawyers to sort out this mess, because there is no set way of handling this type of situation.
 
Because Jack was able to successfully file a bankruptcy petition, he may not have to move out yet. He must attempt to file a Retroactive Petition for Bankruptcy, with the required documentation from that time period. If he obtains a judgment stating that.
You answered incorrectly
Under U.S. Code Section 362(b)(22), the automatic stay that allows eviction proceedings to be set aside when the tenant has filed bankruptcy does not apply if the landlord obtained a judgment of possession before the tenant filed a bankruptcy petition. This law allows the continuation of the eviction proceeding.
10 of 10 - Certain disclosures must be made within the Subdivided Lands Public Report Notice of Intention. Recently, an amendment to these disclosures has added which of the following to the required disclosures under this notice?
 
Supplemental Property Tax Notice
Automatic Stay Disclosures
 
Brownfield Disclosures
All of the above
You answered incorrectly
California law requires a seller or his agent to deliver to the prospective purchaser a disclosure notice that the law requires the Assessor to revalue real property at the time ownership changes, resulting in receipt of supplemental tax bills. The notice is titled Notice of Your Supplemental Property Tax Bill.
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