Real Estate

TEST 20

admin 2019.03.25 20:04 Views : 536

1 of 10 - Alex, a Nevada developer, has a very large development of attached retirement villas. He is interested in advertising this development in California. Alex has previously advertised and sold condos in his Arizona development to citizens of California. What must Alex do to promote and sell his Nevada development in California?
Alex, due to his previous experience selling to the citizens of California, is exempt from any regulations or reports required before advertising.
 
According to the Interstate Sales Full-Disclosure Act, Alex must obtain a public report from HUD and deliver a copy of this report to each prospective buyer.
According to the Interstate Sales Full-Disclosure Act, Alex must obtain a public report from the California Commissioner of Real Estate and keep a copy of this report for his own records.
 
According to California State subdivision regulations, Alex must obtain a public report from HUD and deliver a copy of this report to each prospective buyer.
You answered incorrectly
The Interstate Sales Full-Disclosure Act regulates land sales between two or more states and requires a developer to obtain a public report from HUD prior to advertising and then deliver the report to each prospective buyer.
2 of 10 - Roy Malone owns a large piece of land in the Sonoma Valley. He is planning to subdivide the land into five lots for the construction of luxury homes. If Roy carries through with this project, what are his roles and his next steps?
 
Roy is considered a Subdivider. His first step should be a development plan; however, this plan must include all state and local government regulations, the Subdivided Lands Law, the Subdivision Map Act, the California Environmental Quality Act, zoning, and local general and specific plans.
Roy is considered a developer. He must contact local officials, follow the Subdivided Map Act, and have his subdivided land mapped into lots.
 
Roy is considered a developer. He must first file a public report for the subdivision. Then local officials, following the Subdivided Map Act, have his subdivided land mapped into legal lots.
None of the Above
You answered incorrectly
Roy is a subdivider because his land is being divided into two or more lots and offered for disposition. He must have a development plan that takes into account all state and local government regulations.
3 of 10 - Lot 19, Block 8, Western Acres Subdivision, City of Sacramento, County of Sacramento, State of California. Which method of legal description applies?
 
Lot and Block System
Metes and Bounds System
Rectangular Survey System
Government Survey System
You answered correctly
4 of 10 - Veronica has recently completed her surgical residency and is tired of paying rent. She needs a residence that is very low maintenance due to her grueling surgical schedule. Condos and Stock Cooperatives (co-ops) have both been high on her list. Help Veronica differentiate between these two residential options.
A stock cooperative buyer receives a fee interest, or deed, to her unit. A condominium is a corporation formed to own the land. Veronica would not receive a grant deed, but does share in the corporation and the right to occupy a specific unit.
 
A condominium buyer receives a fee interest, or deed, to her unit. A stock cooperative is a corporation formed to own the land. Veronica would not receive a grant deed, but does share in the corporation and the right to occupy a specific unit.
 
A condominium buyer receives a fee interest, or deed, to her unit. A stock cooperative is a form of ownership in which each of the investors holds a specific unit and owns the right to occupy that unit for a specified period of time.
A condominium is a form of ownership in which each of the investors holds a specific unit and owns the right to occupy that unit for a specified period of time. A stock cooperative is a corporation formed to own the land. Veronica would not receive a grant deed, but does share in the corporation and the right to occupy a specific unit
You answered incorrectly
A condo is the ownership of the land and buildings in common with other owners with the condo owner having a fee interest or deed to his unit and each condo having a separate grant deed, trust deed, and tax bill. The buyer of a stock cooperative does not receive a grant deed but owns a share of the corporation that owns the land and improved real property. The buyer has the right to occupy a specific unit.
5 of 10 - Merle has a rural piece of land in the northern part of the state. He is in the process of selling it to a developer. The property has a pair of one-hundred-year-old trees that mark the entrance to the property. A stream and a bluff mark the end of Merle's property. What method of real estate description would best suit Merle's land?
Lot and Block System
 
Metes and Bounds System
Rectangular Survey System
 
Both A and C
You answered incorrectly
The Metes and Bounds system is used for irregular pieces of property in areas where a lot and block system is not in place. It uses monuments or fixed objects to establish real estate boundaries and has a point of beginning and then proceeds around the outside of the tract.
6 of 10 - Which of the following statements concerning California's three sets of base lines and meridians is true?
The Humboldt Base Line and Meridian in the southwestern part of the State; The Mt. Diablo Base Line and Meridian in the central part of the State; and The San Bernardino Base Line and Meridian in the northwestern part of the State.
 
The Humboldt Base Line and Meridian in the northwestern part of the State; The Mt. Diablo Base Line and Meridian in the central part of the State; and The San Bernardino Base Line and Meridian in the southern part of the State.
 
The Humboldt Base Line and Meridian in the northwestern part of the State; The Mt. Diablo Base Line and Meridian in the southern part of the State; and The San Bernardino Base Line and Meridian in the central part of the State.
The Humboldt Base Line and Meridian in the central part of the State; The Mt. Diablo Base Line and Meridian in the northwestern part of the State; and The San Bernardino Base Line and Meridian in the southern part of the State.
You answered incorrectly
In California, the Humboldt Base Line and Meridian are in the northwestern part of the state, while the Mt. Diablo Base Line and Meridian are in the central part of the state, and the San Bernardino Base Line and Meridian are in the southern part of the state.
7 of 10 - The Subdivision Map Act, the Subdivided Lands Law, and Land Projects all have a minimum number of lots required to meet requirements. Which of the following is correct?
The Subdivision Map Act and the Subdivided Lands Law both require a minimum of five lots for regulation and to be defined as a subdivision. To qualify as a Land Project, there must be fifty or more vacant lots.
The Subdivision Map Act regulates the division of five or more lots; The Subdivided Lands Law defines a subdivision as a division of land into two or more lots; and a Land Project must have fifty or more vacant lots.
 
The Subdivision Map Act regulates the division of two or more lots; The Subdivided Lands Law defines a subdivision as a division of land into five or more lots; and a Land Project must have fifty or more vacant lots.
None of the Above
You answered correctly
8 of 10 - Serena is studying for her California real estate license. She is very confused about base lines, meridians, townships, and ranges. Keeping these sets of intersecting lines straight has Serena stumped. Can you help?
Base lines are vertical and run east/west; meridians are horizontal and run north/south; township lines are vertical running east/west from a principal base line; and ranges are horizontal running north/south on either side of a principal meridian.
Base lines are horizontal and run north/south; meridians are vertical and run east/west; township lines are horizontal running north/south from a principal base line; and ranges are vertical running in any direction on either side of a principal meridian.
 
Base lines are horizontal and run east/ west; meridians are vertical and run north/south; township lines are horizontal running east/west from a principal base line; and ranges are vertical running north/south on either side of a principal meridian.
Base lines are horizontal and run east/ west; meridians are vertical and run north/south; township lines are horizontal running east/west from a principal meridian; and ranges can be either horizontal or vertical running in any direction on either side of a principal base line.
You answered correctly
9 of 10 - Which of the following is not considered a type of common interest ownership?
Community Apartment Project
Condominiums
 
Stock Cooperatives
 
None of the Above
You answered incorrectly
The four basic types of common interest ownership include planned development, community apartment project, condos and time shares, and stock cooperatives.
10 of 10 - Jerry is interested in purchasing a lot for new construction in a new subdivision. The Commissioner has issued a preliminary public report in this case, allowing the subdivider to take reservations for lot purchases. Does Jerry have any recourse to change his mind?
Jerry may change his mind on the lot he has reserved. However, he will not receive a full refund. His refund will be prorated for the amount of time he had reserved the lot.
Jerry is under no obligation due to the preliminary public report. His reservation is one in name only and is not legally binding.
 
Jerry may change his mind on the lot he has reserved. He is not committed simply because of the reservation. He may legally back out and receive a full refund, up until the time the final report is issued.
None of the Above
You answered correctly
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