191. The owner of a condominium unit in a condominium development is selling her unit and wants to place a “For Sale” sign on the property. If the CC&R prohibit the posting of a “For Sale” sign in the complex, the owner:
A. Must adhere to the restrictions in the CC&Rs.
B. Must obtain permission from other owners.
C. Is legally permitted to post a sign if it is of reasonable proportion.
D. Must obtain permission from adjacent owners.
Answer: A. Must adhere to the restrictions in the CC&Rs.
192. The secondary mortgage market provides which benefit to the housing industry?
A. Alleviates the effects of any inflationary trends.
B. Reduces the need of the government to insure loans.
C. Provides additional funds to the mortgage lenders.
D. Increases inflation.
Answer: C. Provides additional funds to the mortgage lenders.
193. After completion of a new building where the owner did not record a Notice of Completion, any unpaid claimant must file a Mechanic’s Lien within:
A. 30 days
B. 60 days
C. 90 days
D. 120 days
Answer: C. 90 days
194. When does a purchase agreement become binding?
A. When both buyer and seller have signed the agreement.
B. When the buyer has signed the agreement.
C. When the agent has communicated with the buyer and the buyer accepts the terms.
D. When the seller’s agent has communicated the seller’s acceptance of the buyer’s offer to the buyer’s agent.
Answer: D. When the seller’s agent has communicated the seller’s acceptance of the buyer’s offer to the buyer’s agent.
195. Riparian property owners:
A. Own all of the land to the middle of the stream or river.
B. Have documented ownership filed at the County Recorder’s office.
C. Have unlimited use of the water.
D. Have reasonable use of the water flowing past their land.
Answer: D. Have reasonable use of the water flowing past their land.
196. Which of the following is a unique characteristic of an FHA mortgage?
A. It has a low loan-to-value ratio.
B. It requires a low down payment.
C. It is easy to qualify for.
D. It insures the lender against loss.
Answer: D. It insures the lender against loss.
197. Which of the following would be a discriminatory act under the Commissioner’s Regulations?
A. Posting a sign on the property indicating a preference for female renters
B. Designing an ad for general circulation appealing to persons of a specific religion to purchase within a given area
C. Refusing to rent a property in an area occupied by members of a race other than the licensee’s
D. All of the above
Answer: D. All of the above
198. The type of interest usually charged on home loans is:
A. Annuity
B. Prepaid
C. Compound
D. Simple
Answer: D. Simple
199. A landowner is notified by a railroad company that it plans to cross his property. If the landowner refuses, the railroad company can proceed by the use of:
A. Writ of replevin
B. Eminent Domain
C. Injunction
D. Partition action
Answer: B. Eminent Domain
200. Title to real property that is transferred by a will is considered:
A. Intestate
B. Succession
C. A bequest
D. A devise
Answer: D. A devise