211. When an appraiser analyzes rent using the income approach, he should base his appraisal on which characteristic of the income?

A. Durability

B. Quality

C. Quantity

D. All of the above

Answer: D. All of the above

212. An agent is putting both his funds from property management and his residential sales in the same trust account. This is okay if:

A. Broker has a real estate securities permit

B. A separate record is kept for each

C. It is less than $30,000 in the trust account

D. Broker has a fidelity bond to cover the maximum amount

Answer: B. A separate record is kept for each

213. Which of the following appraisal reports would be the most comprehensive and complete?

A. Narrative

B. Certified

C. Letter

D. Printed form

Answer: A. Narrative

214. Once an abstract of judgment is recorded it remains a lien on all real property for:

A. One year

B. Three years

C. Five years

D. Ten years

Answer: D. Ten years

215. Due to Prop 13, the minimum annual property tax rate is:

A. 1% of full cash value

B. 2% of full cash value

C. 1.5% of lender appraised value

D. 1% of lender appraised value

Answer: A. 1% of full cash value

216. “Duress” is a term which is most closely associated to matters concerning:

A. Easements

B. Contracts

C. Condemnation

D. Adverse possession

Answer: B. Contracts

217. Which of the following statements is true with respect to an option?

A. Valid without consideration

B. Valid if the consideration is exactly $10 but is not delivered

C. Valid if consideration is delivered even if it is less than $10

D. Not valid if the delivered consideration is less than $10

Answer: C. Valid if consideration is delivered even if it is less than $10

218. The term “Realtor” is a trade name and only persons who are members of which organization have the right to use it?

A. American Institute of Real Estate Brokers

B. State Real Estate Commission

C. National Association of Realtors

D. National Association of Real Estate Boards

Answer: C. National Association of Realtors

219. The California State agency that governs the issuance of liquor licenses is the:

A. State Board of Equalization

B. State Franchise Tax Board

C. Board of Supervisors

D. Department of Alcoholic Beverage Control

Answer: D. Department of Alcoholic Beverage Control

220. The gross multiplier method of appraisal would be of little value when appraising:

A. Commercial property

B. Residential property

C. Apartment buildings

D. Public buildings

Answer: D. Public buildings