List reflecting subdivider compliance with locally administered laws and ordinances. This Google translation feature is provided for informational purposes only as DRE is unable to guarantee the accuracy of this translation. Please consult a translator for accuracy if you are relying on the translation or are using this site for official business.
Examinees will then be able to print themselves a barcoded schedule notice online to take to the exam. If reasonable accommodation is needed, complete and attach the Reasonable Accommodations Request for Examination RE form to the examination application.
Complete the verification section on the reverse side of the form. Mail the completed application, appropriate fee, and course transcript s to: Department of Real Estate Examination Section P. Box Sacramento, CA Check the current processing timeframes to see current DRE timeframes to process broker exam applications. Once DRE processes your application and you are eligible for the examination, you will receive an Examination Schedule Notice RE B informing you that you have been scheduled for the first available examination if you chose that option on the paper application , or you will receive an email informing you that you may log in to the eLicensing online system to choose an examination date.
Use the eLicensing online system to check your exam date or to self-schedule or reschedule. For more information visit How and Where Exams are Scheduled. All qualification requirements must be met before you can be scheduled to take the broker examination.
If you are not qualified at the time you submit your application and fee, DRE will send written notification. You will have two years from the date DRE received the application to complete the qualifications and take the examination.
If you do not qualify for and pass the examination during that two-year period, the application will expire and you will need to submit a new application, fee, and other required documents. If you have been scheduled to take the broker exam but lost or misplaced your Examination Schedule Notice RE B , you can request a duplicate using the eLicensing online system.
If you haven't been scheduled to take the exam or received a deficiency letter, and the processing timeframe has elapsed, contact the DRE Examination Section.
Fingerprint processing fees are not refundable under any circumstances, including failure to qualify by examination for a license.
If you do not reside in California , you may be fingerprinted at a live scan service provider in California by following the process explained above or be fingerprinted out-of-state using an FBI Applicant Fingerprint Card FD Rev. Applicants who wish to be fingerprinted out-of-state after applying for examination but before passing the examination may request a blank fingerprint card by contacting the Licensing Section at Out-of-state applications must also submit a completed and notarized irrevocable Consent to Service of Process RE See Out-of-State Applicants for further information.
Once submitted, the fees may not be refunded or transferred to another application. Missing requirements may be submitted anytime within a two year period following DRE receipt of a combination application and fee. Supreme Court held that the Federal Constitution prohibits racially-restrictive housing covenants in the United States.
Therefore, limiting the sale of real estate to certain races, even with the goal of promoting diversity, is an example of illegal private control. Test-Taking Tip: Restricting the sale or rental of real estate on the basis of race is never legally permitted in the United States.
A, B, and D are all common examples of lawful private controls. In CA, an "implied agency" can be created unintentionally or by accident, and without any written formalities. By guiding the prospective buyer on the negotiation tactics needed to purchase the Woodriver Drive property, the listing broker was engaging in the advisory conduct that should be reserved for clients, thus accidentally creating an implied agency relationship.
An express agency is created by the oral or written agreement of both parties. Here, the test question states that the subject of agency representation was never discussed.
An unintended or implied agency can be created during a casual conversation where names have not been exchanged. An agency relationship can be created without compensation being discussed, or without even the expectation of compensation.
This is one reason why real estate licensees do everything possible to prevent an implied agency: An implied agency can create fiduciary duties owed by the real estate professional before there is any type of agreement related to compensation.
Note: The listing broker was already the agent of the seller. By advising the prospective buyer and establishing an implied agency, the listing broker created an undisclosed dual agency with the seller and the prospective buyer. An undisclosed dual agency is illegal, and will subject the listing broker to DRE discipline and the loss of any earned commission. In CA, disclosure is a fiduciary duty owed by an agent to a principal.
Here, the agent is the listing broker and the principal is the seller. The listing broker owes the seller the disclosure of relevant and pertinent information pertaining to the listing broker's duties. One of the listing broker's duties is to counsel the seller as to a prospective buyer's ability to complete a sale. Information related to the delinquent child support must be disclosed by the listing broker to Jon Brown as it pertains to Samantha Southerland's financial ability to buy the condominium.
A, B, and D are incorrect. Real estate licensees owe both parties to a transaction the duties of honesty, good faith, fair dealing, and a full disclosure of all material facts related to the desirability or value of the property.
Test-Taking Tip: Be careful to distinguish "the fiduciary duty of disclosure" from the "disclosure of all material facts related to the property. The fiduciary duty of disclosure is not owed to an unrepresented member of the public. In contrast, the "disclosure of all material facts related to the property" is owed by a real estate licensee to both parties in a transaction, and does not depend on an agency relationship.
Study Online Instantly. In CA, the listing broker is a special agent, employed by the seller for a particular transaction or act i. A special agent is typically only an advisory position.
So, for example, while the listing broker can solicit offers and advise the seller as to the merits of each offer, the listing broker cannot accept an offer and bind the seller. In contrast, the real estate broker working as a property manager is a general agent. General agents are typically employed for ongoing businesses. A, B, and D are correct statements.
Test-Taking Tip: The salesperson or broker associate acts as a general agent to the broker of record. The Summary Report is an appraisal with a level of detail sufficient for lenders financing either the purchase or the refinance of residential property. The appraiser "summarizes" the information included in the work file of the subject property, and reports an estimate of the subject property's market value. The self-contained report aka the "narrative report" is the most detailed and comprehensive type of appraisal.
The appraiser would report and explain--rather than merely summarize--the information in the work file of the subject property. The Public Report for new subdivisions is not a type of appraisal. It is a disclosure statement issued by the DRE to inform the public about the new subdivision. With some exceptions, developers of new subdivisions of 5 or more units must apply to the DRE for the Public Report.
Without a Final Public Report from the DRE, developers are not allowed to close escrow on any real estate parcels in the new subdivision. A home inspection report is not a type of appraisal. A home inspector reports on the condition of a property's major systems and components e.
None of the statements are correct. Per the principle of contribution, the value of an improvement aka a "component" is not what it cost, but what it adds to the subject property's value. B and C are incorrect.
These answer choices incorrectly use terminology from a different principle of appraisal, the principle of conformity. Per the principle of conformity, property values tend to stabilize when homes in a neighborhood are similar to each other. This principle theorizes that the value of a mansion in a neighborhood of small houses will fall, and this is called "regression. This method of valuation is called the Cost Approach. It involves the appraiser estimating the cost to build the improvements new, deducting for accrued depreciation, and, finally, adding the value of the land.
The Replacement Cost Approach is used to estimate how much it would currently cost to build the improvements with the same utility, using today's materials and labor skills. The estimate would include a cure for any outdated design i.
The Reproduction Cost Approach would estimate how much it would cost to build an exact replica of the existing improvements, and the estimation would include--not correct--any outdated design. The Market Data Approach aka the Sales Comparison Approach uses adjusted, recently-sold comparable properties to arrive at an estimate of the market value of the subject property.
If comparables or comps aren't available, the Cost Approach is an alternative method of valuation. The income approach is used to appraise income-producing properties.
The test question directs you to select a method of valuation for properties that do not produce income.
A Mortgage is a security instrument, legal but infrequently used in California. There are two parties: The borrower is called the "mortgagor" and the lender is called the "mortgagee. The vowels in the words can serve as your memory aid. There are two "E"s in mortgagee and lender, and two "O"s in mortgagor and borrower. The Deed of Trust has three parties: the trustor borrower , the beneficiary lender , and the trustee third party, acting on behalf of the lender.
A promissory note is not a security instrument, but an instrument that documents the terms of a contract to pay back money lent at a specified time or on demand in a financial transaction. The option contract is not used for loans. An option contract is typically between the owner optionor of a parcel of real estate and a prospective buyer optionee considering whether or not to buy the property. The owner promises not to sell the property to anyone else during the option term, and makes this promise for the nonrefundable "option fee.
Why is this important? The Deed of Trust nearly always contains a "Power of Sale" clause. This clause gives the trustee the authority, on behalf of the lender, to sell the property if the borrower defaults on the terms of the loan e. However, if the loan is paid in full, the trustee must "reconvey" bare legal title back to the former borrower. Since it was created in the s, the Federal Housing Administration FHA loan program has helped millions of Americans become homeowners when they cannot afford the down payment on a unit residence.
When a loan is FHA-insured, lenders will agree to a loan-to-value ratio of up to The test question stating that Chen and Wang only put a 3. This program of the federal government works by protecting lenders against loss in the event of borrower default. It does this through FHA mortgage default insurance. The test question states that Chen and Wang turned to a government program for assistance, but a conventional loan is not guaranteed or insured by the government.
This insurance would protect the lender in the event of borrower default of the loan. Typically, it would not protect the lender for the entire outstanding balance of the loan. Instead, PMI covers at least a portion of the deficiency between what is still owed on the loan and what the property sells for at the foreclosure sale. FHA is not a direct lender. The test question states that Chen and Wang had to purchase mortgage default insurance.
The VA loan program is guaranteed by the government: Veterans who qualify for this government program do not have to purchase mortgage default insurance. A package loan is secured not only by real estate, but also by personal property being sold with the real estate. Two examples of personal property that might be "packaged" with the real estate are: 1 furniture sold with model homes or vacation properties, and; 2 kitchen equipment being sold with a property used as a restaurant.
Note: The legal term for personal property is "chattel. A construction loan is interim financing typically advanced in installments and used for construction. Here, the test question states that the newly-built residence is "move-in ready," meaning it is suitable for immediate occupancy without further construction needed.
A term loan aka a "straight" loan is an interest-only loan with a balloon payment at the end of the term when the borrower must repay the entire principal. However, the test question states that Smith is financing the purchase with a fully-amortized loan. The fully-amortized loan is characterized by equal payments throughout the loan term until the balance reaches zero.
In order to qualify for a home equity conversion loan aka a "reverse mortgage" , federal rules require that a borrower be at least years-old. Dewayne Smith, a year-old man, is too young to qualify for this type of loan. Test-Taking Tip: A reverse mortgage allows seniors to turn the equity in their homes into a liquid asset without having to sell.
Seniors typically do not pay back the loan until they sell, die, or move into a nursing home permanently. The downside to this type of financing is that the interest accruing on the reverse mortgage is added to the loan balance: This growing debt is called "negative amortization.
The Cal-Vet residential loan program is a program available to veterans living in California to help them finance the purchase of their homes.
Here is how this government program works: After the veteran has found a home he or she wants to purchase, Cal-Vet will buy the property outright from the former owner and then sell it to the veteran using a financing instrument called an installment sales contract.
The installment sales contract is a form of seller financing where the seller will only give a deed to the buyer after the last payment has been made. Test-Taking Tip: For the state exam, make sure you remember that, under an installment sales contract, the seller is the vendor and the buyer is the vendee.
The vendor holds legal title--and the vendee holds equitable title--throughout the installment sales contract. The buyer only receives legal title and a deed to the property when the installment sales contract has been paid in full.
An installment sales contract is also referred to as a "land contract" or a "contract for deed. When the last payment has been made under an installment sales contract, the vendor will give a deed to the vendee.
Here, the vendor is Cal-Vet and the vendee is Juan Gonzales. Cal-Vet would have purchased the home from the former owner prior to entering into an installment sales contract with Juan Gonzales. Answer Choices "B" and "C" both include what's called the "right of survivorship. Answer choice "B" is only available to married couples or registered domestic partners.
When title is held in a joint tenancy, there can be more than two joint tenants on title at the same time. Test-Taking Tip: Ownership "in severalty" is ownership with one, sole owner on title. If the Johnsons own the property as tenants in common, and one of them dies, the property would go through the probate court. Probate is a--frequently slow--legal process to distribute the assets and pay the debts of someone who dies.
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