View the step-by-step solution to:

A buyer who recovers money losses is entitled to recover interest at the legal rate of 10%, commencing on the date of the seller's breach, on...

  • 76. A buyer who recovers money losses is entitled to recover interest at the legal rate of 10%, commencing on the date of the seller's breach, on amounts recovered for: 
  •  a) the price-to-value differential loss.
  •  b) funds expended on title examination and other transaction expenses incurred preparing to take title.
  •  c) expenses incurred preparing the property to take possession.
  •  d) All of the above.
  • 77. Recoverable money losses the seller may incur as transactional expenditures include: 
  •  a) escrow and title charges.
  •  b) lender charges for beneficiary statements.
  •  c) Both a and b.
  •  d) Neither a nor b.
  • 78. Without a liquidated damages provision in the purchase agreement, the seller is entitled to recover: 
  •  a) only 3% of their money losses caused by the buyer's breach.
  •  b) only 10% of their money losses caused by the buyer's breach.
  •  c) the entire amount of their money losses caused by the buyer's breach.
  •  d) none of their money losses caused by the buyer's breach.
  • 79. A seller's agent is to advise their seller in times of weak or weakening pricing power to: 
  •  a) avoid agreeing to a ceiling on the buyer's liability.
  •  b) request only a very small deposit from the buyer.
  •  c) Both a and b.
  •  d) Neither a nor b.
  • 80. Any defect in an arbitrator's award resulting from error of fact or law, no matter how flagrant, is neither reviewable nor correctable, unless the arbitrator: 
  •  a) exceeded their authorized powers.
  •  b) acted with fraud or corruption.
  •  c) failed to disclose grounds for their disqualification.
  •  d) Any of the above.
  • 81. Unless the arbitration provision states an arbitrator's award is ________, the award resulting from arbitration brought under the clause is binding and final. 
  •  a) subject to legislative review
  •  b) non-binding in California
  •  c) subject to judicial review
  •  d) All of the above.
  • 82. _______ is an informal, confidential and non-binding form of dispute resolution designed to help the parties reach an accord without litigation while still allowing judicial intervention. 
  •  a) Intervention
  •  b) Arbitration
  •  c) Judicial counseling
  •  d) Mediation
  • 83. Purchase agreement variations for one-to-four unit residential sales transactions include purchase agreements for: 
  •  a) negotiating the conventional financing of the purchase price.
  •  b) negotiating a short sale.
  •  c) negotiating separate broker fees paid to each broker.
  •  d) All of the above.
  • 84. Addenda attached to a purchase agreement include: 
  •  a) property disclosures.
  •  b) financing disclosures.
  •  c) agency relationship disclosures.
  •  d) All of the above.
  • 85. An equity purchase (EP) transaction takes place when an owner- occupied, one-to-four unit residential property in foreclosure is acquired for _____________ purposes by an EP investor. 
  •  a) rental
  •  b) investment
  •  c) dealer
  •  d) Any of the above.
  • 86. When the notice of the seller-in-foreclosure's cancellation rights are properly contained in the EP agreement, the seller's cancellation period ends: 
  •  a) midnight of the fifth business day following the day the seller enters into an EP agreement with an EP investor.
  •  b) 8 a.m. of the day scheduled for the trustee's sale, if it occurs prior to the fifth business day.
  •  c) Either a or b.
  •  d) The seller's cancellation period does not end.
  • 87. A buyer's broker representing an EP investor needs to deliver to the seller-in-foreclosure a written EP disclosure statement confirming the buyer's broker representing the EP investor is: 
  •  a) a licensed real estate broker.
  •  b) bonded by a surety insurer for three times the property's fair market value (FMV).
  •  c) specially certified to handle EP transactions.
  •  d) All of the above.
  • 88. A form of payment which is uncollectible, unredeemable and with no present value is:
  •  a) usurious.
  •  b) unconscionable.
  •  c) excessive.
  •  d) All of the above.
  • 89. If one spouse sells community real estate without the consent of the other, the non-consenting spouse has ______________ from the recording of the transaction to file an action to set the transaction aside. 
  •  a) one year
  •  b) two years
  •  c) three years
  •  d) four years
  • 90. The hallmarks of an exchange transaction include: 
  •  a) a large good-faith deposit.
  •  b) a takeover of existing financing by an assumption.
  •  c) Both a and b.
  •  d) Neither a nor b.
  • 91. The owner of the property with the larger amount of equity will receive _______________ as consideration for adjusting the equities. 
  •  a) cash
  •  b) a carryback note
  •  c) personal property with a dollar amount of value.
  •  d) Any of the above.
  • 92. To communicate an intention to exercise an option, a buyer: 
  •  a) is required to give notice to the seller in writing.
  •  b) may use any means to give notice, unless a particular manner for exercising the option is specified in the option agreement.
  •  c) does not need to give the seller any notice.
  •  d) needs to wait for the seller to contact them first.
  • 93. A recorded option ceases to constitute constructive notice of a buyer's option rights when: 
  •  a) six months have run after the expiration date stated in the recorded option agreement.
  •  b) if the date of the option cannot be determined from the recorded agreement, six months have run after the option was recorded.
  •  c) Either a or b.
  •  d) Neither a nor b.
  • 94. The creation of a joint tenancy requires the conveyance of four unities, which are: 
  •  a) title, possession, space and ownership.
  •  b) interest, title, vesting and ownership.
  •  c) time, interest, possession and quiet enjoyment.
  •  d) title, time, interest and possession.
  • 95. To begin an analysis of income property, a buyer's agent may ask the seller's agent to produce: 
  •  a) information regarding security arrangements on or near the property during the past year.
  •  b) a copy of exclusions to the owner's policy of title insurance.
  •  c) the lender's name and the balance, payments, interest rates and due date on each existing mortgage.
  •  d) Any of the above.
  • 96. The enlarged ownership interest of a surviving joint tenant is documented by recording an affidavit signed by _______________, declaring the death of the joint tenant. 
  •  a) the surviving joint tenant
  •  b) the deceased tenant's attorney
  •  c) the deceased tenant's executor
  •  d) Any of the above.
  • 97. Encumbrances of title include: 
  •  a) covenants restricting use.
  •  b) liens.
  •  c) general and special taxes.
  •  d) Any of the above.
  • 98. A preliminary title report (prelim) is: 
  •  a) a representation of the condition of title.
  •  b) an offer to issue a title insurance policy.
  •  c) can be relied on by a buyer like an abstract of title.
  •  d) All of the above.
  • 99. The California Land Title Association (CLTA) standard policy is purchased solely by: 
  •  a) buyers, carryback sellers and private lenders.
  •  b) institutional lenders and builders.
  •  c) buyers of one-to-four residential unit property.
  •  d) buyers of commercial property.
  • 100. An escrow officer ___________ of any suspicious fact or circumstances detected by the officer before close of escrow. 
  •  a) has no obligation to notify the parties
  •  b) has no obligation, unless the fact affects closing, to notify the parties
  •  c) has a duty to notify the buyer and seller
  •  d) has a duty to notify the seller's agent

Top Answer

76 .A 77 .C 78.A 79.D 80.B 81.C 82.A 83.D 84.C... View the full answer

1 comment
  • All the best in your studies!
    • DrKakilo
    • May 02, 2018 at 2:15am

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online