Deck 14: Single-Family Homes and Mobile Homes

Question 1

A new modular home from the factory can be sold by:
(a) the developer
(b) a real estate licensee
(c) the Department of Veterans Affairs
(d) none of the above

Answer 1

D

Question 2

An investor who has owned a property for 2 years and then sells for a gain most likely will pay:
(a) pay capital gains taxes
(b) defer the payment of taxes
(c) pay only California, not federal taxes
(d) not pay taxes as a sale for cash qualifies as a 1031 exchange

Answer 2

A

Question 3

A frequently used special assessment law is:
(a) the Street Improvement Act of 1911
(b) the Mello-Roos Community Facilities Act of 1982
(c) Proposition 13
(d) Proposition 60

Answer 3

A

Question 4

The second installment of real property taxes is delinquent if not paid by:
(a) November 1
(b) December 10
(c) February I
(d) April 10

Question 5

This roof is called a:
(a) hip
(b) gambrel
(c) gable
(d) mansard

Question 6

When foreigners sell U. S. property, the Foreign Investment in Real Property Tax Act (FIRPTA) may require what percentage to be withheld from the sale proceeds?
(a) 3 1/3%
(b) 5%
(c) 10%
(d) 13%

Question 7

Title to a mobile home is transferred by use of a:
(a) document of title
(b) deed
(c) certificate of ownership
(d) contract of sale

Question 8

Short vertical pieces of 2 x 4 above an opening are called:
(a) diagonal braces
(b) studs
(c) cripples
(d) rafters

Question 9

Under certain conditions, a single homeowner may exempt up to how much in gains from the sale of his or her personal home?
(a) $500,000
(b) $300,000
(c) $250,000
(d) $125,000

Question 10

In periods of long-term inflation, most real estate economists advise people who are interested in owning a home to:
(a) rent and wait for prices to drop
(b) rent and wait for interest rates to drop
(c) buy now
(d) lease with an option to buy

Question 11

The Veteran's Exemption would most likely be taken on a
(a) vacation home
(b) primary residence
(c) rental property
(d) time share

Question 12

When a builder purchases lumber, he or she does so by the board foot. Which of these contain 8 board feet?
(a) a 2" x 8" board 12 feet long
(b) a 4" x 4" board 10 feet long
(c) a 2" x 4" board 12 feet long
(d) a 2" x 6" board 10 feet long

Question 13

Which of the following regarding mobile homes is true?
(a) interest rates on loans are usually lower than on conventional homes
(b) they usually depreciate more rapidly than a conventional home
(c) they cannot be financed using FHA, VA, or Cal-Vet programs
(d) in most cities, they are allowed to be placed in any residential area

Question 14

When a special assessment is made on a piece of property under the Street Improvement Act of 1911:
(a) the property owner can deduct principal and interest
(b) it is based on the front footage of the property
(c) it is appraised as per the amount of square footage
(d) assessment must be paid within six months

Question 15

A real estate licensee can sell used mobile homes provided the mobile homes have been registered with the:
(a) Department of Housing and Community Development
(b) Federal Housing Administration
(c) Department of Veterans Affairs
(d) Department of Real Estate

Question 16

A footing is what the:
(a) floor sets upon
(b) foundation sets upon
(c) mudsill sets upon
(d) heater sets upon

Question 17

To qualify for the homeowner's exemption on gain for the sale of a personal residence, the homeowner must
(a) live in the property for five years
(b) live in the property for two consecutive years
(c) live in the property for a total of two years during the last five years
(d) live in the property for two consecutive years in the last five years

Question 18

Which of the following is true?
(a) a person cannot use a homeowner's exemption and a veteran's exemption on the same home
(b) real property taxes become a lien on the first Monday in March
(c) a 12% penalty is added for delinquent property taxes
(d) California has special property tax exemptions for senior citizens 45 years or older

Question 19

One advantage a two-story home has over a one-story home is:
(a) usually less cost per square foot to build
(b) ease of access to the roof
(c) convenient floor plan for disabled people
(d) easier to maintain

Question 20

A property was valued at $500,000 for property tax purposes. According to Proposition 13, what would be the maximum value for property tax purposes in two years, assuming the owner did not make capital improvements?
(a) $502,420
(b) $504,010
(c) $506,220
(d) $520,200

Question 21

Before adding on a room to a house in a suburban area, a builder must obtain a building permit from the:
(a) Local Planning Commission
(b) State Contractor's License Board
(c) State Board of Health
(d) Local Building Department

Question 22

Regarding a second (vacation) home:
(a) they are considered excellent tax shelters
(b) mortgage interest is deductible to the extent allowed by law
(c) they are considered excellent investments
(d) all of the above are correct

Question 23

All registration fees on the transfer of title to a mobile home must be paid within:
(a) 5 days
(b) 10 days
(c) 15 days
(d) 30 days

Question 24

Instead of buying a vacation home, many people buy:
(a) RVs
(b) time shares
(c) undivided interest in recreational developments
(d) all of the above

Question 25

Before major remodeling of the interior of a home, structural care must be given in regards to:
(a) mechanics' liens
(b) pitch of the roof
(c) the bearing wall
(d) easements on the property

Question 26

Which of the following roof styles is best described as a "pitched roof sloping from two sides with the sides meeting at the top"?
(a) gable roof
(b) gambrel roof
(c) hip roof
(d) mansard roof

Question 27

In the construction of a frame house, the short horizontal 2" x 4" boards above a window opening are commonly called a lintel or a:
(a) cripple
(b) sole plate
(c) header
(d) fire stop

Question 28

The advantages of renting sometimes outweigh the advantages of buying. For instance, when renting you can move more easily if the occasion requires. This advantage is known in real estate as:
(a) convenience
(b) mobility
(c) transferable
(d) liquidity

Question 29

A real estate license can be suspended if an agent knowingly acts as the sales broker for a:
(a) vacant lot zoned for mobile homes
(b) stolen mobile home
(c) mobile home in a mobile home park
(d) mobile home with a government certified foundation

Question 30

Before purchasing a house, a person must decide whether to rent or buy. In considering the pros and cons, which would be considered an advantage of owning rather than renting?
(a) tax deductions
(b) possible appreciation
(c) control
(d) all of the above

Question 31

Regarding the financing of a mobile home purchase:
(a) interest rates are usually less favorable than conventional homes
(b) mobile homes cannot qualify for FHA financing
(c) the pay back years are longer than on conventional homes
(d) loans are secured by a note and deed of trust

Question 32

One architectural design of a home is a one-story structure with a low-pitched roof and a ground-hugging floor plan. This best describes what type of home?
(a) modern or contemporary
(b) California bungalow
(c) California Cape Cod
(d) Monterey

Question 33

What is not a factor to consider when to determine investment potential? a() Risk
B() Liquidity
C() Carpet quality
D() Management requirements

Question 34

A mobile home park, consisting of five or more lots, is considered a:
(a) PUD
(b) subdivision
(c) community development
(d) stock cooperative

Question 35

What portion of the building do the upright beams, known as studs, rest upon?
(a) collar beam
(b) floor joist
(c) fire stops
(d) sole plate

Question 36

A real estate licensee should have a basic understanding of construction terms. One thing he or she should know is that the foundation of a standard built home rests upon the:
(a) floor joist
(b) sole plate
(c) footing
(d) collar beam

Question 37

In order to protect a building from seepage of water to the inside, around chimneys, and in the valley of the roof, builders use what is known as:
(a) flashing
(b) matting
(c) drain pipe
(d) curbing

Question 38

Which of the following is false regarding condominium ownership?
(a) There are commercial as well as residential condos.
(b) Each owner has an undivided interest in common areas.
(c) Airspace within each unit is held as fee simple ownership.
(d) All condos are single-level buildings.

Question 39

The rental operation of a mobile home park is within the jurisdiction of the:
(a) Department of Real Estate
(b) Department of Housing and Urban Development
(c) Department of Veterans Affairs
(d) State Department of Housing and Community Development