The company dollar is the remainder of the broker's split of the fee after paying their agent's commission.

Question: All of the following are economic principals that can affect the value of real estate EXCEPT a. cost b. contribution c. competition d. change.

According to Real Estate Ninja

Competition, contribution, and change are all economic principals that affect real estate.

Question: A heating and cooling engineer is drawing up the specifications for the HVAC system in a new building. The floor space measure 200' x 150' and the ceiling is 12' high. How much airspace does the engineer have to heat and cool? a. 36,000 cubic feet. b. 33,333 square yards c. 300,000 square feet d. 13,333 cubic yards

Based on the information provided in the context documents, the answer is A) 36,000 cubic feet. The floor space measures 200' x 150' and the ceiling is 12' high. To calculate the total airspace volume, we can multiply the length x width x height: Length: 200' Width: 150' Height: 12' Volume = Length x Width x Height = 200 x 150 x 12 = 36,000 cubic feet Therefore, the total airspace volume for the engineer to heat and cool is 36,000 cubic feet.
Total tokens: 2612

But, Real Estate Ninja says:

Air Space is three-dimensional and is measured length x width x height = cubic feet. The number of cubic feet is divided by 27 to arrive at cubic yards.

According to Claude-2

Based on the information provided, the correct answer according to California real estate law would be the first answer: 

36,000 cubic feet

The calculation uses the standard formula for determining volume (length x width x height) based on the given dimensions of the floor space. Real estate calculations involving volume, such as for heating and cooling needs, use cubic feet as the standard unit of measurement. 

The second answer converts the cubic feet into cubic yards, which is not necessary or typical for an HVAC calculation of this type. HVAC engineers would specify the required heating and cooling capacity in cubic feet rather than cubic yards.

So the first calculation showing 36,000 cubic feet as the total airspace volume is the appropriate answer according to standard real estate practices and regulations in California.

Question: Mils are often used in calculating a. fire insurance premiums. b. mortgage interest. c. property tax rate. d. real estate commissions.

According to Real Estate Ninja:

Mils, each one-tenth of a cent, are sometimes used to express the tax rate per dollar of assessed value.  That would make the answer c.

gpt-4

Question: During a recessionary period, the value of Jeff's property drops below the balance of the remaining mortgage debt. Jeff defaults on his mortgage. Before the lender initiates foreclosure, the lender agrees to reduce the principal balance of the mortgage to the value of the mortgaged real estate. What term best describes this activity? a. Mortgage modification. c. Short sale agreement. b. Mortgage cramdown. d. Capitalization of arrears. Select the letter corresponding to the correct answer.

Response: The term that best describes the activity of the lender reducing the principal balance of the mortgage to the value of the mortgaged real estate in the given scenario is "b. Mortgage cramdown."

"A cramdown is an attempt to involuntarily modify any terms of the security deed, mortgage, or note by court order."

Question: A single-family property located in an industrial area has minimum value because of the principal of a. conformity. b. competition. c. contribution. d. diminishing returns.

According to Real Estate Ninja, the correct answer is: conformity

gpt-4:

Whenever there is a real estate sales transaction, it must be reported to the Internal Revenue Service by the: a. agent b. seller c. broker d. escrow

According to 25 Most Common Questions on the California Real Estate Exam: d. escrow

 A salesperson is about to change firms. Should he contact all of his buyer clients and advise them that he will still represent them at his new firm? a. No, because a listing cannot be terminated by a buyer. b. Yes, because the salesperson is the one the client looks to for representation. c. No, because the listing is with the broker. d. Yes, because a listing is a personal service agreement and stays with the salesperson.

Answer: c. Listings are with the broker, not the salesperson. Unless a contractual agreement exists to the contrary, the salesperson may not interfere with any legal relationship the broker may have with a client.

gpt-4:

In a section 1031 exchange, "boot" is any additional cash or property received that is not considered of a like kind to the property being exchanged. For example, if you exchange a property worth $100,000 for one worth $80,000 plus $20,000 in cash, the $20,000 cash portion would be considered boot.

• Home -> Reference Book - A Real Estate Guide -> Reference Book - A Real Estate Guide -> Chapter 16 - Taxation and Assessments -> INCOME TAXATION
• https://ca.realestatebooksai.com/node/2208

The Rumford Fair Housing Act was passed in 1963 by the California Legislature to help end racial discrimination by property owners and landlords who refused to rent or sell their property to people based on race.

From "Black Past"

The California Fair Housing Act of 1963, better known as the Rumford Act (AB 1240) because of its sponsor, Assemblyman William Byron Rumford, was one of the most significant and sweeping laws protecting the rights of blacks and other people of color to purchase housing without being subjected to discrimination during the post-World War II period.  It was enacted in in response to weaknesses in earlier fair housing legislation in California and evolved from a larger civil rights struggle that emerged over the movement to create a permanent Fair Employment Practices Commission (FEPC) at the state level between 1946 and 1959.

In California, activists called for a fair housing law stronger than measures passed in 1959 and 1960. The California campaign paralleled similar movements in Washington, Michigan, and Ohio. The Rumford Act called for an end to racial discrimination in all public and private housing in the state and immediately met opposition in the California legislature.  Republican legislators exempted most forms of private and single family housing before the bill was finally passed on September 20, 1963.  The new law made illegal discrimination in public housing and in all residential properties with more than five units.

Despite the exclusion of the vast majority of the homes occupied by Californians, the California Real Estate Association (CREA) immediately launched a repeal campaign.  Exploiting the growing hostility toward all liberal social programs and promoting the call for “property owner rights,” the CREA-led effort resulted in the Proposition 14 referendum on November 3, 1964, which saw a 2-to-1 vote in favor of repeal of the Rumford Act.

Despite the vote, the Rumford Act was restored in 1966 when the California Supreme Court ruled that Proposition 14 was illegal. A year later, the U.S. Supreme Court strengthened this ruling stating that Proposition 14 violated the 14th Amendment and the Civil Rights Act of 1866, which “prohibits all racial discrimination in the sale or rental of property.” Before the battle over fair housing in California heated for another round, the U.S. Congress, in 1968, enacted the Fair Housing Act (or Civil Rights Act of 1968), which specifically prohibited housing discrimination by race, color, creed, and national origin.

https://www.dre.ca.gov/Publications/CompleteListPublications.html

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