Question 1

Under certain conditions, a single homeowner may exempt up to how much in gains from the sale of his or her personal home?

Accepted Answer

A)   $500,000
B)   $300,000
C)   $250,000
D)   $125,000 C

Question 2

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?

Accepted Answer

A)   tax deductions
B)   possible appreciation
C)   control
D)   all of the above D

Question 3

Instead of buying a vacation home, many people buy:

Accepted Answer

A)   RVs
B)   time shares
C)   undivided interest in recreational developments
D)   all of the above D

Question 4

Before major remodeling of the interior of a home, structural care must be given in regards to:

Accepted Answer

A)   mechanics' liens
B)   pitch of the roof
C)   the bearing wall
D)   easements on the property

Question 5

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:

Accepted Answer

A)   flashing
B)   matting
C)   drain pipe
D)   curbing

Question 6

All registration fees on the transfer of title to a mobile home must be paid within:

Accepted Answer

A)   5 days
B)   10 days
C)   15 days
D)   30 days

Question 7

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:

Accepted Answer

A)   cripple
B)   sole plate
C)   header
D)   fire stop

Question 8

Title to a mobile home is transferred by use of a:

Accepted Answer

A)   document of title
B)   deed
C)   certificate of ownership
D)   contract of sale

Question 9

A real estate license can be suspended if an agent knowingly acts as the sales broker for a:

Accepted Answer

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 10

What portion of the building do the upright beams, known as studs, rest upon?

Accepted Answer

A)   collar beam
B)   floor joist
C)   fire stops
D)   sole plate

Question 11

A real estate licensee can sell used mobile homes provided the mobile homes have been registered with the:

Accepted Answer

A)   Department of Housing and Community Development
B)   Federal Housing Administration
C)   Department of Veterans Affairs
D)   Department of Real Estate

Question 12

Which of the following is true?

Accepted Answer

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 13

The rental operation of a mobile home park is within the jurisdiction of the:

Accepted Answer

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

Question 14

Regarding the financing of a mobile home purchase:

Accepted Answer

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 15

Which of the following roof styles is best described as a "pitched roof sloping from two sides with the sides meeting at the top"?

Accepted Answer

A)   gable roof
B)   gambrel roof
C)   hip roof
D)   mansard roof

Question 16

To qualify for the homeowner's exemption on gain for the sale of a personal residence, the homeowner must

Accepted Answer

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 17

When a builder purchases lumber, he or she does so by the board foot. Which of these contain 8 board feet?

Accepted Answer

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 18

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?

Accepted Answer

A)   $502,420
B)   $504,010
C)   $506,220
D)   $520,200

Question 19

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?

Accepted Answer

A)   modern or contemporary
B)   California bungalow
C)   California Cape Cod
D)   Monterey

Question 20

Regarding a second (vacation) home:

Accepted Answer

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

Exam 14: Single-Family Homes and Mobile Homes