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CA-Real-Estate test Format | CA-Real-Estate Course Contents | CA-Real-Estate Course Outline | CA-Real-Estate test Syllabus | CA-Real-Estate test Objectives
Appropriate knowledge of the English language, including reading, writing, and spelling; and of arithmetical computations common to real estate and business opportunity practices.
An understanding of the principles of real estate and business opportunity conveyancing; the general purposes and general legal effect of agency contracts, deposit receipts, deeds, deeds of trust, chattel mortgages, bills of sale, mortgages, land contracts of sale, and leases; and of the principles of business, land economics and appraisals.
A general and fair understanding of the obligations between principal and agent; the principles of real estate and business opportunity transactions, and the code of business ethics pertaining thereto; as well as of the provisions of the law relating to real estate as administered by the Real Estate Commissioner.
- Classes of Property
- Property Characteristics
- Encumbrances
- Types of Ownership
- Descriptions of Property
- Government Rights in Land
- Public Controls
- Environmental Hazards and Regulations
- Private Controls
- Water Rights
- Special Categories of Land
- Law, Definition and Nature of Agency Relationships, Types of Agencies, and Agents
- Creation of Agency and Agency Agreements
- Responsibilities of Agent to Seller/Buyer as Principal
- Disclosure of Agency
- Disclosure of Acting as Principal or Other Interest
- Termination of Agency
- Commission and Fees
- Responsibilities of Agent to Non-Client Third Parties
- Value
- Methods of Estimating Value
- Financial Analysis
- General Concepts
- Types of Loans
- Sources of Financing
- Government Programs
- Mortgages/Deeds of Trust/Notes
- Financing/Credit Laws
- Loan Brokerage
- Types of Loan Originators
- Title Insurance
- Deeds
- Escrow
- Tax Aspects
- Special Processes
- Transfer through Court Supervision
- Types of Vesting
- Trust Account Management
- Fair Housing Laws
- Truth in Advertising
- Record Keeping Requirements
- Agency Supervision
- Permitted Activities of Unlicensed Sales Assistants
- DRE Jurisdiction and Disciplinary Actions
- Licensing, and Continuing Education Requirements and Procedures
- California Real Estate Recovery Fund
- General Ethics
- Technology
- Property Management
- Commercial/Industrial/Income Properties
- Specialty Areas
- Transfer Disclosure Statement
- Natural Hazard Disclosure Statements
- Disclosure of Material Facts Affecting Property Value
- Need for Inspection and Obtaining/Verifying Information
- Reports
- Servicing Diverse Populations
- General
- Listing Agreements
- Buyer Broker Agreements
- Offers/Purchase Contracts
- Agreements
- Promissory Notes/Securities
- Purchase/Lease Options
- Advanced Fee
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Real-Estate Latest Questions
San Diego genuine property deals carry questions about property values, disclosures | CA-Real-Estate practice questions and Study Guide
© Sam Hodgson/San Diego Union-Tribune/TNS In 2017, the metropolis of San Diego entered a 20 yr hire-to-personal contract on the historical Sempra energy headquarters at one zero one Ash street, right here on might also 13, 2020, in San Diego.
SAN DIEGO — in the early days of 2017, as a brand new president turned into set to take workplace and the U.S. inventory market began a historic upward thrust that might simplest be felled years later by means of a lethal virus, San Diego Mayor Kevin Faulconer went true estate shopping.
He and his team of workers reached a 20-12 months lease-to-personal deal for the longtime headquarters of Sempra power, probably the most region’s two Fortune 500 agencies.
Two months later, at Faulconer’s request, the city Council agreed to rent property in Kearny Mesa, the place officers planned to open a second preservation yard strictly for the city’s fleet of firetrucks.
with the aid of mid-2017, the mayor and his real property assets department director were backing the buy of a low-appoint lodge in Nestor. The theory there turned into to circulation in ratings of petty criminals with a heritage of drug use to keep them off the highway.
And in early 2018, the city paid $7 million for a shuttered indoor skydiving middle to aid steer homeless people into housing and other public functions.
regardless of lofty ambitions, none of the projects came off as deliberate.
as a substitute, they were delayed by planning missteps, cost overruns, asbestos violations, litigation or various different setbacks.
The issues introduced tens of tens of millions of greenbacks to the venture costs and sparked a couple of complaints. They also raised questions concerning the city’s skill to manipulate the precise property belongings it already owned — and new investments the mayor is now on the grounds that.
“For so long as i can remember, the metropolis’s genuine property property branch has had its share of problems,” observed Donna Frye, an activist-turned-baby-kisser who served 9 years on the metropolis Council.
“no matter if it's hubris and their belief that they're the best individuals within the room or easily because they don’t need to be inconvenienced by way of following a public technique is challenging to grasp,” Frye referred to.
In a document issued in February, impartial finances Analyst Andrea Tevlin referred to several fresh acquisitions that ran into serious unexpected considerations that had been consequently kept from the metropolis Council.
“These issues have covered tremendous task delays, cost increases, operational affects, confusion among metropolis purchasers and uncertainty for city employees,” Tevlin wrote to Chief operating Officer Kris Michell.
The Mayor’s office declined to reply to specific questions about the initiatives or to assert even if Faulconer retains full self belief in his real estate assets chief, Cybele Thompson.
“every of those transactions went through an intensive vetting procedure and have been ultimately accepted via a majority of the metropolis Council,” spokesman Craig Gustafson spoke of in an emailed commentary. “The Mayor doesn’t have the authority to act with out city Council approval on actual-property transactions.”
Gustafson emphasised the mayor’s efforts are to enhance the excellent of existence for all San Diegans.
“even if inspired by means of saving taxpayers cash, enhancing local capabilities or getting individuals off the road, the mayor and metropolis Council pursued these true estate transactions to address some of San Diego’s most vital needs,” he said.
huge portfolioThe true estate belongings department manages the metropolis’s extensive portfolio of residences, together with a whole lot of parks, libraries, police and fireplace stations, along with frequent workplace house for heaps of white-collar laborers.
In all, San Diego owns some 1,600 properties on 123,000 acres.
The department additionally directs operations at the Sir Bernard Law box and Brown field airports as neatly as the city-owned Petco Park and San Diego County credit Union ballparks.
The department additionally manages leases for lodges, restaurants, nonprofit museums and other agencies that conduct company on city-owned genuine estate.
based on the latest metropolis finances, true property assets raises above all more in income than it spends annually — its No. 1 aim.
“Maximize income and basic improvement of the metropolis’s precise estate assets,” the spending plan states.
The 2019-20 metropolis price range indicates greater than $sixty five million in income in opposition t about $35 million in complete spending.
ultimate 12 months the branch missed all 5 of the important thing performance symptoms established in the beginning of the 2019 fiscal 12 months.
It additionally sought to evaluate 50 metropolis houses for competencies sale but completed analyses on 31 homes. The goal this 12 months was reduced to 25.
real estate property barely missed other key efficiency goals. as an example, it accomplished 87% of hire reports on time towards a target of ninety p.c.
The city signed its contract to buy the former Sempra headquarters on Ash road in January 2017. The words “AS IS” have been printed in the core of the primary page in capital letters.
When it first sought council permission to purchase the 19-story high-upward thrust the prior October, the Mayor’s office planned to circulate a whole lot of employees into the constructing the following July. That’s now not what came about.
It took the metropolis until December 2019 — and an further $30 million for unscheduled renovations — to formally occupy the property.
however the workplace tower was evacuated a month later, days after The San Diego Union-Tribune stated that laborers were moved into the building despite ongoing asbestos violations.
precise property assets said it conducted appropriate due diligence earlier than signing an settlement to acquire the property “as is” — including preservation and asbestos records dating back to the 1990s.
In 2014, Sempra offered sworn testimony to state regulators that the Ash highway constructing essential up to $15 million in seismic retrofitting work and $25 million in asbestos remediation.
Gustafson declined to assert if the Mayor’s office examine the testimony earlier than getting into the lease, but he did say in an e-mail that the building was in usable situation.
Richard ok. eco-friendly, director of the tuition of Southern California Lusk middle for true property, spoke of any investor should still element remediation and other enhancements into the universal can charge of an getting older property.
“in case you’re buying a 1960s-period excessive-upward thrust in San Diego, your default position should be that it has asbestos in it and it doesn’t have appropriate seismic traits,” he spoke of. “you may should investigate on both.”
Sempra relocated its headquarters to a glowing new complicated referred to as Cisterra Tower.
Sandor Shapery, the majority owner of the Ash highway building, became scrambling for a new tenant and approached city corridor concerning the city moving into the vacant constructing. but San Diego officials pointed out he wanted too tons for the constructing.
Shapery’s minority companion cashed out, agreeing to sell his forty nine% stake to developer Doug Manchester for $20 million.
Cisterra development, the business that constructed and owns Sempra’s new workplaces, reached a cope with Shapery in June 2016 to once again market the property to city officers.
phrases of the rent-to-own settlement were practically identical to the city’s 2015 contract for the Civic center Plaza, additionally negotiated by using Cisterra.
The Mayor’s workplace instructed the council in 2016 that the only instant work the Sempra constructing mandatory turned into a $10,000 vigour scrub. The transaction closed on Jan. 3, 2017.
Shapery observed he wrote Manchester a check for $25 million the equal day.
“there have been no home runs here,” he mentioned in a cell interview.
Manchester, a politically energetic Republican party donor who has contributed tens of heaps of bucks to Faulconer and his motives, noted most of his gains have been eaten up by using consultants and other expenses.
The city is paying basically $18,000 a day to lease the vacant property.
The Mayor’s workplace has offered no timetable for moving into the constructing.
Two months after the metropolis signed the Ash road purchase, the Mayor’s office requested the council to approve an extended-term lease for a warehouse on Othello Avenue in Kearny Mesa.
The concept become to carrier San Diego fireplace-Rescue trucks there so they would no longer should share space with trash vehicles and different vehicles on the Miramar facility. precise property belongings told the council the ten-year, $10.5 million investment might save lives.
“The capability to get to the bottom of fire fleet’s considerations in a timelier method has the skills to prevent lack of existence and property,” the report pointed out.
Three years later, the metropolis has yet to service any firetrucks at the leased Kearny Mesa property.
The assignment’s new birth-up date is in 2022.
additionally in 2017, as a hepatitis A outbreak became devastating the San Diego homeless population, the Mayor’s office introduced forward a plan to purchase an aging hotel on Palm Avenue simply east of Imperial seashore.
The purchase and renovations came to $13 million, but the task has yet to serve any customers as a result of opponents alleged in a lawsuit that the city obligatory a state allow.
“The Palm Avenue challenge would were on track to open its doors if it hadn’t been for litigation that was ultimately brushed aside,” referred to Gustafson, the mayor’s spokesman.
In early 2018, real estate belongings requested the council to approve the buy of a former indoor skydiving facility in East Village for $7 million — devoid of an unbiased appraisal.
The Mayor’s workplace observed the constructing would become a “housing navigation core,” where homeless individuals may well be interviewed and enrolled into housing and other public classes.
It relied on a 2016 appraisal written as a brand new stadium for the Chargers become being considered downtown. That doc placed the property price at $22 million, together with $11 million value of furniture and different machine.
real estate belongings additionally stated a broking service’s opinion from 2017 pegging the property cost at $15 million.
William Sannwald, a former senior San Diego city reliable, said there is no question that precise property assets may still have secured its personal appraisal.
“i will’t accept as true with they didn't,” noted Sannwald, who is now a administration professor at San Diego State institution. “There should be rules and instructions that departments concerned with true estate acquisition should follow, and i wager there are and they had been now not adopted.”
The transaction, which is beneath evaluation via federal housing officials, benefited financier and former San Diego port commissioner David Malcolm, who had secured his loans to the developer of the failed skydiving core with title to the property.
A pair of precise property consultants instructed the Union-Tribune in 2018 that the property was price below half of its $7 million rate tag — in fact just the land — since the building is what’s referred to as a single-use property.
Two gigantic wind tunnels dominate the interior of the three-story complex.
The city of San Diego’s true estate tasks and ambitions are pushing ahead — and the stakes, as at all times, are excessive.
real estate belongings’ acquisition division is at all times juggling 100-plus projects to at ease new parks, pump stations and flood-handle efforts, or effortlessly add to the city’s open areas.
The personnel analyses are important because the findings and valuations set with the aid of true estate property have an effect on the metropolis’s base line by means of thousands and thousands of greenbacks. on the equal time, the metropolis is confronting a earnings shortfall estimated at $350 million due to the coronavirus pandemic.
one of the greatest genuine property offers San Diego has ever proposed is being negotiated now between the Mayor’s office and San Diego State school. The parties have tentatively accepted the sale of a hundred thirty five acres at the San Diego County credit Union Stadium for practically $88 million.
Councilwoman Vivian Moreno pointed out she issues that poor performances with the aid of the precise estate assets department might chip away at the city’s ability to bring core capabilities.
In latest months, she publicly refused to help a nearly $1 million lease amendment to the Othello Avenue protection yard undertaking, and he or she demanded the metropolis develop an “exit strategy” for the Ash highway transaction.
“Being requested to make deep cuts to front-line functions that deeply affect their community while spending tens of millions of bucks on bad true property deals isn't whatever I support,” she delivered.
certainly one of Faulconer’s latest fronts in his continuing battle in opposition t homelessness is a idea to purchase as much as 10 inns and inns to function long-time period housing for needy individuals.
The initiative is being directed through the San Diego Housing fee, now not real property belongings.
At a different meeting remaining month, following practically ninety minutes of closed-session dialogue, commissioners voted unanimously to direct body of workers to open negotiations on the properties. earlier this month, the commission determined not to pursue the acquisitions.
———
©2020 The San Diego Union-Tribune
visit The San Diego Union-Tribune at www.sandiegouniontribune.com
distributed by Tribune content company, LLC.
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