67. The funds that support the Recovery Account come from real estate license fees state bond issues interest accruing from trust accounts private donations 68. The Subdivision Map Act establishes a set of procedures that must be followed before a subdivision can be created. It grants the power to control the formation of subdivisions to the Coastal Commission Real Estate Commissioner cities and counties Attorney General 69. The Real Estate Commissioner is empowered to impose a fine up to $25,000 if it is in the public interest to impose a fine rather than suspend or revoke a license impose a jail sentence for licensees found guilty of conversion force property sellers to comply with the demands of property buyers during contract negotiations. enforce Real Estate Law by investigating and disciplining licensees who violate provisions of the law. 70. An estate in reversion describes the interest of the buyer under a contract for deed the interest of a landlord under a lease the interest of a lessee under a lease the interest of the trustee under a deed of trust 71. Glen Evans has engaged Broker Bob to help him find a piece of property upon which to construct a building costing $300,000 that he will lease for $5000 per month and that would have annual estimated operating expenses of $12,000. He has told Broker Bob that he wants a 12% return on his investment. What is the maximum price Glen is willing to pay for the land? $72,000 $100,000 $152,000 $264,000 72. Which of the following descriptions best matches the definition of a security deposit? Any payment, fee, deposit, charge, or advance payment of rent paid by the tenant to secure the tenant's performance of the lease agreement Any payment by the tenant to the landlord that exceeds an amount equaling three times the monthly rent Any money given by a tenant to the landlord designated as a "security deposit" under the terms of the lease Any money given by a tenant to be held by the landlord for use if the tenant causes excessive damage to the premises 73. The word "tenancy" refers to a property used for investment purposes an inclination to do something the interest a landlord has in a property the interest a lessee or owner has in a property 74. Which of the following is not an essential element in the creation of an agency relationship with a buyer? Lawful object Authority to represent another Capacity of the parties A written agreement 75. The most common method of establishing deed restrictions in a new subdivision is by publishing the restrictions in a newspaper of general circulation. recording the restrictions with the County Recorder's Office with a reference to said recording in the deed of each buyer. including the restrictions in the Commissioner's final public report. providing notice of the restriction in the purchase and sale agreement. 76. In a 1031 exchange a party to the exchange can deduct a loss on the exchange receipt of boot will eliminate the tax liability of the exchanger of the property with the greatest value each party must include "boot" in the trade as well as like property of equal value and equity the exchange property must be held for income, investment, or use in trade or business