Real Estate Assets

What is the first step in handling real estate assets according to the initial steps provided?

• Determine if any mortgages or liens exist against the real property.

• Setup a separate file for each piece of property.

• Inspect each property personally.

• Calendar for each property.

What should be done to verify the occupancy and rents of a property?

• Order a property profile and follow up with a preliminary title report.

• Meet and confirm the rents and status of the leases with the tenants.

• Inspect the property personally.

• Determine the insurance premium dates.

When dealing with the residence of a conservatee, what is the primary concern?

• To determine the desires and interests of the beneficiaries.

• To ensure the property is specifically bequeathed.

• To focus on what is in their best interest.

• To sell the property during the administration.

What is a personal representative required to do in terms of maintenance for real property?

• Charge cost of maintenance as expense of administration.

• Setup books and keep separate each property's rentals and cost of maintenance.

• Determine the rental due dates.

• Calendar for each property.

Which of the following is NOT a question to ask when hiring a property manager?

• What type of licensing and insurance do you have?

• How often do you send out monthly reporting?

• Do you mark up maintenance costs?

• What is the square footage of the property?

Under the Probate Code section 10400, if the personal representative has limited IAEA powers or none at all, how should the sale of real property be conducted?

• Private Sale without court confirmation

• Subject to court confirmation under Probate Code Section 10300

• Auction without court confirmation

• Direct sale to a predetermined buyer without listing

What is the commission rate for selling improved property as stated in the Terms of Listing Agreement?

• 5%

• 10%

• 7%

• 6%

What is the commission rate for selling vacant land according to the Terms of Listing Agreement?

• 5%

• 10%

• 7%

• 6%

What is the duration of the listing agreement mentioned in the Terms of Listing Agreement?

• 60 days

• 90 days

• 120 days

• 30 days

When interviewing a Probate Real Estate agent, which of the following is NOT a suggested question to ask?

• How long have you been selling probate and trust real estate?

• What sets you apart from other agents?

• How do you market probate and trust real estate?

• What is your favorite color?