Real Estate State (Guam) Final Exam

Guam System Development Charge

Fee charged by GWA (Guam Waterworks Authority) for new connections to water and sewer lines.

Planned Unit Development (PUD)

A mixed-use project integrating a combination of different zoning uses.

Required parking stall area on Guam for compact and standard spaces

$120\,\text{sq ft}$ for compact parking and $160\,\text{sq ft}$ for standard parking.

Office space parking stall ratio requirement on Guam

$1$ parking stall for every $400\,\text{sq ft}$ of office space.

Guam contractor homeowner warranty period for a new home

$18\,\text{months}$ from the issuance of the Certificate of Occupancy or from the date the builder sold the home.

Required holding period for a child who receives a lot from a Parental Subdivision

$$5\,\text{years}$$

Prerequisite agencies for landowner approval before developing property containing wetlands

Army Corps of Engineers and Environmental Protection Agency (EPA).

The missing 8th classification in Guam zoning (A, R1, R2, C, M1, M2, H, and ___)

P (Automobile Parking).

Legal status of a 4-story building constructed in an R1 zone on Guam in January 1996

Legal non-conforming, because it was built during the exemption window of November 1991 to June 1997.

Height restriction for Guam zones A, R1, R2, C, M1, and M2

$3$ stories or $30\,\text{ft}$, whichever is less.

Height restriction for the C zone located in the new Agana block

$6$ stories or $75\,\text{ft}$, whichever is less.

Physical location of the Guam Land Use Commission (GLUC)

Department of Land Management.

Guam commission responsible for Conditional Use, Variances, Zone Change, and Subdivision approvals

Guam Land Use Commission (GLUC).

Required side setback for Guam zones A, R1, R2, and M1

$$8\,\text{ft}$$

Zoning

The process of dividing land in a municipality into zones in which specified land uses are permitted or prohibited.

Document a property owner must obtain before building to show compliance with building codes

Building permit.

Document required after completing construction to certify a building is approved for occupancy

Certificate of Occupancy (CO).

Permitted use specifically highlighted for an R2 Zone on Guam state exams

Hotel.

Number of members on the Guam Land Use Commission (GLUC)

$5$ members.

Entity responsible for appointing members to the Guam Land Use Commission (GLUC)

The Governor of Guam.

Governing document for the physical traits of a condominium on Guam

Horizontal Property Regime (HPR).

Guam Homestead Exemption amount

$$\$40,000$$

Scenario where a parcel is split into two zones and the owner can choose the applicable zone

Split Zone.

Three title companies operating on Guam

PATICO (Pacific American Title), Security Title, and Title Guaranty.

Property tax exemption percentage for senior citizens on Guam

$$80\%$$

Setback

The amount of space required between a lot line and a building by local zoning regulations.

Type of legal description method primarily used on Guam

Lot and Block Method.

Front setback requirement for property in a C zone on Guam

None.

Public entity empowered to invest/reinvest funds under 4 GCA Chapter 8 (distinct from Real Estate Commission)

Chamorro Land Trust Commission.

Composition of the 7-member Guam Real Estate Commission

$4$ real estate brokers ($5\,\text{years}$ experience), $1$ attorney licensed on Guam, $1$ public member, and $1$ classified employee from the Real Estate Licensing Division (DRT).

Official holding the title of Real Estate Commissioner on Guam

Director of the Department of Revenue and Taxation.

Prerequisite requirement NOT needed to obtain an original Guam Real Estate Salesman License

Prior experience in the real estate business.

Requirement NOT needed to obtain an original Guam Real Estate Broker License

Holding a National Association of Realtors (NAR) affiliate designation.

Validity term of an original Guam Real Estate License

$$2\,\text{years}$$

Continuing education hours required for an original Guam Salesman License

$$45\,\text{hours}$$

Renewal term length for a Guam Real Estate License

$$4\,\text{years}$$

Continuing education hours required to renew a Guam Salesman License

$$24\,\text{hours}$$

Original and Renewal licensing fees for a Guam Real Estate Salesman

$\$100$ for original and $\$200$ for renewal.

Timeframe for returning a salesman or associate broker license to the Commissioner upon office withdrawal

Immediately upon withdrawal.

Prohibited action for a holder of an inactive Guam Real Estate License

Actively engaging in the real estate business or transacting business under the license.

Official with authority to suspend or revoke a Guam real estate license

Director of the Department of Revenue and Taxation.

Conduct that is NOT grounds for real estate license suspension or revocation

Conducting business in an honest and truthful manner.

Standard fee to transfer, duplicate, or reinstate a Guam real estate license

$\$25$ each.

Current assessed property value rate on Guam relative to appraised value

$90\%$ of appraised value.

Frequency at which the Guam tax assessor must ascertain the value of newly taxable property

Every $5\,\text{years}$

Type of single-family residence NOT exempt from Guam property tax assessment

A single-family dwelling used to generate income.

Total number of members on the Guam Board of Equalization

$5$ members.

Term length for members of the Guam Board of Equalization

$$4\,\text{years}$$

Administrative task NOT performed by the Guam Board of Equalization

Transmitting tax rolls.

Guam official serving as ex-officio tax assessor

Director of the Department of Revenue and Taxation.