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California Real Estate Test

Instructions:

Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. Percentage lease

2. HUD
Department of Housing and Urban Development
Loss in value from any cause? is a common definition
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
is deeded to the county

3. Broker
Something that belongs to and goes with a property - such as structure and easement rights
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
Legal relationship under which an agent represents another - or principal - in dealings with third parties.

4. Bait and switch
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
1 square mile
Vertical in the township and section system
Practice of advertising where a seller will not sell an item at a price advertised or does not have the item to sell in order to bring in buyers for other items. This conduct is ILLEGAL

5. Alquist-Priolo Special Studies Zone Act
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
In a legal sales contract - the seller is often referred to as the

6. vendor (term in real estate)
In a legal sales contract - the seller is often referred to as the
An action to remove a nuisance
Use of personal property to secure or guarantee a promissory note.
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )

7. A valid deed does not have to contain

8. Meridians
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
Instrument used to secure a loan on personal property is called
Vertical in the township and section system
Loss in value from any cause? is a common definition

9. Americans with Disabilities Act

10. Grantor - quitclaim
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Tests for a fixture - Method of attachment - Adaptability for normal use -Relationship of the parties - Intent of the placement of the item - Agreement of parties
A quitclaim deed conveys only the present right - title and interest of the
The sudden removal of land by action of water - such as a river changing course.

11. Actual notice
Notice that has been expressly given and is known to a party
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
Offer the seller suggestions on ways to show a home for maximum positive first impression
Any outstanding claim or encumbrance which would - if valid - affect or impair the owner's title to a particular estate. While the cloud remains - the owner is prevented from conveying marketable title

12. NAIFA
Any outstanding claim or encumbrance which would - if valid - affect or impair the owner's title to a particular estate. While the cloud remains - the owner is prevented from conveying marketable title
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
National Association of Independent Fee Appraisers
is deeded to the county

13. Community Property
Foreign Investments in Real Property Tax Act
Property owned by husband and wife
Real Estate Equity Trust
Horizontal in the township and section system

14. Uniform Settlement Statement
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
An acknowledgment of the grantor's signature
Statement of the actual settlement costs. Provided by US Dept of HUD.
Real Estate Educators Association

15. REEA
Two or more persons are joint and equal owners of the same undivided interest in real property. We regard this as a fourfold unity: interest - title - time - and possession. Joint tenants have one and the same interest - acquired by the same conveyan
Person holding title to real property in severalty
Real Estate Educators Association
Some paper signed and delivered by one person to another - transferring the title to - or giving a lien on - property or giving a right to a debt or duty

16. American Land Title Association
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
A statement from the court of the judgment. When recorded - it becomes a general lien on all of the debtor's property in the county where recorded
Fund of last resort for a member of the public who has obtained a final civil judgment or criminal restitution order against a real estate licensee based on fraud or certain other grounds and who has been unable to satisfy the judgment through the no
1 square mile

17. Unruh Civil Rights Act - California
All persons within the jurisdiction of this State are free and equal - and no matter what their sex - race - color - religion - ancestry - national origin or disability are entitled to the full and equal accommodations - advantages - facilities - pri
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
The sudden removal of land by action of water - such as a river changing course.
A statement made before a notary or court officer that the signing of a document was the signer's own free act.

18. Federal Fair Housing Act - Title VIII of the Civil Rights Act of 1968
Two or more persons are joint and equal owners of the same undivided interest in real property. We regard this as a fourfold unity: interest - title - time - and possession. Joint tenants have one and the same interest - acquired by the same conveyan
All-encompassing set of rules prohibiting discrimination on the part of owners of real property and their agents. This law applies to all sales or rentals of residences through the facilities of real estate licensees and to publication - posting - ma
A final payment that is more than twice the amount of the lowest payment.
Any outstanding claim or encumbrance which would - if valid - affect or impair the owner's title to a particular estate. While the cloud remains - the owner is prevented from conveying marketable title

19. Chattel mortgag
Use of personal property to secure or guarantee a promissory note.
Person holding title to real property in severalty
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.

20. Agent of the broker
Loss in value from any cause? is a common definition
The party required to prove a fact when an issue is in dispute
Vertical in the township and section system
The Broker is the Agent of the seller. The salesperson is the

21. Farm
Finance charge and annual percentage rate - Regulation Z
A group of people within a geographical area with whom the agent stays in touch monthly - advising each property owner of all real estate activities throughout the year
Negotiable commission for residential
Attempt to establish a firm's identity to the public

22. Social obsolescence
Single car garage but market desire is for a double car garage - home has only 1 bathroom but market desires two - floor plan is an older outdated layout
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
A government agency that makes rules and regulations to carry out the law.

23. Township
Changes in escrow instructions - which require the agreement of both the buyer and seller.
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
Personal property transferred by will
36 individual square miles or 640 acres.

24. REMT
Government National Mortgage Association
Tests for a fixture - Method of attachment - Adaptability for normal use -Relationship of the parties - Intent of the placement of the item - Agreement of parties
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
Real Estate Mortgage Trust

25. Ranges
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Grid of vertical lines (US Government and township)
An act that requires recordings and publication of a sale not in the normal course of business.
Prohibits discriminatory loan practices on the part of financial institutions (banks - savings and - loan associations - or other financial institutions - including mortgage loan brokers - mortgage bankers and public agencies which regularly make - a

26. Beneficiary statement
Real Estate Mortgage Trust
Very generally as any right or interest in land - possessed by a stranger to the title - which affects the value of the owner's estate but does not prevent the owner from enjoying and transferring the fee
Statement by beneficiary as to balance due on loan.
is deeded to the county

27. 640 acres =
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
1 square mile
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance

28. Sole ownership
Person holding title to real property in severalty
A mortgage or trust deed covering more than one property
An acknowledgment of the grantor's signature
Any loss of value due to conditions outside of the property itself. aka social obsolescence

29. TTIP
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Statement of the actual settlement costs. Provided by US Dept of HUD.
Financial Institute Reform - Recovery - and Enforcement Act of 1989
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.

30. Bulk Sales Act
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
An act that requires recordings and publication of a sale not in the normal course of business.
Promise for a promise.
The Broker is the Agent of the seller. The salesperson is the

31. 1 square mile =
43560 square feet
Practice of advertising where a seller will not sell an item at a price advertised or does not have the item to sell in order to bring in buyers for other items. This conduct is ILLEGAL
Two or more persons - as partners - own property for partnership purposes
Instrument used to secure a loan on personal property is called

32. Avulsion
The sudden removal of land by action of water - such as a river changing course.
Grid horizontal lines (US Government and township)
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
In a legal sales contract - the seller is often referred to as the

33. Which corner does the township numbering system start in?
Grid horizontal lines (US Government and township)
A mortgage or trust deed covering more than one property
All persons within the jurisdiction of this State are free and equal - and no matter what their sex - race - color - religion - ancestry - national origin or disability are entitled to the full and equal accommodations - advantages - facilities - pri
NE - North East

34. Bilateral contract - p4p
Promise for a promise.
Statement by beneficiary as to balance due on loan.
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
real estate

35. Antimerger clause
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
Provides for rent as a percentage of the tenants' gross income ( gross sales )

36. 'As is'
A phrase used in sale contracts by sellers as an attempt to limit liability for the condition of the premises. If known latent defects or condition of a property is known to the seller - seller has the obligation to disclose.
Federal proceedings to declare a debtor bankrupt. The debtor is relieved of unsecured obligations. If there are secured debts and the security is given up - debtor can be relieved of secured obligations.
real estate
A mutual exchange of promises.

37. Administrator
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
A person appointed by the court to administer the estate of a deceased person.
Buyer to take possession 3 days after the close of escrow
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.

38. Blockbusting
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
Real Estate Equity Trust
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.

39. Fully amortized loan
By recorded map; by U. S. Government section and township; and by metes and bounds
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
Single car garage but market desire is for a double car garage - home has only 1 bathroom but market desires two - floor plan is an older outdated layout

40. Attachment
Sales prices of comparable properties
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
A change made to a note or contract by one of the parties without the consent of the other.
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.

41. FTC
Federal Trade Commission
Lender (or seller) in a trust deed loan situation
Real Estate Mortgage Trust
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.

42. Three C's (credit rules of thumb)
Character - how a person has handled past debt obligations - Capacity - how much debt a borrower can comfortably handle - Capital - current available assets of the borrower
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
The seller's signature

43. Community property
Fund of last resort for a member of the public who has obtained a final civil judgment or criminal restitution order against a real estate licensee based on fraud or certain other grounds and who has been unable to satisfy the judgment through the no
that he is acting as an optionor
Department of Housing and Urban Development
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property

44. Burden of proof
A quitclaim deed conveys only the present right - title and interest of the
NE - North East
Promise for a promise.
The party required to prove a fact when an issue is in dispute

45. A broker selling a property on which he holds an option should notify the purchaser...
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
An action to remove a nuisance
that he is acting as an optionor
Sales prices of comparable properties

46. Instrument
All beneficial rights that go with ownership of real property
Some paper signed and delivered by one person to another - transferring the title to - or giving a lien on - property or giving a right to a debt or duty
Transfer of all interest in a contract or lease.
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.

47. Arbitration
Real Estate Educators Association
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Loss of value due to adverse factors within a structure that affect the marketability of the property.
All-encompassing set of rules prohibiting discrimination on the part of owners of real property and their agents. This law applies to all sales or rentals of residences through the facilities of real estate licensees and to publication - posting - ma

48. Ownership of real property
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
Some paper signed and delivered by one person to another - transferring the title to - or giving a lien on - property or giving a right to a debt or duty
Arrangement that allows a mortgagor (borrower) to borrow additional sums in future up to a maximum figure - and is secured by the same asset or property.

49. Affirmative easement
Easement that gives the dominant tenement owner the right to use the servient tenement.
Person holding title to real property in severalty
Any loss of value due to conditions outside of the property itself. aka social obsolescence
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.

50. Attractive nuisance doctrine
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
One broker
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
Arrangement that allows a mortgagor (borrower) to borrow additional sums in future up to a maximum figure - and is secured by the same asset or property.