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. CMA
36 individual square miles or 640 acres.
Competitive Market Analysis
Federal Trade Commission
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


2. Agency coupled with an interest
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
Agency in which an agent has a financial interest in the subject matter of the agency.
Real Estate Equity Trust
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness


3. Advance costs
The party required to prove a fact when an issue is in dispute
All property owned before marriage - All property acquired during marriage by gift or inheritance - All rents - issues and profits of separate property - as well as other property acquired with the proceeds from sale of separate property (separate pr
A change made to a note or contract by one of the parties without the consent of the other.
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.


4. Which corner does the township numbering system start in?
NE - North East
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.
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
A change made to a note or contract by one of the parties without the consent of the other.


5. Abstract of title
Real Estate Investment Trust
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
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
Foreign Investments in Real Property Tax Act


6. Assignment of contract
The sudden removal of land by action of water - such as a river changing course.
Government National Mortgage Association
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
Offer the seller suggestions on ways to show a home for maximum positive first impression


7. Institutional advertising

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8. Assumable loan
1 square mile
A loan that can be taken over by a purchaser. I new purchaser can assume the old note. Such a loan would not have a due on sale clause.
An act that requires recordings and publication of a sale not in the normal course of business.
Lender (or seller) in a trust deed loan situation


9. Attractive nuisance doctrine
Finance charge and annual percentage rate - Regulation Z
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
For Sale By Owners
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.


10. Community property
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
Real Estate Mortgage Trust
Buyer to take possession 3 days after the close of escrow


11. Ademption
The revocation of a specific property grant in a will by disposing of said property prior to death.
In a legal sales contract - the seller is often referred to as the
is deeded to the county
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


12. Agency
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Legal relationship under which an agent represents another - or principal - in dealings with third parties.
Agency in which an agent has a financial interest in the subject matter of the agency.
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance


13. Antimerger clause
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
The revocation of a specific property grant in a will by disposing of said property prior to death.
Personal property transferred by will


14. Separate property of a married person includes...
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
All property owned before marriage - All property acquired during marriage by gift or inheritance - All rents - issues and profits of separate property - as well as other property acquired with the proceeds from sale of separate property (separate pr
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
Nonjudicial process for resolution of disputes either by agreement or mandated by law.


15. RPSD
Real Property Securities Dealer
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...


16. Real property is synonymous with...
real estate
Sales prices of comparable properties
1 square mile
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.


17. The maximum commission a broker may charge a seller for the sale of residential income 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
36 individual square miles or 640 acres.
Use of personal property to secure or guarantee a promissory note.
Negotiable commission for residential


18. Bankruptcy
National Association of Independent Fee Appraisers
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.
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
All property owned before marriage - All property acquired during marriage by gift or inheritance - All rents - issues and profits of separate property - as well as other property acquired with the proceeds from sale of separate property (separate pr


19. Article 5
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
A quitclaim deed conveys only the present right - title and interest of the
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
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.


20. Breach of contract
Must be disclosed to the buyer if
Failure to comply with a material term or provision of a contract
The seller's signature
The gradual buildup of land by natural causes ( generally by action of water )


21. Advance fee
An action to remove a nuisance
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
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
Instrument used to secure a loan on personal property is called


22. Aesthetic zoning
Real Estate Investment Trust
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
The revocation of a specific property grant in a will by disposing of said property prior to death.


23. Bequest
The Broker is the Agent of the seller. The salesperson is the
Loss in value from any cause? is a common definition
Personal property transferred by will
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.


24. OLDCAR
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
A covenant under which an owner is required to do something - such as build within a stated period of time.
Legal relationship under which an agent represents another - or principal - in dealings with third parties.
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)


25. Housing Financial Discrimination Act of 1977 (Holden Act)
Ownership by one person
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
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
Property owned by husband and wife


26. Percentage lease

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27. Agent
One who represents another in an agency relationship.
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
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
An agency created by a principal's approving an unauthorized act of another.


28. Blind ad
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
Time tested model used in writing ads - Attention - Interest - Desire - Action
An advertisement that fails to reveal that the advertiser is an agent and not a principal
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


29. Salesperson can only work for...
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
One broker
Real Property Securities Dealer
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.


30. Economic obsolescence
Any loss of value due to conditions outside of the property itself. aka social obsolescence
Parallel wooden members used to support floor and ceiling loads are called
Statement by beneficiary as to balance due on loan.
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.


31. Arbitration
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Transfer of all interest in a contract or lease.
Instrument used to secure a loan on personal property is called
A note that will liquidate itself over its term in equal installments


32. Tenancy in partnershipm
Two or more persons - as partners - own property for partnership purposes
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
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
Within 3 days from acceptance of the offer (this must happen)


33. If property is sold while in probate
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Something that belongs to and goes with a property - such as structure and easement rights
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...


34. PITI
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
Vertical in the township and section system
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
The revocation of a specific property grant in a will by disposing of said property prior to death.


35. REIT
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
A government agency that makes rules and regulations to carry out the law.
Real Property Securities Dealer
Real Estate Investment Trust


36. Unruh Civil Rights Act - California
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
For Sale By Owners
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
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


37. Beneficiary statement
Statement by beneficiary as to balance due on loan.
Financial Institute Reform - Recovery - and Enforcement Act of 1989
Notice that has been expressly given and is known to a party
The Broker is the Agent of the seller. The salesperson is the sub-agent of the


38. Affirmation
Competitive Market Analysis
All property owned before marriage - All property acquired during marriage by gift or inheritance - All rents - issues and profits of separate property - as well as other property acquired with the proceeds from sale of separate property (separate pr
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
A formal declaration of the truthfulness of a statement - given in lieu of a verification.


39. Assignment
Transfer of all interest in a contract or lease.
A quitclaim deed conveys only the present right - title and interest of the
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
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


40. Burden of proof
The party required to prove a fact when an issue is in dispute
The revocation of a specific property grant in a will by disposing of said property prior to death.
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
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


41. Acknowledgment

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42. Americans with Disabilities Act

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43. Budle of rights - 5 things

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44. A valid deed does not have to contain

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45. Acceleration upon default
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
An agency created by a principal's approving an unauthorized act of another.
Real Estate Equity Trust


46. Avulsion
Real Estate Mortgage Trust
The sudden removal of land by action of water - such as a river changing course.
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
Vertical in the township and section system


47. Bait and switch
Grid of vertical lines (US Government and township)
Real Estate Mortgage Trust
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
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


48. NAIFA
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
The revocation of a specific property grant in a will by disposing of said property prior to death.
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
National Association of Independent Fee Appraisers


49. A tenancy in common
Buyer to take possession 3 days after the close of escrow
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
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
that he is acting as an optionor


50. Agency by ratification

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