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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. Americans with Disabilities Act

2. Cloud on the title

3. Federal Fair Housing Act - Title VIII of the Civil Rights Act of 1968
A government agency that makes rules and regulations to carry out the law.
Department of Housing and Urban Development
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
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but market desire is for a double car garage - home has only 1 bathroom but market desires two - floor plan is an older outdated layout

4. Assignment of rent
National Association of Independent Fee Appraisers
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
Right of Possession - Right of enjoyment of the property - Right to control the property's use - Right to exclude others from the property - Right to dispose of the property.
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent

5. Meridians
real estate
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.
Vertical in the township and section system
that he is acting as an optionor

6. Township
The sudden removal of land by action of water - such as a river changing course.
Grid horizontal lines (US Government and township)
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Changes in escrow instructions - which require the agreement of both the buyer and seller.

7. Tenancy in common
Department of Housing and Urban Development
A mutual exchange of promises.
Promise for a promise.
When two or more persons are owners of undivided interests in the title to real property. It is created if an instrument conveying an interest in real property to two or more persons does not specify that the interest is acquired by them in joint ten

8. Attachment
An action to remove a nuisance
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
Mortgages in California
All beneficial rights that go with ownership of real property

9. GNMA
Federal Home Loan Mortgage Corporation
Government National Mortgage Association
Right of Possession - Right of enjoyment of the property - Right to control the property's use - Right to exclude others from the property - Right to dispose of the property.
Department of Housing and Urban Development

10. Sole ownership
Department of Housing and Urban Development
43560 square feet
Statement of the actual settlement costs. Provided by US Dept of HUD.
Person holding title to real property in severalty

11. Agent
One who represents another in an agency relationship.
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
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

12. Real Property Loan Law
An agency created when a principal's conduct led another to believe in the existence of the agency and thereby to act to his or her detriment.
Horizontal in the township and section system
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use

13. FIRPTA
Attempt to establish a firm's identity to the public
A person appointed by the court to administer the estate of a deceased person.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
Foreign Investments in Real Property Tax Act

14. CMA
The revocation of a specific property grant in a will by disposing of said property prior to death.
1 square mile
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
Competitive Market Analysis

15. After-acquired title
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
Title or interest acquired by the grantor after property has been conveyed.
A final payment that is more than twice the amount of the lowest payment.
The revocation of a specific property grant in a will by disposing of said property prior to death.

16. FNMA
Federal National Mortgage Association
Instrument used to secure a loan on personal property is called
A quitclaim deed conveys only the present right - title and interest of the
The revocation of a specific property grant in a will by disposing of said property prior to death.

17. RESPA
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
Statement by beneficiary as to balance due on loan.
A government agency that makes rules and regulations to carry out the law.
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement

18. PITI
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...

19. Liquidated damages
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Use of personal property to secure or guarantee a promissory note.
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
Sum of money - agreed to in advance and stated in the contract - that will be paid for not fulfilling a clause or condition in the contract

20. The Recovery Account
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
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
Federal National Mortgage Association
Vertical in the township and section system

21. Fully amortized loan
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
One broker
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.
Time tested model used in writing ads - Attention - Interest - Desire - Action

22. Abatement
An action to remove a nuisance
The Broker is the Agent of the seller. The salesperson is the
When two or more persons are owners of undivided interests in the title to real property. It is created if an instrument conveying an interest in real property to two or more persons does not specify that the interest is acquired by them in joint ten
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.

23. CE+3
36 individual square miles or 640 acres.
In a legal sales contract - the seller is often referred to as the
Buyer to take possession 3 days after the close of escrow
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons

24. Blind ad
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
that he is acting as an optionor
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Government National Mortgage Association

25. Attorney-in-fact
A person appointed as an agent under a power of attorney
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
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
Title or interest acquired by the grantor after property has been conveyed.

26. 640 acres =
1 square mile
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
All beneficial rights that go with ownership of real property
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.

27. Federal Truth-in-Lending Law
Parallel wooden members used to support floor and ceiling loads are called
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
Grid horizontal lines (US Government and township)
Finance charge and annual percentage rate - Regulation Z

28. Chattel mortgag
A person appointed by the court to administer the estate of a deceased person.
Use of personal property to secure or guarantee a promissory note.
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
1 square mile

29. Void
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Property owned by husband and wife
A contract based on an illegal consideration
Something that belongs to and goes with a property - such as structure and easement rights

30. '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.
Negotiable commission for residential
Multiple Listing Service
Any loss of value due to conditions outside of the property itself. aka social obsolescence

31. Avulsion
A mortgage or trust deed covering more than one property
The sudden removal of land by action of water - such as a river changing course.
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
Finance charge and annual percentage rate - Regulation Z

32. Administrative agency
Real Estate Educators Association
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
A government agency that makes rules and regulations to carry out the law.

33. Affirmation
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
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.

34. Amendments to the escrow instructions
Changes in escrow instructions - which require the agreement of both the buyer and seller.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.

35. Base lines
An action to remove a nuisance
Horizontal in the township and section system
Loss of value due to adverse factors within a structure that affect the marketability of the property.
Mortgages in California

36. TTIP
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
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

37. If property is sold while in probate
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
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
The Humboldt Base Line and Meridian in the northwestern part of the State; the Mt. Diablo Base Line and Meridian in the central part of the State; and the San Bernardino Base Line and Meridian in the southern part of the State.
A quitclaim deed conveys only the present right - title and interest of the

38. Bankruptcy
Statement by beneficiary as to balance due on loan.
A final payment that is more than twice the amount of the lowest payment.
Statement of the actual settlement costs. Provided by US Dept of HUD.
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.

39. Article 5
When two or more persons are owners of undivided interests in the title to real property. It is created if an instrument conveying an interest in real property to two or more persons does not specify that the interest is acquired by them in joint ten
Lender (or seller) in a trust deed loan situation
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
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. Assignment of lease
Use of personal property to secure or guarantee a promissory note.
One broker
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
The transfer of all rights under a lease by a lessee to a third party - who becomes a tenant of the lessor. The assignee is primarily liable under the lease - while the assignor has secondary liability

41. Farm
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
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Grid horizontal lines (US Government and township)
Nonjudicial process for resolution of disputes either by agreement or mandated by law.

42. Bundle of rights
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.
All beneficial rights that go with ownership of real property
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )

43. Assumable loan
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
One who represents another in an agency relationship.
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 agency created by a principal's approving an unauthorized act of another.

44. CoCa CoLa
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )

45. Trust Deed
Government National Mortgage Association
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 quitclaim deed conveys only the present right - title and interest of the
Instrument used to secure a loan on personal property is called

46. REMT
Real Estate Mortgage Trust
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
Must be disclosed to the buyer if
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

47. Arbitration
Mortgages in California
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
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

48. Economic obsolescence
Any loss of value due to conditions outside of the property itself. aka social obsolescence
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Vertical in the township and section system
Real Estate Mortgage Trust

49. Percentage lease

50. FTC
Department of Housing and Urban Development
Vertical in the township and section system
Federal Trade Commission
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability