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Test your basic knowledge |
California Real Estate Test
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Study First
Subject
:
certifications
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. RESPA
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
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.
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
2. Beneficiary
Lender (or seller) in a trust deed loan situation
Horizontal in the township and section system
Federal National Mortgage Association
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
3. Assignment of contract
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
Parallel wooden members used to support floor and ceiling loads are called
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
Something that belongs to and goes with a property - such as structure and easement rights
4. Acceleration upon default
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 acknowledgment of the grantor's signature
All beneficial rights that go with ownership of real property
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
5. Staging
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
Mortgages in California
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
Offer the seller suggestions on ways to show a home for maximum positive first impression
6. Administrative agency
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.
A government agency that makes rules and regulations to carry out the law.
A person appointed by the court to administer the estate of a deceased person.
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
7. Assignment of rent
The gradual buildup of land by natural causes ( generally by action of water )
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
Personal property transferred by will
8. Ownership of real property
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
By recorded map; by U. S. Government section and township; and by metes and bounds
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
For Sale By Owners
9. MARIA
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.
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
Sales prices of comparable properties
10. OLDCAR
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
Government National Mortgage Association
Sales prices of comparable properties
Federal National Mortgage Association
11. amortized note
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
A note that will liquidate itself over its term in equal installments
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
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
12. 43560 square feet =
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
1 square mile
A mortgage or trust deed covering more than one property
Within 3 days from acceptance of the offer (this must happen)
13. FTC
1 square mile
Federal Trade Commission
Provides for rent as a percentage of the tenants' gross income ( gross sales )
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
14. FNMA
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
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
Federal National Mortgage Association
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
15. Appraisals of single-family dwellings
A person appointed as an agent under a power of attorney
Sales prices of comparable properties
that he is acting as an optionor
One who represents another in an agency relationship.
16. Ranges
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
Grid of vertical lines (US Government and township)
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
17. Americans with Disabilities Act
18. Administrator
A person appointed by the court to administer the estate of a deceased person.
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
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
Loss in value from any cause? is a common definition
19. Cloud on the title
20. Affirmation
Loss in value from any cause? is a common definition
An action to remove a nuisance
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
21. Joists
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
Parallel wooden members used to support floor and ceiling loads are called
Changes in escrow instructions - which require the agreement of both the buyer and seller.
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
22. Abstract of title
Real Estate Equity Trust
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
NE - North East
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.
23. Township
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
Federal National Mortgage Association
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
36 individual square miles or 640 acres.
24. Concurrent ownership or co-ownership
1 square mile
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
Use of personal property to secure or guarantee a promissory note.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
25. American Land Title Association
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
that he is acting as an optionor
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Person holding title to real property in severalty
26. Blockbusting
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
The Broker is the Agent of the seller. The salesperson is the
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
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
27. Burden of proof
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
NE - North East
All beneficial rights that go with ownership of real property
The party required to prove a fact when an issue is in dispute
28. Agency coupled with an interest
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
Real Property Securities Dealer
Agency in which an agent has a financial interest in the subject matter of the agency.
29. FHLMC
A change made to a note or contract by one of the parties without the consent of the other.
Sales prices of comparable properties
An act that requires recordings and publication of a sale not in the normal course of business.
Federal Home Loan Mortgage Corporation
30. Federal Housing Administration - role
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.
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
Transfer of all interest in a contract or lease.
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
31. Abstract of judgment
32. Economic obsolescence
Lender (or seller) in a trust deed loan situation
Any loss of value due to conditions outside of the property itself. aka social obsolescence
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
33. Adam E Lee
Grid horizontal lines (US Government and township)
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
34. Ademption
In a legal sales contract - the seller is often referred to as the
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
The revocation of a specific property grant in a will by disposing of said property prior to death.
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
35. Instrument
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
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
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
36. Affirmative covenant
A covenant under which an owner is required to do something - such as build within a stated period of time.
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
37. Federal Fair Housing Act - Title VIII of the Civil Rights Act of 1968
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
Transfer of all interest in a contract or lease.
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
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
38. If property is sold while in probate
Instrument used to secure a loan on personal property is called
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
39. Abatement
The Broker is the Agent of the seller. The salesperson is the sub-agent of the
One who represents another in an agency relationship.
An action to remove a nuisance
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
40. AMT
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 method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
Personal property transferred by will
41. Open end mortgage
Real Estate Mortgage Trust
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.
Mortgages in California
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
42. 640 acres =
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
Mortgages in California
One who represents another in an agency relationship.
1 square mile
43. Accretion
The gradual buildup of land by natural causes ( generally by action of water )
Person holding title to real property in severalty
Parallel wooden members used to support floor and ceiling loads are called
For Sale By Owners
44. Assignment of lease
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
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 statement made before a notary or court officer that the signing of a document was the signer's own free act.
Must be disclosed to the buyer if
45. Void
Agency in which an agent has a financial interest in the subject matter of the agency.
A contract based on an illegal consideration
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
Department of Housing and Urban Development
46. Bankruptcy
The party required to prove a fact when an issue is in dispute
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.
Legal relationship under which an agent represents another - or principal - in dealings with third parties.
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
47. Advance costs
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
An action to remove a nuisance
48. Sole ownership
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
Loss of value due to adverse factors within a structure that affect the marketability of the property.
Person holding title to real property in severalty
Multiple Listing Service
49. What trust deeds in California are called..
Mortgages in California
Property owned by husband and wife
Loss in value from any cause? is a common definition
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
50. Principle or 3rd party
Two or more persons - as partners - own property for partnership purposes
The Broker is the Agent of the seller. The salesperson is the sub-agent of the
A final payment that is more than twice the amount of the lowest payment.
All beneficial rights that go with ownership of real property