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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. Attractive nuisance doctrine
43560 square feet
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Horizontal in the township and section system

2. Percentage lease

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3. TILA
Loss of value due to adverse factors within a structure that affect the marketability of the property.
Foreign Investments in Real Property Tax Act
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
Easement that gives the dominant tenement owner the right to use the servient tenement.

4. 640 acres =
A person appointed by the court to administer the estate of a deceased person.
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
The Broker is the Agent of the seller. The salesperson is the sub-agent of the
1 square mile

5. Affirmative easement
Easement that gives the dominant tenement owner the right to use the servient tenement.
Loss of value due to adverse factors within a structure that affect the marketability of the property.
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD

6. 3 years - broker documents
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 party required to prove a fact when an issue is in dispute
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.

7. Chattel mortgag
Use of personal property to secure or guarantee a promissory note.
A person appointed by the court to administer the estate of a deceased person.
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission

8. Advance costs
A quitclaim deed conveys only the present right - title and interest of the
Agency in which an agent has a financial interest in the subject matter of the agency.
Instrument used to secure a loan on personal property is called
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.

9. Accretion
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
Promise for a promise.
The gradual buildup of land by natural causes ( generally by action of water )

10. Burden of proof
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
A contract based on an illegal consideration
The party required to prove a fact when an issue is in dispute
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.

11. If property is sold while in probate
A person appointed as an agent under a power of attorney
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...

12. Alteration
Real Estate Investment Trust
A change made to a note or contract by one of the parties without the consent of the other.
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
Taxes based on value - such as property tax. ( Latin - according to value )

13. Separate ownership
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
Promise for a promise.
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
Ownership by one person

14. Bankruptcy
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
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.
Statement of the actual settlement costs. Provided by US Dept of HUD.
Commission is only controlled by law under two situations. One being If property is sold while in probate and...

15. Affirmative covenant
A covenant under which an owner is required to do something - such as build within a stated period of time.
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
Property owned by husband and wife
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded

16. Agency coupled with an interest
Agency in which an agent has a financial interest in the subject matter of the agency.
real estate
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
A covenant under which an owner is required to do something - such as build within a stated period of time.

17. Monthly house payment (ratio standard)
Changes in escrow instructions - which require the agreement of both the buyer and seller.
A mutual exchange of promises.
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
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income

18. Uniform Settlement Statement
The sudden removal of land by action of water - such as a river changing course.
Statement of the actual settlement costs. Provided by US Dept of HUD.
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.
Competitive Market Analysis

19. Agent
Failure to comply with a material term or provision of a contract
One who represents another in an agency relationship.
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
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.

20. Agency by ratification

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21. 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
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
One who represents another in an agency relationship.
A formal declaration of the truthfulness of a statement - given in lieu of a verification.

22. Federal Fair Housing Act - Title VIII of the Civil Rights Act of 1968
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
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
Taxes based on value - such as property tax. ( Latin - according to value )
By recorded map; by U. S. Government section and township; and by metes and bounds

23. Which corner does the township numbering system start in?
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
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
NE - North East
Legal relationship under which an agent represents another - or principal - in dealings with third parties.

24. A broker selling a property on which he holds an option should notify the purchaser...
that he is acting as an optionor
Taxes based on value - such as property tax. ( Latin - according to value )
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.
Statement of the actual settlement costs. Provided by US Dept of HUD.

25. Separate property of a married person includes...
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
Lender (or seller) in a trust deed loan situation
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
Government National Mortgage Association

26. Void
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
Offer the seller suggestions on ways to show a home for maximum positive first impression
A contract based on an illegal consideration
A quitclaim deed conveys only the present right - title and interest of the

27. Deed of reconveyance
An act that requires recordings and publication of a sale not in the normal course of business.
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
NE - North East
Failure to comply with a material term or provision of a contract

28. Bilateral contract
Real Estate Equity Trust
A mutual exchange of promises.
An advertisement that fails to reveal that the advertiser is an agent and not a principal
is deeded to the county

29. Salesperson can only work for...
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
For Sale By Owners
Finance charge and annual percentage rate - Regulation Z
One broker

30. Meridians
Vertical in the township and section system
The party required to prove a fact when an issue is in dispute
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 mortgage or trust deed covering more than one property

31. Township
Negotiable commission for residential
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
An act that requires recordings and publication of a sale not in the normal course of business.
Grid horizontal lines (US Government and township)

32. Agent of the broker
Instrument used to secure a loan on personal property is called
Grid horizontal lines (US Government and township)
The Broker is the Agent of the seller. The salesperson is the
Taxes based on value - such as property tax. ( Latin - according to value )

33. CE+3
A mutual exchange of promises.
A person appointed by the court to administer the estate of a deceased person.
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Buyer to take possession 3 days after the close of escrow

34. Staging
Negotiable commission for residential
Offer the seller suggestions on ways to show a home for maximum positive first impression
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.
Lender (or seller) in a trust deed loan situation

35. depreciation
1 square mile
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
Loss in value from any cause? is a common definition

36. NAIFA
Statement by beneficiary as to balance due on loan.
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
National Association of Independent Fee Appraisers
An agency created by a principal's approving an unauthorized act of another.

37. GNMA
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
Government National Mortgage Association
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.

38. A valid deed does not have to contain

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39. Community property
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
Something that belongs to and goes with a property - such as structure and easement rights

40. Appurtenance
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
1 square mile
Something that belongs to and goes with a property - such as structure and easement rights
Easement that gives the dominant tenement owner the right to use the servient tenement.

41. Adverse possession
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
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
Vertical in the township and section system

42. Adam E Lee
Vertical in the township and section system
Real Estate Equity Trust
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
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.

43. Arbitration
that he is acting as an optionor
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.

44. 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)
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
A mortgage or trust deed covering more than one property
Foreign Investments in Real Property Tax Act

45. Appraisals of single-family dwellings
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 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.
Sales prices of comparable properties
The gradual buildup of land by natural causes ( generally by action of water )

46. Federal Housing Administration - role
The party required to prove a fact when an issue is in dispute
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.

47. Bundle of rights
Person holding title to real property in severalty
All beneficial rights that go with ownership of real property
Something that belongs to and goes with a property - such as structure and easement rights
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons

48. amortized note
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
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.
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
A note that will liquidate itself over its term in equal installments

49. Budle of rights - 5 things

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50. Housing Financial Discrimination Act of 1977 (Holden Act)
A contract based on an illegal consideration
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.
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
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