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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. Open end mortgage
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
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
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.

2. CE+3
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but market desire is for a double car garage - home has only 1 bathroom but market desires two - floor plan is an older outdated layout
Buyer to take possession 3 days after the close of escrow
One broker
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession

3. Salesperson can only work for...
One broker
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
The sudden removal of land by action of water - such as a river changing course.

4. A broker selling a property on which he holds an option should notify the purchaser...
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.
that he is acting as an optionor
Foreign Investments in Real Property Tax Act
Offer the seller suggestions on ways to show a home for maximum positive first impression

5. Separate property of a married person includes...
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.
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
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

6. GNMA
Government National Mortgage Association
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
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

7. Acknowledgment

8. Administrative agency
Loss in value from any cause? is a common definition
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
A government agency that makes rules and regulations to carry out the law.
The seller's signature

9. Ad valorum taxes
Agency in which an agent has a financial interest in the subject matter of the agency.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
36 individual square miles or 640 acres.
Taxes based on value - such as property tax. ( Latin - according to value )

10. amortized note
A note that will liquidate itself over its term in equal installments
is deeded to the county
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 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

11. Instrument
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
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
Multiple Listing Service
A person appointed as an agent under a power of attorney

12. Bankruptcy
Lender (or seller) in a trust deed loan situation
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
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.
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments

13. Bundle of rights
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Time tested model used in writing ads - Attention - Interest - Desire - Action
All beneficial rights that go with ownership of real property
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.

14. Blind ad
An advertisement that fails to reveal that the advertiser is an agent and not a principal
In a legal sales contract - the seller is often referred to as the
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability

15. Fair Employment and Housing Act
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.
A mutual exchange of promises.
Department of Housing and Urban Development
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.

16. Blockbusting
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
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.
NE - North East
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.

17. Meridians
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
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Vertical in the township and section system

18. 43560 square feet =
Any loss of value due to conditions outside of the property itself. aka social obsolescence
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
1 square mile
Easement that gives the dominant tenement owner the right to use the servient tenement.

19. Adverse possession
Person holding title to real property in severalty
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.

20. Article 5
Loss in value from any cause? is a common definition
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
An action to remove a nuisance

21. Agency
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
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
An acknowledgment of the grantor's signature
Legal relationship under which an agent represents another - or principal - in dealings with third parties.

22. Real property is synonymous with...
Use of personal property to secure or guarantee a promissory note.
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
Property owned by husband and wife
real estate

23. What trust deeds in California are called..
Mortgages in California
Real Estate Equity Trust
Offer the seller suggestions on ways to show a home for maximum positive first impression
An act that requires recordings and publication of a sale not in the normal course of business.

24. Amendments to the escrow instructions
A quitclaim deed conveys only the present right - title and interest of the
Grid horizontal lines (US Government and township)
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
Changes in escrow instructions - which require the agreement of both the buyer and seller.

25. Avulsion
Foreign Investments in Real Property Tax Act
The sudden removal of land by action of water - such as a river changing course.
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
Federal National Mortgage Association

26. 1 square mile =
1 square mile
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
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
43560 square feet

27. Grantor - quitclaim
A person appointed as an agent under a power of attorney
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
A quitclaim deed conveys only the present right - title and interest of the

28. Housing Financial Discrimination Act of 1977 (Holden Act)
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
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
For Sale By Owners

29. Sole ownership
Mortgages in California
Provides for rent as a percentage of the tenants' gross income ( gross sales )
43560 square feet
Person holding title to real property in severalty

30. Agency by estoppel

31. Base lines
Attempt to establish a firm's identity to the public
Legal relationship under which an agent represents another - or principal - in dealings with third parties.
Time tested model used in writing ads - Attention - Interest - Desire - Action
Horizontal in the township and section system

32. Separate ownership
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
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
Real Property Securities Dealer
Ownership by one person

33. Breach of contract
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Failure to comply with a material term or provision of a contract
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent

34. Bilateral contract
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.
Buyer to take possession 3 days after the close of escrow
The revocation of a specific property grant in a will by disposing of said property prior to death.
A mutual exchange of promises.

35. Attorney-in-fact
Personal property transferred by will
Grid of vertical lines (US Government and township)
A person appointed as an agent under a power of attorney
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.

36. MARIA
Personal property transferred by will
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
Federal Home Loan Mortgage Corporation
The seller's signature

37. Deed of reconveyance
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
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
Property owned by husband and wife
A mutual exchange of promises.

38. Broker's loan statement
Federal Trade Commission
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 disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
1 square mile

39. Americans with Disabilities Act

40. Deposits from clients must be placed in a brokers trust fund
Within 3 days from acceptance of the offer (this must happen)
real estate
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
Any loss of value due to conditions outside of the property itself. aka economic obsolescence

41. FNMA
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
Federal National Mortgage Association
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Ownership by one person

42. TILA
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
Federal National Mortgage Association
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission

43. 3 years - broker documents
A contract based on an illegal consideration
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
Two or more persons - as partners - own property for partnership purposes
Real Estate Equity Trust

44. Affirmative easement
Easement that gives the dominant tenement owner the right to use the servient tenement.
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
Title or interest acquired by the grantor after property has been conveyed.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.

45. Advance fee
Horizontal in the township and section system
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...
Statement of the actual settlement costs. Provided by US Dept of HUD.

46. Uniform Settlement Statement
Financial Institute Reform - Recovery - and Enforcement Act of 1989
Statement of the actual settlement costs. Provided by US Dept of HUD.
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
Something that belongs to and goes with a property - such as structure and easement rights

47. Burden of proof
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
The party required to prove a fact when an issue is in dispute
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
Federal National Mortgage Association

48. AMT
43560 square feet
By recorded map; by U. S. Government section and township; and by metes and bounds
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
Provides for rent as a percentage of the tenants' gross income ( gross sales )

49. Aesthetic zoning
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.
Real Estate Mortgage Trust
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.

50. Abatement
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Person holding title to real property in severalty
An action to remove a nuisance
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