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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. Percentage lease

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2. Major repairs in the past 5 years ( house for sale )...
A covenant under which an owner is required to do something - such as build within a stated period of time.
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.
Must be disclosed to the buyer if
A mutual exchange of promises.

3. A tenancy in common
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
Loss in value from any cause? is a common definition
Federal National Mortgage Association

4. Trust Deed
Instrument used to secure a loan on personal property is called
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
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )

5. Social obsolescence
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...
Must be disclosed to the buyer if
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property

6. Bankruptcy
36 individual square miles or 640 acres.
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
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.

7. Sole ownership
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
Person holding title to real property in severalty
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.

8. Meridians
Two or more persons - as partners - own property for partnership purposes
Horizontal in the township and section system
Vertical in the township and section system
Sales prices of comparable properties

9. The maximum commission a broker may charge a seller for the sale of residential income property
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Negotiable commission for residential
By recorded map; by U. S. Government section and township; and by metes and bounds
is deeded to the county

10. PITI
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
Lender (or seller) in a trust deed loan situation
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance

11. Cloud on the title

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12. Ownership of real property
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
One broker
Government National Mortgage Association

13. Bilateral contract - p4p
Promise for a promise.
By recorded map; by U. S. Government section and township; and by metes and bounds
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
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

14. CE+3
Buyer to take possession 3 days after the close of escrow
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
National Association of Independent Fee Appraisers

15. 1 square mile =
43560 square feet
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
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
real estate

16. 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
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
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
The gradual buildup of land by natural causes ( generally by action of water )

17. REMT
Competitive Market Analysis
Real Estate Mortgage Trust
Government National Mortgage Association
Financial Institute Reform - Recovery - and Enforcement Act of 1989

18. Agency by estoppel

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19. Functional obsolescence
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
Loss of value due to adverse factors within a structure that affect the marketability of the property.
Lender (or seller) in a trust deed loan situation
Must be disclosed to the buyer if

20. Administrative Procedure Act
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
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
Real Estate Educators Association

21. NAIFA
Personal property transferred by will
Easement that gives the dominant tenement owner the right to use the servient tenement.
National Association of Independent Fee Appraisers
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.

22. Attorney-in-fact
Personal property transferred by will
A person appointed as an agent under a power of attorney
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.
The seller's signature

23. Arbitration
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
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
1 square mile
Nonjudicial process for resolution of disputes either by agreement or mandated by law.

24. Ranges
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.
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
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
Grid of vertical lines (US Government and township)

25. Real Property Loan Law
By recorded map; by U. S. Government section and township; and by metes and bounds
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
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 method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.

26. Accretion
A final payment that is more than twice the amount of the lowest payment.
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
The gradual buildup of land by natural causes ( generally by action of water )
Any loss of value due to conditions outside of the property itself. aka economic obsolescence

27. Blanket encumbrance
A mortgage or trust deed covering more than one property
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
is deeded to the county
Horizontal in the township and section system

28. Unruh Civil Rights Act - California
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
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
Something that belongs to and goes with a property - such as structure and easement rights
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.

29. Joint tenancy - TTIP
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
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
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
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

30. Concurrent ownership or co-ownership
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
Department of Housing and Urban Development
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
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

31. What trust deeds in California are called..
Statement of the actual settlement costs. Provided by US Dept of HUD.
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
Mortgages in California
By recorded map; by U. S. Government section and township; and by metes and bounds

32. Ademption
Something that belongs to and goes with a property - such as structure and easement rights
The gradual buildup of land by natural causes ( generally by action of water )
The revocation of a specific property grant in a will by disposing of said property prior to death.
Legal relationship under which an agent represents another - or principal - in dealings with third parties.

33. Beneficiary
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
Lender (or seller) in a trust deed loan situation
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.

34. Budle of rights - 5 things

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35. Community Property
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
The party required to prove a fact when an issue is in dispute
Property owned by husband and wife
A final payment that is more than twice the amount of the lowest payment.

36. Fair Employment and Housing Act
The gradual buildup of land by natural causes ( generally by action of water )
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
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
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.

37. CoCa CoLa
Ownership by one person
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
Federal Trade Commission
Agency in which an agent has a financial interest in the subject matter of the agency.

38. Agency coupled with an interest
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
Agency in which an agent has a financial interest in the subject matter of the agency.
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.
Department of Housing and Urban Development

39. depreciation
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
A person appointed by the court to administer the estate of a deceased person.
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
Loss in value from any cause? is a common definition

40. Farm
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
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 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

41. Fully amortized loan
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
One broker

42. Anticipatory breach
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
36 individual square miles or 640 acres.
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
By recorded map; by U. S. Government section and township; and by metes and bounds

43. Acceleration upon default
A contract based on an illegal consideration
Horizontal in the township and section system
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
Buyer to take possession 3 days after the close of escrow

44. Alquist-Priolo Special Studies Zone Act
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
An advertisement that fails to reveal that the advertiser is an agent and not a principal
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Person holding title to real property in severalty

45. If property is sold while in probate
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
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Grid horizontal lines (US Government and township)
that he is acting as an optionor

46. Community property
A person appointed by the court to administer the estate of a deceased person.
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property

47. Balloon payment
A final payment that is more than twice the amount of the lowest payment.
The Broker is the Agent of the seller. The salesperson is the sub-agent of the
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
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

48. RPSD
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
A final payment that is more than twice the amount of the lowest payment.
Real Estate Investment Trust
Real Property Securities Dealer

49. Attachment
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
The party required to prove a fact when an issue is in dispute
The gradual buildup of land by natural causes ( generally by action of water )

50. Blind ad
Easement that gives the dominant tenement owner the right to use the servient tenement.
NE - North East
36 individual square miles or 640 acres.
An advertisement that fails to reveal that the advertiser is an agent and not a principal