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. Agency coupled with an interest
Agency in which an agent has a financial interest in the subject matter of the agency.
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property


2. Base lines
Grid horizontal lines (US Government and township)
Federal Trade Commission
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Horizontal in the township and section system


3. Article 7
Property owned by husband and wife
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
Foreign Investments in Real Property Tax Act


4. Blockbusting
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
NE - North East
An acknowledgment of the grantor's signature
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission


5. Social obsolescence
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
Multiple Listing Service
The seller's signature
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


6. RPSD
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Real Property Securities Dealer
Statement of the actual settlement costs. Provided by US Dept of HUD.
A mortgage or trust deed covering more than one property


7. REIT
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
Transfer of all interest in a contract or lease.
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Real Estate Investment Trust


8. A valid deed does not have to contain

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9. TILA
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
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
The Broker is the Agent of the seller. The salesperson is the sub-agent of the


10. Advance fee
A contract based on an illegal consideration
1 square mile
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.


11. Void
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.
Horizontal in the township and section system
A contract based on an illegal consideration
An act that requires recordings and publication of a sale not in the normal course of business.


12. Burden of proof
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
The party required to prove a fact when an issue is in dispute
Finance charge and annual percentage rate - Regulation Z
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.


13. Farm
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
Grid horizontal lines (US Government and township)
A quitclaim deed conveys only the present right - title and interest of the
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


14. Abstract of judgment

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15. Agency by estoppel

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16. Acknowledgment

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17. REMT
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Real Estate Mortgage Trust
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.
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.


18. Fair Employment and Housing Act
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
Changes in escrow instructions - which require the agreement of both the buyer and seller.
One broker


19. What trust deeds in California are called..
Personal property transferred by will
Agency in which an agent has a financial interest in the subject matter of the agency.
Statement of the actual settlement costs. Provided by US Dept of HUD.
Mortgages in California


20. Affirmative easement
Failure to comply with a material term or provision of a contract
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
Easement that gives the dominant tenement owner the right to use the servient tenement.
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


21. Americans with Disabilities Act

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22. 1 square mile =
Mortgages in California
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
Ownership by one person
43560 square feet


23. Open end mortgage
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 Broker is the Agent of the seller. The salesperson is the
An action to remove a nuisance
Two or more persons - as partners - own property for partnership purposes


24. Attractive nuisance doctrine
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.


25. Functional obsolescence
Lender (or seller) in a trust deed loan situation
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.
Loss of value due to adverse factors within a structure that affect the marketability of the property.


26. Township
is deeded to the county
An agency created by a principal's approving an unauthorized act of another.
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
36 individual square miles or 640 acres.


27. Township
Grid horizontal lines (US Government and township)
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
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
In a legal sales contract - the seller is often referred to as the


28. Administrative agency
Real Property Securities Dealer
A government agency that makes rules and regulations to carry out the law.
Parallel wooden members used to support floor and ceiling loads are called
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.


29. FNMA
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
Federal National Mortgage Association
NE - North East


30. Breach of contract
Failure to comply with a material term or provision of a contract
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
The sudden removal of land by action of water - such as a river changing course.
Notice that has been expressly given and is known to a party


31. Ademption
The revocation of a specific property grant in a will by disposing of said property prior to death.
Ownership by one person
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
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement


32. Deposits from clients must be placed in a brokers trust fund
Government National Mortgage Association
Within 3 days from acceptance of the offer (this must happen)
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
Time tested model used in writing ads - Attention - Interest - Desire - Action


33. Antimerger clause
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
Changes in escrow instructions - which require the agreement of both the buyer and seller.
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
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.


34. 43560 square feet =
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Changes in escrow instructions - which require the agreement of both the buyer and seller.
1 square mile


35. Accord and satisfaction
Government National Mortgage Association
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.


36. Administrative Procedure Act
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
Foreign Investments in Real Property Tax Act
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
Department of Housing and Urban Development


37. Tenancy in common
Notice that has been expressly given and is known to a party
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
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
Must be disclosed to the buyer if


38. Economic obsolescence
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
An act that requires recordings and publication of a sale not in the normal course of business.
Any loss of value due to conditions outside of the property itself. aka social obsolescence
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.


39. Which corner does the township numbering system start in?
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
NE - North East
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.
The revocation of a specific property grant in a will by disposing of said property prior to death.


40. Meridians
Real Estate Equity Trust
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
Vertical in the township and section system
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.


41. Ownership of real property
The revocation of a specific property grant in a will by disposing of said property prior to death.
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
Statement of the actual settlement costs. Provided by US Dept of HUD.
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.


42. Unruh Civil Rights Act - California
Ownership by one person
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
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
The sudden removal of land by action of water - such as a river changing course.


43. Separate ownership
Ownership by one person
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Legal relationship under which an agent represents another - or principal - in dealings with third parties.


44. Amendments to the escrow instructions
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
Sales prices of comparable properties
Changes in escrow instructions - which require the agreement of both the buyer and seller.
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.


45. Bundle of rights
Federal National Mortgage Association
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.
Sales prices of comparable properties
All beneficial rights that go with ownership of real property


46. Real Property Loan Law
Lender (or seller) in a trust deed loan situation
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
Commission is only controlled by law under two situations. One being If property is sold while in probate and...


47. A tenancy in common
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
For Sale By Owners


48. Actual notice
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
Notice that has been expressly given and is known to a party
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
Vertical in the township and section system


49. Assignment
Statement of the actual settlement costs. Provided by US Dept of HUD.
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
Transfer of all interest in a contract or lease.
Federal National Mortgage Association


50. MLS
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-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
Time tested model used in writing ads - Attention - Interest - Desire - Action
Multiple Listing Service