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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. OLDCAR
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
1 square mile
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.

2. 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
A person appointed by the court to administer the estate of a deceased person.
Statement by beneficiary as to balance due on loan.
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments

3. Fully amortized loan
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
Horizontal in the township and section system
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but market desire is for a double car garage - home has only 1 bathroom but market desires two - floor plan is an older outdated layout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 loan to be completely repaid - principal and interest - by a series of regular equal installment payments

4. Concurrent ownership or co-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
Department of Housing and Urban Development
A covenant under which an owner is required to do something - such as build within a stated period of time.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.

5. A broker selling a property on which he holds an option should notify the purchaser...
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
that he is acting as an optionor
An action to remove a nuisance

6. Cloud on the title

7. Separate ownership
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
Ownership by one person
Statement of the actual settlement costs. Provided by US Dept of HUD.
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property

8. Real property is synonymous with...
Property owned by husband and wife
A government agency that makes rules and regulations to carry out the law.
Statement by beneficiary as to balance due on loan.
real estate

9. 'As is'
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
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.
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.

10. Institutional advertising

11. Open end mortgage
A contract based on an illegal consideration
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
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.
43560 square feet

12. FSBO's
is deeded to the county
A government agency that makes rules and regulations to carry out the law.
For Sale By Owners
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.

13. Accord and satisfaction
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
The Broker is the Agent of the seller. The salesperson is the
Ownership by one person

14. Agency by ratification

15. amortized note
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
A note that will liquidate itself over its term in equal installments
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
Attempt to establish a firm's identity to the public

16. Separate property of a married person includes...
Loss in value from any cause? is a common definition
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
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
An agency created by a principal's approving an unauthorized act of another.

17. Advance fee addendum
Person holding title to real property in severalty
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 agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
Loss of value due to adverse factors within a structure that affect the marketability of the property.

18. Monthly house payment (ratio standard)
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
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Title or interest acquired by the grantor after property has been conveyed.

19. A valid bill of sale must contain...

20. Bulk zoning
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
Any loss of value due to conditions outside of the property itself. aka social obsolescence
Instrument used to secure a loan on personal property is called
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )

21. 640 acres =
is deeded to the county
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
1 square mile
Federal Trade Commission

22. Meridians
Property owned by husband and wife
Vertical in the township and section system
Competitive Market Analysis
A statement made before a notary or court officer that the signing of a document was the signer's own free act.

23. Fair Employment and Housing Act
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
Use of personal property to secure or guarantee a promissory note.

24. Assignment of rent
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
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
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

25. GNMA
Taxes based on value - such as property tax. ( Latin - according to value )
Federal Trade Commission
Government National Mortgage Association
A final payment that is more than twice the amount of the lowest payment.

26. Major repairs in the past 5 years ( house for sale )...
real estate
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
Competitive Market Analysis
Must be disclosed to the buyer if

27. Housing Financial Discrimination Act of 1977 (Holden Act)
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
A quitclaim deed conveys only the present right - title and interest of the
Zoning for density with open-space requirements as well as setback - parking - and height restrictions

28. Economic obsolescence
Government National Mortgage Association
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Any loss of value due to conditions outside of the property itself. aka social obsolescence
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.

29. Alteration
A change made to a note or contract by one of the parties without the consent of the other.
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
Ownership by one person

30. Budle of rights - 5 things

31. Deposits from clients must be placed in a brokers trust fund
Competitive Market Analysis
Negotiable commission for residential
Within 3 days from acceptance of the offer (this must happen)
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.

32. Adverse possession
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
Provides for rent as a percentage of the tenants' gross income ( gross sales )
Parallel wooden members used to support floor and ceiling loads are called
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.

33. Void
A person appointed by the court to administer the estate of a deceased person.
A contract based on an illegal consideration
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
that he is acting as an optionor

34. CE+3
Buyer to take possession 3 days after the close of escrow
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
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
Property owned by husband and wife

35. FTC
An advertisement that fails to reveal that the advertiser is an agent and not a principal
NE - North East
Federal Trade Commission
Vertical in the township and section system

36. Breach of contract
NE - North East
Transfer of all interest in a contract or lease.
An agency created by a principal's approving an unauthorized act of another.
Failure to comply with a material term or provision of a contract

37. TTIP
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
that he is acting as an optionor
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
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. Americans with Disabilities Act

39. Agency by estoppel

40. Ad valorum taxes
43560 square feet
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Taxes based on value - such as property tax. ( Latin - according to value )
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.

41. Balloon payment
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
A contract based on an illegal consideration
A final payment that is more than twice the amount of the lowest payment.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.

42. Article 7
Instrument used to secure a loan on personal property is called
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
Title or interest acquired by the grantor after property has been conveyed.
The gradual buildup of land by natural causes ( generally by action of water )

43. Chattel mortgag
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
Use of personal property to secure or guarantee a promissory note.
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Person holding title to real property in severalty

44. HUD
A mutual exchange of promises.
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
Department of Housing and Urban Development
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.

45. Affirmative easement
Financial Institute Reform - Recovery - and Enforcement Act of 1989
Easement that gives the dominant tenement owner the right to use the servient tenement.
Provides for rent as a percentage of the tenants' gross income ( gross sales )
Promise for a promise.

46. Actual notice
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.
Notice that has been expressly given and is known to a party
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
Real Estate Investment Trust

47. Burden of proof
An action to remove a nuisance
The party required to prove a fact when an issue is in dispute
Financial Institute Reform - Recovery - and Enforcement Act of 1989
In a legal sales contract - the seller is often referred to as the

48. Avulsion
Department of Housing and Urban Development
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
Failure to comply with a material term or provision of a contract
The sudden removal of land by action of water - such as a river changing course.

49. Instrument
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
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Federal Trade Commission
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.

50. NAIFA
Statement of the actual settlement costs. Provided by US Dept of HUD.
National Association of Independent Fee Appraisers
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD