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. California has three sets of base lines and meridian
A person appointed as an agent under a power of attorney
Time tested model used in writing ads - Attention - Interest - Desire - Action
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
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.


2. Base lines
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
Horizontal in the township and section system
Agency in which an agent has a financial interest in the subject matter of the agency.
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


3. vendor (term in real estate)
In a legal sales contract - the seller is often referred to as the
National Association of Independent Fee Appraisers
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.
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


4. Real Property Loan Law
A final payment that is more than twice the amount of the lowest payment.
Any loss of value due to conditions outside of the property itself. aka social obsolescence
Use of personal property to secure or guarantee a promissory note.
Commission is only controlled by law under two situations. One being If property is sold while in probate and...


5. TTIP
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
One broker
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.


6. Bundle of rights
Agency in which an agent has a financial interest in the subject matter of the agency.
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
All beneficial rights that go with ownership of real property
Transfer of all interest in a contract or lease.


7. After-acquired title
Provides for rent as a percentage of the tenants' gross income ( gross sales )
Title or interest acquired by the grantor after property has been conveyed.
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
Property owned by husband and wife


8. Real property is synonymous with...
real estate
Must be disclosed to the buyer if
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Statement by beneficiary as to balance due on loan.


9. REEA
Multiple Listing Service
Real Estate Educators Association
Taxes based on value - such as property tax. ( Latin - according to value )
All beneficial rights that go with ownership of real property


10. Liquidated damages
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.
Notice that has been expressly given and is known to a party
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


11. Federal Truth-in-Lending Law
Finance charge and annual percentage rate - Regulation Z
43560 square feet
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
A mortgage or trust deed covering more than one property


12. Accord and satisfaction
Practice of advertising where a seller will not sell an item at a price advertised or does not have the item to sell in order to bring in buyers for other items. This conduct is ILLEGAL
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.


13. FIRREA
1 square mile
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
is deeded to the county
Financial Institute Reform - Recovery - and Enforcement Act of 1989


14. Joists
One broker
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
Parallel wooden members used to support floor and ceiling loads are called
Grid of vertical lines (US Government and township)


15. Alteration
Real Estate Investment Trust
A change made to a note or contract by one of the parties without the consent of the other.
Provides for rent as a percentage of the tenants' gross income ( gross sales )
Real Estate Mortgage Trust


16. Assignment of rent
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
National Association of Independent Fee Appraisers
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Offer the seller suggestions on ways to show a home for maximum positive first impression


17. A broker selling a property on which he holds an option should notify the purchaser...
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
that he is acting as an optionor
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.


18. Administrative Procedure Act
Sales prices of comparable properties
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
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


19. A valid deed does not have to contain

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20. 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
Grid horizontal lines (US Government and township)
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
Notice that has been expressly given and is known to a party


21. Percentage lease

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22. Budle of rights - 5 things

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23. Assumable loan
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.
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
Real Estate Investment Trust
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.


24. Assignment of lease
Sales prices of comparable properties
Horizontal in the township and section system
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
Department of Housing and Urban Development


25. Open end mortgage
Federal Home Loan Mortgage Corporation
Provides for rent as a percentage of the tenants' gross income ( gross sales )
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 person appointed as an agent under a power of attorney


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

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27. Article 5
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
Ownership by one person


28. Anticipatory breach
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Sales prices of comparable properties
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.
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.


29. REET
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Real Estate Equity Trust


30. Article 7
Personal property transferred by will
Person holding title to real property in severalty
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
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.


31. FTC
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
Federal Trade Commission
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
Financial Institute Reform - Recovery - and Enforcement Act of 1989


32. Alquist-Priolo Special Studies Zone Act
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
1 square mile
The sudden removal of land by action of water - such as a river changing course.
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.


33. Accretion
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
The gradual buildup of land by natural causes ( generally by action of water )
In a legal sales contract - the seller is often referred to as the
A formal declaration of the truthfulness of a statement - given in lieu of a verification.


34. Farm
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Mortgages in California
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 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


35. Adam E Lee
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Department of Housing and Urban Development
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
Instrument used to secure a loan on personal property is called


36. Aesthetic zoning
One who represents another in an agency relationship.
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Finance charge and annual percentage rate - Regulation Z
An act that requires recordings and publication of a sale not in the normal course of business.


37. Appurtenance
The Broker is the Agent of the seller. The salesperson is the sub-agent of the
that he is acting as an optionor
Something that belongs to and goes with a property - such as structure and easement rights
A fee for rental information accepted in advance - or a promotional fee for a sale listing.


38. Tax delinquent real property not redeemed by the owner during the five-year statutory redemption period...
is deeded to the county
Failure to comply with a material term or provision of a contract
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
Zoning for density with open-space requirements as well as setback - parking - and height restrictions


39. Advance costs
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 formal declaration of the truthfulness of a statement - given in lieu of a verification.
1 square mile
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.


40. Antimerger clause
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
An action to remove a nuisance
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent


41. 3 years - broker documents
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
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
Two or more persons - as partners - own property for partnership purposes
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker


42. Broker
A mutual exchange of promises.
Loss in value from any cause? is a common definition
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.
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons


43. Balloon payment
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
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
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 final payment that is more than twice the amount of the lowest payment.


44. Attachment
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
Lender (or seller) in a trust deed loan situation
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 prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.


45. Bait and switch
A final payment that is more than twice the amount of the lowest payment.
Taxes based on value - such as property tax. ( Latin - according to value )
Practice of advertising where a seller will not sell an item at a price advertised or does not have the item to sell in order to bring in buyers for other items. This conduct is ILLEGAL
Person holding title to real property in severalty


46. TILA
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
A note that will liquidate itself over its term in equal installments
All beneficial rights that go with ownership of real property
Failure to comply with a material term or provision of a contract


47. Abstract of judgment

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48. Affirmative covenant
Title or interest acquired by the grantor after property has been conveyed.
A covenant under which an owner is required to do something - such as build within a stated period of time.
1 square mile
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.


49. Agency by estoppel

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50. amortized note
Taxes based on value - such as property tax. ( Latin - according to value )
A note that will liquidate itself over its term in equal installments
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 quitclaim deed conveys only the present right - title and interest of the