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. Economic obsolescence
Taxes based on value - such as property tax. ( Latin - according to value )
Property owned by husband and wife
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
Any loss of value due to conditions outside of the property itself. aka social obsolescence


2. Abstract of judgment

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


3. Assignment of rent
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
Transfer of all interest in a contract or lease.
Grid of vertical lines (US Government and township)
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments


4. CMA
One broker
Competitive Market Analysis
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
1 square mile


5. Cloud on the title

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


6. Agency
The gradual buildup of land by natural causes ( generally by action of water )
Legal relationship under which an agent represents another - or principal - in dealings with third parties.
Negotiable commission for residential
Real Estate Equity Trust


7. Void
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.
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
A contract based on an illegal consideration


8. MARIA
Financial Institute Reform - Recovery - and Enforcement Act of 1989
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
A statement made before a notary or court officer that the signing of a document was the signer's own free act.


9. Bilateral contract
Person holding title to real property in severalty
Transfer of all interest in a contract or lease.
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
A mutual exchange of promises.


10. 640 acres =
A note that will liquidate itself over its term in equal installments
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
1 square mile
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.


11. Attorney-in-fact
A person appointed as an agent under a power of attorney
Offer the seller suggestions on ways to show a home for maximum positive first impression
Time tested model used in writing ads - Attention - Interest - Desire - Action
Real Estate Mortgage Trust


12. Breach of contract
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Failure to comply with a material term or provision of a contract
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.
One broker


13. Salesperson can only work for...
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.
One broker
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
NE - North East


14. If property is sold while in probate
A covenant under which an owner is required to do something - such as build within a stated period of time.
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Loss in value from any cause? is a common definition


15. After-acquired title
Title or interest acquired by the grantor after property has been conveyed.
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
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
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.


16. Broker
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
Finance charge and annual percentage rate - Regulation Z
Federal Trade Commission
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


17. Adam E Lee
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
A change made to a note or contract by one of the parties without the consent of the other.
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 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.


18. NAIFA
National Association of Independent Fee Appraisers
Personal property transferred by will
Negotiable commission for residential
Instrument used to secure a loan on personal property is called


19. Grantor - quitclaim
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
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
A quitclaim deed conveys only the present right - title and interest of the


20. Blockbusting
Any loss of value due to conditions outside of the property itself. aka social obsolescence
A mutual exchange of promises.
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.


21. 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
Real Estate Investment Trust
Lender (or seller) in a trust deed loan situation
Buyer to take possession 3 days after the close of escrow


22. Avulsion
The sudden removal of land by action of water - such as a river changing course.
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
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
Lender (or seller) in a trust deed loan situation


23. Township
Real Estate Educators Association
Instrument used to secure a loan on personal property is called
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.
36 individual square miles or 640 acres.


24. Budle of rights - 5 things

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


25. Accretion
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
The gradual buildup of land by natural causes ( generally by action of water )
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts


26. Advance fee addendum
The Broker is the Agent of the seller. The salesperson is the
Legal relationship under which an agent represents another - or principal - in dealings with third parties.
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.


27. Institutional advertising

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


28. Appraisals of single-family dwellings
Title or interest acquired by the grantor after property has been conveyed.
Transfer of all interest in a contract or lease.
Sales prices of comparable properties
Multiple Listing Service


29. Federal Fair Housing Act - Title VIII of the Civil Rights Act of 1968
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
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
Parallel wooden members used to support floor and ceiling loads are called
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.


30. Tenancy in common
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
real estate
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
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


31. Uniform Settlement Statement
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
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
NE - North East
Statement of the actual settlement costs. Provided by US Dept of HUD.


32. Acknowledgment

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


33. Major repairs in the past 5 years ( house for sale )...
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
A contract based on an illegal consideration
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Must be disclosed to the buyer if


34. Assignment of contract
Financial Institute Reform - Recovery - and Enforcement Act of 1989
Statement of the actual settlement costs. Provided by US Dept of HUD.
An acknowledgment of the grantor's signature
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.


35. Functional obsolescence
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
Time tested model used in writing ads - Attention - Interest - Desire - Action
Loss of value due to adverse factors within a structure that affect the marketability of the property.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.


36. Bequest
Personal property transferred by will
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
Agency in which an agent has a financial interest in the subject matter of the agency.


37. Accord and satisfaction
A note that will liquidate itself over its term in equal installments
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
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 covenant under which an owner is required to do something - such as build within a stated period of time.


38. OLDCAR
A change made to a note or contract by one of the parties without the consent of the other.
An act that requires recordings and publication of a sale not in the normal course of business.
The sudden removal of land by action of water - such as a river changing course.
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)


39. Antimerger clause
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
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
Real Estate Educators Association


40. Housing Financial Discrimination Act of 1977 (Holden Act)
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
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 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.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.


41. The Recovery Account
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
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
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded


42. Beneficiary statement
Notice that has been expressly given and is known to a party
The party required to prove a fact when an issue is in dispute
Statement by beneficiary as to balance due on loan.
Provides for rent as a percentage of the tenants' gross income ( gross sales )


43. California has three sets of base lines and meridian
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.
A government agency that makes rules and regulations to carry out the law.
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
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property


44. Administrative Procedure Act
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
Instrument used to secure a loan on personal property is called
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.


45. Broker's loan statement
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
Federal Trade Commission


46. Bait and switch
Time tested model used in writing ads - Attention - Interest - Desire - Action
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
The party required to prove a fact when an issue is in dispute
is deeded to the county


47. Arbitration
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 procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
An act that requires recordings and publication of a sale not in the normal course of business.
Nonjudicial process for resolution of disputes either by agreement or mandated by law.


48. Advance costs
36 individual square miles or 640 acres.
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
Grid horizontal lines (US Government and township)


49. depreciation
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.
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
Loss in value from any cause? is a common definition
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.


50. Appurtenance
The Broker is the Agent of the seller. The salesperson is the sub-agent of the
Something that belongs to and goes with a property - such as structure and easement rights
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance