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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. Adam E Lee
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
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
One broker

2. Burden of proof
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
The party required to prove a fact when an issue is in dispute
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
Loss in value from any cause? is a common definition

3. Social obsolescence
A mortgage or trust deed covering more than one property
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
The party required to prove a fact when an issue is in dispute
Government National Mortgage Association

4. Real Property Loan Law
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )

5. 3 years - broker documents
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
Negotiable commission for residential
Lender (or seller) in a trust deed loan situation

6. If property is sold while in probate
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Attempt to establish a firm's identity to the public
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

7. Township
43560 square feet
An action to remove a nuisance
Grid horizontal lines (US Government and township)
Legal relationship under which an agent represents another - or principal - in dealings with third parties.

8. depreciation
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
National Association of Independent Fee Appraisers
For Sale By Owners
Loss in value from any cause? is a common definition

9. Ad valorum taxes
National Association of Independent Fee Appraisers
Taxes based on value - such as property tax. ( Latin - according to value )
Instrument used to secure a loan on personal property is called
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.

10. 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 copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
The gradual buildup of land by natural causes ( generally by action of water )
Personal property transferred by will

11. Balloon payment
A final payment that is more than twice the amount of the lowest payment.
Grid of vertical lines (US Government and township)
Government National Mortgage Association
Easement that gives the dominant tenement owner the right to use the servient tenement.

12. Joists
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
Changes in escrow instructions - which require the agreement of both the buyer and seller.
Must be disclosed to the buyer if
Parallel wooden members used to support floor and ceiling loads are called

13. Blanket encumbrance
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
One who represents another in an agency relationship.
A note that will liquidate itself over its term in equal installments
A mortgage or trust deed covering more than one property

14. vendor (term in real estate)
In a legal sales contract - the seller is often referred to as the
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
Lender (or seller) in a trust deed loan situation
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent

15. American Land Title Association
Grid of vertical lines (US Government and township)
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
Time tested model used in writing ads - Attention - Interest - Desire - Action

16. Abstract of title
Real Estate Educators Association
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.

17. Which corner does the township numbering system start in?
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
NE - North East
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Ownership by one person

18. Encumbrance

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19. Ranges
Two or more persons - as partners - own property for partnership purposes
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
Grid of vertical lines (US Government and township)

20. Adverse possession
A quitclaim deed conveys only the present right - title and interest of the
Provides for rent as a percentage of the tenants' gross income ( gross sales )
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
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.

21. Three most common methods of describing property
The revocation of a specific property grant in a will by disposing of said property prior to death.
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.
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
By recorded map; by U. S. Government section and township; and by metes and bounds

22. Assuming a loa

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23. Staging
Offer the seller suggestions on ways to show a home for maximum positive first impression
43560 square feet
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.
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

24. PITI
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
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.

25. Agency
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
Grid of vertical lines (US Government and township)
Person holding title to real property in severalty
Legal relationship under which an agent represents another - or principal - in dealings with third parties.

26. Amendments to the escrow instructions
Changes in escrow instructions - which require the agreement of both the buyer and seller.
Time tested model used in writing ads - Attention - Interest - Desire - Action
A person appointed by the court to administer the estate of a deceased person.
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

27. Assignment of lease
Real Estate Equity Trust
For Sale By Owners
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
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

28. Budle of rights - 5 things

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29. Blind ad
An advertisement that fails to reveal that the advertiser is an agent and not a principal
Foreign Investments in Real Property Tax Act
An act that requires recordings and publication of a sale not in the normal course of business.
A person appointed by the court to administer the estate of a deceased person.

30. Accretion
The gradual buildup of land by natural causes ( generally by action of water )
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.
Grid horizontal lines (US Government and township)

31. Community property
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
A change made to a note or contract by one of the parties without the consent of the other.
Cconsists of all property acquired by a husband and wife - or either - during a valid marriage - other than separate property
The Broker is the Agent of the seller. The salesperson is the

32. Administrator
Federal Home Loan Mortgage Corporation
A final payment that is more than twice the amount of the lowest payment.
A person appointed by the court to administer the estate of a deceased person.
Notice that has been expressly given and is known to a party

33. MARIA
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
By recorded map; by U. S. Government section and township; and by metes and bounds
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
The party required to prove a fact when an issue is in dispute

34. Aesthetic zoning
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts
Must be disclosed to the buyer if
By recorded map; by U. S. Government section and township; and by metes and bounds

35. Bilateral contract
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
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
Failure to comply with a material term or provision of a contract
A mutual exchange of promises.

36. Examples functional obsolescence
In a legal sales contract - the seller is often referred to as the
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
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 procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.

37. Beneficiary
Lender (or seller) in a trust deed loan situation
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
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
1 square mile

38. 640 acres =
1 square mile
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.
A mortgage or trust deed covering more than one property
Notice that has been expressly given and is known to a party

39. Appraisals of single-family dwellings
Sales prices of comparable properties
Parallel wooden members used to support floor and ceiling loads are called
Vertical in the township and section system
Real Estate Educators Association

40. Fair Employment and Housing Act
A note that will liquidate itself over its term in equal installments
An action to remove a nuisance
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
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

41. A tenancy in common
An agency created by a principal's approving an unauthorized act of another.
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 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
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement

42. TTIP
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Foreign Investments in Real Property Tax Act
A mortgage or trust deed covering more than one property
In a legal sales contract - the seller is often referred to as the

43. HUD
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
Department of Housing and Urban Development

44. Open end mortgage
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
Ownership by one person
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.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.

45. Assumable loan
Parallel wooden members used to support floor and ceiling loads are called
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
Truth in Lending Act - Implemented by Regulation Z set by the Federal Trade Commission
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.

46. Ownership of real property
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
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.
The Broker is the Agent of the seller. The salesperson is the sub-agent of the

47. RPSD
NE - North East
Real Property Securities Dealer
43560 square feet
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. Monthly house payment (ratio standard)
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
Legal relationship under which an agent represents another - or principal - in dealings with third parties.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
Failure to comply with a material term or provision of a contract

49. Instrument
A contract based on an illegal consideration
Provides for rent as a percentage of the tenants' gross income ( gross sales )
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
One who represents another in an agency relationship.

50. Anticipatory breach
Taxes based on value - such as property tax. ( Latin - according to value )
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.