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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. FHLMC
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
Federal Home Loan Mortgage Corporation
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 Broker is the Agent of the seller. The salesperson is the sub-agent of the

2. Assuming a loa

3. TTIP
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Negotiable commission for residential
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
An act that requires recordings and publication of a sale not in the normal course of business.

4. REMT
36 individual square miles or 640 acres.
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
Real Estate Mortgage Trust

5. Three most common methods of describing property
Provides for rent as a percentage of the tenants' gross income ( gross sales )
By recorded map; by U. S. Government section and township; and by metes and bounds
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
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.

6. Abstract of title
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
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
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.
Horizontal in the township and section system

7. CMA
Within 3 days from acceptance of the offer (this must happen)
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
Real Property Securities Dealer
Competitive Market Analysis

8. Advance costs
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 covenant under which an owner is required to do something - such as build within a stated period of time.
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
NE - North East

9. Bulk zoning
Attempt to establish a firm's identity to the public
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
Real Property Securities Dealer
An agency created by a principal's approving an unauthorized act of another.

10. RESPA
Ownership by one person
A change made to a note or contract by one of the parties without the consent of the other.
Parallel wooden members used to support floor and ceiling loads are called
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement

11. Alquist-Priolo Special Studies Zone Act
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
Federal Home Loan Mortgage Corporation

12. Acknowledgment

13. PITI
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
The revocation of a specific property grant in a will by disposing of said property prior to death.
Taxes based on value - such as property tax. ( Latin - according to value )

14. Ademption
The revocation of a specific property grant in a will by disposing of said property prior to death.
Attempt to establish a firm's identity to the public
One broker
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

15. Abstract of judgment

16. Arbitration
Law prohibits discrimination in supplying housing accommodations because of race - color - religion - sex - marital status - national origin - ancestry - age - familial status or disability.
Loss of value due to adverse factors within a structure that affect the marketability of the property.
Statement of the actual settlement costs. Provided by US Dept of HUD.
Nonjudicial process for resolution of disputes either by agreement or mandated by law.

17. Attachment
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.
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.
Title or interest acquired by the grantor after property has been conveyed.
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability

18. 3 years - broker documents
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
Real Estate Investment Trust
Property owned by husband and wife

19. Economic obsolescence
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
Time tested model used in writing ads - Attention - Interest - Desire - Action
Items used to qualify a buyer for the proper debt:income ratio. Usually 1/3 of gross income. principle - interest - taxes - insurance
Any loss of value due to conditions outside of the property itself. aka social obsolescence

20. Fully amortized loan
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
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 loan to be completely repaid - principal and interest - by a series of regular equal installment payments
Time tested model used in writing ads - Attention - Interest - Desire - Action

21. Adam E Lee
Foreign Investments in Real Property Tax Act
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use
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

22. Concurrent ownership or co-ownership
A disclosure statement given to borrowers by mortgage loan brokers that provides information on all costs - fees - and loan terms.
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.
Promise for a promise.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.

23. Monthly house payment (ratio standard)
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
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

24. If property is sold while in probate
Grid horizontal lines (US Government and township)
Department of Housing and Urban Development
A clause in a mortgage or trust deed that the senior lienholder will retain lien priority in the event of a merger.
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...

25. Deposits from clients must be placed in a brokers trust fund
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
Within 3 days from acceptance of the offer (this must happen)
An acknowledgment of the grantor's signature
Property owned by husband and wife

26. Americans with Disabilities Act

27. Agency coupled with an interest
Finance charge and annual percentage rate - Regulation Z
Agency in which an agent has a financial interest in the subject matter of the agency.
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.
Property owned by husband and wife

28. Assignment of rent
Real Estate Mortgage Trust
that he is acting as an optionor
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts

29. Balloon payment
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
1 square mile
A contract based on an illegal consideration
A final payment that is more than twice the amount of the lowest payment.

30. Article 5
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Department of Housing and Urban Development
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts

31. Separate property of a married person includes...
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...
Grid of vertical lines (US Government and township)
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
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

32. California has three sets of base lines and meridian
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Finance charge and annual percentage rate - Regulation Z
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.
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

33. REET
Instrument used to secure a loan on personal property is called
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.
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
Real Estate Equity Trust

34. Aesthetic zoning
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
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.
Multiple Listing Service
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.

35. CoCa CoLa
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
1 square mile
Inducing panic selling based on fear of the entry of persons of another race - color - religion - or ancestry into the area.

36. Grantor - quitclaim
Property owned by husband and wife
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
A quitclaim deed conveys only the present right - title and interest of the
43560 square feet

37. Agency by estoppel

38. Ownership of real property
A quitclaim deed conveys only the present right - title and interest of the
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
A covenant under which an owner is required to do something - such as build within a stated period of time.

39. Alteration
An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
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 change made to a note or contract by one of the parties without the consent of the other.
Taxes based on value - such as property tax. ( Latin - according to value )

40. Attractive nuisance doctrine
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
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
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.

41. A broker selling a property on which he holds an option should notify the purchaser...
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
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
Horizontal in the township and section system
that he is acting as an optionor

42. Instrument
1 square mile
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 Broker is the Agent of the seller. The salesperson is the
Something that belongs to and goes with a property - such as structure and easement rights

43. Actual notice
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.
Notice that has been expressly given and is known to a party
Owner assigns right to collect rent to another. Usually given to a lienholder when owner is delinquent in rent

44. Bilateral contract - p4p
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.
Promise for a promise.
Part of the Business and Professions Code governing transactions in trust deeds and real property sales contracts

45. Sole ownership
Something that belongs to and goes with a property - such as structure and easement rights
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
By recorded map; by U. S. Government section and township; and by metes and bounds
Person holding title to real property in severalty

46. Housing Financial Discrimination Act of 1977 (Holden Act)
Within 3 days from acceptance of the offer (this must happen)
National Association of Independent Fee Appraisers
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.
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

47. 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.
An act that requires recordings and publication of a sale not in the normal course of business.
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.

48. Bilateral contract
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
A mutual exchange of promises.
The gradual buildup of land by natural causes ( generally by action of water )

49. FIRPTA
Act of a party that can be treated as a breach of contract because it makes performance by that party impossible.
Foreign Investments in Real Property Tax Act
One broker
real estate

50. Open end mortgage
Instrument used to secure a loan on personal property is called
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 quitclaim deed conveys only the present right - title and interest of the
A statement made before a notary or court officer that the signing of a document was the signer's own free act.