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. Bequest
Personal property transferred by will
A covenant under which an owner is required to do something - such as build within a stated period of time.
The seller's signature
Zoning for density with open-space requirements as well as setback - parking - and height restrictions


2. Economic obsolescence
Any loss of value due to conditions outside of the property itself. aka social obsolescence
Something that belongs to and goes with a property - such as structure and easement rights
The seller's signature
Government National Mortgage Association


3. FNMA
A final payment that is more than twice the amount of the lowest payment.
Federal National Mortgage Association
The Broker is the Agent of the seller. The salesperson is the
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.


4. Assignment of contract
Provides for project approval in close proximity to earthquake faults - as well as disclosures to buyers.
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
One broker
Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.


5. Deed of reconveyance
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
that he is acting as an optionor
Finance charge and annual percentage rate - Regulation Z
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.


6. MLS
Multiple Listing Service
Promise for a promise.
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
One broker


7. Acknowledgment

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8. HUD
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
Department of Housing and Urban Development
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
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


9. Attractive nuisance doctrine
Must be disclosed to the buyer if
Personal property transferred by will
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
Real Estate Investment Trust


10. Agency
Legal relationship under which an agent represents another - or principal - in dealings with third parties.
Licensed real estate agent who can deal directly with principals and employ licensed real estate salepersons
Real Estate Educators Association
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.


11. Beneficiary
Lender (or seller) in a trust deed loan situation
Elements of a contract - mutual COnsent - CApacity - COnsideration - LAwful purpose ( must be in writing )
In a legal sales contract - the seller is often referred to as the
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


12. RESPA
Something that belongs to and goes with a property - such as structure and easement rights
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires 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
Property owned by husband and wife


13. Breach of contract
Advance payments made to an agent to cover expected cash outlays in carrying out the agency.
A fee for rental information accepted in advance - or a promotional fee for a sale listing.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
Failure to comply with a material term or provision of a contract


14. Assuming a loa

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15. Ranges
1 square mile
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
Grid of vertical lines (US Government and township)
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.


16. Affirmation
A formal declaration of the truthfulness of a statement - given in lieu of a verification.
One broker
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 who represents another in an agency relationship.


17. Recording Act of California
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
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
After being acknowledged - any instrument or judgment affecting the title to or possession of real property may be recorded
Parallel wooden members used to support floor and ceiling loads are called


18. Chattel mortgag
Use of personal property to secure or guarantee a promissory note.
A mortgage or trust deed covering more than one property
Deed from trustee to trustor - at the request of the beneficiary of trust (lender) - that returns title to the trustor on payment of indebtedness
Legal relationship under which an agent represents another - or principal - in dealings with third parties.


19. Void
Department of Housing and Urban Development
A contract based on an illegal consideration
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
Grid of vertical lines (US Government and township)


20. OLDCAR
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
Something that belongs to and goes with a property - such as structure and easement rights
Easement that gives the dominant tenement owner the right to use the servient tenement.


21. Fully amortized loan
Agency in which an agent has a financial interest in the subject matter of the agency.
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
The buyer's agreeing to be primarily liable on the loan while the seller has secondary liability
A loan to be completely repaid - principal and interest - by a series of regular equal installment payments


22. Accord and satisfaction
Financial Institute Reform - Recovery - and Enforcement Act of 1989
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship
Government National Mortgage Association
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.


23. Ademption
Sales prices of comparable properties
Statement by beneficiary as to balance due on loan.
The revocation of a specific property grant in a will by disposing of said property prior to death.
A method to acquire title. It requires five-year - open - notorious - uninterrupted use under some claim of right - and the payment of taxes.


24. Principle or 3rd party
The Broker is the Agent of the seller. The salesperson is the sub-agent of the
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
Person holding title to real property in severalty
Separate ownershi and Concurrent ownership; a. Tenancy in common; b. Joint tenancy; and c. Community property.


25. Article 7
A quitclaim deed conveys only the present right - title and interest of the
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
Federal Home Loan Mortgage Corporation
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


26. Federal Fair Housing Act - Title VIII of the Civil Rights Act of 1968
Real Estate Mortgage Trust
An owner has a duty to reasonably protect children from injury when the premises are likely to attract children.
The Fiduciary Duty owed to a principal (seller) by the Agent (broker) obedience - loyalty - disclosure - confidentiality - accountability - reasonable use of (skill - training - experience - competency)
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


27. 3 years - broker documents
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
Copies of all listings - deposit receipts - canceled checks - and trust records must be retained by a licensed real estate broker
Part of the Business and Professions Code covering loan costs - commissions - and payment requirements relating to loan brokerage activity.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.


28. Adam E Lee
Time tested model used in writing ads - Attention - Interest - Desire - Action
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
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.
8 Ways to terminate an easement Abandonment - Destruction - Adverse Possession - Merger - Express Agreement - Lawsuit - Estoppel - Excessive use


29. Percentage lease

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30. A valid deed does not have to contain

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

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32. Salesperson can only work for...
A note that will liquidate itself over its term in equal installments
A government agency that makes rules and regulations to carry out the law.
A covenant under which an owner is required to do something - such as build within a stated period of time.
One broker


33. NAIFA
An acknowledgment of the grantor's signature
National Association of Independent Fee Appraisers
The seller's signature
Mortgages in California


34. amortized note
Foreign Investments in Real Property Tax Act
Principal + Interest + Monthly taxes and insurance + homeowners assoc. fee = 25% - 30% gross monthly income
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 note that will liquidate itself over its term in equal installments


35. FIRPTA
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
Foreign Investments in Real Property Tax Act
Zoning for density with open-space requirements as well as setback - parking - and height restrictions
A mutual exchange of promises.


36. 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.
Nonjudicial process for resolution of disputes either by agreement or mandated by law.
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
The sudden removal of land by action of water - such as a river changing course.


37. MARIA
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.
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
Alternative Minimum Tax - requires taxpayers - who make above a certain amount of gross income to - to figure taxes twice.


38. Affirmative covenant
The seller's signature
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 agency created by a principal's approving an unauthorized act of another.
A covenant under which an owner is required to do something - such as build within a stated period of time.


39. Balloon payment
A final payment that is more than twice the amount of the lowest payment.
Failure to comply with a material term or provision of a contract
Prohibits discrimination in a place of public accommodation based on an individual's physical or mental disabilities.
One who represents another in an agency relationship.


40. A tenancy in common
A procedural act that must be complied with prior to revocation - suspension - or denial of a real estate license.
An acknowledgment of the grantor's signature
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
Joint ownership of real property by two or more persons - each of whom has an undivided interest (not necessarily equal) without right of survivorship


41. Appurtenance
Something that belongs to and goes with a property - such as structure and easement rights
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
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 beneficial rights that go with ownership of real property


42. Blanket encumbrance
A mortgage or trust deed covering more than one property
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
Commission is only controlled by law under two situations. One being the Real Property Loan Law and...


43. Real Property Loan Law
Real Estate Settlement Procedures Act - requires special information booklet - requires good faith estimate - requires uniform settlement statement
Commission is only controlled by law under two situations. One being If property is sold while in probate and...
Joint tenants have: unity of time - unity of title - unity of interest - unity of possession
A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained.


44. Tenancy in partnershipm
All payments become due upon default of payment. In California - the debtor can cure the default by catching up on payments prior to foreclosure.
Provides for rent as a percentage of the tenants' gross income ( gross sales )
Person holding title to real property in severalty
Two or more persons - as partners - own property for partnership purposes


45. Social obsolescence
1 square mile
Any loss of value due to conditions outside of the property itself. aka economic obsolescence
The gradual buildup of land by natural causes ( generally by action of water )
Zoning for beauty or appearance. Appearance of zone may have a pattern in architecture - colors - and styles.


46. AIDA
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
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
Time tested model used in writing ads - Attention - Interest - Desire - Action


47. RPSD
Real Property Securities Dealer
Statement by beneficiary as to balance due on loan.
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
Foreign Investments in Real Property Tax Act


48. Federal Housing Administration - role
Simultaneous ownership of a given piece of property by two or more persons - Tenancy in common; Joint tenancy; and Community property.
Created in 1934 to provide mortgage insurance on loans made by FHA - approved lenders - part of HUD
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
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


49. Avulsion
One who represents another in an agency relationship.
Ownership by one person
ALTA - The association that developed an extended-coverage policy of title insurance for lenders ( same coverage available to buyers )
The sudden removal of land by action of water - such as a river changing course.


50. Attorney-in-fact
Something that belongs to and goes with a property - such as structure and easement rights
Attempt to establish a firm's identity to the public
A person appointed as an agent under a power of attorney
The seller's signature