CALIFORNIA REAL ESTATE EXAM 1

Broker A receives two offers on Seller B's house, which is listed for sale at $250,000. The first offer is for all cash at $200,000. The second offer is for 20% down with 80% financing for the full price. What should the broker do with respect to both offers? - Present both offers to the seller as soon as possible. The two primary documents dealing with payment of a loan are the mortgage or deed of trust and a - promissory note. The term that best describes a continuous urban corridor joining at least two cities is - megalopolis. The term real property can also be described as - the bundle of rights. The rights of a landowner to a river bordering her property are known as - riparian rights. In the case of a transfer of ownership of a piece of real estate, a fixture is normally - assumed to be included in the transfer. A tenant who operates a jewelry store wants to take his jewelry cases with him at the expiration of the lease. What is the best solution? - He may take the cases if removal will not cause substantial damage. A legal description of property is not adequate unless - land boundaries are defined. The lot and block system of property description is not also known as the - rectangular survey system. What best describes the interests of the holder of a life estate? - Possession, use, and ownership How many acres does a section of land contain? - 640 The requirement that multiple owners take title to property at the same time is a characteristic of - joint tenancy. The type of ownership that provides the most complete bundle of rights is - fee simple absolute. Which are most similar to each other with respect to inheriting property? - Joint tenancy and community property with right of survivorship (both allow for reversion to remaining owners) A statement of the goals and policies regarding growth of a community is a good definition of the - general plan.