CALIFORNIA REAL ESTATE SALESPERSON
FINAL EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST 2024 – 2025
ALREADY GRADED A+
Channeling prospective buyers or tenants to particular neighborhoods based on
their race, religion, national origin, or ancestry. - ANSWERS-Steering
Form that states whether an agent is representing the seller or the buyer, or both,
in a transaction. - ANSWERS-Agency Disclosure Statement
Persons are individually held liable for damages along with the group - ANSWERS-
Joint and Several Liability
Part of the Civil Rights Act of 1968; prohibits discrimination based on race, color,
religion, sex, national origin, disability or familial status. Also referred to as the
Federal Fair Housing Act - ANSWERS-Title VIII
The illegal practice of inducing owners to sell their homes (often at a deflated
price) by suggesting that the ethnic or racial composition of the neighborhood is
,changing, with the implication that property values will decline as a result. -
ANSWERS-Blockbusting
The total cost of financing a loan in percentage terms, as a relationship of the
total finance charges to the total amount financed. Also called APR. - ANSWERS-
Annual Percentage Rate
A fibrous material that was once very common in many building materials
because of its insulating and heat-resistant value. (Now banned in most places for
most uses, and subject to strict EPA regulations.) - ANSWERS-Asbestos
Real Estate Settlement Procedures Act - Federal law dealing with real estate
closings which sets forth specific procedures and guidelines for disclosure of
settlement costs. - ANSWERS-RESPA
In the Rectangular Survey System, what would one call the lines running East and
West? - ANSWERS-Base lines
All property acquired by a husband and wife during a valid marriage (except for
separate property) is called: - ANSWERS-Community Property
What is the fullest freehold estate in fee that one can hold?
A) Life Estate
B) Fee Simple Absolute
,C) Fee Simple Conditional
D) Lease Hold Estate - ANSWERS-B) Fee Simple Absolute
That which is immovable by law is also known as: - ANSWERS-Real property
The most common way to create an agency relationship is: - ANSWERS-Agency by
agreement
Stock in a mutual water company is best described as: - ANSWERS-Real Property
When two ore more parties own real property as co-owners with the right of
survivorship, what is the tenancy called? - ANSWERS-Joint Tenancy
How long must one use another's land open and notoriously to obtain an
easement by prescription? - ANSWERS-5 years
Adverse possession is an example of how title to land an be acquired by: -
ANSWERS-Occupancy
If an agent provides the buyer with the Real Estate Transfer Disclosure Statement
after the offer is presented, how long does the buyer have to rescind the
agreement? - ANSWERS-3 days
, A seller's agent may do all of the following except: - ANSWERS-Say, "Leave it to
me. I can get you the house at the price you want."
As a result of the decision in (Easton v. Strassburger, 1984) real estate agents can
be held liable for not only for defect they know about but also: - ANSWERS-
Defects they should have known about through a reasonable inspection.
A broker is considered which of the following to the principal? - ANSWERS-Special
agent
What properties are touched and concerned by Agency Disclosure Law? -
ANSWERS-1-4 unit residential property.
When underwriting a loan application, a mortgage company is usually interested
in which of these values? - ANSWERS-Market Value
Which of the following would not be depreciated? - ANSWERS-Unimproved land
leases for open storage.
An investor buys an apartment building for $140,000 after estimating that it will
have a net income of $40,000 annually. Which value principle is at work here? -
ANSWERS-Principle of anticipation
In order to discover the fair income of the property, an appraiser looks at what? -
ANSWERS-Economic rent
FINAL EXAM WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST 2024 – 2025
ALREADY GRADED A+
Channeling prospective buyers or tenants to particular neighborhoods based on
their race, religion, national origin, or ancestry. - ANSWERS-Steering
Form that states whether an agent is representing the seller or the buyer, or both,
in a transaction. - ANSWERS-Agency Disclosure Statement
Persons are individually held liable for damages along with the group - ANSWERS-
Joint and Several Liability
Part of the Civil Rights Act of 1968; prohibits discrimination based on race, color,
religion, sex, national origin, disability or familial status. Also referred to as the
Federal Fair Housing Act - ANSWERS-Title VIII
The illegal practice of inducing owners to sell their homes (often at a deflated
price) by suggesting that the ethnic or racial composition of the neighborhood is
,changing, with the implication that property values will decline as a result. -
ANSWERS-Blockbusting
The total cost of financing a loan in percentage terms, as a relationship of the
total finance charges to the total amount financed. Also called APR. - ANSWERS-
Annual Percentage Rate
A fibrous material that was once very common in many building materials
because of its insulating and heat-resistant value. (Now banned in most places for
most uses, and subject to strict EPA regulations.) - ANSWERS-Asbestos
Real Estate Settlement Procedures Act - Federal law dealing with real estate
closings which sets forth specific procedures and guidelines for disclosure of
settlement costs. - ANSWERS-RESPA
In the Rectangular Survey System, what would one call the lines running East and
West? - ANSWERS-Base lines
All property acquired by a husband and wife during a valid marriage (except for
separate property) is called: - ANSWERS-Community Property
What is the fullest freehold estate in fee that one can hold?
A) Life Estate
B) Fee Simple Absolute
,C) Fee Simple Conditional
D) Lease Hold Estate - ANSWERS-B) Fee Simple Absolute
That which is immovable by law is also known as: - ANSWERS-Real property
The most common way to create an agency relationship is: - ANSWERS-Agency by
agreement
Stock in a mutual water company is best described as: - ANSWERS-Real Property
When two ore more parties own real property as co-owners with the right of
survivorship, what is the tenancy called? - ANSWERS-Joint Tenancy
How long must one use another's land open and notoriously to obtain an
easement by prescription? - ANSWERS-5 years
Adverse possession is an example of how title to land an be acquired by: -
ANSWERS-Occupancy
If an agent provides the buyer with the Real Estate Transfer Disclosure Statement
after the offer is presented, how long does the buyer have to rescind the
agreement? - ANSWERS-3 days
, A seller's agent may do all of the following except: - ANSWERS-Say, "Leave it to
me. I can get you the house at the price you want."
As a result of the decision in (Easton v. Strassburger, 1984) real estate agents can
be held liable for not only for defect they know about but also: - ANSWERS-
Defects they should have known about through a reasonable inspection.
A broker is considered which of the following to the principal? - ANSWERS-Special
agent
What properties are touched and concerned by Agency Disclosure Law? -
ANSWERS-1-4 unit residential property.
When underwriting a loan application, a mortgage company is usually interested
in which of these values? - ANSWERS-Market Value
Which of the following would not be depreciated? - ANSWERS-Unimproved land
leases for open storage.
An investor buys an apartment building for $140,000 after estimating that it will
have a net income of $40,000 annually. Which value principle is at work here? -
ANSWERS-Principle of anticipation
In order to discover the fair income of the property, an appraiser looks at what? -
ANSWERS-Economic rent
