Ca DRE Exam Questions with 100% correct Answers

The term "property" refers to - ANSWER-The rights or interests in the thing owed Which of the following is considered real property? - ANSWER-Airspace above the land Which of the following is considered personal property? - ANSWER-Leasehold estate which of the following is considered personal property - ANSWER-emblements The highest quality and quantity of ownership in real property is: - ANSWER-fee simple Which test is not a general test of a fixture - ANSWER-Time of attachement which of the following is a less-than-freehold estate? - ANSWER-estate for years An Uncle left his nephew 2/3 interest and left his nephew's wife 1/3 in real property jointly and without right of suviorship. The nephew and his wife will assume title to an estate that is classified as - ANSWER-Tenancy in common ownership in severalty would most likely involve - ANSWER-sole ownership The words "time,title,interest,and possession" are most colsely related to the concept of - ANSWER-Joint tenancy which of the following would not be classified as personal property or a chattel? - ANSWER-airspace in condominium unit If a landlord deeds land to a hospital but specifies that it may only be used for a hospital, this would be a? - ANSWER-Defeasible estate! The title to chattels, personalty, and personal property is transferred by a - ANSWER-bill of sale concerning real property, in which way are joint tenacy interests and community property similar - ANSWER-ownership interest is equal Kris, Dan, and alex took tile to a property as joint tenants. Kris sold her share to pat, and then dan died. who owns the property - ANSWER-Ales owns 2/3 and pat owns 1/3 as tenants in common Which os the best definition of encumbrance? - ANSWER-a non-possessory interest in real estate that is held by someone who is not the owner The form of encumbrance that makes specific property the security for the payment of a debt or discharge of an obligation is called a; - ANSWER-lien Private restrictions on land can be created by deed - ANSWER-or written agreement! An owner of a parcel of real property gave a neighbor a deed conveying an easement for ingress and egress. The easement was not specifically located in the dead. under the circumstances, the neighbors right to use the easement is - ANSWER-enforceable because the location of the easement does not need to be specified gary owns a ranch. gary gave sam, who owns no proeprty, a non-revocable right to cross his property to fish in a stream. sam has a(n): - ANSWER-easement in gross the personal, revocable, unassignable permission to use the property of another without a possessory interest in it is called - ANSWER-license alienation of title to real property most nearly means to: - ANSWER-convey or transfer title and possession! A person who dies intestate: - ANSWER-will have the estate administered and distributed by a court automatically what term identifies a will written entirely in the handwriting of the testator? - ANSWER-Holographic will Real property transferred under the provisions of a will is called a: - ANSWER-devise A deed to transfer real property must be BLANK to be binding on a buyer and a seller - ANSWER-delivered and accepted The clause in a deed which sets forth the extent of the grantee's interest in the property is called the BLANK Clause - ANSWER-habendum Effective delivery of a deed depends on: - ANSWER-the intention of the grantor which of the following convenants is not in a general warrant deed? - ANSWER-covenant of encumbrances which action is a quite-title action - ANSWER-court action to remove a cloud on title A farm owned by alex green was escheated to the state because: - ANSWER-Alex died intestate with no heirs An agreement to do or not to do a certain thing is called - ANSWER-a contract when a promise is given by both parties with the expectation of performance by the other party, is known as an BLANK contract - ANSWER-Bilateral A 15 year-old individual nay acquire title to real property by - ANSWER-gift or inheritance The following elements are necessary to create a valid contract, except - ANSWER-performance another name for mutual assent is - ANSWER-meeting of the minds consideration is one of the necessary elements of a valid contract. Which of the following is consideration? - ANSWER-A promise to perform an act An exchange of money A service rendered All of the following are necessary for a valid contract - ANSWER-Genuine consent lawful object capable parties A written contract takes precedence over oral agreements. This principle is expressed by the: - ANSWER-Parol evidence rule The statute of frauds requires that contarcts for the sale of real estate must: - ANSWER-Be in writting A suit for specific performance - ANSWER-an option whereby the seller can require the buyer to meet the requirments of the earnest money contracted and the buyer can require the seller to meet the terms of the agreed on contract! Agents have a fuduciary duty to: - ANSWER-Their principles Fiduciary refers to: - ANSWER-One who has the legal authority to act on behalf of another person The relationship in which a broker represents either the seller or the buyer in a transaction, but not both is called a Blank Agency - ANSWER-Sinlge An agency can be created for - ANSWER-express content ratification estoppel An exlusive right to sell listing agreement is an - ANSWER-bilateral contract promise for a promise employment contract An enforeable listing contract for the sale of real property must be - ANSWER-In writing broker winters signed an exclusive agency listing to sell baker's $365,000 house. winters diligently advertised the sale of the house. One week before the listing was to expire; the house was sold through bakers own effor to a freind . Under the contract rules and regulations winters is most likely to receive - ANSWER-no comission In an exclusive egency listing, as a matter of law, the duration of the listing between the broker and seller is: - ANSWER-whatever term is agreeable to both parties When the seller signs the listing agreement, the listing broker represents - ANSWER-The seller when the buyer sign the buyer representation agreement, the broker represents - ANSWER-The buyer A real estate broker hired by the buyer to locate a property must comply with all of the following except - ANSWER-The instrcutons of the seller an agency relationship may be terminated by all of the following, except - ANSWER-the principles refusal of an offer to purchase, which was presented on the name of a thrid party What is the status of the contract during the period of time after real estate sales contract is signed by both parties, but before title actulally passes? The contract: - ANSWER-executory Buyer baker presented an offer to seller sam for the purchase of a 10 year old home in a quite neighborhood. Seller sam made a counter offer to buyer baker. under these circumstances, buyer baker - ANSWER-has no obligation under his oringinal offer Buyer bakers agent presented an offer to purchase to seller Donna. Seller donna was delighted because the offer met all her terms. In order to accept the offer, what must seller donna do? - ANSWER-Sign and date the earnest money contract What is a counter offer - ANSWER-Counter offer is a rejection of an original purchase or offer An agreement not to close an offer is known as - ANSWER-option Seller paul gives an option to buyer green to purchase pauls ranch. This option is most clearley constitutes an - ANSWER-contract to keep an offer open which statment is correct regarding an option contract to purchase real estate - ANSWER-The optionee is not obligated to purchase the property The term tenancy, as used in real estate law, is best described as - ANSWER-A mode or method of holding title to real property by a lessee or owner the right of a landlord to reclaim the property at the end of a lease is called: - ANSWER-reversionary interest If real property is subleased, what is the interest held by the sublessor commonly known as an - ANSWER-sandwich lease which situation would terminate a lease - ANSWER-Eviction Destruction of the premises Mutual agreement A suit for possession proceeding unlawful detainer action is most often taken by a - ANSWER-lessor If a seller includes an "as is" clause in the listing agreeeent, the - ANSWER-seller must still disclose material facts to a prospective buyer an BLANK is any fact that may affect value, desirability and intended use of the property - ANSWER-Material fact Which of the following is consider house hazardous waste? - ANSWER-Motor Oil Pesticide Oil based paint residential property built prior to 1978 requires the: - ANSWER--seller to disclose known information regarding lead paint -landlord to disclose information regarding lead paint -agent of the seller to disclose to the buyer that their is lead paint A property that has been psychologically impacted is known as - ANSWER-Stigmatized property Gary green, an agent with ready realty, is writing a real estate advertisement for his new listing. Which of the following statements is legally permissible if no further information is given? - ANSWER-Liberal terms avaiable to qualified buyer Under RESPA, the buyer is entitled to receive the HUD-1 settlement statement BLANK days prior to closing - ANSWER-1 The equal credit oppotunity act requires - ANSWER--giving written notice of the requirments that the act prohibits discrimination against credit applications -always informing applicant of the reasons for terminating or denying credit -informing holders of previous and existing accounts of their rights to have credit history reported in both spouse's names. The completion of a property transaction is described as - ANSWER-closing settlement escrow Title that cannot be defeated, set aside, or made void by a superior claim called: - ANSWER-good and indefeasible title What is an abstract of title? - ANSWER-A summary of all facts regarding evidence of title a buyer who wishes to insure title to real property when it is purchased should get an - ANSWER-title insurance poicy A BLANK is an offer to issue a policy of title insurance in the future for a specific fee - ANSWER-Title Commitment Which of the following is not a type of legal description - ANSWER-Street Address Which system of land description employs a point of beginning and a terminus - ANSWER-Metes and Bounds Which system of land description employs meridians and baselines - ANSWER-rectangular and survey system On the scale of principle residence, which expenses are deductible - ANSWER-Interest property taxs Which business entity would be subject to double taxation - ANSWER-C corporation A promissory note - ANSWER-is evidence of debt all of the following are negotiable instruments - ANSWER-personal check promissory note installment note The liquidation of financial obligation on an installment basis is known as - ANSWER-Amortization which loan invloves a ballon payment - ANSWER-partially amortized loan when compared to a 25 yr amortized laon, a 30yr amortized loan has: - ANSWER-lower monthly payments of principle and interest