California Real Estate
Question Answer
The Listing Broker can act as a Buyer's Agent
FALSE
Only. True or False?
The FHA (Federal Housing Administration) was Provide insurance for home loans made by
created primarily to: the approved lender.
A Buyer relied upon a seller's fraudulent
Sue the seller, the seller's agent, and/or has
statement and was damaged. The seller was
grounds to recision.
unaware. The buyer has the right to:
Does not have to be recorded to Transfer
In order to be valid, a Deed:
Title.
The provision of the Subdivision Map Act is
Planning Commission
enforced by:
The encumbrance created for an unpaid
A Specific Lien
construction job is:
A person who occupies a Condo or Apartment
An Estate in Real Property.
rental technically has:
Half a Mile by Half a Mile is how many acres? 160 Acres
Brokers cannot sell their own in-house listings? TRUE
If 2 people owned property as Joint Tenants and
1 party encumbered his interest for 10k to pay
medical bills, then shortly died, would the living YES
party own the entire property free and clear of
all encumbrances?
A Title Company could make a title search by
searching the records the County Clerk's Office,
TRUE
County Recorder's Office and Federal Land
Office?
A Voidable Contract remains binding upon the
TRUE
parties until the contract is recinded.
If a roof slopes on all 4 sides it's called a Hip
TRUE
Roof.
Interest rates on trust deed loans are primarily
Demand for Supply of Money.
determined by:
Property depreciation because the City widens
Economic Obsolescence
a street is called:
The Broker notifies the Seller and the Seller
Promissory Notes are acceptable as deposits if:
accepts.
When an owner refuses to pay a Broker an
earned commission, the Broker may properly Court Action
seek relief by:
A Broker can legally advertise a $50 incentive to
a Buyer or Seller for listing a property through TRUE
him/her?
,A Joint Tenant can dispose of their interest in
FALSE
their real property through a Will.
A Trust Deed can have a provision that allows
future loans on the property to have priority. This A Subordinate Clause
would be called:
If Lee takes over "subject to" a VA loan from
Wilson in the transfer of a property. Lee defaults
Wilson
on the loan. Who is primarily liable for the
foreclosure?
When a lender makes a loan regulated by the
Real Estate Settlement Procedures Act, the loan
A Good Faith Estimate (GFE)
applicant must be provided with which of the
following:
First installment is due November 1 and
delinquent after December 10, Second
Property Tax Installment dates are:
installment is due on February 1 and
delinquent after April 10.
A lessee rents a building from May 1 to July 1.
Estate for Years
His tenancy is considered:
When a deed shows the racial identity of a
The Court
client, it can be re-written only by:
When gross income is changed into value in
one operation, which of the following describes Rent Multiplier
this occurrence?
A sublease is considered to be: A transfer of less than the entire leasehold.
A single-agency broker is client oriented. TRUE
A broker receives rental income from several
apartment units which he owns. He plans soon
to accept an offer accompanied by a deposit to
TRUE
sell one of the units. Under these
circumstances, he should not place rent or the
sale deposit into a trust account.
The Broker is authorized to find a buyer for
Authorization to Sell generally means:
the property.
A listing is the property of the Broker or the
The Employing Broker
Salesperson?
Development would have an insignificant
A Negative Declaration in an Environmental effect on the environment and the developer
Review means: will not have to pay for a full environmental
report.
Exaggerating features of a property and/or
neighborhood when showing the property to Puffing
prospective buyers is called:
The agent represents one client in dealing
Define the Term "Single Agency":
with a third person
A tenant does some work in their unit and
notices some asbestos. Does this tenant have NO
legal obligation to warn the other people?
The Alquist-Priolo Earthquake Special Studies
TRUE
Act is applicable to all counties in California?
, Mortgage Loan correspondents may obtain a
No License Needed
license by:
A Lender Under a Trust Deed is known as a
TRUE
Beneficiary.
When a lender in a Trust Deed taskes a deed in
Lieu of Foreclosure, who is liable for the second Beneficiary
financing?
When a residential neighborhood is composed
mostly owner occupied residential property, it Stabilize Value
tends to:
When using multiple properties as security for a
A Blanket Mortgage
loan, the mortgage would be called:
When a Broker is unable to resolve a conflict in
a contract between buyer and seller and there is
Interpleader Action
also a conflict with the deposit. The matter must
be referred to a third party person via:
Contingency in a contract must contain: Nature, Duration and Method of Removal
The evidence in change of title or an
The purpose of a deed is:
interest.
The Agent who will earn a commission is the Communicated the offer and acceptance
one that: from seller to buyer.
CPI refers to: Commercial Leases
Who pays the service charge under a FHA
Seller
loan?
When comparing FHA and conventional loans,
the Conventional Loan offers lower Loan to TRUE
Value (LTV) ratios.
The right of an interest in Real Property is
Quiet Title Action
represented by:
Two Siblings owned a property as Joint Tenants.
One dies penniless and in debt. The title to the TRUE
other sibling is now free and clear.
High prices, with demand and supply lag best
TRUE
refers to a Seller's Market.
Can a Broker be liable for prosecution if one of
his sellers is receiving referral fees from a YES
lender they do business with?
Are there any Insurance Policies that cover ALL
NO
risks?
Bond, Deed of Trust and Notes held by a Third
ESCROW
Party is known as:
A Contract replaced entirely by a new one is
Novation
called:
A voidable contract may be voided by one of the
TRUE
parties.
When comparing Real Property to Personal
TRUE
Property, Real Property is Immovable by Law.
Standard Policy will cover against Legal
TRUE
Incompetence of the Grantor.
Question Answer
The Listing Broker can act as a Buyer's Agent
FALSE
Only. True or False?
The FHA (Federal Housing Administration) was Provide insurance for home loans made by
created primarily to: the approved lender.
A Buyer relied upon a seller's fraudulent
Sue the seller, the seller's agent, and/or has
statement and was damaged. The seller was
grounds to recision.
unaware. The buyer has the right to:
Does not have to be recorded to Transfer
In order to be valid, a Deed:
Title.
The provision of the Subdivision Map Act is
Planning Commission
enforced by:
The encumbrance created for an unpaid
A Specific Lien
construction job is:
A person who occupies a Condo or Apartment
An Estate in Real Property.
rental technically has:
Half a Mile by Half a Mile is how many acres? 160 Acres
Brokers cannot sell their own in-house listings? TRUE
If 2 people owned property as Joint Tenants and
1 party encumbered his interest for 10k to pay
medical bills, then shortly died, would the living YES
party own the entire property free and clear of
all encumbrances?
A Title Company could make a title search by
searching the records the County Clerk's Office,
TRUE
County Recorder's Office and Federal Land
Office?
A Voidable Contract remains binding upon the
TRUE
parties until the contract is recinded.
If a roof slopes on all 4 sides it's called a Hip
TRUE
Roof.
Interest rates on trust deed loans are primarily
Demand for Supply of Money.
determined by:
Property depreciation because the City widens
Economic Obsolescence
a street is called:
The Broker notifies the Seller and the Seller
Promissory Notes are acceptable as deposits if:
accepts.
When an owner refuses to pay a Broker an
earned commission, the Broker may properly Court Action
seek relief by:
A Broker can legally advertise a $50 incentive to
a Buyer or Seller for listing a property through TRUE
him/her?
,A Joint Tenant can dispose of their interest in
FALSE
their real property through a Will.
A Trust Deed can have a provision that allows
future loans on the property to have priority. This A Subordinate Clause
would be called:
If Lee takes over "subject to" a VA loan from
Wilson in the transfer of a property. Lee defaults
Wilson
on the loan. Who is primarily liable for the
foreclosure?
When a lender makes a loan regulated by the
Real Estate Settlement Procedures Act, the loan
A Good Faith Estimate (GFE)
applicant must be provided with which of the
following:
First installment is due November 1 and
delinquent after December 10, Second
Property Tax Installment dates are:
installment is due on February 1 and
delinquent after April 10.
A lessee rents a building from May 1 to July 1.
Estate for Years
His tenancy is considered:
When a deed shows the racial identity of a
The Court
client, it can be re-written only by:
When gross income is changed into value in
one operation, which of the following describes Rent Multiplier
this occurrence?
A sublease is considered to be: A transfer of less than the entire leasehold.
A single-agency broker is client oriented. TRUE
A broker receives rental income from several
apartment units which he owns. He plans soon
to accept an offer accompanied by a deposit to
TRUE
sell one of the units. Under these
circumstances, he should not place rent or the
sale deposit into a trust account.
The Broker is authorized to find a buyer for
Authorization to Sell generally means:
the property.
A listing is the property of the Broker or the
The Employing Broker
Salesperson?
Development would have an insignificant
A Negative Declaration in an Environmental effect on the environment and the developer
Review means: will not have to pay for a full environmental
report.
Exaggerating features of a property and/or
neighborhood when showing the property to Puffing
prospective buyers is called:
The agent represents one client in dealing
Define the Term "Single Agency":
with a third person
A tenant does some work in their unit and
notices some asbestos. Does this tenant have NO
legal obligation to warn the other people?
The Alquist-Priolo Earthquake Special Studies
TRUE
Act is applicable to all counties in California?
, Mortgage Loan correspondents may obtain a
No License Needed
license by:
A Lender Under a Trust Deed is known as a
TRUE
Beneficiary.
When a lender in a Trust Deed taskes a deed in
Lieu of Foreclosure, who is liable for the second Beneficiary
financing?
When a residential neighborhood is composed
mostly owner occupied residential property, it Stabilize Value
tends to:
When using multiple properties as security for a
A Blanket Mortgage
loan, the mortgage would be called:
When a Broker is unable to resolve a conflict in
a contract between buyer and seller and there is
Interpleader Action
also a conflict with the deposit. The matter must
be referred to a third party person via:
Contingency in a contract must contain: Nature, Duration and Method of Removal
The evidence in change of title or an
The purpose of a deed is:
interest.
The Agent who will earn a commission is the Communicated the offer and acceptance
one that: from seller to buyer.
CPI refers to: Commercial Leases
Who pays the service charge under a FHA
Seller
loan?
When comparing FHA and conventional loans,
the Conventional Loan offers lower Loan to TRUE
Value (LTV) ratios.
The right of an interest in Real Property is
Quiet Title Action
represented by:
Two Siblings owned a property as Joint Tenants.
One dies penniless and in debt. The title to the TRUE
other sibling is now free and clear.
High prices, with demand and supply lag best
TRUE
refers to a Seller's Market.
Can a Broker be liable for prosecution if one of
his sellers is receiving referral fees from a YES
lender they do business with?
Are there any Insurance Policies that cover ALL
NO
risks?
Bond, Deed of Trust and Notes held by a Third
ESCROW
Party is known as:
A Contract replaced entirely by a new one is
Novation
called:
A voidable contract may be voided by one of the
TRUE
parties.
When comparing Real Property to Personal
TRUE
Property, Real Property is Immovable by Law.
Standard Policy will cover against Legal
TRUE
Incompetence of the Grantor.
