California Real Estate Exam 2024 Latest
Update.
An insurance policy which combines personal liability insurance and hazard insurance
coverage for a dwelling and its contents is called - ANS Homeowners insurance
What is the status of a contract when all the terms have been fulfilled and the transaction
has been closed? - ANS Fully executed
Surface rights, air, rights, and subsurface rights are all rights that can be sold by a
property owner while still retaining the property itself. These rights are known as: - ANS
Several rights
When an easement allows the use of a neighboring property which automatically
transfers upon the sale of either dominant or servient property. It is called what type of
easement - ANS Easement appurtenant
Linda purchased a fee simple interest for the private use of a residential property for one
week every single year. What did Linda purchase? - ANS Resort timeshare
What is the highest form of landownership which includes the full and complete bundle of
property rights? - ANS Fee simple absolute
What type of ownership would allow two or more owners to have various unequal
percentages of ownership? - ANS Tenancy in common
Tendency in severalty is best described as - ANS One property owner
Which of the following is not one of the four land use controls? - ANS intestate
What is the general purpose for cities to require building permits? - ANS To require a
minimum level of construction standards
The interest rate bank charge to their preferred customers is called - ANS The prime rate
, The city of Brownwood plants to build a new water treatment facility, but the land that is
required is privately owned. Eminent domain allows the city to - ANS Take possession of
the land against the owners wishes yet the owner must be compensated
When the appraised value of a property is given, it is based on - ANS Comparable sales
Agent Brooke is preparing for a listing appointment and has gathered information to
prepare a report of recent market data for the seller to review. The report agents reconcile
to obtain a reasonable list price for a property based on current listings, recent sales and
expireds would be called. - ANS Comparative market analysis (CMA)
Paul owns an older residential property in an area now zone for commercial use. Paul
decides to renovate the home into a laundromat. The change in the properties
functionality for Paul's financial gain is an example of what - ANS Highest and best use
John's tire store is being built across the street from big Bob's tires. What appraisal
principal describes this situation - ANS Competition
Buyer Sam purchased a rundown residential home in a neighborhood with many nice
well-kept properties. Sam intends to renovate the home and resell it for a profit.
Considering the nicer homes in the neighborhood help raise his property value, what
appraisal principle is Sam leveraging ? - ANS Progression
During the appraisal process, the appraiser will never adjust the price of the - ANS
Subject property
While working on an appraisal report appraiser, Jake finds that the comparable property
is superior to the subject property with more amenities. How will Jake make adjustments
to arrive at a value of the subject property? - ANS Subtract value from comparable
The beautiful town of big Bear is experiencing a fast influx of new residence. There are a
few homes on the market and no new construction developments in the works. What will
this do to the price of the existing homes in the area? - ANS The prices will increase
Homeowner Paul is selling his home without a real estate agent. He places an
advertisement stating "owner financing 3% down payment" is Paul's advertisement in
violation of the Truth in Lending act? - ANS No property owners are not regulated by TRIL
advertising requirements
Update.
An insurance policy which combines personal liability insurance and hazard insurance
coverage for a dwelling and its contents is called - ANS Homeowners insurance
What is the status of a contract when all the terms have been fulfilled and the transaction
has been closed? - ANS Fully executed
Surface rights, air, rights, and subsurface rights are all rights that can be sold by a
property owner while still retaining the property itself. These rights are known as: - ANS
Several rights
When an easement allows the use of a neighboring property which automatically
transfers upon the sale of either dominant or servient property. It is called what type of
easement - ANS Easement appurtenant
Linda purchased a fee simple interest for the private use of a residential property for one
week every single year. What did Linda purchase? - ANS Resort timeshare
What is the highest form of landownership which includes the full and complete bundle of
property rights? - ANS Fee simple absolute
What type of ownership would allow two or more owners to have various unequal
percentages of ownership? - ANS Tenancy in common
Tendency in severalty is best described as - ANS One property owner
Which of the following is not one of the four land use controls? - ANS intestate
What is the general purpose for cities to require building permits? - ANS To require a
minimum level of construction standards
The interest rate bank charge to their preferred customers is called - ANS The prime rate
, The city of Brownwood plants to build a new water treatment facility, but the land that is
required is privately owned. Eminent domain allows the city to - ANS Take possession of
the land against the owners wishes yet the owner must be compensated
When the appraised value of a property is given, it is based on - ANS Comparable sales
Agent Brooke is preparing for a listing appointment and has gathered information to
prepare a report of recent market data for the seller to review. The report agents reconcile
to obtain a reasonable list price for a property based on current listings, recent sales and
expireds would be called. - ANS Comparative market analysis (CMA)
Paul owns an older residential property in an area now zone for commercial use. Paul
decides to renovate the home into a laundromat. The change in the properties
functionality for Paul's financial gain is an example of what - ANS Highest and best use
John's tire store is being built across the street from big Bob's tires. What appraisal
principal describes this situation - ANS Competition
Buyer Sam purchased a rundown residential home in a neighborhood with many nice
well-kept properties. Sam intends to renovate the home and resell it for a profit.
Considering the nicer homes in the neighborhood help raise his property value, what
appraisal principle is Sam leveraging ? - ANS Progression
During the appraisal process, the appraiser will never adjust the price of the - ANS
Subject property
While working on an appraisal report appraiser, Jake finds that the comparable property
is superior to the subject property with more amenities. How will Jake make adjustments
to arrive at a value of the subject property? - ANS Subtract value from comparable
The beautiful town of big Bear is experiencing a fast influx of new residence. There are a
few homes on the market and no new construction developments in the works. What will
this do to the price of the existing homes in the area? - ANS The prices will increase
Homeowner Paul is selling his home without a real estate agent. He places an
advertisement stating "owner financing 3% down payment" is Paul's advertisement in
violation of the Truth in Lending act? - ANS No property owners are not regulated by TRIL
advertising requirements
