California: Real Estate Principles Practice Exam 1 Questions and Answers 100% Pass

California: Real Estate Principles Practice Exam 1 Questions and Answers 100% Pass 1 of 50 - Which form of payment is most common for a property manager? A. A percentage of income. B. A salary. C. A flat fee. D. All of the Above - Correct Answer ️️ -A. A percentage of income. 2 of 50 - Which of the following is exempt from the Natural Hazards Disclosure? A. A special flood area. B. A geological hazard. C. A wildland high fire severity area. D. A seismic hazard zone. - Correct Answer ️️ -B. A geological hazard. 3 of 50 - Shakeel and Shaheen have sold their home, made an offer on Derek and Kamisha's home, and the offer was accepted. All the details of the sale have been worked out, agreed upon and signatures obtained. Now, Shakeel and Shaheen must obtain a loan for the property. What is the best term to describe their position in the transaction's timeline? A. In Contract B. Chain of Title C. Abstract and Opinion D. Both B and C - Correct Answer ️️ -A. In Contract 4 of 50 - Ted and Lisa are selling their home and have signed a listing agreement. Client or customer? Steven visits Ted and Lisa's open house, and he is interested in purchasing their home. What happens next? Is Steven a client or customer? A. Ted and Lisa are customers, and Steven is a client. The listing agent must disclose to Steven that Ted and Lisa are customers. B. Ted and Lisa are clients, as is Steven. The listing agent must disclose to Steven that Ted and Lisa are also clients. C. Ted and Lisa are customers, and Steven is a client. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationships D. Ted and Lisa are clients, and Steven is a customer. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationships. - Correct Answer ️️ -D. Ted and Lisa are clients, and Steven is a customer. The listing agent must disclose to Steven that he/she represents Ted and Lisa and explain customer relationships. 5 of 50 - In early common law, transfers of land were only made when: A. The transfer of land from husband to wife, upon the husband's death. B. The transfer of land from father to child, upon the father's death. C. The transfer of land from father to son, upon the father's death. D. Both A and B - Correct Answer ️️ -C. The transfer of land from father to son, upon the father's death. 6 of 50 - What are the parts of a mortgage loan? What purpose does each part serve? A. A Pledge and Collateral. A Pledge is a promise to pay; and Collateral allows a lender the right to foreclose if the borrower does not pay. B. A Promissory Note, a Deed of Trust, and Collateral. A Promissory Note is an I.O.U. to pay; a Deed of Trust secures the interest in a borrower's real property; and Collateral allows a lender the right to foreclose if the borrower does not pay. C. A Pledge and Collateral. A Pledge allows a lender the right to fo