California Real Estate Exam

In reference to Property Taxes, "basis" or "cost" is

How is a condominium unit owned?

How are common interests in a condo owned?

Subdivided Land Laws refer to

How long is a disclosure in public report for Subdivided Land Laws good for?

When does a tax year run?

Legally combining smaller, adjacent parcels of land to form a larger parcel.

Separating large parcels into smaller lots

Amount or size of land being increased by natural forces such as deposits by wind or water.

Gradual uncovering of land previously covered by water such as when a stream changes course.

The Statute of Limitations in the state of California allows how long to take action?

The process by which the court may seize real or personal property as security for a satisfaction of monetary judgement.

When is a 20-day preliminary notice of a mechanics lien need to be issued?

What is the purpose of issuing a preliminary notice of a mechanics lien to a claimant?

What is the brokers relationship to the customer?

What is the agents (salesperson) relationship to the broker?

A Home Equity Line of Credit is

An Open Ended Mortgage is

Zoning is an example of

Local jurisdictions have the authority to divide land into districts and impose land use regulations to promote health, safety, and welfare of the public--this is known as

When can restrictions placed on a deed be removed?

What is the only restriction placed on a deed that is considered illegal?

Is an option contract bilateral or unilateral?

What does an option contract NOT do?

If a buyer has defaulted on on an original land contract which had been recorded, this would result in a defective title, requiring legal action to clear the title. This is called

A promise is also known as a

A court action is mandatory to evict a delinquent tenant. This process is called

A verbal contract is considered

California Statute of Frauds require a real estate agreement to be

What kind of listing agreement offers a listing broker to receive a commission regardless of who is the "procuring" cause? Is also considered the greatest protection for the agent.

What does a deed NOT need to be considered valid?

A valid deed must have 3 components

For a deed to be recorded, it must

A chattel

Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a fixture?

What is a visible or tangible right in real estate such as the right of occupancy under a lease?

What time of estate does one hold when it along exists with you for the duration of your life or someone else's life?

When the recipient of a life estate dies, who is the person that it is willed to after their death?

Which of the following is not REAL property? A fee simple estate, a leasehold for indefinite duration, lumber, or a life estate.

Real estate is defined as

An item of personalty that is affixed to realty so as to be used as a part of it is

An estate of uncertain duration is

Which is NOT considered a permanent attachment to land? Anything growing on it, fixtures, chattels, and anything built upon the land.

What is a chattel?

A person who has some rights to use land, but not all possessory rights, is said to have

A person who has permission to use land, but has no other rights, has

A person who receives title to land by virtue of having used and occupied it for a certain period of time, without actually paying the previous owner for it, received title by

Dying without a will is called

Dying WITH a will is called

A person who owns an undivided interest in land with at least one other, and has the right of survivorship, is said to be a

Tenancy in severalty refers to

Community property includes

The right to use the property of another for a SPECIFIC purpose is

The process whereby a person holding claim against property can have the property sold to pay the claim is

A person who appears to own property, but does not, is said to have

Title that cannot be impeached by its records

Two people who own undivided interests in the same realty, with right of survivorship have

A fee simple estate is

Which of the following is considered a permanent attachment to land? Improvements to land, a fixture, trees growing on the land, or all of the above.

A person who has some rights to land, but not all the possessory rights, has

A person who has color of title to land has

A life estate pur autre vie is one in which

Is a lease for one month considered real property?

Adverse possession may establish

Fifty feet of land was added to Apple's farm because a river changed its course. This is an example of

Accretion

Fifty feet of beachfront land was removed by a flood. This is an example of

Avulsion

If someone dies without a will, who is appointed to settle the estate?

As used in real estate practices, the land of a riparian owner borders on

Community property is property owned by

A person holding title to real property in severalty would most likely have

A joint ownership of real property by two or more persons, each of whom has an undivided interest (not necessarily equal( without right of survivorship, is

Taking of private land by governmental bodies for public use is governed by due process of law and is accomplished through

Governmental land use playing and zoning are important examples of

The covenant of quiet enjoyment most directly relates to

An interest in real property may be acquired by prescription or by adverse possession. The interest resulting from prescription is

A contract whereby a group of neighboring landowners agree to do or not to do a certain thing as to mutually benefit all, is

Claims against the owner of a property are

A legal process whereby a person holding a legal claim against a property may have the court order the property to be sold so as to provide funds to pay the claim

Land records, including deeds, liens, restrictions, some leases, and contracts of sale may be viewed by whom?

How much must the government pay a private party for their property when using eminent domain?

If a landowner is reluctant or refuses to negotiate with the government in eminent domain, the government will

A legal process whereby the owner is dispossessed of the property and must leave

A process whereby land for which no legal owner exists reverts to government which then can dispose of it or use it as it sees fit.

Escheat most commonly occurs when

What kind of agent is a real estate broker?

What is required of an agent with respect to his principal?

A listing contract that says the broker will receive a commission no matter who sells the property is called

Does making an offer terminate an agency agreement?

What are three things that will terminate an agency agreement?

To prove a right to a commission broker must show

A listing in which the broker's commission is the amount by which the sale price exceeds the agreed-upon net price the seller desires

Are net listings legal?

Among other things, the principal is obligated to

A real estate agent may represent the buyer if the buyer-broker agency is disclosed to

A special agent is one

Among other things, an agent is obligated to

Selling agent representing only the buyer

When must the agency disclosure form be executed?

The rate of commission on a real estate sale in California is

As a general rule, escrow money received by the broker pending a closing

An unlicensed employee of a broker who prepares an advertisement to sell a house

Copies of all listings, deposit receipts, canceled checks, and trust records must be retained by a licensed real estate broker for

If the broker, while acting as agent in a sale of real property on which he holds an option should notify the purchaser that he is acting as

The maximum commission a broker may charge a seller for the sale of residential income property is

The position of trust assumed by the broker as an agent for a principal is descried most accurately as

The Agency Relationship Disclosure Law became effective in

A licensee's license must be

A person must be licensed if she is to sell

A broker must place funds belonging to others in

True or False. License laws forbid soliciting for listings before one is licensed

True or False. A licensee's license can be revoked for intentionally misleading someone into signing a contract that she ordinarily would not sign.

Real estate licenses, once received are good for how long?

A broker's unlicensed secretary may

May a broker may use escrow moneys held on behalf of others for collateral for business loans, for collateral for person loans, and to make salary advances to licensees in his employ?

In order to do business, a licensee must

True or false. A licensee can lose his license for paying a commission to a non licensed person.

True or False. A licensee can lose her license for selling property quickly, at low prices and buying property for her own use from her principal.

Is a resident manager of an apartment project required to have a real estate license?

True or false. A licensed salesperson must be under the supervision of a broker, can collect commission payments only from his broker, and must have his license help by his employing broker.

Does a person need a real estate license to sell property belonging to a trust for which he is trustee?

True or false. A person who is employed to lease property, but not sell it must be licensed, may be paid a salary or commission, is an agent.

How often are California license renewal fees are paid?

True or false. In California buyer-broker agency must be disclosed, disclosure of the broker-seller agency must be made to buyers.

True or false.Licensees must pay fees for Transferring employ to another broker, fingerprinting, and reactivating an inactive license.

The California real estate licensing laws are part of the

Payment from the Recovery Account for any single transaction is limited to a total of

A California Real Estate license is good for negotiating

A licensed salesperson may act independently (that is, not in the employ of a broker)

Including the real estate commission, how may members of the advisory commission are there?

How many days do you and your new broker have to modify DRE when you change employing brokers?

Ttoal Recovery Account payments for one licensee (multiple transactions) is limited to

For how long after a transaction is concluded must a broker keep his other records for a transaction?

A real estate salesperson's commission is

A qualified license applicant's name appears on a delinquent child support list. The applicant

Why must a broker maintain a trust fund account in addition to a regular business account?

A California real estate license is good only in

When a salesperson transfers license, the new broker must advise the DRE within

If the California Real Estate Commissioner needs legal advice, he would go to the

After one becomes a broker, the most appropriate term for that person is

After one's real estate license expires, there is a grace period of _____ to renew, upon paying fees, without a reexamination requirement.

A broker must keep records for ___ years.

An unlicensed person who practices real estate may be

A contact in which an owner of real estate employs a broker for the purpose of finding a buyer for the real estate is a

A contract in which property is transferred from one person to another is a

The two parties to a lease contract are the

The requirement that all parties to the contract have an understanding of the conditions and stipulations of the agreement is

Consideration that has value only to the person receiving it is

A person who is too young to be help to a contractual arrangement is called

One who is otherwise incompetent to make a contact may be bound to contracts for

Would this contractual agreement be lawful or unenforceable. A agrees with B that B shall steal money from C.

The law requires that most real estate contracts be written to be enforceable is the

A contract in which A agrees to allow B to use A's real estate in return for periodic payments of money by B is a

When a person deliberately lies in order to mislead a fellow party to a contract, this action is

Holding a gun to someone's head to force him to sign a contact is

When a party to a contract makes performance under it impossible, the result is

A contract in which A agrees to purchase B's real estate at a later date is

Contracts made by a minor are

Incompetent parties include:

The parties to a deed are the

If A and B have a contractual arrangement and B violates the contract, A may

A agrees to sell his brand new limousine to B in return for one dollar. Later A wishes to back out of the deal.

A agrees to trade her car to B in exchange for a vacant lot that B owns.

Two offers are received by the broker at the same time. The broker must

In a legal purchase contract, the seller is often referred to as the

A contract based on an illegal consideration is

How many miles are in a township?

The Base Line runs from

The Principal Meridian Line runs from

The vertical (north-south) rows of townships are called

The horizontal (east-west) rows of townships are

All townships are divided into how many sections?

How many miles a are in a section?

How many acres are in a square mile?

How many acres are in a 1/4 square mile?

How many square feet are in an acre?

Whenever all principles agree to the terms of a real estate contract, there has been a

The law that requires contracts for the sale of real estate to be in writing to be enforceable is the

A person who has the power to sign the name of his principal to a purchase contract is a(n)

A valid contract of purchase of sale of real property must be signed by the

"Hand money" paid upon the signing of a purchase contract is called

True or False--the following are essential elements of a valid contract. Offer and acceptance, capacity of participants, and lawful purpose.

A seller of real estate is also known as the

In any real estate purchase contract there must be

If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective purchaser is now

A contract that has no force or effect is said to be

A purchase contract, to be enforceable, must have

True or false. Once a purchase contract is signed, there is no way to avoid going through with the deal.

When a real estate purchase contract is agreed to, the buyer receives

A real estate purchase contract should include:

Joe offers to buy Susie's house for \$225,000. Suzie examines Joe's offer and then offers to sell her house to Joe for \$250,000. What is now true?

The instrument used to test for radon gas is a

The principal health problem with lead-based paint is

A Bill of Sale is used to transfer

If title and possession do not occur simultaneously, there should be an interim

_____means something is left to be done to a contract.

The date that a mechanic's lien takes is the date

A notary public

In real estate parlance, alienation means

The booklet A Homeowner's Guide to Earthquake Safety must be given to buyers of

Lead-based paint disclosure is required for residential properties having 1-4 units that were built before

An "as is" sale of 1-4 dwelling units require

An injured party has_____year(s) to file legal action on the Real Property Transfer Disclosure Statement.

The Easton vs. Strassburger case makes it cleawr that when a seller and agent are in a transaction, material facts about the property must be disclosed to a potential buyer by

If the agent or seller personally delivers the Real Property Transfer Disclosure Statement to the buyer after the offer is accepted, the buyer has_____day(s) to rescind the contract.

Under the Mello-Roos Community Facilities Act of 1982, disclosure if tax liens should be given to the

Under the Mello-Roos Community Facilities Act of 1982 may be used to finance part of