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R.E. Principals
Real Estate Principals
| Question | Answer |
|---|---|
| Surface Water is: A . water which covers the land surface by natural course B. Water which has been redirected by man made efforts C. all of the above D. non of the above | A. Surface water is water which covers the land surface by natural course |
| Water that we would generally refer to as run off water is referred to as: | Surface water |
| When referring to "the right of Appropriation" we are speaking of the right belonging to? A. Property Owners B. The Government | B. The Government |
| The court has developed a five point analysis to determine if property is a fixture. Is cost one of those points? | No, points are: Method of attachment, Intention, adaptability, relationship and agreement between parties |
| A listing belongs to : A . The client B. The salesperson C. the Broker D. the principle | C. The Broker |
| It is unlawful for a broker to accept a commission from both parties unless he or she: | Obtains consent from both parties |
| On or After Jan 2009, the liability of the recovery acct for which any course of action shall not exceed $__________ per person | $250,000 |
| Members of the Real Estate Advisory Commission are: A. Appointed by the commissioner B. Elected C. appointed by the governor D. Selected by the realty board | A. Appointed by the commissioner |
| Probate court is a dept. of what court? A. Supreme B. Superior C. Municipal D Appellate | B. Superior |
| An Option: A. requires the buyer to complete the purchase B. Keeps an offer open for a specified period of time C. Gives the buyer an easement for the property | B. keeps an offer open for a specified period of time |
| Continuing Education is required to renew a real estate license every four years what is the only exception? | Having been licensed and in good standing for 30 continuous years and being 70 years or older. Both must apply to be exempt |
| To obtain a salesperson's license in Ca. a person must be A. a resident of Ca. for one year B. Fingerprinted C.a U.S. Citizen D. 21 years of age | B, Fingerprinted |
| A restricted license can be restricted to A. Term B. Area C. Activity D. All of the above | D. All of the above A restricted license can be restricted to term, area or activity |
| As used in the Business and Professions code the word license includes which of the following: A. permit B. Authority C. Registration D. Any of the above | D. any of the above |
| A separate application for a license as a prepaid listing service (PRLS) shall be made in writing for each location to be operated by a licensee other than a real estate broker Each location must have a bond in what amount? | $10,000 |
| Which of the following would be required to have an active real estate license? A. An attorney in fact selling property for his principal B. Any attorney acting as a real estate broker C. A secretary in a real estate office D. A developer/Subdivider | B. An attorney acting as a broker |
| Which of the following best describes property? A. Bundle of rights B. Unlimited right of possession C. Taxable interest | A. Bundle of rights |
| When an owner of real property is called a riparian owner the land in question would border? A. River B. Watercourse C. Flowing Stream D. All of the Above | D. All of the above. Water flows through or borders the said property |
| An item of personal property is called: | Chattel |
| Which of the following is not a legal description: A. Metes and Bounds B. Township C. Tract, lot, block D. Topographical Lines | D. Topographical Lines |
| If a persons land was next to an ocean, pond or lake that person would have A. Riparian Rights B. Littoral Rights C. both D. Neither | B. Littoral Rights |
| In what direction does the Humbolt Meridian Line run? A. East and West B. Southwest C. Northeast D. North & South | D. North and South |
| An article of personal property which is joined to a building and Which, under the terms of the lease can be removed by the tenant without causing damage to the building prior to the lease's termination is called | A trade fixture |
| Townships are counted north and south of the baseline but the horizontal rows are referred to as A. Ranges B. Meridians C. Tiers | C. Tiers |
| Which of the following is the equivalent to the number of square feet in an acre A. 43,560 B. 120 X 363 C. 60 X726 D. All of the above | All the above |
| Fee Simple most nearly means | An estate in land |
| Anything which is by right used with the land for its benefit such as a watercourse or easements would be called: | An Appurtenance |
| The Finance Statement protects: A. Vendor B. Vendee C. Creditor D. Mortgager | Creditor |
| Name the 4 elements that determine Value | Utility, Scarcity, Demand, Transferability |
| When a licensee has a claim filed with the recovery account , the license will not be reinstated until he or she | Reimburses the funds with interest |
| Which of the following is not real property: A. Ceiling fan B. Trees C. fence stacked in the back yard | Fence stacked in the backyard |
| An example of fructus naturales would be : | Standing timber, rose bush ( anything created by nature) |
| Disciplinary actions will be taken if which of the following occurs? A. A listing is not sold B, A listing is for less than 90 days C. A listing has no determination date D. A listing is for other than the true value | A listing has no termination date |
| When a person speaks for chattels he or she is referring to? | Personal property |
| Before a person can become a broker he or she must A. Be 21 years of age B. Be 18 years of age C. Be a college graduate D. Have five years experience as a salesperson | Be 18 years of age |
| Which of the following would not have to have any educational requirements or experience to get a brokers license: A. A Certified Public Accountant B. A college graduate C. A practicing attorney D. none of the above | None of the above, Members of the Bar are exempt from the education requirement but not experience |
| Effective Aug. 1 1998 all real estate license applicants must | Submit proof of residency |
| A real estate salesperson can A. work for his broker only B. work for several brokers at one time c. have an oral contract with his broker D. cannot act as an independent contractor | Work for his broker only |
| If a landlord fails to maintain the property in a condition for human occupancy the tenant may | Give the landlord a repair notice, spend up to one months rent on repairs or abandon the premises |
| When a salesperson places his/her license with a broker, the broker must notify the DRE A. Immediately B. Within 3 days C. within 5 days d. within 7 days | Within 5 days |
| Which of the following would be exempt from holding a real estate license? A. A resident property manager B. Employees of lending institutions c. anyone holding a duly executed power of attorney D. All of the above | All of the Above |
| The real estate Commissioner is A. Elected by C.A. R B. appointed by the governor C. appointed by the president D. elected for a four year term | Appointed by the governor |
| Bundle of rights is defined as | Right to possess, enjoy, control , dispose of, right to peace and quiet |
| Property is defined as | the rights and interest that a person has in a thing owned |
| When an owner of real property is called a riparian owner the land in question would border A . River B. Watercourse C Flowing stream D. all of the above | All of the above |
| If you have a life estate in a residence you could A. sell an undivided interest in the fee B Mortgage it for the duration of your life D. not rent of lease it | Mortgage it for the rest of your life |
| Which of the following is a less than freehold estate? A fee simple defeasible b. Estate of inheritance C. Estate for years D. Estate in remainder | Estate for years |
| Severalty ownership means | Sole ownership by one person |
| If three persons were to hold title to real property as tenants in common they A. could not sell their interest without the consent of the other parties B. Would be unable to determine which portion of the land is theirs | Would be unable to determine which portion is theirs, it is not willable, there is no right to survivorship |
| A real Estate syndicate ownership structure may take the form of A. an LLC B. Real Estate C. Investment trust or limited partnership D. all of the above | All of the above |
| Which of the following requires a min. of 100 members to form: A partnership B. Syndicate C. Corporation D. R.E. Investment Trust | R.E. Investment trust |
| A type of subdivision in which the entire property( usually a building) is owned by a corporation and an owner of a unit receives stock instead of deed is called | A cooperative |
| Joint tenancy exists when what four elements are present | Time, Title, Interest, possession |
| Whose personal assets may creditors look into? A. A general partnership B. A limited partnership C. A corporation D. all of the above | A general partnership |
| A will entirely written, dated and signed in a testators own handwriting is called | A Holographic Will |
| Real Property may be acquired by A Adverse Possession B.Accretion C. Dedication D. Prescription | Accretion |
| When someone other than yourself adds fixtures or improvements to your your property in such a way that they become part of your property you would describe it as | Annexation |
| When title is taken by open and notorious use and claimant has paid all property taxes for five continuous years it is called | Adverse Possession |
| When an easement has been claimed and it came about through use rather than possession would best be described as | Prescription |
| The most common methods of acquiring property are by transfer, the person conveying the property to another is called | the grantor |
| An individual that has acquired title to real property by a gift deed could lose the title to | Creditors of the grantor |
| The legal seizure of property by the government for just compensation is referred to as | Eminent Domain |
| Title to real property acquired by adverse possession is usually perfected by | Quiet Title action |
| A deed would be void and invalid if the grantee A. was a minor B.is incompetent C. took title under an assumed name D. was a deceased person | Was a deceased person |
| In order for itto become effective and to transfer title a deed must: A Be acknowledged B. Be executed on a day other than sunday C. Have a proper description of the property | Have a proper description of the property |
| Mr. X was leaving on a trip and gave the deed to his property to a friend and told him to return to him when he returned, if Mr. X died before returning what would be the problem in giving the deed to the son? | Delivery |
| A deed made and delivered but not recorded is A invalid as between the parties B. Valid as between the parties and invalid to subsequent recorded interests without notice C valid as between parties and subsequent interests | Valid as between the parties and invalid as to subsequent recorded interests without notice |
| That deed which implies nothing best describes which of the following A A grant deed B. Quitclaim Deed C. trust deed | Quitclaim deed |
| Who signs the deed of trust? | the grantor |
| the deed given to a party upon the foreclosure of a property levied under a judgement for forclosure and carries no warranty is | A sherrifs deed |
| A reconveyance deed is used to | reconvey the title to property from a trustee to trustor upon payment of the loan |
| A reconveyance deed conveys title from A trustor to trustee B Beneficiary to trustor C. trustee to trustor | trustee to trustor |
| The bare naked title to property is held by | the trustee |
| How long of notice does landlord have to give a tenant after 1 year of tennacy | 60 days |
| When can a landlord enter a property? | Emergency, w/approval from tenant 24 hours notice, tenant is present and invites |
| unlawful detainer is defined as | a legal action asserting charges against the tenant |
| 3 stages of the eviction process are | 1. 3 day pay or quit 2. 5 day unlawful detainer 3. Rite of possession- court order for sheriff to remove tenant |
| Which of the following must be recorded to be effective A. Judgement B. Easement C. Grant Deed D. non of the above | Judgement |
| the difference between Judgement liens and a mechanics liens is | Mechanics liens may take priority earlier than the date recorded. goes by date of the work |
| When a notice of completion has not been recorded, all persons have how many days to file a mechanics lien? | 90 days |
| An Easement lies outside of and adjacent to a parcel of land. The land that has the benefit of the easement is | Dominant tenement |
| The right of a utility company to use of a number of adjoining properties is | an easement in gross |
| an easement that was acquired by prescription can be terminated by non use if the easement is not used for a continuous period of | 5 years |
| Ca. Law permits a person to file a Declaration of Homestead provided that person living in | Owns or has interest in such as shares in a coop, residence owned |
| a restriction is terminated by A. Agreement of the holder of dominent tenement B. Act of Government C. Merger D. all of the Above | All of the above |
| True or False: Zoning powers are controlled by local governments | True |
| Which of the following liens would not have to be recorded to be enforceable. A.Mechanics B. Judgement C. Involuntary D. Voluntary | Voluntary |
| What is a sale lease back? | When the seller leases the home back from the new owner |
| What is the most a landlord can raise the rent in one year? | 3 % |
| Where are escrow instructions found? | In the RPA ( residential purchase agreement) |
| What is the definition of Escrow? | A neutral depository to ensure the terms of the purchase agreement are met |
| A contract signed under duress is: A. Void B. Voidable C Enforceable | Voidable |
| consideration in a contract includes | Money, Services, Promises |
| When a contract has been fully performed, the statute of frauds can be envoked for a period of : A 6 months B. 1 year C. 18 months D. none of the above | None of the above |
| Of the following which in not required to be in writing for the statute of frauds: A, buyer broker agreement B. a lease for one year c. an agreement to lease for a period longer than one year | a lease for one year |
| the relationship between a broker and a seller is established by what type of contract? | Expressed contract |
| When a broker contracts to perform certain services for a principal and in exchange the principal agrees to pay the broker a specific fee their agreement would be called | A bilateral executory |
| Brown and Jones have a 5 year contract after 2 years they agreed to tear up the contract and replace it with a 10 year. This would be called | Novation |
| Once a judgement is recorded it remains a lien for A one year b. 5 years C. 10 years | 10 years |
| Which if the following is not an essential element of a contract? A. offer b. Consideration C. Capacity D. performance | Performance |
| all taxes, interest , rents and insurance are prorated except: | Title insurance |
| Pay off demand statement tells what | all amounts owed to the lender to pay off the loan. |
| Elements needed to execute a contract include | Capacity, consent,legality and consideration |
| Blighted area can be described as A. Depreciating Buildings B. Heavy crime incidence C. inharmonious property usage C. all of the above | All of the above |
| When an appraiser is determining net income for purposes of capitalization, he would not consider which of the following: A Vacancy Factor B. Cost of resident manager C. Depreciation D. Taxes | He would not consider depreciation |
| For income tax purposes, which of the following types of property can be depreciated? A. Vacant land B. Owner occupied single family residence C. Income property | Income property |
| Functional Obsolescence is a loss in value due to | poor design |
| A builder has completed a 4 bed 1 bath home the property has probably already depreciated as a result of A. Economic Obsolensence B. Functional Obsolescense | Functional Obsolescence |
| Of the following which would constitute functional obsolescence? A. Rotten window sill B. Massive Cornices C. Change in direction of growth | Massive cornices |
| When you compare economic growth to physical life which one is longer? | Physical life is longer economic growth is shorter |
| How do you determine the livable floor space of a home? | by measuring the inside dimension of each room, halls and closets |
| The parallel timbers which support the load of the ceiling are called the? | Joists |
| Which of the following would not be an example of an institutional lender: A insurance company B. Commercial Bank C. Savings and Loans D. Mortgage company | Mortgage company |
| FHA financing provides the buyer with the following advantages except: A. affordable monthly payments B. provides low cost insurance that protects the borrower C. Helped promote better standards of building | does not provide low cost insurance that protects the borrower |
| A qualified Cal vet who wishes to purchase a home under the cal vet program would make the application to which dept? | Ca. Dept of veterans affairs |
| the cal vet program which aides ca. veterans in the purchase of a single residence is financed by: | sale of state supported bonds |
| an open end provision in a mortgage would most benefit a borrower who must | borrow additional money. |
| Title to the property that is being sold under a real property sales contract is held by the A. vendor B. Trustor C. Trustee | A vendor |
| Upon the signing of a real property sales contract A, legal title passes to the purchaser B. all rights of the seller pass to the purchaser C. no title to the real estate passes | No title to real estate passes |
| The letters CRV mean certificate of reasonable value and are used by: | Veterans Administration |
| Funds for FHA loans are obtained from A. Veterans Admin B. Approved lending institutions C FHA | Approved lending institutions |
| A man borrowed $300,000 at an annual interest rate of 6%. What would the interest be for one month? | $1500. |
| to adjust assessments on real property tax is a function of: A. the tax assessor B. county board of Equaliztion | County board of equalization |
| the penalty for failure to pay the second installment of real estate taxes begins after what date | April 10 |
| After a notice of intent to sell tax delinquent property to the state is published the owner has a right to redeem for a period of | 5 years |
| Difference between an easement in gross and an appurtence is | an easement in gross is not tied to possession of real estate |
| Real property taxes become a lien on the property effective what date? | Jan 1, the first day of the year |
| When assessment bonds are used to finance street improvements the public agency would assess each lot on the basis of? A. Square feet B. Market Value C. Front footage of the property | Front footage of the property |
| What does RESPA stand for | Real Estate Settlement Procedures Act |
| What is Regulation Z | Truth in lending act requiring that the credit purchaser be notified in writing of all costs connected with the credit portion of the purchase |
| Which Regulation has to do with RESPA | Regulation X |
| When an appraiser subtracts a vacancy factor from the gross income the result is said to be : A. Net income B. Net worth C. Effective gross | Effective Gross |
| After Receiving a commssioners public report a subdivider or his agent must A give a copy to the purchaser B. Give the purchaser an opportunity to read it C. keep a receipted copy for 3 years D. All of the above | All of the above |
| Can a subdivider just use a portion of the commissoners final report? | No it must be used in it's entirety |
| Concerning the subdivision Map Act, the proposed map must be submitted to which agency? | City or county local governing body |
| When someone seems to be representing a property but in fact is not the agent we would refer to this agency as | Ostensible Agency |
| A person employed to act on another's behalf is called A. agent B. Employee C. Independent contractor D. all of the above | All of the above |
| A broker must hold the sale -broker agreement for how many years after terminating? | three years |
| How would one describe commingling of funds? | depositing funds into a personal acct |
| An Agency may be terminated as to every person having notice by the following A. death of the agent B. Expiration of the term C. Incapacity of the agent to act as such D. all of the above | Any or All of the above |
| Which of the following transactions are covers by the new disclosure laws A. Single Family Residence B. Duplex C. Fourplex D. All of the above | all of the above |
| If any material admendment to the disclosure statement is delivered to the buyer after said buyer is obligated under contract he or she may rescind the contract within how many days? | three days if delivered in person |
| If a real estate licensee or seller willfully fails to comply with the disclosure requirements he or she A. will be liable for actual damages B. Liable for punitive damages D. liable for attorneys fees and court costs | Actual damages |
| An agency relationship between broker and his principal is most commonly established in what type of contract | Expressed |
| A clause that protects the agents compensation after the listing expires if the owner personally sells to a prospect that the agent has previously shown the property is called | Safety protection clause |
| A lease in which the lessee is required to pay the real property taxes and insurance is called | a net lease |
| A man assigns his lease to a friend , the friend becomes the | tenant |
| Leases on Agricultural lands may not exceed what term in years | 51 years |
| When an eviction occurs through the landlord's attempt to lease the property to others or through making of extensive and unwarranted alterations of the property it is called | Constructive eviction |
| A written agreement which promises to pay a commission to the listing agent no matter who sells the property is called an | Exclusive right to sell |
| when a owner sells the property himself while under an exclusive agency listing agreement does the agent make their commission? | No |
| If a tenant is delinquent in rent under a written lease the landlord would begin by delivering what notice? | 3 day pay or quit |
| Under which of the following listing must an owner pay a commission, even though he sells it entirely under his own efforts | Exclusive authorization to sell |
| which of these is the largest area of land? A. 1/10th of a township B. two square miles | 1/10th of a township |
| When all the terms and instructions have been met an escrow is termed? | A complete escrow |
| In the simplest of terms an escrow may be cancelled by which of the following: A executed escrow B. mutual agreement C. Failure to meet by one or both parties to meet the requirements D. any of the above | any of the above |
| Which of the following could be exempt from licencsing with the corporate commissioner to act as an escrow agent A. banks B.Savings and loans C. Attorneys and brokers D. all of the above | all of the above |
| which of the following has to have a corporate license inorder to handle escrows for the general public A. a lawyer B. a broker C. an escrow co. D. none of the above | An escrow company |
| When a lender makes a loan regulated by RESPA the loan applicant must be provided with what? | a good faith estimate, an item by item explanation of services |
| The RESPA act covers sales or transfers of which of the following types of properties: A. one -4 family homes B. condos C. Co-ops D. all of the above | all of the above |
| An opinion rendered by a title specialist or attorney as to the status of title to a property according to public record would best describe what type of title? | certificates of title |
| The Ca. land title assoc. standard coverage policy of the title insurance covers which of the following: A. rights of possession, B. unrecorded mechanics liens C. Forgery | Forgery |
| the standard policy of title insurance in addition to risks of record does all of the following except: A. protect against forgery B. Insure an on-site inspection C. Insure capacity D. insure against impersonation | insure an on site inspection |
| ALTA insurance policy does not cover which of the following: A. Forgery in title B. Rights of the parties in possession C. Government and zoning regulations | Government and zoning regulations |
| Which of the following is usually exempt from holding a real estate license to manage property A.Building manager B. office secretary D. resident manager | resident manager |
| when a business is sold under the provisions of Bulk sale law, th e law requires that the sale of the business must be advertised at least once how many days before the sale? | 12 days |
| Name the three approaches to property value | Sales comparison, cost approach and Income capitalization approach |
| who administers the ca. subdivision land law? | the attorney general |
| a business has been sold the state board has checked that sale and determined the required tax has been paid then they issue what to the buyer? | a clearance receipt |
| the practice of refusing to make loans or denying financial assistance for housing in particular areas is called | redlining |
| when party A grants party B the right to sell offer or distribute goods under the stipulations set forth by party A it is commonly known as | a franchise agreement |
| Which of the following must be recorded to be effective? A. Judgment B. Grant Deed C. Easement | A. Judgment |
| The Difference between a judgment lien and a mechanic lien is? | A mechanic lien may take priority earlier than the date recorded |
| When a notice of completion has not been recorded how many days do you have to file a mechanics lien? | 90 days |
| An easement falls outside of a parcels of land the land that has the benefit of the easement is called A. Dominent Tenement B. Servient Tenement | A. Dominent Tenement |
| The right of a utility to use a number of adjoining parcels is called? A. Easement in Gross B. Eminent Domain | Easement in Gross |
| A easement that was created by prescription can be terminated by non use if not used for a continuous period of A. 1 year B. 3 Years C. 5 years | C. 5 years |
| Which of the following liens would not have to be recorded to be enforceable? A. Mechanics, B. Judgment C. Involuntary D. Voluntary | Voluntary liens do not have to be recorded to be enforceable |
| True of false: To file a declaration of homestead the person filing must own or have interest in the property | true |
| Who signs a deed of trust? | the trustor |
| the deed given to a party upon foreclosure of a property levied under judgment is called? | Sherrifs deed |
| What is a reconveyance deed? | the instrument used to reconvey title to a property from a trustee to a trustor example: when you pay off your mortgage you will receive a reconveyance deed |
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