California Real Estate Exam Questions and answers. 100% pass rate, Graded A+

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In reference to Property Taxes, "basis" or "cost" is - ✔✔Purchase price of prop plus cost of improvements. How is a condominium unit owned? - ✔✔Separate interest How are common interests... in a condo owned? - ✔✔Equally in undivided interest Subdivided Land Laws refer to - ✔✔Subdivisions of 5+ parcels on 160 acres, regulated marketing & financing, and requires disclosures in public report. How long is a disclosure in public report for Subdivided Land Laws good for? - ✔✔5 Years When does a tax year run? - ✔✔July 1-June 30 Legally combining smaller, adjacent parcels of land to form a larger parcel. - ✔✔Plottage or assemblage Separating large parcels into smaller lots - ✔✔Subdividing or separating Amount or size of land being increased by natural forces such as deposits by wind or water. - ✔✔Accretion Gradual uncovering of land previously covered by water such as when a stream changes course. - ✔✔Reliction The Statute of Limitations in the state of California allows how long to take action? - ✔✔4 years The process by which the court may seize real or personal property as security for a satisfaction of monetary judgement. - ✔✔Attachment When is a 20-day preliminary notice of a mechanics lien need to be issued? - ✔✔20-days after the claimant (contractor) has first furnished labor, services, equipment, or materials. What is the purpose of issuing a preliminary notice of a mechanics lien to a claimant? - ✔✔To inform concerned parties that the property may be subject to liens arising out of contract. What is the brokers relationship to the customer? - ✔✔The broker is the agent to the customer (customer employs the broker). What is the agents (salesperson) relationship to the broker? - ✔✔The salesperson is the agent to the broker (the broker gives the salesperson authority to act on his/her behalf). A Home Equity Line of Credit is - ✔✔An Open Ended Mortgage An Open Ended Mortgage is - ✔✔A type of note that permits the borrower to obtain more money at a future date under the same deed of trust. Zoning is an example of - ✔✔Police power 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 - ✔✔Zoning When can restrictions placed on a deed be removed? - ✔✔Never What is the only restriction placed on a deed that is considered illegal? - ✔✔Race restrictions Is an option contract bilateral or unilateral? - ✔✔Unilateral What does an option contract NOT do? - ✔✔Create a legal interest in a property 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 Quiet Title Action. A promise is also known as a - ✔✔Covenant A court action is mandatory to evict a delinquent tenant. This process is called - ✔✔Unlawful Detainer A verbal contract is considered - ✔✔Valid California Statute of Frauds require a real estate agreement to be - ✔✔In writing 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. - ✔✔Exclusive right to sell What does a deed NOT need to be considered valid? - ✔✔A date A valid deed must have 3 components - ✔✔Be in writing, be signed by the grantor, and delivered to the grantee For a deed to be recorded, it must - ✔✔Be acknowledged (notarized) A chattel - ✔✔Is most accurately described as personal property Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a fixture? - ✔✔An easement What is a visible or tangible right in real estate such as the right of occupancy under a lease? - ✔✔Corporeal What time of estate does one hold when it along exists with you for the duration of your life or someone else's life? - ✔✔Life Estate When the recipient of a life estate dies, who is the person that it is willed to after their death? - ✔✔A remainderman Which of the following is not REAL property? A fee simple estate, a leasehold for indefinite duration, lumber, or a life estate. - ✔✔Lumber Real estate is defined as - ✔✔Land and all permanent attachments An item of personalty that is affixed to realty so as to be used as a part of it is - ✔✔A fixture An estate of uncertain duration is - ✔✔A freehold estate Which is NOT considered a permanent attachment to land? Anything growing on it, fixtures, chattels, and anything built upon the land. - ✔✔Chattels What is a chattel? - ✔✔Personal property--including autos and household goods and fixtures. A person who has some rights to use land, but not all possessory rights, is said to have - ✔✔An interest in land A person who has permission to use land, but has no other rights, has - ✔✔License to use 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 - ✔✔Adverse possession Dying without a will is called - ✔✔Intestate Dying WITH a will is called - ✔✔Testate 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 - ✔✔Joint tenant Tenancy in severalty refers to - ✔✔Ownership by one person only Community property includes - ✔✔Property acquired during a marriage with the husband's earnings from his job. The right to use the property of another for a SPECIFIC purpose is - ✔✔An easement The process whereby a person holding claim against property can have the property sold to pay the claim is - ✔✔Foreclosure A person who appears to own property, but does not, is said to have - ✔✔Color of title Title that cannot be impeached by its records - ✔✔Good title Two people who own undivided interests in the same realty, with right of survivorship have - ✔✔Joint tenancy A fee simple estate is - ✔✔A freehold estate 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. - ✔✔All of the above A person who has some rights to land, but not all the possessory rights, has - ✔✔An interest in land A person who has color of title to land has - ✔✔The appearance of title A life estate pur autre vie is one in which - ✔✔The duration of the life estate is based on the duration of the life of someone other than the life tenant. Is a lease for one month considered real property? - ✔✔No Adverse possession may establish - ✔✔A claim to title Fifty feet of land was added to Apple's farm because a river changed its course. This is an example of - ✔✔Accretion Accretion - ✔✔An increase in land resulting from the deposit of soil by the water. Fifty feet of beachfront land was removed by a flood. This is an example of - ✔✔Avulsion Avulsion - ✔✔A sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river. If someone dies without a will, who is appointed to settle the estate? - ✔✔Administrator As used in real estate practices, the land of a riparian owner borders on - ✔✔A river, a stream, or a watercourse Community property is property owned by - ✔✔husband and wife A person holding title to real property in severalty would most likely have - ✔✔A sole ownership 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 - ✔✔A tenancy in common Taking of private land by governmental bodies for public use is governed by due process of law and is accomplished through - ✔✔Eminent domain Governmental land use playing and zoning are important examples of - ✔✔Police power The covenant of quiet enjoyment most directly relates to - ✔✔Possession of real property An interest in real property may be acquired by prescription or by adverse possession. The interest resulting from prescription is - ✔✔The right to use another's land A contract whereby a group of neighboring landowners agree to do or not to do a certain thing as to mutually benefit all, is - ✔✔Restrictive covenant Claims against the owner of a property are - ✔✔Liens 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 - ✔✔Foreclosure Land records, including deeds, liens, restrictions, some leases, and contracts of sale may be viewed by whom? - ✔✔Anyone, they are public records How much must the government pay a private party for their property when using eminent domain? - ✔✔Fair market value If a landowner is reluctant or refuses to negotiate with the government in eminent domain, the government will - ✔✔Condemn the effected land A legal process whereby the owner is dispossessed of the property and must leave - ✔✔Condemnation 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 Escheat most commonly occurs when - ✔✔Someone dies intestate and no legal heirs can be found. What kind of agent is a real estate broker? - ✔✔Special agent What is required of an agent with respect to his principal? - ✔✔To be loyal, act in person, and act in the principal's best interests. A listing contract that says the broker will receive a commission no matter who sells the property is called - ✔✔An exclusive-right-to-sell listing Does making an offer terminate an agency agreement? - ✔✔No What are three things that will terminate an agency agreement [Show More]

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