REAL ESTATE PRINCEIPALS
Which of the following is an example of a voluntary lien? Mortgage Lien Tax Lien Judgment Lien Mechanic's Lien
Mortgage Lien
This appraisal method is typically used to value residential properties? Income approach Cost approach Sales comparison approach CMA
Sales comparison approach
A mechanic's lien is an example of a? Specific Lien Judgment Lien Voluntary Lien General Lien
Specific Lien
Which of the following is an example of an encroachment? A driveway built on a property A fence built over the property line A swimming pool built within the property lines An injunction filed against the property
A fence built over the property line
Real estate salespersons must work under which of the following? A sponsoring broker A corporation Another real estate salesperson A real estate attorney
A sponsoring broker
This type of title insurance covers unrecorded liens, unrecorded easements, encroachments, and items covered by a survey? ADA CATTL ALTA RESPA
ALTA
Which of the following fiduciary duties does an agent owe to the principal? All of the above Loyalty Confidentiality Accounting
All of the above
A petition is used to initiate a? Notice Bankruptcy Lis Pendens Foreclosure
Bankruptcy
The California Bureau of Real Estate was previously known as the? California Real Estate Association California Attorney General California Department of Real Estate California Department of State
California Department of Real Estate
The actual age of a building is referred to as its? Actual age Effective age Economic life Chronological life
Chronological life
Which of the following is accepted by a lender from a defaulting borrower to avoid the necessity of a foreclosure proceeding by the lender? Deed in Lieu of Foreclosure Relinquish of Deed Forfeit of Deed Deed of Trust
Deed in Lieu of Foreclosure
The loss in value due to the actual wearing out of the improvements is known as? Functional obsolescence Economic obsolescence Depreciable obsolescence Physical obsolescence
Depreciable obsolescence
The right to use the property of another for a particular use is known as a/an? Lien Joint Tenancy Shared Property Easement
Easement
Which of the following is an example of a non-monetary encumbrance? Easement by Necessity Mortgage Lien Mechanic's Lien Tax Lien
Easement by Necessity
This type of easement is used by utility companies? Easement by Voluntary Grant Easement by Prescription Easement by Necessity Easement in Gross
Easement in Gross
This court case determined that sellers, and their agents, must disclose all facts that they knew, or should have reasonably known? Brown vs. Board of Education Easton vs. Strassburger Marbury vs. Madison Roe vs. Wade
Easton vs. Strassburger
A periodic tenancy is also referred to as a/an? Estate for Years Estate at Sufferance Life Estate Estate From Year to Year
Estate for Years
This refers to the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under pressure to buy or sell? Investment value Assessed value Fair market value Tax value
Fair market value
Bankruptcy is governed by? Federal Law City Law State Law County Law
Federal Law
Which of the following leasehold estates does NOT automatically renew for successive periods? Life Estate Fee Simple Estate Periodic Tenancy Estate for Years
Periodic Tenancy?
Damages are also called? Legal remedies Restitution Punitive Damages Rescission
Punitive Damages
This appraisal method is typically used to value specialty properties? Sales comparison approach Income approach CMA Cost approach
Sales comparison approach
The land encumbered by an easement is referred to as the? Vendor Servient Tenement Vendee Dominant Tenement
Servient Tenement
Which of the following is an essential element of a valid deed? Signature of the lender Signature of the tenant Signature of the grantee Signature of the grantor
Signature of the grantor
This type of loan is granted to individuals with poor credit histories, who, as a result of their deficient credit ratings, would not be able to qualify for conventional mortgages? Secure mortgage Term mortgage Sub-prime mortgage Conventional mortgage
Sub-prime mortgage
Who is responsible for issuing real estate salesperson licenses in the State of California? The California Association of Realtors The National Association of Realtors The California Bureau of Real Estate The California Department of Education
The California Bureau of Real Estate
Which of the following anti-discrimination laws is most closely associated with blockbusting? The Monroe Act The Unruh Civil Rights Act The Rumford Act The Holden Act
The Rumford Act?
This document is used by sellers to disclosure any known material facts? Transfer Disclosure Statement HUD-1 Form Property Disclosure Form Realtor Disclosure Form
Transfer Disclosure Statement
Anticipatory breach is also known as? Privity Anticipatory restitution Anticipatory repudiation Punitive damages
Anticipatory repudiation
An appraisal is a/an? Assessed value Opinion of value Absolute value Precise value
Assessed value
Steering is the opposite of this discriminatory act? Testing Blockbusting Steering Redlining
Blockbusting
A debt instrument that represents debt is known as a? Term Deed of Trust Mortgage Bond
Bond
Which of the following is NOT required in a single family home transaction? Written contract Escrow Ready, willing, and able buyer Consideration
Consideration
The date by which a loan is to be paid in full is referred to as the? Acceleration date Maturity date Due on sale date Term date
Maturity date
What type of deed may a joint tenant use to convey their interest in a property to another joint tenant? Voluntary Deed Quitclaim Deed Warranty Deed Grant Deed
Quitclaim Deed
A contract which is capable of being adjudged void, but is not void unless action is taken to make it so, is known as a? Voidable contract Void contract Unenforceable contract Unilateral contract
Voidable contract
The statute of limitations for oral contracts is how many years in the State of California? 4 years 2 years 5 years 3 years
2 years
1 mile is equal to how many linear feet? 3280 5280 5880 2580
5280
Real estate brokers in California must complete how many mandatory courses? 12 8 3 6
8
Express or implied knowledge of a fact is known as? Material Notice Recordation Actual Notice Constructive Notice
Actual Notice
This occurs when a broker represents both sides to a transaction? Universal agency Implied agency Dual agency Single agency
Dual agency
The rate at which member banks charge each other for borrowing short-term money is known as the? Interest rate Federal funds rate Bank rate Discount rate
Federal funds rate
Most borrowers use a ............ when purchasing a house? Variable interest mortgage Term mortgage Fixed interest mortgage Dynamic interest mortgage
Fixed interest mortgage
An item of personal property that becomes permanently attached to real property is known as a/an? Attachment Emblements Fixture Trade Fixture
Fixture
A person who conveys title to real property is known as a? Grantee Grantor Estate Executor
Grantee
The tenant is also known as the? Grantee Lessee Lessor Grantor
Lessee
Damages simply for the purpose of punishment are known as? Rescission Punitive Damages Restitution Equitable Remedies
Punitive Damages
The Civil Rights Act of 1866 prohibited discrimination of the basis of? Gender National origin Race only Religion
Race only
A lack of supply is known as? Demand Utility Value Scarcity
Scarcity
A utility company that is entitled to an easement in gross through a property is known as the? Vendor Dominant Tenement Vendee Servient Tenement
Servient Tenement
A method of depreciation under which improvements are depreciated at a constant rate throughout the estimated useful life of the improvement is known as? Variable depreciation Straight line depreciation Term depreciation Constant depreciation
Straight line depreciation
The deed given to a purchaser at a public sale of land held for nonpayment of taxes is known as a? Tax Deed Deed in Lieu of Foreclosure Warranty Deed Quitclaim Deed
Tax Deed
Which of the following is a California counterpart to the Federal anti-discrimination laws? The Unruh Civil Rights Act The California Anti-discrimination Act The Baylor Act The Monroe Act
The Unruh Civil Rights Act
Who is responsible for paying the taxes of a real estate salesperson? The real estate salesperson themselves The employer of the real estate salesperson The real estate salesperson's accountant The real estate salesperson's sponsoring broker
The real estate salesperson themselves
Which of the following is an example of voluntary alienation? The sale of property to a ready, willing, and able buyer The sale of property through a tax sale The loss of property through eminent domain The sale of property at a foreclosure auction
The sale of property to a ready, willing, and able buyer
There are two types of rescission, mutual and? Objective Binding Unilateral Subjective
Unilateral
An options contract is an example of a? Unilateral contract Void contract Bilateral contract Invalid contract
Unilateral contract
A real estate salesperson in California must be at least ............ years of age? 21 20 18 25
18
An estimate of the value of property resulting from an analysis of facts about the property is known as a/an? Appraisal Pro-forma Assessment CMA
Appraisal
A real estate agent serves as a? General agent Specific agent Special agent Universal agent
General agent
An individual who holds a real estate salesperson or broker's license is referred to as a? Principal Realtor Licensee Client
Licensee
A house, fence, and shed are all examples of? Land Real Property Chattel Real Estate
Real Property
This discriminatory act is most closely associated with buyers? Blockbusting Redlining Steering Testing
Steering
A condition in a real estate financing instrument that gives a lender the power to declare all sums owed to the lender immediately due and payable upon the happening of an event is known as a? Acceleration clause Term clause Payable clause Sale clause
Acceleration clause
Which of the following is appointed by the court to dispose of a person's property if that person did not leave a will? Administrator Executor Power of Attorney Guardian
Administrator
A typical real estate contract is an example of a? Void contract Unilateral contract Bilateral contract Invalid contract
Bilateral contract
Title companies typically serve as .............. in a real estate transaction? Council Seller's agent Escrow Buyer's agent
Escrow
Which of the following is an example of a leasehold estate? Estate for Years Fee Simple Determinable Fee Simple Estate Life Estate
Estate for Years
The rules created, and implemented by a professional association are referred to as? Code of Conduct Ethics Law Civil Code
Ethics
Which of the following liens takes the highest priority? Mortgage liens Mechanic's liens Judgment liens Government liens
Government liens
A person who receives title to real property is known as a? Executor Grantee Grantor Estate
Grantee
A buyer's market occurs when demand is low and supply is? High Even Supply is not related to a buyer's market Low
High
A seller's market occurs when supply is low and demand is? Even Low Demand is not related to a seller's market High
High
Which of the following types of ownership includes the right of survivorship? Joint Tenancy Ownership in Severalty Life Estate Tenancy in Common
Joint Tenancy?
Which of the following is an example of a non-freehold estate? Fee simple estate Leasehold estate All of the above Life estate
Leasehold estate
Which of the following contracts may be done orally rather than in writing? Leases longer than one year Commercial sales contract Residential sales contract Leases less than one year
Leases less than one year
Which of the following is often used as consideration in a real estate sales contract? Money Chattel Barter Personal services
Money
Which of the following is exempt from obtaining a real estate license in California? Engineers Business owners Sponsoring broker Real estate attorneys who are admitted to the California State Bar
Real estate attorneys who are admitted to the California State Bar
According to this statute, all real estate sales contracts must be in writing? Statute of contracts Statute of limitations Statute of frauds Statute of law
Statute of frauds
An improvement which, because of its deficiency in size or cost, is not the highest and best use of the site is known as? Progressive improvement Under improvement Regressive improvement Over improvement
Under improvement
The soil, trees, boulders, and grass are all examples of? Personal Property Land Chattel All of the above
All
This federal law requires public business establishments to provide reasonable accommodations for handicap individuals? The Fair Housing Act of 1964 The Unruh Civil Rights Act The Holden Act Americans with Disabilities Act
Americans with Disabilities Act
Which of the following may lead to the landlord evicting the tenant? Life Estate Estate at Sufferance Estate From Year to Year Estate for Years
Estate From Year to Year
Real estate sales contracts must be? Unilateral contracts Void contracts Express contracts Implied contracts
Express contracts?
A lien imposed against property without consent of an owner is known as a/an? General Lien Involuntary Lien Voluntary Lien Mortgage Lien
Involuntary Lien
The rights of a landowner to use a lake adjacent to his/her property are known as? Riparian rights Land rights Zoning rights Littoral rights
Littoral rights
This discriminatory act is most closely associated with lenders? Steering Redlining Testing Blockbusting
Redlining
The rights of a land owner to use a flowing body of water adjacent to his/her property are known as? Zoning rights Riparian rights Littoral rights Land rights
Riparian rights
Debt that is backed or secured by collateral to reduce the risk associated with lending is known as? Bank debt Term debt Unsecured debt Secured debt
Secured debt
Since a government lien takes the highest priority, it is called a? Top Lien Major Lien Senior Lien Junior Lien
Senior Lien
Chapter 7 bankruptcy involves which of the following? Reorganization of debt Increase of debt Separation from debt Reduction of debt
Separation from debt
If a property owner wants to build an addition to their house, which does not comply with the local zoning resolution, they must obtain a/an? Directed Development Special Permit Variance Reconsideration
Special Permit?
A mistake in the sales contract will most likely lead to what type of rescission? Mutual Objective Subjective Unilateral
Unilateral?
This type of legal description of land measures distance and direction? Lot and Block Metes and Bounds Plot U.S. Government Survey System
Metes and Bounds
This deed assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor? Voluntary Deed Warranty Deed Grant Deed Quitclaim Deed
Warranty Deed
Adverse possession is an example of? Voluntary Alienation Involuntary Alienation Easement by Necessity Easement in Gross
Involuntary Alienation?
Which of the following is considered a government right in land? Police power All of the above Taxation Escheat
All of the above
Which of the following courses is required to be taken in order to obtain your California real estate salesperson license? Legal Aspects of Real Estate Real Estate Finance Real Estate Principles Real Estate Economics
Real Estate Principles
This appraisal method is typically used to value commercial properties? Cost approach CMA Sales comparison approach Income approach
Income approach
What something is worth to an individual person without regard to market conditions is known as? Objective value Assessed value Investment value Subjective value
Objective value