Exam (elaborations)
CALIFORNIA REAL ESTATE EXAM
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CALIFORNIA REAL ESTATE EXAM
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CALIFORNIA REAL ESTATE EXAMIn reference to Property Taxes, "basis" or "cost" is - Answers -Purchase price of prop
plus cost of improvements.
When must the agency disclosure form be executed? - Answers -Upon first contact with
a potential seller or buyer.
The rate of commission on a real estate sale in California is - Answers -Negotiable
between the broker and seller.
As a general rule, escrow money received by the broker pending a closing - Answers -Is
deposited immediately in the broker's trust account.
An unlicensed employee of a broker who prepares an advertisement to sell a house -
Answers -Must have the broker's written approval.
Copies of all listings, deposit receipts, canceled checks, and trust records must be
retained by a licensed real estate broker for - Answers -3 Years
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 - Answers -A principal
The maximum commission a broker may charge a seller for the sale of residential
income property is - Answers -Negotiable
The position of trust assumed by the broker as an agent for a principal is descried most
accurately as - Answers -A fiduciary relationship
The Agency Relationship Disclosure Law became effective in - Answers -1988
How is a condominium unit owned? - Answers -Separate interest
How are common interests in a condo owned? - Answers -Equally in undivided interest
Subdivided Land Laws refer to - Answers -Subdivisions of 5+ parcels on 160 acres,
regulated marketing & financing, and requires disclosures in public report.
A chattel - Answers -Is most accurately described as personal property
Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a
fixture? - Answers -An easement
What is a visible or tangible right in real estate such as the right of occupancy under a
lease? - Answers -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? - Answers -Life Estate
When the recipient of a life estate dies, who is the person that it is willed to after their
death? - Answers -A remainderman
Which of the following is not REAL property? A fee simple estate, a leasehold for
indefinite duration, lumber, or a life estate. - Answers -Lumber
Real estate is defined as - Answers -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 - Answers
-A fixture
An estate of uncertain duration is - Answers -A freehold estate
Which is NOT considered a permanent attachment to land? Anything growing on it,
fixtures, chattels, and anything built upon the land. - Answers -Chattels
What is a chattel? - Answers -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
- Answers -An interest in land
A person who has permission to use land, but has no other rights, has - Answers -
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 -
Answers -Adverse possession
Dying without a will is called - Answers -Intestate
Dying WITH a will is called - Answers -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 - Answers -Joint tenant
Tenancy in severalty refers to - Answers -Ownership by one person only
Community property includes - Answers -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 - Answers -An
easement
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