Exam (elaborations)
California Real Estate Exam Cram Practice Quizzes (1)
California Real Estate Exam Cram Practice Quizzes (1)
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California Real Estate Exam Cram PracticeQuizzes
A __________ is an offer to issue a policy of title insurance in the future for a
specific fee.
a. title commitment
b. lender's title insurance policy
c. abstract of title
d. certificate of title - ANS-a. title commitment
A 12 year old building in excellent condition is given an age of six years by an
appraiser. This would be known as its:
a. Actual age
b. Economic life
c. Effective age
d. Physical life - ANS-c. Effective age
A 15-year-old individual may acquire title to real property by:
a. payment
b. gift or inheritance
c. lawful objection
d. proving adequate mental capacity - ANS-gift of inheritance
A broker uses a profitability measurement called ____________ to determine how
much each ales associate must earn to cover the brokerage expenses.
a. joint and several responsibility
b. company dollar
c. desk cost
d. intermediation - ANS-c. desk cost
A builder is allowed to make a change in construction that does not conform to
the local building code. This is an example of:
a. rezoning
,b. a variance
c. a continual-use-permit
d. a restriction - ANS-b. a variance
A buyer who wishes to insure title to real property when it is purchased should
get a(n):
a. title insurance policy
b. guarantee of title
c. certificate of title
d. abstract of title - ANS-a. title insurance policy
A deed of trust and note are given to a seller to finance the purchase of vacant
land. The buyer intends to place a short-term construction loan on the land. Such
a deed of trust is most likely to include a(n):
a. subrogation
b. or more
c. subordination
d. prepayment - ANS-c. subordination
A deed to transfer real property must be ____________ to be binding on a buyer
and a seller. - ANS-delivered and accepted
A farm owned by Alex Green was escheated to the state because:
A. Alex died intestate with no heirs
B. The state acquired the land for a highway exchange under eminent domain
C. Alex died and had no heirs
D. Alex did not pay taxes for the statutorily defined time - ANS-Alex died intestate
with no heirs
A grandfather clause:
a. is a change in zoning
b. is an example of down zoning
c. permits continuation a nonconforming use
d. is an inheritance right to property - ANS-c. permits continuation a
nonconforming use
, A mortgage loan with an interest rate that changes along with money market
rates is often referred to as a:
a. growing equity
b. shared appreciation
c. adjustable rate
d. reverse annuity - ANS-c. adjustable rate
A person who dies interstate: - ANS-will have the estate administered and
distributed by a court automatically.
A power of sale or trustee's sale foreclosure of a deed of trust:
a. is similar to a court foreclosure
b. is faster than a judicial foreclosure
c. allows for no reinstatement
d. gives the truster rights of redemption - ANS-b. is faster than a judicial
foreclosure
A promissory note:
a. is security for a deed of trust
b. is evidence of a debt
c. must be recorded
d. is collateral for the loan - ANS-b. is evidence of a debt
A property that has been psychologically impacted is known as a(n):
a. stigmatized property
b. brownfield
c. "as is" property
d. UST property - ANS-a. stigmatized property
A real estate broker hired by the buyer to locate a property must comply with all
of the following, EXCEPT:
a. the instruction of the buyer
b. the instruction of the seller
c. the law of the agency
d. state licensing law - ANS-b. the instruction of the seller
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