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California Real Estate Exam 2024 Questions and answers | Updated RATED A+
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California Real Estate Exam 2024 Questions and answers | Updated RATED A+
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California Real Estate Exam 2024Questions and answers | Updated
RATED A+
An insurance policy which combines personal liability insurance and hazard insurance
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coverage for a dwelling and its contents is called - Homeowners insurance
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What is the status of a contract when all the terms have been fulfilled and the transaction
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has been closed? - Fully executed
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Surface rights, air, rights, and subsurface rights are all rights that can be sold by a property
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owner while still retaining the property itself. These rights are known as: - Several rights
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When an easement allows the use of a neighboring property which automatically transfers
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upon the sale of either dominant or servient property. It is called what type of easement -
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Easement appurtenant
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Linda purchased a fee simple interest for the private use of a residential property for one
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week every single year. What did Linda purchase? - Resort timeshare
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What is the highest form of landownership which includes the full and complete bundle of
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property rights? - Fee simple absolute
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What type of ownership would allow two or more owners to have various unequal
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percentages of ownership? - Tenancy in common
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ii Tendency in severalty is best described as - One property owner ii ii ii ii ii ii ii ii ii ii ii ii
ii Which of the following is not one of the four land use controls? - intestate
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What is the general purpose for cities to require building permits? - To require a minimum
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level of construction standards
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ii The interest rate bank charge to their preferred customers is called - The prime rate
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The city of Brownwood plants to build a new water treatment facility, but the land that is
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required is privately owned. Eminent domain allows the city to - Take possession of the
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land against the owners wishes yet the owner must be compensated
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ii When the appraised value of a property is given, it is based on - Comparable sales
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Agent Brooke is preparing for a listing appointment and has gathered information to
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prepare a report of recent market data for the seller to review. The report agents reconcile
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, to obtain a reasonable list price for a property based on current listings, recent sales and
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expireds would be called. - Comparative market analysis (CMA)
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Paul owns an older residential property in an area now zone for commercial use. Paul
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decides to renovate the home into a laundromat. The change in the properties functionality
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for Paul's financial gain is an example of what - Highest and best use
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John's tire store is being built across the street from big Bob's tires. What appraisal
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principal describes this situation - Competition
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Buyer Sam purchased a rundown residential home in a neighborhood with many nice well-
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kept properties. Sam intends to renovate the home and resell it for a profit. Considering the
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nicer homes in the neighborhood help raise his property value, what appraisal principle is
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Sam leveraging ? - Progression
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During the appraisal process, the appraiser will never adjust the price of the - Subject
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property
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While working on an appraisal report appraiser, Jake finds that the comparable property is
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superior to the subject property with more amenities. How will Jake make adjustments to
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arrive at a value of the subject property? - Subtract value from comparable
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The beautiful town of big Bear is experiencing a fast influx of new residence. There are a
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few homes on the market and no new construction developments in the works. What will
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this do to the price of the existing homes in the area? - The prices will increase
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Homeowner Paul is selling his home without a real estate agent. He places an
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advertisement stating "owner financing 3% down payment" is Paul's advertisement in
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violation of the Truth in Lending act? - No property owners are not regulated by TRIL
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advertising requirements
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ii Which one of the following loan types does not require a down payment? - VA Loan
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Discount points are away lenders are able to charge prepaid interest in order to lower the
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interest rate over the life of the loan. What is the cost of the discount point based on? - The
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loan amount
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FHA loans require the borrowers provide protection to the lender in case of loan default.
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What must the borrower pay for to provide this protection to the lender? - Mortgage
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insurance premium
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Fair housing regulations apply not only to real estate agents, but also lenders. When a
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lender denies a mortgage application solely based on the racial demographics of the
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neighborhood. The property is located in the lender is guilty of - Red lining.
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Lenders are to base credit decisions on the borrowers, credit worthiness.
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