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Ca Real Estate Exam Prep: Comprehensive Practice Exam Questions And Answers With Verified Solutions Already Passed!!!
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Ca Real Estate Exam Prep: Comprehensive Practice Exam Questions And Answers With Verified Solutions Already Passed!!!

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  • October 8, 2024
  • 55
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ca real estate exam prep comprehensive practice e
  • which document is used to give a buyer an overview
  • buyer maria and seller doug are closing on june 1
  • which of the following is one of the primary reas

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  • CaLIFORNIA REAL ESTATE
  • CaLIFORNIA REAL ESTATE

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Ca Real Estate Exam Prep:
Comprehensive Practice Exam
Questions And Answers With Verified
Solutions Already Passed!!!
Which document is used to give a buyer an overview of the title history and
information about what is or isn't covered in an insurance policy? -
ANSWER✔✔Preliminary report


Buyer Maria and seller Doug are closing on June 1. Maria's mortgage loan is
$927.86, and $871.86 will go to interest in the first month. Maria will have to pre-
pay interest for June using the 360-day proration method. If Doug owns the closing
day, what Maria's prepaid interest cost be at closing? - ANSWER✔✔$842.74


Which of the following is one of the primary reasons that developers like to invest
in unimproved land?


A. It looks good to top investors to have a portfolio of unimproved land.


B. It's easier to build on a blank canvas than it is to retrofit existing infrastructure.


C. It's profitable immediately.


D. Structures are already erected on the land, limiting the development that needs
to be done. - ANSWER✔✔B. It's easier to build on a blank canvas than it is to
retrofit existing infrastructure.


Buyer Peter is eager to make an offer on the two-story home you just showed him,
but you're concerned about the back bedroom, since it looks like a relatively recent

,addition. When Peter asks you why it's an issue, how do you respond? -
ANSWER✔✔You recommend that Peter check on the permits for it, so that he
doesn't buy the house and then have to correct or even remove the addition because
it wasn't built to code.


According to national standards for measuring square footage of a dwelling, which
space should be included? - ANSWER✔✔Attached accessory apartment


Which physical characteristic of land addresses the concept that land isn't
interchangeable, and one piece of land isn't exactly like another? -
ANSWER✔✔Uniqueness


What's the definition of a qualified mortgage? - ANSWER✔✔One that meets
stringent CFPB guidelines


Jim would like to sell his own home. What is the minimum real estate license he
must possess? - ANSWER✔✔None


Jason, your client, is developing a subdivision of 140 houses. He may place deed
restrictions on as many as ______ properties. - ANSWER✔✔140 (100%)


How old must an individual be to qualify for a real estate broker license in
California? - ANSWER✔✔18


The ______ was enacted in 2010 to create stricter regulation of the financial
services industry to reduce costs for consumers from (for instance), undisclosed
kickbacks. - ANSWER✔✔Dodd-Frank Wall Street Reform and Consumer
Protection Act

,In which type of common interest subdivision are the owner's shareholders in a
corporation that owns the property? - ANSWER✔✔Stock cooperative project


Which option describes a real property tax lien? - ANSWER✔✔Specific and
involuntary


Mark is offering to purchase Sarah's house. They agree, and open an escrow
account together. Mark and Sarah would be considered what to the escrow? -
ANSWER✔✔Principals


Lawrence is a buyer closing on a home purchase for which he's obtaining
financing. He receives a Loan Estimate from his lender. What's one purpose of this
document? - ANSWER✔✔To provide the estimated closing costs for Lawrence's
loan


Non-lawful possession after the expiration of a lease is called ______. -
ANSWER✔✔Estate at sufferance


What is it called when property is taken by the state after the owner dies without
heirs? - ANSWER✔✔Escheat


To develop a marketing plan for the property owner, the property manager should
______. - ANSWER✔✔Compare the competition to the rates, condition,
amenities, and location of the owner's property


Lot and Block Realty received a cease-and-desist order from the FTC due to
misleading ads the firm was running. When does the order become effective? -
ANSWER✔✔Immediately upon issuance

, Borrowers who fall into the ______ category may be faced with paying interest 1%
to 5% over the current market rate. - ANSWER✔✔Subprime


Reggie has thoroughly reviewed the sales contract with his clients, the Arnolds,
and has confirmed that they understand all of the terms and provisions. What
should Reggie do next? - ANSWER✔✔Recommend that the Arnolds review the
sales contract with an attorney before signing it.


What's the name of the clause in a promissory note where this language appears:
"If the Note Holder has not received the full amount of any monthly payment by
the end of ______ calendar days after the date it is due, I will pay a late charge to
the Note Holder"? - ANSWER✔✔Late charge provision


Which type of antitrust violation occurs when the providing of one service is made
dependent on the customer or client obtaining another recommended service? -
ANSWER✔✔Tie-in arrangement


Kenny is updating a bathroom. Under what circumstances is a contractor's license
required? - ANSWER✔✔If he is preparing his house to sell


When working with a developer who's purchasing undeveloped land for a new
subdivision, ABC Realty stipulates in the contract that in order to purchase the
undeveloped land, the developer must purchase grading services from Bulldozers-
R-Us. Which antitrust violation is this? - ANSWER✔✔Tie-in arrangement


One area of town has maximum building height requirements and setbacks for the
front, side, and rear yards. These requirements are all indicative of ______. -
ANSWER✔✔Bulk zoning

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