Exam (elaborations)

CA Real Estate Exam 2024 Practice Questions with Correct Answers 100% Pass

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Course
Real Estate

Institution
Real Estate

CA Real Estate Exam 2024 Practice Questions with Correct Answers 100% Pass An insurance policy which combines personal liability insurance and hazard insurance coverage for a dwelling and its contents is called: Homeowner's insurance Buyer's insurance Errors and omissions insurance All of t...

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Uploaded on November 4, 2024
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ca real estate exam 2024 practice questions with c

Institution Real Estate
Course Real Estate

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024

CA Real Estate Exam 2024 Practice

Questions with Correct Answers 100%

Pass

An insurance policy which combines personal liability insurance and hazard insurance coverage for a

dwelling and its contents is called:

Homeowner's insurance

Buyer's insurance

Errors and omissions insurance

All of the above - ANSWER✔✔-Homeowner's insurance

Homeowner's insurance ensures comprehensive protection for homeowners.

What is the status of a contract when all terms have been fulfilled and the transaction has been closed?

Fully executed

Terminated

Voidable

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Unenforceable - ANSWER✔✔-Fully executed

This means that both parties have performed their obligations under the contract and there are no

further actions required. At this point, the contract has been completely executed and both parties are

typically released from any further obligations under the agreement.

Surface rights, air rights, and subsurface rights are all rights that can be sold by a property owner while

still retaining the property itself. These rights are known as:

Severable rights

Littoral rights

Owner's rights

Riparian rights - ANSWER✔✔-Severable rights

Surface rights, air rights, and subsurface rights can be sold separately and are called severable rights.

When an easement allows the use of a neighboring property which automatically transfers upon the sale

of either dominant or servient property, it is called what type of easement?

Easement by prescription

Easement appurtenant

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Easement in gross

Easement of utility - ANSWER✔✔-Easement in appurtenant

Appurtenant means "runs with the land."

Linda purchased a fee simple interest for the private use of a residential property for one week every

single year. What did Linda purchase?

Shares in a cooperative building

A condominium

Common elements

Resort timeshare - ANSWER✔✔-Resort timeshare

Vacation timeshare resorts sell a fee simple form of ownership to a buyer for the private and exclusive

use of a unit for one week a year. There is title work, a closing, and the buyer is conveyed a deed.

What is the highest form of land ownership which includes the full and complete bundle of property

rights?

Fee simple defeasible

Fee simple determinable

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Fee simple condition subsequent

Fee simple absolute - ANSWER✔✔-Fee simple absolute

Fee simple absolute freehold estate is the highest level of property ownership giving the ownership

giving the owner the right of possession, control, exclusion, enjoyment, and disposition.

What type of ownership would allow two or more owners to have various unequal percentages of

ownership?

Joint tenancy with rights of survivorship

Joint tenancy

Tenancy in common

Tenancy in severalty - ANSWER✔✔-Tenancy in common

Tenancy in common grants owners to have an equal, undivided interest in a property, but also allows

owners to have varying percentages of unequal ownership as well.

Tenancy in severalty is best described as:

Two property owners

One property owner

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