California Real Estate Exam UPDATED ACTUAL Questions and CORRECT Answers
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Course
California Real Estate
Institution
California Real Estate
California Real Estate Exam UPDATED
ACTUAL Questions and CORRECT
Answers
In reference to Property Taxes, "basis" or "cost" is - CORRECT ANSWER- Purchase
price of prop plus cost of improvements.
How is a condominium unit owned? - CORRECT ANSWER- Separate interest
How are common interests in ...
California Real Estate Exam UPDATED
ACTUAL Questions and CORRECT
Answers
In reference to Property Taxes, "basis" or "cost" is - CORRECT ANSWER✔✔- Purchase
price of prop plus cost of improvements.
How is a condominium unit owned? - CORRECT ANSWER✔✔- Separate interest
How are common interests in a condo owned? - CORRECT ANSWER✔✔- Equally in
undivided interest
Subdivided Land Laws refer to - CORRECT ANSWER✔✔- Subdivisions of 5+ parcels on
160 acres, regulated marketing & financing, and requires disclosures in public report.
How long is a disclosure in public report for Subdivided Land Laws good for? - CORRECT
ANSWER✔✔- 5 Years
When does a tax year run? - CORRECT ANSWER✔✔- July 1-June 30
Legally combining smaller, adjacent parcels of land to form a larger parcel. - CORRECT
ANSWER✔✔- Plottage or assemblage
Separating large parcels into smaller lots - CORRECT ANSWER✔✔- Subdividing or
separating
Amount or size of land being increased by natural forces such as deposits by wind or water. -
CORRECT ANSWER✔✔- Accretion
Gradual uncovering of land previously covered by water such as when a stream changes
course. - CORRECT ANSWER✔✔- Reliction
,The Statute of Limitations in the state of California allows how long to take action? -
CORRECT ANSWER✔✔- 4 years
The process by which the court may seize real or personal property as security for a
satisfaction of monetary judgement. - CORRECT ANSWER✔✔- Attachment
When is a 20-day preliminary notice of a mechanics lien need to be issued? - CORRECT
ANSWER✔✔- 20-days after the claimant (contractor) has first furnished labor, services,
equipment, or materials.
What is the purpose of issuing a preliminary notice of a mechanics lien to a claimant? -
CORRECT ANSWER✔✔- To inform concerned parties that the property may be subject to
liens arising out of contract.
What is the brokers relationship to the customer? - CORRECT ANSWER✔✔- The broker is
the agent to the customer (customer employs the broker).
What is the agents (salesperson) relationship to the broker? - CORRECT ANSWER✔✔- The
salesperson is the agent to the broker (the broker gives the salesperson authority to act on
his/her behalf).
A Home Equity Line of Credit is - CORRECT ANSWER✔✔- An Open Ended Mortgage
An Open Ended Mortgage is - CORRECT ANSWER✔✔- A type of note that permits the
borrower to obtain more money at a future date under the same deed of trust.
Zoning is an example of - CORRECT ANSWER✔✔- Police power
Local jurisdictions have the authority to divide land into districts and impose land use
regulations to promote health, safety, and welfare of the public--this is known as - CORRECT
ANSWER✔✔- Zoning
When can restrictions placed on a deed be removed? - CORRECT ANSWER✔✔- Never
, What is the only restriction placed on a deed that is considered illegal? - CORRECT
ANSWER✔✔- Race restrictions
Is an option contract bilateral or unilateral? - CORRECT ANSWER✔✔- Unilateral
What does an option contract NOT do? - CORRECT ANSWER✔✔- Create a legal interest
in a property
If a buyer has defaulted on on an original land contract which had been recorded, this would
result in a defective title, requiring legal action to clear the title. This is called - CORRECT
ANSWER✔✔- a Quiet Title Action.
A promise is also known as a - CORRECT ANSWER✔✔- Covenant
A court action is mandatory to evict a delinquent tenant. This process is called - CORRECT
ANSWER✔✔- Unlawful Detainer
A verbal contract is considered - CORRECT ANSWER✔✔- Valid
California Statute of Frauds require a real estate agreement to be - CORRECT ANSWER✔✔-
In writing
What kind of listing agreement offers a listing broker to receive a commission regardless of
who is the "procuring" cause? Is also considered the greatest protection for the agent. -
CORRECT ANSWER✔✔- Exclusive right to sell
What does a deed NOT need to be considered valid? - CORRECT ANSWER✔✔- A date
A valid deed must have 3 components - CORRECT ANSWER✔✔- Be in writing, be signed
by the grantor, and delivered to the grantee
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