Real Estate Contracts
Real Estate Financing
Land Use Controls
Title & Alienation
Civil Rights & Fair Housing Laws
100
Whenever a document is executed in the course of a real estate transaction, the agent must see to it that each party receives a copy: a. within 5 days. b. within 10 days. c. within 30 days. d. at the time of the signing.
d. at the time of the signing.
100
ARM stands for: a. Acceleration Recovery Mortgage b. Alternative Reinstatement Mortgage c. American Rates Manual d. Adjustable Rate Mortgage
d. Adjustable Rate Mortgage
100
California law prevents local governments from allowing commercial use in a residential zone by granting: a. use variance b. zoning waivers c. spot waivers d. selective zoning
a. use variance
100
The only way to voluntarily transfer property is by: a. deed. b. will. c. both a and b. d. neither a nor b.
c. both a and b.
100
To protect themselves against loss, most landlords require a new tenant to pay: a. a pet fee. b. 2 months' rent in advance. c. 3 months' rent in advance. d. a security deposit.
d. a security deposit.
200
Under the terms of the CAR® purchase agreement form, the broker holds the deposit check: a. until the seller has accepted the buyer's offer. b. until the next business day, then it is cashed. c. for 7 days, then cashes it or returns it. d. until the buyer tells him or her what to do with it.
a. until the seller has accepted the buyer's offer. Per the updated contract, the deposit shall be delivered to escrow within 3 business days after acceptance.
200
In a promissory note, it states that the monthly payment is "$1,370 or more." This can be interpreted as: a. a prepayment provision b. a balloon payment. c. illegal interest. d. none of the above.
a. a prepayment provision
200
How many days does a citizen generally have to challenge a zoning ordinance after it has been adopted? a. 30 days b. 60 days c. 90 days d. 180 days
c. 90 days
200
A grantor must intend to surrender control and transfer title. This is called: a. valid transfer. b. donative intent. c. transfer without recourse. d. transfer intent.
b. donative intent.
200
If California law is more restrictive than federal law, the result is: a. federal law prevails b. California law prevails c. the judge may choose whichever law to enforce d. the parties to the litigation are allowed to choose which law to use.
b. California law prevails
300
Which of the following makes the client liable for a commission during a specified period of time after the listing expires if the property is sold to someone the broker showed the property to during the listing term? a. Expiration clause b. Extender clause c. Seller's exception clause d. None of the above
b. Extender clause
300
The parties to a land contract are the: a. mortgagor and mortgagee. b. landor and landee. c. trustor and trustee. d. vendor and vendee.
d. vendor and vendee.
300
Zoning ordinances for which of the following may or may NOT follow the state zoning laws? a. Suburbs b. Chartered cities c. Unincorporated areas d. All of the above
b. Chartered cities
300
W died intestate. She is survived by her husband and his daughter, whom W legally adopted several years earlier. What share of W's estate is the daughter entitled to? a. Half of the separate property b. Half of the entire estate c. One-third of the entire estate d. None of it, since the daughter wasn't actually related to W
a. Half of the separate property
300
Mobilehome parks are NOT exempt from rent control if: a. the agreement is for personal residence. b. the owner has the option to rescind the agreement within 72 hours after signing it. c. the agreement is for less than one year. d. the owner has 30 days to accept or reject the offer when it is first presented.
c. the agreement is for less than one year.
400
If a purchase contingent on the buyer's ability to sell his or her home is not an express condition, it is often a(n): a. illegal contract. b. prerequisite condition. c. hidden condition. d. purchase option.
c. hidden condition.
400
A fictitious trust deed: a. is not completely filled out. b. is not legal in California. c. is filled out except for the first page. d. is only used for commercial property.
a. is not completely filled out.
400
A restrictive covenant can be terminated by which of the following? a. abandonment b. The owner of the benefited property releases the burdened property c. A change in circumstances d. All of the above
d. All of the above
400
J conveys her property to M. J is 23 and M is 17. M signs the deed but J does not. The deed doesn't state how much M paid for the property, and M never has the deed recorded. This deed is invalid because: a. M is only 17. b. J didn't sign it. c. it doesn't contain a recital of the consideration. d. it wasn't promptly recorded.
a. M is only 17.
400
Congress enacted the first Civil Rights Act in what year? a. 1850 b. 1860 c. 1866 d. 1896
c. 1866
500
Regarding an offer for the purchase of property: a. an earnest money deposit of at least 10% of the purchase price offered is required. b. an earnest money deposit of at least $1,000 is required. c. an earnest money deposit of 20% of the purchase price offered is required. d. an earnest money deposit is not required to make an offer of purchase.
d. an earnest money deposit is not required to make an offer of purchase.
500
When an owner takes a property “subject to”: a. the new owner is responsible for any deficiency judgment. b. the new owner is always responsible for any liens. c. the former owner is responsible for any deficiency judgment. d. the new owner cannot lose the property to foreclosure.
c. the former owner is responsible for any deficiency judgment.
500
If the citizens are not happy with the land-use controls adopted by their local government, they can: a. do nothing about it. b. adopt local land-use controls by the initiative process. c. ignore them because land-use controls are unconstitutional. d. none of the above.
b. adopt local land-use controls by the initiative process.
500
R's friend just died, leaving a will giving R her house. R is: a. an heir b. a legatee. c. a codicil d. a devisee.
d. a devisee.
500
A person visiting a tenant at night trips on a raised brick in a dark portion of the common area, falls, and breaks his leg. Who is usually responsible? a. The landlord b. The tenant c. The visitor d. It depends where in the common area the fall occurred
a. The landlord
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