Practice Exam 1 Flashcards
The measurements most often used on the west side is:
A feet
B Rods
C Square footage
D In Linear feet
C
The primary justification for zoning ordinances is to:
A Maintain physical conformity of buildings in a zoned area
B Prevent an oversupply of business enterprises
C Control the quality of building construction within a zoned area
D Promote the public health, safety, morals, and general welfare
D
A judgment that has been recorded would be:
A An involuntary lien
B A superior lien
C An equitable lien
D An inferior lien
A
An easement on real property can be terminated by:
A A conveyance of the servient tenement to a third party
B Being revoked by the party granting the easement
C An express release from the servient tenement holder
D A release signed by the holder of the dominant tenement
D
A trust deed:
A Transfers equitable title to the beneficiary
B Encumbers the real property designated in the deed of trust
C Designates only two parties to the agreement: the trustor and the trustee
D Automatically reconveys the property to the trustor when the loan has been paid off
B
Which of the following best describes what a landlord-owned 6
apartment building and a condominium project have in common:
A The tenants each receive a separate bill for property taxes
B Occupants of both each have an estate in real property
C Both properties are regulated by the Subdivided Lands Act
D Occupants of units in both properties would have a fee simple estate
B
To establish an enforceable agency for selling real estate, one must have:
A Trust deed
B Partnership
C Written contract
D None of the above
C
The following word is most nearly the opposite of alienation:
A Acceleration
B Amortization
C Acquisition
D Avulsion
C
To be enforceable in court, a listing agreement for the sale of real property must be.
A In writing
B Acknowledged
C Recorded
D All of the above
A
“Capacity” in a contract means:
A The square footage of the building or lot
B To have the mental ability to enter into a contract
C The number of principles involved in the contract
D None of the above
B
A contract is non-assignable when it is:
A For a period of more than one year
B A personal service contract
C In writing
D Includes an alienation clause
C
The word “rescind” means:
A Changed
B Terminated
C Substituted
D Subordinated
B
A contract for the sale of real property made under duress is:
A Void
B Valid
C Voidable
D Illegal
C
A voidable contract is good until it is:
A Rescinded
B Valid
C Void
D Neutral
A
An offer may be terminated by:
A Rejection by offeror
B Revocation by offeree
C Rejection by offeree
D All of the above
C
A counter offer is:
A When the offeree becomes an offer
B A new contract
C Rejection of the previous offer
D All of the above
D
The law of agency concerns itself with the rights, duties, and liabilities between and among:
A Agent and a third party with whom the agent deals
B Principal and agent
C Principal and third party introduced by the agent
D All of the above
D
The best way to establish an agency relationship is by:
A An oral agreement
B Voluntary by agent
C Implied contract by law
D Written contract
D
The following statement is true with the respect to options. An option is
A Valid if consideration is delivered even if it is less than $10.00
B A bi-lateral contract
C Consideration not necessary
D Non of the above
A
Acting in agency without authorization and later the action is accepted by the other party the agency. This is:
A Estoppel
B Expressed contract
C Ratification
D Application
C
In the terms of a deed of trust, the power of sale is granted by:
A Trustor to beneficiary
B Trustor to trustee
C Beneficiary to trustor
D None of the above
B
Another example of a fiduciary relationship is:
A Buyer/seller
B Trustee/beneficiary
C Agent/3rd party
D Broker/broker
B
A real estate licensee who misrepresents a property to a buyer while acting as agent for a seller may subject themselves to:
A Disciplinary action by DRE
B Civil action
C Criminal action
D All of the above
D
A broker who has a signed listing to sell a property can refuse to submit an off.
In circumstances in which he also has obtained a back-up offer
B Whenever the offer is for less than the listed price
C If in the listing agreement he also has an option to purchase the property
D When expressly instructed to do so by the owner
D
A properly executed quitclaim deed conveys:
A Any existing interest in the property
B Any existing interest by the lessee
C Any existing interest by the grantee
D Any existing interest by the lender
A
A “safety period” as used in real estate agreements, providing for the protection of the broker in collecting his commissions, would be found in which of these:
A Lease
B Listing agreement
C Deposit Receipt and Purchase Contract
D Exchange agreement
B
A real estate broker need not prove that he or she is the procuring cause when th following type of listing is used:
A Exclusive right to sell
B Exclusive agency listing
C Net listing
D Open listing
A
A written contract in which an agent receives the right to a commission regardless of who sells the property, except the owner, is an:
A Exclusive agency listing
B Net listing
C Open listing
D Exclusive right to sell
A
A contract to keep an offer open for a specified period of time is:
A An option
B A trust deed
C An open-ended agreement
D A periodic agreement
A
A quiet title action usually refers to the following:
A Removing a cloud on title or establishing title
B To remove a lien
C A lender demanding payment
D Foreclosure notice
A
A grant deed that is recorded provides which of the following to subsequent purchasers of the property named in the grant deed?
A Constructive notice
B Actual notice
C Prescriptive notice
D Recording notice
A
A grant deed passes title when it is:
A Executed
B Delivered
C Recorded
D Acknowledged
B
The extent of a real estate agent’s authority to act on behalf of their principal is:
A That which the principal confers upon the agent, whether actual or otherwise
B The authority that third-party principals interpret the agent as possessing
C Any authority the agent chooses to accept, regardless of restrictions placed upon his authority.
D he authority to sell and convey real property and modify or cancel purchase agreements after they have been made
A
For the delivery of a deed to be effective, it must have clear evidence of:
A Recordation
B Acceptance
C Acknowledgment
D The legal description of the property
B
A quitclaim deed conveys only the present right, title, and interest of the:
A Grantor
B Servient tenement
C Grantee
D Property
A
The Subdivision Map Act is controlled by the:
A City
B Local government
C County
D All of the above
D
A real estate broker receives authority to accept a deposit on behalf of his or her principal in the following contract:
A A listing contract
B A purchase contract
C A deposit contract
D Principal contract
A
To be binding on a seller and a purchaser, an agreement for the transfer of title to
real property must:
A Be recorded to be effective
B Be acknowledged before a proper official
C Contain and offer an acceptance
D Be signed by the purchaser
C
A grant deed that is recorded provides which of the following to subsequent purchasers of the property named in the grant deed:
A Actual notice
B Constructive notice
C Both actual and constructive notice
D Neither actual nor constructive notice
B
A quitclaim deed conveys only the present right, title, and interest of the
A Grantor
B Servient tenement
C Grantee
D Property
B
During the escrow period, the eserow holder acts as:
A An independent contractor
B An employee
C An agent for buyer and seller
D A counselor
C
When two or more persons hold title to real property as tenants in common
all the following statements are correct, except:
A A unity of possession exists
B No owner can claim any specific portion of the land for himself
C Any tenant in common may dispose of their interest as they see fit
D When one tenant in common is in possession of the land, he/she may be charged rem for his/her use of the land
B
When real property is held by husband and wife as community property, an agreement to sell that property which has been signed by only one spouse would be:
A Illegal
B Unenforceable
C Binding
D A violation of the Statute of Frauds
B
The standard policy of title insurance will protect the buyer against:
A Defective delivery of the deed
B A change in the zoning permitted use from residential to commercial on adjoining lots
C Rights of parties in possession of the property
D Unrecorded easements
A
A title company searches the records of:
A County recorder
B County clerk
C Federal court clerk
D All of the above
D
You would most likely find subdivision restrictions in the following instrument:
A Subdivision map
B Declaration of restrictions
C Original deed
D Commissioner’s Public Report
B
The term “CC & Rs” as used in real estate practice refers to:
A Deed restrictions
B Covenants
C Restrictions
D Agreements
A
The “R” of CC&Rs refers to:
A Reservations
B Restrictions
C Regulations
D Resolution
B
A real estate licensee who does not disclose known defects to a buyer while acting as agent for a seller may be subject to:
A Disciplinary action by the licensing authority
B Civil action
C Criminal action
D All of the above
D
50
The Transfer Disclosure Statement must disclose:
A All facts materially affecting value or desirability of the property
B All facts materially affecting value or desirability of the property
C School districts
D None of the above
B
The following is illegal:
A Keep the seller’s secret that the roof leaks
B Refuse to disclose the race of a prospect
C Refuse to disclose the religion of the seller
D Keep the seller’s secret that she is getting a divorce
A
If the agent notices a crack in a wall and that the doors do not close properly. he should:
A Advise the buyer to get a Structural Pest Control Board Report
B Advise the buyer to get an expert 3rd party opinion
C Refer to the zoning map
D Advise the buyer to get a home protection policy
B
The person that must prepare the Transfer Disclosure Statement is:
A An administrator in probate
B One spouse to another in a divorce proceeding
C The transferor
D A trustee in an REO sale
C
On the Real Estate Transfer Disclosure Form, the broker must:
A Make a visible inspection of accessible areas and report findings on the form
B Make a professional inspection of accessible areas and report findings on the form
C Order a soil engineer report
D Order a toxic waiste report
A
An owner lists his property and informs the broker that a freeway which is planned seven years into the future will cause condemnation of the property. The broker must
A Disclose the fact to a buyer
B Condem the property
C Depreciate the property
D Do nothing
A
Any person may secure a copy of a pest infestation report from the:
A Structural Pest Control Board
B EPA
C FHA administration
D Federal Government
A
The largest generational group for the purchase of properties and the largest working group in the US is:
A Millennials
B Baby boomers
C The grand generation
D Generation X
A
The land residual method of estimating property value is used to determine:
A Land value
B Building value
C Capitalized value
D Improved value
B
The first step in the approach to an appraisal assignment is to:
A Define the problem
B Determine the fee
C Collect the data
D Correlate the values
A
The person most apt to use a “benchmark” in the practice of his profession would b
A Lawyer
B Carpenter
C General contractor
D Surveyor
D
