Which of the following liens is both general, involuntary, and statutory? Which lien is specific, voluntary, and equitable?
Income Tax Lien; Mortgage Lien
What are the types of legal life estates?
Dower, a wife's interest in the husband's property; Curtesy, a husband's interest in a wife's property; and Homestead, protection against unsecured debts for the party who did not sign for the loan.
Due to the subdividing of lots on the lake, Jim's property is surrounded on three sides by Louise's property. The only other boundary is the lake. Jim can only get to his home by driving up Andrea's driveway and behind her lake home to get to his own. How
Necessity
Along a non-navigable stream, does an owner own the land, the water, both, neither? What is this right?
The owner owns the land to the center of the stream and the government owns the water. It is a Riparian Right.
Which are the four elements required for a valid contract?
Legally Competent Parties; Offer and Acceptance; Consideration; and Legality of Object
Which of the following is not a fourfold unity?
Vesting
When is a real estate licensee considered a creditor?
If the licensee routinely assists sellers in determining whether a proposed buyer in a land contract or purchase-money mortgage is creditworthy.
Ensuring consumers are fully informed of all finance changes and aware of the true annual interest rate are requirements of which regulation?
Truth in Lending
Ramon did not pass his licensing examination. He didn't think it was a possibility to fail and doesn't know what to do to re-take the test. Ramon is not even sure he is allowed to take the examination a second time. What are Ramon's options?
Both A and B
Kim, Chris, and Beth are all partners in a cosmetics firm. Kim is leaving the partnership and wants to sell her shares of the business, including the property owned by the partnership, to Chris and Beth. The three partners own the property with the right
Joint Tenancy
Broker Burns is negotiating a first trust deed loan for buyers. The buyers have signed a contract for a fifteen-year loan. What is the maximum commission for Broker Burns?
Ten percent of the principal of the loan.
An undeveloped acre of land sits in the middle of a secluded rural community. How many separate owners could this acre have?
Three owners: One could own the subsurface rights, one the surface rights, and another the air rights.
Appraiser Jones appraises one-to-four unit residential properties, and non-residential properties with a transaction value up to $250,000. What is this appraiser's level? How many hours of appraiser education were completed?
Certified Residential Real Estate Appraiser, 200 hours
Which of the following is not an exemption to the federal fair housing laws concerning age and family status?
In a retirement community if 70% of the dwellings have one person who is 55 years of age or older, provided there are amenities for elderly residents.
XYZ Corporation is interested in a piece of land for development. They are selling off a bit of company stock to buy the property without any debt. Is XYZ's sale of stock considered a form of financing?
It is actually considered a mortgage financing alternative.
Dan has recently been transferred to San Diego, and only has a month to find a home, sell his condo, pack, move, close, and get to work. His agent shows him the Walsh home and it's perfect. He offers the asking price, along with all the kitchen appliances
Mirror Image
Agent Green is faced with an ethical dilemma. He was present when two brokers were having an unethical discussion that could be considered collusion. He doesn't know if he should act as if it never happened, or report the incident to his broker. What step
All of the Above
What is the form of all California licensing examinations?
Multiple-Choice Tests
Which of the following listing agreements is illegal in most states?
Net Listing
Georgina sat for the examination about two weeks ago. She believes she passed with flying colors and checks her mail immediately upon arrival home for her results. Today, they arrived and, as she opened the envelope, she saw her test score. Did Georgina p
Georgina failed the exam. The exam is qualifying by nature and if you pass, you pass; your score is irrelevant and is not revealed.
Christina is planning on getting married in the next year. She is a very successful business owner and is planning on buying some vacation property on the coast. She asks her agent, Martina, for advice on how she should take title to this new property. Sh
Martina should discuss with Christina what she knows in reference to California community property laws, but give no advice except to consult an attorney for advice.
Which of the following statements concerning real and personal property is true?
Both B and C
Carol is studying for the California real estate license examination. She knows she has to know all areas covered in the examination extremely well to pass. Which portion of the examination, approximately, makes up the largest portion of the test?
Practice of Real Estate and Mandated Disclosures
A subdivision has a homeowner association rule that states there can be no above ground pools in the subdivision. The Curtis family has an above ground pool in their backyard. Four years later, the new association president threatens to take the family to
Statute of Limitations
Ken has just passed his licensing examination. However, he has been notified the CalBRE will not issue a full-term license. Ken is behind on child support payments and therefore has not complied with a court order to provide these payments. Will Ken ever
Ken may be issued a 150-day temporary license while he is on the list of child support obligors. Only one 150-day temporary license may be issued. His full-term license may be issued if a release is obtained from the district attorney's office during the
Tracy and Darnell are buying a home. They have a 15% down payment and have qualified for a thirty year fixed rate mortgage. Will Tracy and Darnell have to pay PMI?
Yes, private mortgage insurance is required for all loans with less than 20% down payment.
Which of the following is not a prohibited escrow-related activity?
They may not permit, under any condition, any person to make any addition, deletion, or alteration of an escrow instruction.
Which of following are not considered trust funds?
All of the Above
Mr. Manning has owned a restaurant for forty years. He is in the process of selling his business to a group of investors who plan on revamping the restaurant and turning it into a destination. In the negotiation of the sale, Mr. Manning has stipulated he
Fee Simple Defeasible
Judy is the listing agent for the Brandts' home. In the inspection of their home, she discovers a few issues of concern. The basement is very damp and smells of mildew. Judy noticed what appeared to be mold on the interior walls of the lower level. She al
Easton v. Strassburger
Agent Peters has qualified buyers to purchase a new home. Now he needs to qualify the property they wish to buy. He understands the human qualification process. Can you help Agent Peters with steps to qualify the property?
Both A and C
The Brights are buying a home from the Stones. They are splitting the escrow service fees 50-50. Do they live in Northern or Southern California? How does the other region usually handle the escrow service fees?
They live in Southern California. In Northern California the buyer usually pays the escrow service fees.
John and Thom are purchasing their dream home. Due to the expiration of escrow instructions, the escrow has been terminated. Have they lost the contract on the house of their dreams?
No, the termination of an escrow does not terminate the associated contract.
Caroline has been paying her mortgage steadily for fifteen years. She has just received a notice from her lender that the loan due date is approaching and she will owe a lump sum of $11,257 to pay off her mortgage loan. Which type of promissory note has C
A fully amortized loan
Deanna is buying one of Kay's fur coats and several handbags. They are old friends and sometimes purchase each other's items instead of selling to a consignment shop. Deanna agrees to pay Kay $650.00 for the items, writes a check, and collects her purchas
No, in the State of California, an agreement for the sale of personal property must be in writing if the amount or value of the property exceeds $500.00.
Agent Sims needs one more new home sale this month to receive a bonus. She has one more that could possibly close and help her meet the goal. However, today she was informed the financing fell through for the buyer. Agent Sims has a lender friend that owe
PC 639-639a
Agent Simpson tells residents of a neighborhood that minorities are moving into the neighborhood, and property values are sure to plummet. Simpson goes on to say, "resale values will suffer, the neighborhood will deteriorate, and if they don't sell their
Blockbusting
Patrice and Cornell are completing a sales contract with Mary, their agent. The sales contract used at Mary's brokerage is preprinted. Mary, as a senior agent, has the authority to waive one of the brokerage's fees. The fee is explained and preprinted on
Handwritten portions of real estate contracts always supersede preprinted forms.
When can a violation that hasn't happened yet be a violation?
Both A and C
Molly, a successful real estate salesperson, took some time off to stay at home with her first child. Days turned into weeks, weeks into months, months into years, until Molly's child was starting school. She decided she needed to head back to her profess
No, two years after the license expires, all license rights lapse. Molly must re-qualify through the examination process before being licensed in real estate once again.
Which is not a form of syndication?
An Equity Trust
In studying for her real estate license, Elise is reading about police power. She is confused and doesn't understand why law enforcement would have any role in real estate sales, transactions, and regulations. What does the term "police power" refer to in
Both A and C
The continuing education requirement in California is ____________hours every __________ years.
45, four
What is the difference between Southern California and Northern California in reference to escrow accounts?
Both B and C
Elliot has misrepresented himself by acting in the capacity of a real estate salesperson without being licensed by the State of California. Elliot had his license revoked three years ago for unethical actions. Elliot is guilty of what level of violation?
Misdemeanor
Ben and Amanda are interested in a vacant, undeveloped lot. They are going to continue to live in their current home, pay off the lot's loan, and then build a new home on the lot. Before closing on the purchase of the lot, they discover the zoning regulat
They may rescind the transaction based on the misrepresentation of the broker.
What is the California Statute of Limitations on bringing a court foreclosure to enforce a mechanic's lien? To bring action for removal of encroachments?
90 days after filing the lien; Three years
Which of the following conditions does not apply in converting a mobile home into real property?
The homeowner is required to have a tag guaranteeing the mobile home's proper construction.
Which act is known as the original fair housing statute?
Civil Rights Act of 1866
When an owner dies without a will or heirs, what happens to the property and why?
The property is transferred to the state. Property cannot be without an owner.