Quiz: CA Real Estate Sales Practice Exam!
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- 1.Three of the following real estate terms are closely associated. Which term does not belong to the group?
- A.
Easement
- B.
Lien
- C.
Judgement
- D.
Attachment
- 2.A restrictive covenant contained in a deed which prohibits sale to persons of a particular race will:
- A.
Invalidate the conveyance
- B.
Have no effect in the conveyance and the covenant will be unenforceable
- C.
Create the power in the grantee to void the conveyance
- D.
Retain in the grantor the power to enforce the covenant
- 3.Protective covenants which place restrictions on grantees of lots in a new subdivision would probably be found in the:
- A.
Original deed held by the subdivider
- B.
Recorded declaration of the restrictions
- C.
Zoning codes
- D.
Subdivision Map
- 4.When a husband and wife hold title to property in joint tenancy, the wife can will;
- A.
One half of the husband's share
- B.
One half of the entire property
- C.
One half of her share
- D.
None of the property
- 5.A joint tenancy estate:
- A.
Is a single estate
- B.
Is an estate in severalty
- C.
Involves real property only
- D.
Involves personal property only
- 6.In real estate the word tenancy means:
- A.
Two or more people joined in an enterprise.
- B.
A mode of holding ownership
- C.
A tenacious person
- D.
A device
- 7.If Allen owns a freehold estate, which of the following actions would cause his interest to be converted to a less-than-freehold estate?
- A.
A grant of the mineral and oil rights therein to a third party
- B.
A grant of an easement for right of a way over the land
- C.
A leasing of the land for agricultural purposes to a third party for a period of five years
- D.
None of the above
- 8.Three of the following real estate terms are closely associated. Which term does not belong with the group?
- A.
Heir
- B.
Executor
- C.
Sale
- D.
Will
- 9.Austin deeded Shady Acres to Jones for the life of Baker. Under these circumstances:
- A.
Jones holds a life estate and Austin an estate in remainder
- B.
Jones holds a life estate and Austin an estate in reversion
- C.
Jones holds a fee simple estate and Baker a life estate
- D.
Baker holds a life estate and Jones an estate in remainder
- 10.You have agreed to lease a store building from the owner for a period of ten years at a total rental of $12,000.00 payable at the monthly rate of $100.00. $200.00 must be paid in advance which shall apply to the first and last month's rent. Considering the term agreed upon, it would be inappropriate to insert a clause in the terms of this lease covering which of the following?
- A.
Condemnation proceedings
- B.
Third party liability
- C.
Stock in a mutual water company
- D.
Escalation clause, tied to the cost of living index
- 11.Which of the following would be apurtenant to land?
- A.
Anything acquired by legal right that is to be used with the land for its benefit
- B.
A right of way over another owner's adjoining land
- C.
Stock in a mutual water company
- D.
All of the above
- 12.An individual who receives $225 per month on a money market savings account that pays 7 1/2% per year has invested which of the following amounts?
- A.
$12,500
- B.
$27,000
- C.
$36,000
- D.
$48,000
- 13.A man willed his property to his favorite nephew John, and his wife Jane, giving them a 2/3 and 1/3 interest respectively with the right of survivorship. Title would be held by John and Jane as:
- A.
Joint Tenants
- B.
Community property
- C.
Tenants in Common
- D.
Tenancy in Partnership
- 14.When real property is subleased, the interest held by the subleasor is commonly called:
- A.
A double lease
- B.
A freehold lease
- C.
An assignment
- D.
A sandwich lease
- 15.An appraiser using the cost method may use the unit cost per square foot or cost per cubic foot in this computations. On a unit cost basis:
- A.
A small house would cost less than a large house
- B.
A large house would cost more than a small house
- C.
A small house would cost more than a large house
- D.
The cost of a small house and a large house would be the same
- 16.A seller took back a second trust deed and note in the amount of $11,400 payable $240 per month, including interest at 7% per annum. If interest on the note begins July 15 and the first payment is made on August 15, the amount of the first payment that is applied to the principal is:
- A.
$66.50
- B.
$79.80
- C.
$173.50
- D.
$240.00
- 17.The statement, "The value of the best property in a neighborhood will be adversely affected by the presence of comparatively substandard property", relates to one of the basic principles of value known as the principle of:
- A.
Balance
- B.
Contribution
- C.
Regression
- D.
Anticipation
- 18.Many organizations have developed over the years in the real estate appraisal field. Among them are the A.I.R.E.A and the S.R.E.A.. Which of the following is true relative to these two organization?
- A.
They are professional organizations of person who make residential appraisals
- B.
They are professional organizations founded in the 1930s
- C.
They are professional organizations that are international in scope
- D.
All of the above
- 19.A person working in real estate would know that the names "Inwood and Hoskold" would pertain to:
- A.
Estimating values
- B.
Private construction
- C.
Architectural design
- D.
A group of developers
- 20."The relationship between a thing desired and a potential purchaser" is a definition of:
- A.
Value
- B.
The "economic man"
- C.
"Utility" as used in a definition of value
- D.
Need
- 21.Acme Finance Company hired an appraiser to appraise Mr. Thomas' property. As a matter of ethics the appraiser could discuss his findings with:
- A.
Acme Finance Company
- B.
Mr. Thomas
- C.
The listing broker
- D.
All of the above
- 22.In correlating the value estimates that the appraiser has secured under each of the three approaches to value the appraiser:
- A.
Simply average his estimates
- B.
Assigns weigh to the individual estimates and then averages them
- C.
Does both "A" and "B"
- D.
Does none of the above
- 23.All of the following would have an effect on the final estimate of value when making an appraisal of an old single family residence except:
- A.
Purpose of the appraisal
- B.
Suitability of the residence to the site
- C.
Physical condition of the building
- D.
Original cost of the residence
- 24.Which of the following is the least important factor when appraising a site for commercial purpose?
- A.
Convenience of facility to shipping and labor sources
- B.
The community's purchasing power
- C.
Zoning regulations
- D.
Amenities
- 25.The process of expressing anticipated future benefits of ownership in dollars and discounting them to a present worth at a rate which is attracting purchase capital to similar investments is called:
- A.
Projection
- B.
Yield evaluation
- C.
Equity manipulation
- D.
Capitalization
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