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1)
Dakota, Jordan and Logan took title to a property as joint tenants. Dakota sold her share to Payton and then Jordan died. Who owns the property now?
- Logan owns 2/3 and Payton owns 1/3 as tenants in common
- B. Logan, Payton and Jordan's heirs own the property 1/3 each as joint tenants
- C. Logan owns 2/3 and Payton owns 1/3 as joint tenants
- D. Logan, Payton and Jordan's heirs own the property 1/3 each as tenants in common
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2)
A broker who knowingly makes a statement he or she knows is false at the time, or who fails to disclose material facts, is guilty of:
- innocent misrepresentation
- B. negligent misrepresentation
- C. fraudulent misrepresentation
- D. all of the above
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3)
An agreement that is made either verbally or in writing is known as a(n):
- press contract
- B. mutual consent
- C. implied contract
- D. all of the above
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4)
A judgment is best described as a(n):
- voluntary lien
- B. general lien
- C. specific lien
- D. attachment lien
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5)
Time, title, interest and possession are the four essential unites of a:
- Tenancy in common
- B. Joint tenancy
- C. Partnership
- D. Corporation
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6)
Compensation made by the payment of money or the return of property, thus clearing a lien from the record, is known as:
- stract of title
- B. satisfaction of judgement
- C. judgment compensation
- D. dismissal of attachment
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7)
If Bob places improvements and permanent fixtures on property that he does not own, Bob has created a(n):
- verse possession
- B. encroachment
- C. avulsion
- D. hostile occupancy
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8)
A notice of a pending lawsuit that clouds title is called a(n):
- lis pendens
- B. writ of execution
- C. injunction
- D. non of the above
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9)
Appurtenant means the ownership of the item:
- is personal
- B. is movable
- C. is a crop
- D. runs with the land
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10)
An encumbrance:
- Burdens the property
- B. Is always a lien
- C. Cannot affect the physical use of a property
- D. All of the above
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11)
A salesperson employed by a listing broker is an agent of:
- the buyer
- B. the owner/seller
- C. the lender
- D. the courts
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12)
Of the following, which is not one of the five general test for a fixture?
- Method of attachment
- B. Time of attachment
- C. Adaptability of the item
- D. Intention of the parties
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13)
A real estate auction where the property must be sold to the highest bidder, no matter how low the final bid, is called a(n):
- no-sale auction
- B. illusory auction
- C. bidders market auction
- D. absolute auction
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14)
The rights and interests a person has in a thing owned is:
- Wealth
- B. Property
- C. Debt
- D. None of the above
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15)
Of the following, which is NOT true of a grant deed?
- It is used primarily to clear a "cloud on title" from the records
- B. It warranties that the owner has not conveyed title to any other person
- C. It warranties that the property being conveyed is free from any undisclosed encumbrances
- D. It conveys any "after-acquired" title
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16)
Which type of will, unless signed with an "X", requires NO witnesses?
- Living trust
- B. Statutory
- C. Holographic
- D. All of the above
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17)
A signed written contract takes precedence over oral agreements or prior written agreements based on:
- the performance rule
- B. English common law
- C. the statue of frauds
- D. the parol evidence rule
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18)
Through the process of escheat, the deceased's property passes to:
- His or her heirs
- B. His or her creditors
- C. The state
- D. The local county.
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19)
In a Transfer Disclosure Statement, both the buyer's and seller's brokers must conduct what type of property inspection?
- Reasonably competent
- B. Diligent
- C. Visual
- D. All of the above
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20)
Which of the following is considered personal property?
- An easement
- B. Mineral rights
- C. Trees growing in a forest
- D. An existing mortgage
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21)
Listing broker A negotiates the sale of C's property with the cooperation of broker B. The brokers agree to a 50/50 split of the $10,000 commission. each broker has a salesperson who will receive 25% of their broker's commission. How much will each salesperson receive?
- $5,000
- B. $2,500
- C. $2,250
- D. $1,250
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22)
In a real estate transaction, the grantor is the:
- Buyer
- B. Seller
- C. Renter
- D. Lender
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23)
A Transfer Disclosure Statement is required for the sale of:
- y commercial property
- B. any residential property
- C. residential property consisting of 1-to-4 units
- D. multi-unit commercial property only
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24)
Which of the following is NOT a method of creating real property ?
- Bolt it down
- B. Cement it down
- C. Plug it in
- D. Nail it down
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25)
A written instrument that conveys and evidences title is called a(n):
- Will
- B. Deed
- C. Transfer
- D. Implied warranty
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26)
Which of the following is considered personal property?
- Mineral rights
- B. Leasehold estates
- C. All improvements to land
- D. Trees growing in a natural forest
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27)
In order to receive a commission, the broker must find a buyer who is:
- ready
- B. willing
- C. able
- D. all of the above
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28)
A voluntary lien placed over more than one parcel is known as a(n):
- l-inclusive encumbrance
- B. subdivision encumbrance
- C. blanket encumbrance
- D. Multi-parcel encumbrance
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29)
Local improvements, like street lights and sewers, are paid for by property owners through:
- tax liens
- B. Injunctions
- C. special assessments
- D. All of the above
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30)
The term "company dollar" refers to the company:
- vertising budget
- B. money required to run an office
- C. income after paying salespersons' commissions
- D. income before paying salespersons' commissions
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31)
Which of the following statements is FALSE?
- A trust deed is an instrument used to transfer personal property
- B. A gifted is an instrument granting a gift out of love and affection
- C. A tax deed is the deed given to the buyer when a property is sold for past-due property taxes
- D. A sheriff's deed is the deed given to the purchaser at a court required sale
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32)
Easements are always:
- Non-money encumbrances
- B. Encroachments
- C. Specific liens
- D. Estates
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33)
Real property is best described as:
- Moveable
- B. Anything of value
- C. Things we own
- D. Immovable
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34)
An uncle left his nephew 2/3 interest and left his nephew's wife 1/3 interest in real property jointly and without the right of survivorship. They will assume title to an estate that is classified as:
- Community property
- B. Joint tenancy
- C. Tenancy in common
- D. Partnership
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35)
A licensee is required to tell the parties involved whom he or she represents:
- soon as possible
- B. after the loan is funded
- C. after the escrow instructions are filed
- D. after the offer has been accepted
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36)
The United States Government Survey System has to do with:
- Metes and bounds
- B. Zoning, taxing, polling
- C. Sections and townships
- D. Lots, blocks and tracts
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37)
A Utility company obtains an easement in gross to run power lines over your property. As a result, your property would become a:
- Dominant tenement.
- B. Servient tenement.
- C. Tenement appurtenant
- D. None of the above.
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38)
Which system may be used for legal description purposes?
- U.S. Government survey
- B. Metes and bounds
- C. Lot, block and tract
- D. All of the above
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39)
Someone using another person's land continuously, without paying any property taxes, might qualify to obtain an easement, or legal right to use the land, according to:
- Accession
- B. Prescription.
- C. Adverse possession
- D. Murphy's Law
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40)
Personal property that is permanently affixed to real property is called:
- Appurtenant
- B. Encroaching
- C. Trespassing
- D. A fixture
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41)
A township contains:
- One square mile
- B. Six square miles
- C. 36 square miles
- D. 106 square miles
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42)
A farm 6 miles square has how many townships?
- 1
- B. 6
- C. 36
- D. 72
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43)
A copy of the listing agreement must be given to the signing party:
- within 3 days of being signed
- B. at the discretion of the listing broker
- C. before the escrow is opened
- D. immediately after it is signed
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44)
Approximately how many acres are there in a lot 1/2 mile by 1/2 mile?
- 80
- B. 160
- C. 320
- D. 5,280
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45)
An agreement for the sale of community real property made by one spouse only is considered:
- Valid
- B. Illegal
- C. Enforceable
- D. Unenforceable
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46)
A remedy for breach can be:
- nilateral rescission
- B. an action for damages
- C. an acceptance of breach
- D. all of the above
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47)
Consideration can be best described as:
- money paid in a contract
- B. good will
- C. anything of value
- D. not necessary in a valid contract
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48)
With the exception of the mortgage disclosure form, which must be kept longer, transaction files of all the important broker and salesperson documents concerning a property must be kept for how long?
- One year
- B. Two years
- C. Three years
- D. There is no time requirement
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49)
A special power of attorney allows the authorized person to:
- transact all of the principal's business
- B. transact one specific act (sell your house)
- C. maintain a trust account for the principal
- D. none of the above
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50)
A deed does not take effect until it is:
- Signed
- B. Delivered and accepted
- C. Notorized
- D. All of the above
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51)
Which of the following restrictions is illegal and unenforceable?
- Building size
- B. Zoning
- C. Rent control
- D. Race
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52)
In a technical sense, the term property refers to:
- Rights or interest in the thing owned
- B. A freehold estate
- C. Personal property only
- D. Land and buildings only
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53)
Which of the following is the smallest?
- Two sections
- B. Ten percent of a township
- C. 4 square miles
- D. 4 miles squared
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54)
Once recorded, a judgment is good for:
- ears
- B. 5 years
- C. 10 years
- D. 15 years
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55)
With a life estate, the ownership interest is limited to the:
- Economic life of the property
- B. Life of the grantor.
- C. Life of any designated person or persons.
- D. Any of the above.
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56)
When an existing contract is replaced with an entirely new contract, it is called:
- recission
- B. assignment
- C. novation
- D. subordination
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57)
The words "time, title, interest, and possession" are most likely related to which of the following concepts?
- Severalty
- B. Survivorship
- C. Sole ownership
- D. Adverse possession
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58)
Which of the following is an encumbrance that affects the physical use of real property?
- An easement
- B. A building restriction
- C. An encroachment
- D. All of the above
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59)
In what type of listing is the broker competing with the owner?
- Net listing
- B. Exclusive right to sell listing
- C. Open listing
- D. Exclusive agency listing
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60)
Which of the following is NOT a remedy for breach of contract?
- Unilateral rescission
- B. Specific performance
- C. Action for dollar damages
- D. Substitute performance
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61)
Which of the following is considered apurtenant to land?
- Something acquired by legal right and used with the land for its benefit
- B. A right of way over another's adjoining land
- C. Stock in a mutual water company
- D. All of the above
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62)
A lien (money owed) on real property makes the property:
- Leased
- B. An easement
- C. Alienated
- D. Encumbered
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63)
When a real estate salesperson mixes his/her personal funds with the deposit of a client, it's called:
- mmingling
- B. commission
- C. secret profit
- D. implied
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64)
The best term to describe the relationship between the broker and the principal is:
- strustful
- B. fiduciary
- C. nurturing
- D. implied
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65)
Which of the following is NOT considered a basic element of any contract?
- Enforcement
- B. Mutual consent
- C. Capacity
- D. Consideration
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66)
Of the following, which most nearly means the same thing as "rescind"?
- Arrest
- B. Reword
- C. Terminate
- D. Fulfill
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67)
A "bill of sale" transfers title to:
- Real property
- B. Heirs
- C. Immovable items
- D. Personal property
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68)
A property owner living on a river bank acquires land due to the shifting of the river. This process is called:
- Succession
- B. Accretion
- C. Encroachment
- D. None of the above
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69)
The best way to create an agency relationship is:
- written agreement
- B. by handshake
- C. by using the MLS service
- D. by creating a dual agency
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70)
"Of indefinite duration" is a phrase that describes a(n):
- Estate for years
- B. Estate from period to period
- C. Estate of inheritance
- D. Less than freehold estate
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71)
The right to use a property for a specific period of time describes a:
- Life estate
- B. Less-than-freehold estate
- C. Freehold estate
- D. All the above
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72)
What is always true about a counter offer?
- It is made by the buyer
- B. It is made by the seller
- C. It terminates the previous offer
- D. The previous offer is still valid
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73)
How many sections are in a township?
- 640
- B. 36
- C. 320
- D. 6
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74)
Ranges are 6-mile increments measured (and described) from the north - south meridian running:
- East
- B. East and west
- C. West
- D. North and south
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75)
An assignment:
- is only for personal service
- B. transfers only liability
- C. is a new contract
- D. transfers a person's right in a contract
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76)
A section consists of how many acres?
- 460
- B. 320
- C. 640
- D. 230
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77)
Which of the following is a document conveying title with NO warranties, expressed or implied?
- Grant deed
- B. Quitclaim deed
- C. Holographic will
- D. All of the above
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78)
If one of the parties doesn't go through with the contract (nonperformance), it is called a(n):
- signment
- B. breach
- C. consideration
- D. operation of law
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79)
Any contract that can't be performed within one year from the date of signing:
- is illegal
- B. must be in writing
- C. is a failure to perform
- D. is an example of duress
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80)
Which of the following real estate terms best describes mortgages and trust deeds?
- Promissory notes
- B. Security devices
- C. Involuntary liens
- D. General liens
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81)
If Jones conveys to Ford a portion of Jones' fee estate for a term less than his own, Jones' own interest would be classified as a:
- Remainder
- B. Reversion
- C. Vested sufferance
- D. Fee defeasible
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82)
Which of the following is considered real property?
- Timber
- B. Airspace above the land
- C. Crops under a prior sales contract
- D. Landfield soil being hauled
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83)
Which of the following is FALSE concerning purchase agreement contracts?
- They must be accompanied by a deposit of money or other items of value
- B. When acceptance is communicated to the buyer, it becomes a binding contract
- C. An agent must give a copy to both buyer and sellers
- D. Promissory notes and post-dated checks are never acceptable as consideration
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84)
A running stream is considered:
- Personal property
- B. Real property
- C. A fixture
- D. A chattle
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85)
Which of the following is used to change the original terms of the purchase agreement?
- Covenant form
- B. Contingency form
- C. Counter offer form
- D. Substitution form
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86)
Which of the following is FALSE concerning options?
- They can be revoked at any time by the optioner (seller), without penalty
- B. They have specific terms
- C. They have specific time periods
- D. They are granted in exchange for money
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87)
Which of the following statements concerning riparian rights is not correct?
- A riparian owner may convey any part of his or her land that is not immediately adjacent to the river
- B. If a riparian owner conveys part of his or her land that is not immediately adjacent to the river, riparian rights are not conveyed with that property
- C. Riparian rights may not be severed from the property by prescription or condemnation
- D. The owner of adjacent land may not lawfully divert all available water and thereby deprive a riparian owner of water
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88)
An easement that does NOT specify a special area for a right-of-way is known as a(n):
- sement in gross
- B. vague easement
- C. unlocated easement
- D. partial easement
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89)
What differentiates an estate for years from an estate from Period-to-Period is that an estate for years:
- Is a renewable agreement
- B. Is for a fixed period of time
- C. Can be terminated at any time
- S. Is from year-to-year
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90)
Which of the following is FALSE concerning real estate commissions?
- Commissions are negotiable
- B. A real estate license is required to receive a commission for conducting a real estate transaction
- C. A salesperson receives compensation (his or her commission) directly from the principal
- D. All of the above
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91)
A written notice that should be given within 20 days of supply labor or services, and before filing a mechanic's lien, is known as a:
- Notice of nonresponsibility
- Preliminary notice
- Mechanic's notice
- Construction notice
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92)
It is often difficult to determine ownership rights of personal property because personal property can:
- Become real property
- B. Be hypothecated
- C. Be alienated
- D. All of the above
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93)
The term "bill of sale" is most commonly associated with:
- Real property
- B. Immovable property
- C. Personal property
- D. Deed transfer
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94)
What distinguishes a will from other types of property transfers?
- It allows for the transfer of more property
- B. It creates a present interest in property
- C. It only becomes effective at death
- D. None of the above.
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95)
Which of the following is a classification of a contract?
- Valid
- B. Unenforceable
- C. Voidable
- D. All of the above
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96)
Property acquired by a husband and wife during marriage and is split 50/50 is called:
- Community property
- B. Joint tenancy property
- C. Tenancy in common
- S. All of the above
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97)
Ownership in severalty would most likely involve:
- A fee simple defeasible estate
- B. Tenancy in common
- C. Ownership with other parties
- D. Sole ownership
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98)
Trade fixtures are:
- Removable
- B. Forms of business furniture
- C. Personal property
- D. All of the above
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99)
A broker tries to sell a listed property through his or her own company's agents before giving it to an MLS. this is called a:
- secret profit
- B. subagency
- C. multiple deception
- D. pocket listing
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100)
One acre equals:
- 43,560 square feet
- B. 4,840 square yards
- C. Neither a nor b
- D. Either a or b
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101)
In California, what is the usual method of forcing someone to sell property to pay off a judgment?
- Attachment sale
- B. Sheriff's sale
- C. Lis pendens sale
- D. Condemnation sale
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102)
A provision in a contract stating the purchase depends on the buyer qualifying for a loan is called a:
- loan back-out clause
- B. covenant
- C. "subject to" provision or contingency clause
- D. all of the above
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103)
Grantor C conveys a large house and land to his daughter and son-in-law to be theirs as long as they are married. One year later their divorced. What happens to the property?
- The daughter acquires it
- B. The son-in-law acquires it
- C. It reverts back to C
- D. The couple must sell it
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104)
Which of the following is not a lien?
- Trust deeds
- B. Mechanic's lien
- C. Easements
- D. Taxes and special assessments
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105)
When you authorize a broker to have acted for you after he or she has already done so, it's known as:
- toppel
- B. confirmation
- C. ratification
- D. all of the above
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106)
Concerning real property, a joint tenancy interest and a community property interest are alike in which of the following ways?
- Ownership interests are equal
- B. Only a husband and wife are involved
- C. Both owners must join in any conveyance
- D. Both provide the right of survivorship
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107)
Which of the following is a less than freehold estate?
- Life estate
- B. Estate of inheritance
- C. Estate for years
- D. Estate in remainder
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108)
In order for a broker to collect a commission, without going to court, a listing agreement:
- must be recorded
- B. must be notarized
- C. must be in writing
- D. must have an expiration date
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109)
Emblements are usually:
- owing crops
- B. Cultivating annually
- C. On leased land by tenant Farmers
- D. All of the above
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110)
If a contract is said to be "executory," it:
- is court ordered
- B. has not yet been performed
- C. has been discharged or performed
- D. has not yet been signed
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111)
What type of ownership has definite rights of survivorship?
- Joint tenancy
- B. Tenancy in common
- C. Severalty
- D. All of the above
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112)
When determining the starting time for a mechanic's lien, it is in important to know when the work began, known as the:
- start-stop period
- B. scheme of improvements
- C. waiting period
- D. period of improvement
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113)
Which of the folding is not a test to determine whether an own is a fixture?
- Relationship of the parties
- B. Method of attachment
- C. Value of the item
- D. Intent of the parties
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114)
A written contract between two parties is:
- press and unilateral
- B. implied and bilateral
- C. express and bilateral
- D. implied and unilateral
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115)
A woman CANNOT received title to real property by:
- A gift deed
- B. A patent
- C. Adverse possession
- D. Escheat
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116)
Which of the following is considered real property?
- A bearing wall in a single family residence
- B. A maturing grape crop that will be harvested later and is governed by a sales contract
- C. Trade fixtures installed by tenant that are removable without damage
- D. A built-in refrigerator and a mobile home that is not attached to a permanent foundation
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117)
In California a notice to vacate an "estate at will" (rental agreement) requires how many days notice?
- 15
- B. 1
- C. 29
- D. 30
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118)
The current award for liquidated damages on a purchase agreement form is a maximum of:
- 3% of the home purchase price
- B. 13% of the home purchase price
- C. 33% of the home purchase price
- D. 133% of the home purchase price
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