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California Real Estate Test Questions
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California Real Estate Test Questions
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25 Questions

1. There is a principle in valuation stating that property is purchased with the expectation that it will gain value. This is the principle of
2. When a written agreement spells out the responsibilities of the principal and the agent, the relationship created is called
3. A homeowner has a balance remaining on the mortgage of $149,570.75. The interest rate is 9.5% and the monthly payment is $1,303.55. After the next two payments, the balance will be
4. The seller's agent must make diligent efforts to market the property because of the fiduciary duty of
5. Primary responsibility for disclosure that property is located in a seismic hazard zone belongs to the
6. Lucas and Maria purchased a home in California in 1983 for $135,000. Their assessed value for property tax purposes at the time of the sale was
7. The term PITI refers to
8. Lenders who deal directly with borrowers make up the
9. Brokers typically choose to take on associate licensees as independent contractors so that the broker
10. A married couple is allowed to exclude from income how much of the sales price on the principal residence?
11. The process of making a final estimate of value based on the results of the appraisal approaches used is called
12. The Federal Civil Rights Act of 1968, including the later amendments, prohibits discrimination in real estate based on
13. The seller accepts an offer to purchase in the amount of $395,000. After paying a brokerage fee of 5.5%, paying off a loan of $300,000 and paying various settlement fees totaling 4% of the sale price, what are the seller's net proceeds?
14. The Real Estate Settlement Procedures Act (RESPA) requires lenders to
15. The Franks receive two offers on their condo, which is listed for $140,000. Anne Hill offers to pay $138,000 cash for the unit. Bob Stone offers $141,000, putting 20% down, if the Franks will pay three points to Stone's lender for the mortgage loan the buyers need. What is the difference between the two offers?
16. Joanna Bruno bought a house for $120,000, putting 20% down and borrowing the rest with a conventional loan. At the end of the first year, her principal had been paid down by $480, and property values in the area had risen by 6%. Her equity at the end of that first year was
17. Of the following, the only reassessment event is
18. A change to a will can be made by means of a
19. A buyer contracts for a property and negotiates a purchase price of $250,000. With a 20% down payment, he has no problem obtaining a 30-year conventional loan for the balance. At 8%, full amortization requires a monthly payment of $7.34 per thousand. If the lender adds another $250 per month for escrows, what will the buyer pay each month?
20. The Sinclairs needed two different loans to buy their first home. The loan that will have first claim on the value of the house in case of foreclosure is the one that was first
21. A salesperson is about to change firms. Should he contact all of his buyer clients and advise them that he will still represent them at his new firm?
22. Tax credits are a direct offset against taxes due rather than deductions against income. Credits are usually available for all of the following types of real estate EXCEPT
23. In the government survey system, a quarter section contains how many acres?
24. Martha James lives in one side of a two-family house. She wants to advertise the other side as non-smoking. Can she legally do so?
25. A heating and cooling engineer is drawing up the specifications for the HVAC system in a new building. The floor space measures 200 feet by 150 feet and the ceiling is 12 feet high. How much air space does the engineer have to heat and cool?

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