Study guides, Class notes & Summaries

CA REAL ESTATE PRACTICE EXAM #1

After a trustee's sale, there is money left over after paying the beneficiary of the first trust deed. This money would go first to the: - Beneficiary of the second (the second in line to receive what they are owed) The owner of the property encumbered with a first and second trust deed wants to refinance the first trust deed. What should the second trust deed contain? - A subordination clause (a clause where the holder of a mortgage/trust deed permits an additional (NEW) lien to take ...

Legally and technically, property is defined as: - Rights or interests which a person has in the thing that is owned. How is real property different from personal property? - Real property is immovable. Which of the following is an aspect of real property? - Land, Fixtures, and Appurtenances Which of the following is not considered real property? - Leasehold estates All of the following are considered real property, except: Naturally growing crops, Emblements, Fruit on a tree or a fenc...

A brother and a sister held title to a house as joint tenants. Other than this property, they conducted their business and affairs separately. When the brother died, he was penniless and owed several creditors substantial unsecured amounts of money. The sister took the title to the house and title was: A. Subject to the decisions of a probate court B. Subject to the claims of creditors C. Free of the debts of the brother D. Held as tenants in common along with heirs of brother - Free o...

3 college level classes - Candidate for the R.E sales person licens needs to complete Principal - No compensation may be received by the R.E broker w/out the knowledge of the broker Deliberately under estimating closing cost - It's unlawful for realtor to induce a buyer to make an offer By 2 yrs - a P.R.L (prepaid listing service) license is valid for Quasi - Any R.E acquired by out of state married person that community property would be Tendency in Partnership - Property owned by a...

CA REAL ESTATE EXAM 2024 PRACTICE/175 QUESTIONS AND ANSWERS

A rectangular lot contained 17,550 square feet. It measured 150 feet deep. A man wanted to build a store and needed more land. He could buy one lot on each side of this lot. Each of the side lots was the same size and the same shape. Each was 150 feet deep. Each contained 6,000 square feet. If he purchased all three lots, what would be the front footage: A: 197; B: 189; C: 181; D: 176. - Answer-A: 197; When rent is computed on the gross sales of a business occupying real property, the l...

Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action could: - Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: - A foreclosure by one of the joint tenants. One of the joint tenants transfers his interest to a third party. One of the joint tenants sell his interest....

How many square feet in one acre? - There are 43,560 square feet in an acre Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming no other fees, if they walked away from the sale with $306,000, about how much did their house sell for? - $332,600 To solve this problem, set up an equation using P for the answer you seek: You know that the seller walked away with $306,000. If the agent was to take 8% of the selling price (P), then the seller received 92% of...

CA Real Estate Exam Practice | 100% Correct Answers | Verified | Latest 2024 Version How many square feet in one acre? - There are 43,560 square feet in an acre Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming no other fees, if they walked away from the sale with $306,000, about how much did their house sell for? - $332,600 To solve this problem, set up an equation using P for the answer you seek: You know that the seller walked away with $306,...

CA Real Estate Exam Practice | 100% Correct Answers | Verified | Latest 2024 Version Two friends hold title as joint tenants. One borrowed money and executed a deed of trust against the property. In terms of affecting title this action could: - Place the beneficiary in a precarious position should the borrower die before the debt is paid. Joint tenant estate held by two joint tenants is severed and ended by the following: - A foreclosure by one of the joint tenants. One of the joint tena...