RESUMEN CALRE 1
• Which is considered real property? Land.
• Agent commission rates are: Negotiable between the principal and agent.
• Usual method for commercial property valuation? Capitalization rate.
• Which does NOT guarantee property seller owns ownership? Quitclaim deed.
• 1968 Fair Housing Act exempts: Rooms in owner-occupied residential units.
• Real property is NOT which of the following? Movable by law.
• Which is NOT a legal land description method? County assessor’s parcel number.
• U.S. Government Survey uses which descriptors to identify property? Tiers, ranges, townships.
• Public controls of real estate are a police power of the state, derived from: The U.S. Constitution.
• Littoral rights pertain to the use of: Lake water.
• Section number south of Section 33 in T4N, R3E Humboldt Base Line and Meridian is ? 4.
• A monetary encumbrance on land is called: A lien.
• A deed of trust filed at the county recorder’s office is an example of: A lien.
• Ownership "bundle of rights" includes: all of the above. Possession, enjoyment, exclusion.
• Mineral rights exclude: Oil (fungible property).
• Ownership of personal property transfers with: Sales receipt.
• A custom-made bookcase in a bookstore is personal property if: It is a trade fixture.
• Covenants, conditions, and restrictions CC&Rs are: Private.
• Example of personal property: Garden bench.
• A single person who never married most commonly holds title in RE: In severalty.
• Property boundaries along the Pacific Ocean are set by: The mean high tide line.
• Lead-based paint for homes/condos built before 1978: required for both owner-occupied/ rental
• An example of eminent domain for public use: A highway bypass.
• A property owner with a lake entirely boundaries on their property has: Littoral rights.
• One acre of land equals: 43,560 square feet.
•Is a solar water heater a fixture? Depends on attachment method.
• Administration of Subdivided Lands Act: California Department of Real Estate.
• A couple buying a home before marriage cannot hold title as: Community property.
• A seller executes a grant deed but does not record it. The transaction is: Legal. As is properly executed.
• A life estate interest is in effect for the remainder of the: Life of a designated person.
• Which is not a basic type of promissory note? A deed of trust.
• Which financial term is never expressed as a percentage? Principal.
• Which is NOT a negotiable instrument? U.S. savings bonds.
• James pays the broker 1 point on a $250,000 loan. How much does he pay? $2,500.
• When does Margaret acquire title with a land contract?
When the principal and interest are paid in full.
• The Truth in Lending Act (TILA) requires disclosures to: Consumers only.
• CalVet loans and land contracts have one thing in common:
Title transfers once loan principal and interest are paid.
• Three type of lenders which is fictional. Scrooge McDuck is an example of A non-institutional lender.
• A deed of trust is: A surety device.
• MLOs in California may set their commissions:
According to the California Business and Professions Code.
• Who can license mortgage loan brokers in California? All of the above (DBO, DRE, CFL).
• Used in California to makes real property collateral for a promissory note ? A deed of trust.
• Greatest title insurance coverage is with -type of policy: An ALTA policy.
• Proposition 13 allows for: Tax reassessment of real property for third-party sales.
• The four unities (time, title, interest, possession) apply to: Joint tenancy.
• Who can act as an agent for escrow handling? A neutral third party.
• Basis of prorating monies, rents or property taxes in escrow? 30 days regardless # calendar days
• RESPA stands for: Real Estate Settlement Procedures Act.
• Which is NOT a method of transferring real estate title? A handshake.
• IndividualCalifornia taxpayers pay income taxes on monies received from: Rental property income.
• RE commission for a property that is in probate is set by: Superior Court of California order.
