Practice Quiz

California Real Estate Exam - Question List

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1.

In a condominium hotel you would find the following:

  1. Rental or registrations desks
  2. Daily cleaning services
  3. No individual ownership
  4. None of the above
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2. Which is true of the cost of funds index (COFI)?
  1. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans in the 11th District of the Federal Home Loan Bank
  2. It is one of the indexes used to determine interest rate changes for certain government fixed rate mortgages
  3. It is an index used to determine interest rate changes for certain adjustable-rate mortgages
  4. Both A and C
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3. Once you buy a house, the amount you pay each month includes an extra amount above principal and interest. This extra money is held in a special account to pay your taxes and homeowners insurance when it comes due. This account is called:
  1. an escrow account
  2. a savings account
  3. a regular checking account
  4. both B and C
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4. Which of the following does the Federal Housing Administration do?
  1. Lends money and plans and constructs housing
  2. Insures residential mortgage loans made by government lenders
  3. Sets standards for construction and underwriting
  4. None of the above
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5. If you purchase a type of insurance called homeowner’s warranty, you would do so because:
  1. It will cover repairs to certain items, such as heating or air conditioning if they break down within the coverage period
  2. The seller will sometimes pay for it
  3. Both A and B
  4. Neither A nor B
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