Practice Quiz

California Real Estate Exam - Question List

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6. A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court is called:
  1. a legal foreclosure
  2. a court-appointed foreclosure
  3. a judicial foreclosure
  4. a civil foreclosure
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7.

Which of the following is not part of loan servicing?

  1. Processing payments and sending statements
  2. Managing the escrow account
  3. Handling pay-offs and assumptions
  4. All of the above are aspects of loan servicing
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8.

A period payment cap applies to:

  1. Any mortgage taken out in the U.S.
  2. Adjustable rate mortgages
  3. Fixed-rate loans
  4. Government loans
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9. The commitment issued by a lender to borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost is called:
  1. a rate lock
  2. under lock and key
  3. a promissory note
  4. a deed of trust
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10.

A fund set aside for replacement of common property in a condominium, PUD, or cooperative project, particularly that which has a short life expectancy, such as carpet or furniture is called:

  1. A capital improvements fund
  2. A replacement reserve fund
  3. A savings fund
  4. A contingency fund
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