Practice Quiz

California Real Estate Exam - Question List

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16. In appraising a home, one of the factors which would affect the appraised value is:
  1. The number of square feet in the structure
  2. The owner’s book value or cost basis
  3. The current financing on the property
  4. None of the above
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17. A cloud on the title to real property would likely be created from __________.
  1. an easement granted to the telephone company for overhead wires
  2. A mortgage that had been paid off but the release was never recorded
  3. New zoning restrictions being placed on the property
  4. Recorded declaration of restrictions
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18. When a new first trust deed and second trust deed are created at the time of sale on a property and a “Request for Notification of Default” is recorded at the close of escrow, it is done for the protection of the:
  1. Trustor of the first trust deed
  2. Trustor of the second trust deed
  3. Beneficiary of the first trust deed
  4. Beneficiary of the second trust deed
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19.

What is the economic life of an improvement?

  1. Between the completion of the building and its inability to produce income
  2. The extent of the improvement's physical life
  3. When it stops producing income equal to taxes, maintenance, and utilities
  4. None of the above
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20. A bank gave $550 to a licensed real estate salesperson for referring the salesperson’s prospective buyer to the bank for a new loan. When the salesperson’s broker became aware of the $500 referral fee, the broker immediately fired the salesperson, notified the Real Estate Commissioner and warned all of his other salespeople never to accept such a fee. In this situation:
  1. The bank is subject to disciplinary action by the Real Estate Commissioner
  2. The salesperson is subject to disciplinary action by the Real Estate Commissioner, but not the broker
  3. The salesperson and broker are subject to disciplinary action by the Real Estate Commissioner
  4. The broker overreacted because a referral fee is legal
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