Real Estate 101 - Real Estate Principles » Fall 2021 » Midterm Exam
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Question #1
Items of personal property that are attached to, or incorporated into, the land in such a manner as to become real property are called:
A.
attachments
B.
incorporated items
C.
furniture
D.
fixtures
Question #2
Anything attached to the land, such as buildings, fences, walls, walks and shrubs, are called:
A.
improvements
B.
permitted items
C.
enhancements
D.
incorporated items
Question #3
Township lines divide the land into a series of east-west strips called:
A.
sections
B.
streets
C.
levels
D.
tiers
Question #4
An area of land that contains 43,560 square feet is called a(n):
A.
perimeter
B.
hectare
C.
township
D.
acre
Question #5
Which of the following can transfer ownership of trade fixtures and personal property?
A.
Invoice
B.
Bill of Sale
C.
Bill of Lading
D.
Transfer document
Question #6
How many principal base and meridian line intersections does California have?
A.
2
B.
4
C.
1
D.
3
Question #7
Which of the following is NOT a basic right of ownership included in the “Bundle of Rights”?
A.
Enjoyment
B.
Disposition
C.
Sustainability
D.
Possession
Question #8
Anything permanently attached or affixed to the land is called:
A.
attachments
B.
real Property
C.
personal property
D.
fixtures
Question #9
An interest, share, right or equity in real estate that varies from the minimal right of a renter to the maximum right of full owner is called a(n):
A.
equity share
B.
lease
C.
ownership
D.
estate
Question #10
Susie owns a life estate based upon her own life. She leases the property to a tenant on a three-year lease. Susie, the life tenant, dies two years later. What happens to the lease?
A.
The lease can be renegotiated
B.
The lease is terminated
C.
The lease remains intact
D.
The lease is automatically renewed
Question #11
A signed or verbal statement by the named person that he/she has signed that document of his/her own free will is known as:
A.
acknowledgment
B.
recording
C.
actual notice
D.
verification
Question #12
When two or more people have identical interests in the whole property with the same right of possession and the right of survivorship, this is called:
A.
joint tenancy
B.
a limited partnership
C.
corporate interests
D.
unity in possession
Question #13
All property acquired by a husband and wife during their marriage other than separate property is called:
A.
inheritances
B.
community property
C.
combined property
D.
community goods
Question #14
The two major types of freehold estates are:
A.
fee simple and life estate
B.
remainder and reversion
C.
life and remainder
D.
fee simple and defeasible
Question #15
When a landlord discovers that work is being done on the property without the landlord’s consent, he should:
A.
post a Notice of Non-Responsibility on the property
B.
terminate the tenancy
C.
issue a 3-day pay and quit notice
D.
file a mechanic's lien against the tenant
Question #16
A document that uses a property to secure the payment of a debt or the discharge of an obligation is called a (n):
A.
I.O.U.
B.
tax Assessment
C.
grant deed
D.
lien
Question #17
An easement that is “created for and beneficial to” the owner of adjoining or attached lands is which type of easement?
A.
Easement appurtenant
B.
Easement non-encumbering
C.
Easement approximate
D.
Easement abutting
Question #18
An Easement by Prescription requires which of the following to be valid:
A.
hostile use
B.
all answers are correct.
C.
5 years continuous use
D.
open and notorious use
Question #19
A lien filed against a property by a person who was not paid after furnishing labor or materials for construction work on that property is called a(n):
A.
voluntary lien
B.
mechanic’s lien
C.
security lien
D.
unpaid lien
Question #20
The restriction on the use of private property by the local government agency is called:
A.
regulations
B.
zoning
C.
code enforcement
D.
government restrictions
Question #21
A voluntary lien, for money owed, placed over more than one parcel is called a(n):
A.
multi-parcel lien
B.
tax lien
C.
blanket encumbrance
D.
none of the above
Question #22
A wrongful unauthorized placement of improvements or permanent fixtures on a property by a non-owner of that property is called:
A.
an encroachment
B.
prescriptive use
C.
wrongful use
D.
zoning ordinance
Question #23
An authorization to sell a property which may be given to several brokers, or the property may be sold by the owner is called:
A.
open listing
B.
general property listing
C.
non-exclusive listing
D.
free-for-all
Question #24
A person who works under the direct control and supervision of the employer is known as a(n):
A.
independent contractor
B.
subagent
C.
employee
D.
all of the above
Question #25
Mixing the funds of a principal and a licensee is known as:
A.
commingling
B.
mixed funding
C.
trust account
D.
joint account
Question #26
A contract to employ a broker as an agent, to do certain things for the seller is known as a(n):
A.
listing
B.
power of attorney
C.
employment contract
D.
agency
Question #27
A required form, provided by the seller, which identifies items of value attached to the structure or land and states whether these items are operational is called a(n):
A.
operational form
B.
transfer disclosure statement
C.
list of items working
D.
none of the above
Question #28
A Fiduciary relationship requires which of the following with the principal:
A.
good faith and fair dealing
B.
reasonable skill and care
C.
honesty, loyalty, integrity
D.
none of the above
Question #29
The person who hires or employs an agent to work for him or her is known as:
A.
principal
B.
third party
C.
contractor
D.
employer
Question #30
When a person misrepresents a material fact, knowing that it is not true, or is carelessly indifferent to the truth of the stated facts, it is known as:
A.
fraud
B.
puffing
C.
lying
D.
none of the above
Question #31
Which of the following is NOT a method of becoming an emancipated minor:
A.
being a member of the armed forces
B.
reaching the age of 16 years old
C.
being declared self-supporting by the courts
D.
marrying
Question #32
Some of the ways in which contracts may be classified include:
A.
void
B.
valid, voidable, and void
C.
voidable and void
D.
valid
Question #33
A person who is judged to be of unsound mind is known as a(n):
A.
minor
B.
incompetent
C.
loony
D.
incapacitated youth
Question #34
You enter the coffee shop next door where you have an account, pour yourself a cup of coffee, hold it up to show the manager and wave as you leave the store. This would be an example of a(n):
A.
express contract
B.
privilege
C.
implied contract
D.
stealing
Question #35
You promise to pay a painter $2,000 to paint your house and the painter agrees to do it. What type of contract is formed?
A.
bilateral contract
B.
unilateral contract
C.
implied contract
D.
void contract
Question #36
In a contract, anything of value given by one party to another party to make the agreement binding is known as:
A.
a gift
B.
consideration
C.
a deposit
D.
none of the above
Question #37
A.
Operation of law
B.
Impossibility of performance
C.
all answers are correct.
D.
Full performance
Question #38
The legal process of removing a tenant because there is a breach of the lease or rental agreement is called a(n):
A.
lawsuit
B.
unlawful detainer
C.
three-day notice to pay
D.
eviction
Question #39
If a tenant does NOT leave after expiration of the lease and retains possession, what has occurred?
A.
Hostage possession
B.
Reversionary right
C.
Estate at sufferance
D.
None of the above
Question #40
Minimum requirements of a lease include which of the following:
A.
amount of rent
B.
all answers are correct.
C.
length or duration of the lease
D.
description of property
Question #41
The amount of money paid for the use of a property is known as:
A.
fees
B.
dues
C.
booty
D.
rent
Question #42
Providing the landlord with funds to pay for damages or unpaid rent when the tenant vacates is called a(n):
A.
goodwill
B.
security deposit
C.
vacating fee
D.
trust account
Question #43
A legal document that informs the tenant that he/she has three straight days to pay all past due rent, vacate the premises, or face an unlawful detainer court action is known as a(n):
A.
eviction notice
B.
court order
C.
3-day notice to pay rent or quit
D.
none of the above
Question #44
If tenant just moves out or vacates the premises without formal surrender and never returns, it is called:
A.
surrender
B.
abandonment
C.
lease termination
D.
forbearance
Question #45
Which of the following forms are included in CAR's® "Listing Package"?
A.
Wire Fraud and Electronic Funds Transfer Advisory
B.
Sellers Advisory
C.
All answers are correct
D.
Disclosure Regarding Real Estate Agency Relationship
Question #46
A.
principal broker.
B.
unlicensed agent.
C.
licensed agent.
D.
broker associate.
Question #47
The steps of agency disclosure include:
A.
confirm.
B.
all answers are correct.
C.
disclose.
D.
elect.
Question #48
Real estate laws in California apply to:
A.
vacant land.
B.
all answers are correct.
C.
1- to 4-unit residential property.
D.
commercial property.
Question #49
What's included in the Residential Listing Agreement (RLA) that may allow a broker to collect a commission even after the termination of the listing?
A.
Safety Clause
B.
Penalty Clause
C.
Termination Clause
D.
Restrictive Clause
Question #50
The disclosure that reminds buyers and sellers of the importance of investigating a property before the sale is known as the:
A.
Statewide Buyers and Seller Advisory.
B.
National Hazard Disclosure.
C.
None of the answers are correct.
D.
Disclosure Regarding Agency Relationship.
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