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.
incorporated items
B.
attachments
C.
furniture
D.
fixtures
Question #2
Anything attached to the land, such as buildings, fences, walls, walks and shrubs, are called:
A.
permitted items
B.
enhancements
C.
improvements
D.
incorporated items
Question #3
Township lines divide the land into a series of east-west strips called:
A.
tiers
B.
levels
C.
sections
D.
streets
Question #4
An area of land that contains 43,560 square feet is called a(n):
A.
hectare
B.
perimeter
C.
acre
D.
township
Question #5
Which of the following can transfer ownership of trade fixtures and personal property?
A.
Bill of Lading
B.
Invoice
C.
Transfer document
D.
Bill of Sale
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.
Possession
B.
Enjoyment
C.
Sustainability
D.
Disposition
Question #8
Anything permanently attached or affixed to the land is called:
A.
real Property
B.
personal property
C.
attachments
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.
estate
B.
equity share
C.
ownership
D.
lease
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 remains intact
B.
The lease can be renegotiated
C.
The lease is terminated
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.
actual notice
B.
verification
C.
recording
D.
acknowledgment
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.
corporate interests
B.
a limited partnership
C.
joint tenancy
D.
unity in possession
Question #13
All property acquired by a husband and wife during their marriage other than separate property is called:
A.
community goods
B.
combined property
C.
inheritances
D.
community property
Question #14
The two major types of freehold estates are:
A.
life and remainder
B.
fee simple and defeasible
C.
remainder and reversion
D.
fee simple and life estate
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.
file a mechanic's lien against the tenant
C.
issue a 3-day pay and quit notice
D.
terminate the tenancy
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.
lien
B.
grant deed
C.
tax Assessment
D.
I.O.U.
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 approximate
B.
Easement abutting
C.
Easement appurtenant
D.
Easement non-encumbering
Question #18
An Easement by Prescription requires which of the following to be valid:
A.
all answers are correct.
B.
hostile use
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.
security lien
B.
voluntary lien
C.
unpaid lien
D.
mechanic’s lien
Question #20
The restriction on the use of private property by the local government agency is called:
A.
code enforcement
B.
government restrictions
C.
regulations
D.
zoning
Question #21
A voluntary lien, for money owed, placed over more than one parcel is called a(n):
A.
blanket encumbrance
B.
multi-parcel lien
C.
tax lien
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.
wrongful use
C.
prescriptive 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.
subagent
B.
employee
C.
independent contractor
D.
all of the above
Question #25
Mixing the funds of a principal and a licensee is known as:
A.
joint account
B.
trust account
C.
mixed funding
D.
commingling
Question #26
A contract to employ a broker as an agent, to do certain things for the seller is known as a(n):
A.
agency
B.
power of attorney
C.
employment contract
D.
listing
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.
transfer disclosure statement
B.
list of items working
C.
operational form
D.
none of the above
Question #28
A Fiduciary relationship requires which of the following with the principal:
A.
honesty, loyalty, integrity
B.
reasonable skill and care
C.
good faith and fair dealing
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.
third party
B.
contractor
C.
principal
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.
lying
C.
puffing
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.
marrying
D.
being declared self-supporting by the courts
Question #32
Some of the ways in which contracts may be classified include:
A.
voidable and void
B.
valid
C.
valid, voidable, and void
D.
void
Question #33
A person who is judged to be of unsound mind is known as a(n):
A.
incapacitated youth
B.
minor
C.
incompetent
D.
loony
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.
privilege
B.
express contract
C.
stealing
D.
implied contract
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.
void contract
B.
unilateral contract
C.
implied contract
D.
bilateral 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 deposit
B.
consideration
C.
a gift
D.
none of the above
Question #37
Which of the following can discharge a contract?
A.
Impossibility of performance
B.
Operation of law
C.
Full performance
D.
all answers are correct.
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.
unlawful detainer
B.
lawsuit
C.
eviction
D.
three-day notice to pay
Question #39
If a tenant does NOT leave after expiration of the lease and retains possession, what has occurred?
A.
Estate at sufferance
B.
Hostage possession
C.
Reversionary right
D.
None of the above
Question #40
Minimum requirements of a lease include which of the following:
A.
description of property
B.
amount of rent
C.
length or duration of the lease
D.
all answers are correct.
Question #41
The amount of money paid for the use of a property is known as:
A.
booty
B.
fees
C.
dues
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.
trust account
B.
goodwill
C.
vacating fee
D.
security deposit
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.
forbearance
D.
lease termination
Question #45
Which of the following forms are included in CAR's® "Listing Package"?
A.
All answers are correct
B.
Sellers Advisory
C.
Wire Fraud and Electronic Funds Transfer Advisory
D.
Disclosure Regarding Real Estate Agency Relationship
Question #46
A licensed real estate broker working in the capacity of a salesperson for another broker or corporation is known as a:
A.
unlicensed agent.
B.
broker associate.
C.
licensed agent.
D.
principal broker.
Question #47
The steps of agency disclosure include:
A.
all answers are correct.
B.
disclose.
C.
confirm.
D.
elect.
Question #48
Real estate laws in California apply to:
A.
1- to 4-unit residential property.
B.
all answers are correct.
C.
commercial property.
D.
vacant land.
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.
Penalty Clause
B.
Restrictive Clause
C.
Termination Clause
D.
Safety 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.
None of the answers are correct.
B.
National Hazard Disclosure.
C.
Statewide Buyers and Seller Advisory.
D.
Disclosure Regarding Agency Relationship.
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