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.
fixtures
B.
furniture
C.
attachments
D.
incorporated items
Question #2
Anything attached to the land, such as buildings, fences, walls, walks and shrubs, are called:
A.
enhancements
B.
incorporated items
C.
improvements
D.
permitted items
Question #3
Township lines divide the land into a series of east-west strips called:
A.
streets
B.
sections
C.
tiers
D.
levels
Question #4
An area of land that contains 43,560 square feet is called a(n):
A.
township
B.
perimeter
C.
acre
D.
hectare
Question #5
Which of the following can transfer ownership of trade fixtures and personal property?
A.
Bill of Sale
B.
Invoice
C.
Bill of Lading
D.
Transfer document
Question #6
How many principal base and meridian line intersections does California have?
A.
4
B.
2
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.
Possession
C.
Disposition
D.
Sustainability
Question #8
Anything permanently attached or affixed to the land is called:
A.
personal property
B.
attachments
C.
real 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.
ownership
B.
equity share
C.
estate
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 can be renegotiated
B.
The lease remains intact
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.
acknowledgment
B.
actual notice
C.
verification
D.
recording
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.
unity in possession
B.
a limited partnership
C.
joint tenancy
D.
corporate interests
Question #13
All property acquired by a husband and wife during their marriage other than separate property is called:
A.
combined property
B.
community goods
C.
community property
D.
inheritances
Question #14
The two major types of freehold estates are:
A.
fee simple and life estate
B.
life and remainder
C.
fee simple and defeasible
D.
remainder and reversion
Question #15
When a landlord discovers that work is being done on the property without the landlord’s consent, he should:
A.
terminate the tenancy
B.
issue a 3-day pay and quit notice
C.
file a mechanic's lien against the tenant
D.
post a Notice of Non-Responsibility on the property
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.
tax Assessment
C.
grant deed
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 non-encumbering
B.
Easement approximate
C.
Easement appurtenant
D.
Easement abutting
Question #18
An Easement by Prescription requires which of the following to be valid:
A.
all answers are correct.
B.
hostile use
C.
open and notorious use
D.
5 years continuous 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.
unpaid lien
D.
security lien
Question #20
The restriction on the use of private property by the local government agency is called:
A.
regulations
B.
zoning
C.
government restrictions
D.
code enforcement
Question #21
A voluntary lien, for money owed, placed over more than one parcel is called a(n):
A.
multi-parcel lien
B.
blanket encumbrance
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.
wrongful use
B.
prescriptive use
C.
an encroachment
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.
non-exclusive listing
B.
free-for-all
C.
open listing
D.
general property listing
Question #24
A person who works under the direct control and supervision of the employer is known as a(n):
A.
subagent
B.
independent contractor
C.
employee
D.
all of the above
Question #25
Mixing the funds of a principal and a licensee is known as:
A.
mixed funding
B.
joint account
C.
trust account
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.
employment contract
B.
power of attorney
C.
agency
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.
list of items working
B.
transfer disclosure statement
C.
operational form
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.
contractor
B.
employer
C.
third party
D.
principal
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.
lying
B.
puffing
C.
fraud
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.
being declared self-supporting by the courts
C.
marrying
D.
reaching the age of 16 years old
Question #32
Some of the ways in which contracts may be classified include:
A.
void
B.
valid
C.
voidable and void
D.
valid, voidable, and void
Question #33
A person who is judged to be of unsound mind is known as a(n):
A.
minor
B.
incompetent
C.
incapacitated youth
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.
implied contract
B.
stealing
C.
privilege
D.
express 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.
implied contract
B.
void contract
C.
unilateral 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.
a gift
C.
consideration
D.
none of the above
Question #37
A.
Impossibility of performance
B.
Operation of law
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.
eviction
C.
three-day notice to pay
D.
unlawful detainer
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.
description of property
D.
length or duration of the lease
Question #41
The amount of money paid for the use of a property is known as:
A.
booty
B.
fees
C.
rent
D.
dues
Question #42
Providing the landlord with funds to pay for damages or unpaid rent when the tenant vacates is called a(n):
A.
vacating fee
B.
trust account
C.
goodwill
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.
3-day notice to pay rent or quit
B.
eviction notice
C.
court order
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.
lease termination
B.
forbearance
C.
surrender
D.
abandonment
Question #45
Which of the following forms are included in CAR's® "Listing Package"?
A.
All answers are correct
B.
Disclosure Regarding Real Estate Agency Relationship
C.
Wire Fraud and Electronic Funds Transfer Advisory
D.
Sellers Advisory
Question #46
A licensed real estate broker working in the capacity of a salesperson for another broker or corporation is known as a:
A.
principal broker.
B.
broker associate.
C.
licensed agent.
D.
unlicensed agent.
Question #47
The steps of agency disclosure include:
A.
elect.
B.
disclose.
C.
confirm.
D.
all answers are correct.
Question #48
Real estate laws in California apply to:
A.
all answers are correct.
B.
commercial property.
C.
1- to 4-unit residential 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.
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.
National Hazard Disclosure.
B.
None of the answers are correct.
C.
Statewide Buyers and Seller Advisory.
D.
Disclosure Regarding Agency Relationship.
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