California Real Estate Flash Cards

Learn how to ace the California real estate exam by studying our huge section of flash cards. Enhance your knowledge with over 95 key questions and answers to related real estate topics that will prepare you to ace your next real estate test.

  • Tax delinquent real property not redeemed by the owner during the five-year statutory redemption period is deeded to the...
    Is deeded to the county.
  • The maximum commission a broker may charge a seller for the sale of residential income property is...
    Negotiable
  • In a typical percentage lease, rent is calculated as a percentage of
    Gross sales of the lessee’s business.
  • The Federal Housing Administration’s role in financing the purchase of real property is to...
    Insure loans made by approved lenders.
  • Which of the following best defines “encumbrance”?
    Anything which affects or limits the title to real property.
  • A valid bill of sale must contain...
    The seller’s signature.
  • A balloon loan is most nearly...
    A partially amortized loan.
  • Appraisals of single-family dwellings are usually based on...
    Sales prices of comparable properties.
  • An instrument which usually transfers possession of real property but does not transfer ownership is...
    A trust deed
  • Community property is property owned by...
    Husband and wife
  • A person holding title to real property in severalty would most likely have:
    Sole ownership
  • Under the Federal Truth-in-Lending Law, two of the most critical facts that must be disclosed to buyers or borrowers are...
    Finance charge and annual percentage rate.
  • A “loss in value from any cause” is a common definition of...
    Depreciation
  • The Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.
    Assignment of contract
  • How many feet is in 1 square mile?
    5280 feet in 1 square mile
  • 1 square mile into acres
    640 acres
  • Abatement
    A reduction in the level of taxation faced by an individual or company.
  • Abstract Of Title
    A lists of all the legal actions that have been performed or used in conjunction with a piece of property.
  • Accretion
    An increase in land that results from the deposit of soil by a river or ocean.
  • Ademption
    Disposal by a testator of specific property bequeathed in his or her will so as to invalidate the bequest.
  • In arriving at an effective gross income figure, an appraiser of rental property makes a deduction for...
    Vacancy
  • Agent
    One who represents another in an agency relationship.
  • Article 7
    Part of the Business and Professions Code covering loan costs, commissions, and payment requirements relating to loan brokerage activity.
  • Assumable Mortgage
    Financing arrangement in which the outstanding mortgage and its terms can be transferred from the current owner to a buyer.
  • Avulsion
    A sudden loss or addition to land, which results from the action of water.
  • Bequest
    The act of giving personal property through the provisions of a will or estate plan.
  • Bilateral Contract
    Reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party's act.
  • FIRPTA
    Foreign Investments in Real Property Tax Act
  • HUD
    Department of Housing and Urban Development
  • REMT
    Real Estate Mortgage Trust
  • REIT
    Real Estate Investment Trust
  • REET
    Real Estate Excise Tax
  • FTC
    Federal Trade Commission
  • Real Estate Broker
    A person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to find sellers who wish to sell and buyers who wish to buy.
  • PITI
    An acronym for a mortgage payment that is the sum of monthly principal, interest, taxes, and insurance.
  • FSBO
    FSBO's For Sale By Owner
  • Functional Obsolescence
    A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.
  • Economic Obsolescence
    The depreciation of a property’s value unrelated to the property itself (i.e bad economy).
  • A valid deed does not have to contain.
    An acknowledgment of the grantor's signature.
  • Chattel Mortgage
    Loan arrangement in which an item of movable personal property is used as security for the loan. A chattel mortgage is a loan that is secured by chattel rather than by real property.
  • Fully Amortized Loan
    A loan to be completely repaid, principal and interest, by a series of regular equal installment payments.
  • Unruh Civil Rights Act
    Is a piece of California legislation that specifically outlaws discrimination based on sex, race, color, religion, ancestry, national origin, disability, medical condition, marital status, or sexual orientation. This law applies to all businesses.
  • Fair Employment and Housing Act
    Prohibits harassment and discrimination in employment because of race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, marital status, national origin, ancestry, mental and physical disability.
  • Separate ownership
    Ownership by one person.
  • Co-ownership
    A concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants.
  • Tenancy in common
    When two or more persons are owners of undivided interests in the title to real property.
  • Cloud on Title
    Any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property or make the title doubtful.
  • Blockbusting
    Panic selling based on fear of the entry of persons of another race, color, religion, or ancestry into the area.
  • Breach of Contract
    Failure to comply with a material term or provision of a contract.
  • A recorded judgment provides...
    Constructive Notice
  • Is natural growing vegetation normally considered real or personal property?
    Real Property
  • When applying for a real estate loan, by law are you required to disclose your race and marital status?
    No, you can skip that portion of the application.
  • Zoning laws, planning, and government land use are examples of what?
    Use of police power.
  • Does a “Natural Hazard Disclosure Statement” need to be given to the Buyer from the seller or the seller’s agent if the property is within an Earthquake fault Zone?
    Yes
  • Once the appraiser finish collecting all the data on a property, what is the next step in the appraisal process?
    Correlate the adjusted sales price with comparables.
  • When a lender pays a commission to an agent in a real estate transaction must both the seller and buyer be notified?
    Yes
  • What are Gross leases are most commonly used with...
    Residential Property
  • Can Private Restrictions on the use of land be created by a written agreement?
    Yes
  • A home sold for $400,000. The Broker received $32,000. What rate of Commission did this broker charge?
    8.00%
  • A reproduction of a technical drawing, documenting an architecture or an engineering design.
    Blueprint
  • The right of a government or its agent to expropriate private property for public use, with payment of compensation.
    Eminent Domain
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