Question 1

A deeded easement of right-of-way over the land of another is considered to be:

Accepted Answer

A)   personal property
B)   an encroachment
C)   an appurtenance
D)   a lienE) A) and B)
F) B) and C) C

Question 2

Permission to use underground waters, known as percolating waters, is owned by the:

Accepted Answer

A)   landowner for his or her exclusive use
B)   adjoining owners for their reasonable use
C)   State of California
D)   United States GovernmentE) A) and B)
F) A) and C)

Question 3

Which of the following is considered to be real property?

Accepted Answer

A)   a lease to an apartment house
B)   a cash register in a drug store
C)   a grape crop, sold under contract, but not yet harvested
D)   standing timber sold with landE) B) and D)
F) None of the above

Question 4

An owner sells land, but reserves the mineral rights. Based on this, which of the following is true?

Accepted Answer

A)   the mineral rights are owned by the grantee
B)   the mineral rights are the personal property of the grantor
C)   the grantor owns the mineral rights as joint tenants with the grantee
D)   the mineral rights are the real property of the grantorE) A) and D)
F) A) and C)

Question 5

Which government program requires the least down payment for the purchase of an owner-occupied $400,000 condo?

Accepted Answer

A)   FHA 203b program
B)   FHA 245 program
C)   VA
D)   regular CAL-VET LoanE) A) and C)
F) B) and C)

Question 6

The rights of an owner are referred to as the "Bundle of Rights." Which of these is not one of these rights?

Accepted Answer

A)   the unrestricted right to the use of riparian waters
B)   the right to possess
C)   the right to borrow against real property
D)   the right to useE) A) and B)
F) A) and C)

Question 7

Personal property differs from real property in many aspects and is legally known as:

Accepted Answer

A)   chose
B)   chattel
C)   freehold
D)   both (a)  and (b)  are correctE) All of the above
F) A) and D)

Question 8

There was some question in the mind of the owner as to whether or not she had any riparian rights on her recently purchased property. She was informed that the riparian rights are:

Accepted Answer

A)   a matter of record
B)   listed in the title policy
C)   stated in the grant deed
D)   not found in any of the aboveE) A) and B)
F) A) and C)

Question 9

Real property can be most completely defined as:

Accepted Answer

A)   land, buildings
B)   land, fixtures, minerals
C)   land, items affixed to land, immovable by law
D)   land, affixed to land, appurtenances, immovable by lawE) C) and D)
F) All of the above D

Question 10

Which of the following is false?

Accepted Answer

A)   airspace is considered real property
B)   real property can be divided horizontally
C)   solid minerals in the ground are considered real property
D)   landscaping is considered personal propertyE) A) and D)
F) C) and D)

Question 11

Which of the following is considered personal property?

Accepted Answer

A)   a peach orchard
B)   stock in a mutual water company
C)   silver removed from the ground and sent to the smelter
D)   easementE) All of the above
F) A) and C) C

Question 12

Airspace directly above a parcel of land is considered to be:

Accepted Answer

A)   personal property
B)   fixture
C)   a chattel
D)   real propertyE) A) and C)
F) A) and B)

Question 13

Which of the following must have an escrow license to handle the closing of the sale?

Accepted Answer

A)   title insurance company
B)   independent escrow company
C)   real estate broker who is the agent of the buyer or seller
D)   all of the above must have an escrow license to handle the closingE) A) and C)
F) A) and D)

Question 14

An appraisal is defined as:

Accepted Answer

A)   market price
B)   an estimate of value
C)   maximum security for a loan
D)   actual resale priceE) All of the above
F) None of the above

Question 15

Which of the following is considered to be personal property?

Accepted Answer

A)   easement
B)   iron ore in the ground
C)   mortgage contract
D)   stock in a mutual water companyE) None of the above
F) A) and B)

Question 16

The legal term referred to as real property includes all of the following, except:

Accepted Answer

A)   an unlimited use of the airspace above the property
B)   that which is immovable according to law
C)   the land beneath the surface to the center of the earth
D)   determined by law to be a fixtureE) All of the above
F) A) and C)

Question 17

Under Proposition 13, the maximum real property tax cannot exceed what percent of full cash value (before adjustments for inflation and voter approved bonds) ?

Accepted Answer

A)   1%
B)   2%
C)   5%
D)   9%E) A) and B)
F) A) and C)

Question 18

Which of the following is classified as personal property?

Accepted Answer

A)   seasonal crops
B)   fixtures
C)   land
D)   appurtenant easementsE) C) and D)
F) None of the above

Question 19

A due-on-sale clause in a real estate promissory note is correctly called:

Accepted Answer

A)   a subordination clause
B)   an alienation clause
C)   an acceleration clause
D)   a prepayment penaltyE) B) and C)
F) A) and D)

Question 20

The state law that prevents agents from discriminating when providing real estate services to the public:

Accepted Answer

A)   Fair Housing Act
B)   Rumford Act
C)   Unruh Civil Rights Act
D)   Housing Financial Discrimination ActE) A) and B)
F) A) and C)

Exam 1: Introduction to Real Estate

A deeded easement of right-of-way over the land of another is considered to be:

Correct AnswerverifiedC

Permission to use underground waters, known as percolating waters, is owned by the:

Correct AnswerverifiedShow Answer

Which of the following is considered to be real property?

Correct AnswerverifiedShow Answer

An owner sells land, but reserves the mineral rights. Based on this, which of the following is true?

Correct AnswerverifiedShow Answer

Which government program requires the least down payment for the purchase of an owner-occupied $400,000 condo?

Correct AnswerverifiedShow Answer

The rights of an owner are referred to as the "Bundle of Rights." Which of these is not one of these rights?

Correct AnswerverifiedShow Answer

Personal property differs from real property in many aspects and is legally known as:

Correct AnswerverifiedShow Answer

There was some question in the mind of the owner as to whether or not she had any riparian rights on her recently purchased property. She was informed that the riparian rights are:

Correct AnswerverifiedShow Answer

Real property can be most completely defined as:

Correct AnswerverifiedD

Which of the following is false?

Correct AnswerverifiedShow Answer

Which of the following is considered personal property?

Correct AnswerverifiedC

Airspace directly above a parcel of land is considered to be:

Correct AnswerverifiedShow Answer

Which of the following must have an escrow license to handle the closing of the sale?

Correct AnswerverifiedShow Answer

An appraisal is defined as:

Correct AnswerverifiedShow Answer

Which of the following is considered to be personal property?

Correct AnswerverifiedShow Answer

The legal term referred to as real property includes all of the following, except:

Correct AnswerverifiedShow Answer

Under Proposition 13, the maximum real property tax cannot exceed what percent of full cash value (before adjustments for inflation and voter approved bonds) ?

Correct AnswerverifiedShow Answer

Which of the following is classified as personal property?

Correct AnswerverifiedShow Answer

A due-on-sale clause in a real estate promissory note is correctly called:

Correct AnswerverifiedShow Answer

The state law that prevents agents from discriminating when providing real estate services to the public:

Correct AnswerverifiedShow Answer

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C

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D

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C

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