Test 1

Which option is categorized as real property?

• Recreational vehicles and motor coaches
• Land
• Real chattels
• Manufactured homes positioned on their original wheels

How are agent commissions typically determined for real property sales?

• Mandated by the California Department of Real Estate
• A standard six percent of the final residential property sale price
• Subject to negotiation between buyer and seller
• Negotiable between the principal and agent

What is the typical valuation method for commercial properties?

• Comparative analysis
• Capitalization rate
• Cost basis
• Property tax assessment

Which deed does NOT guarantee that the seller owns the property?

• Grant deed
• Quitclaim deed
• Gift deed
• Land patent

The 1968 Fair Housing Act exempts which of the following?

• Multi-unit residential complexes
• Two-family residential units overseen by a certified real estate professional
• Living quarters within owner-occupied residential properties
• Single-family homes in vacation destinations managed by licensed property administrators

Which of the following does NOT exhibit the characteristics of real property?

• Soil
• Fixed structures on land
• Adjacent features to land
• Items susceptible to legal movement

Various methods exist to describe land in California legally for transactional purposes. Which of the following methods is ILLEGAL?

• Parcel numbering by county assessors
• Plotting lots, blocks, and tracts
• Utilizing the U.
• Government Survey
• Employing metes and bounds

How does the U.S. Government Survey method identify property?

• Through benchmark points
• By tiers, ranges, and townships
• With property starting points
• Using state line markers

The state's police power, used to regulate real estate and its uses, is derived from which source?

• The Articles of Confederation
• The Declaration of Independence
• Local zoning ordinances
• The U.
• Constitution

The exercise of littoral rights pertains to the utilization of

• River waters
• Standing lake waters
• Treated wastewater
• Flowing streams