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

By tiers, ranges, and townships

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

The Declaration of Independence

What is the next sequential section number located directly south of Section 33 in Township 4 North, Range 3 East, Humboldt Base Line and Meridian?

It cannot be determined from the information provided

An example of a recorded deed at the county recorder's office is considered which of the following?

Removable at the owner's discretion

How is ownership of personal property typically transferred?

Through the uniform commercial code form number 1 (UCC-1)

When is a custom-made bookcase in a bookstore considered personal property?

When it is permanently installed

When it was built into the building upon lease

When it came with the building as described in the sale document

Which of the following is an example of personal property?

Basketball hoop cemented into the driveway

Regarding lead-based paint in homes or condominiums built before 1978, what is the requirement?

Required for both owner-occupied purchases and rental properties

Required for rental properties only

Required for owner-occupied properties only

Under the government's right of eminent domain according to the 5th Amendment, what constitutes a valid taking of private property for public use?

A newly constructed Walmart outlet

Any property claimed by the government without fair compensation to the owner

Would a solar water heater with a capacity of 50 gallons, costing $2,000 and requiring several hours for installation, be deemed a fixture and therefore real estate?

The determination depends on several factors, including the attachment method

No, it constitutes personal property

No, as it costs less than $10,000

Who bears responsibility for administering the Subdivided Lands Act?

Individual California county recorder’s offices

Environmental Protection Agency

The California Bureau of Real Estate Appraisers

For how long does a life estate interest in real property remain in effect?

For the life of a designated person

Tom, a married individual, purchases a condominium in Palm Springs for $300,000. He secures a $250,000 loan from a mortgage broker with a 30-year term. To lower the interest rate to 2.654%, Tom pays the broker 1 point. What amount does Tom pay the broker?

The given information is insufficient to determine the amount.

Victoria, a prospective buyer, lacks a down payment and cannot secure a loan to purchase a property comprising a house and barn on five acres. Carol, the seller, agrees to finance the acquisition via a 20-year land contract. When will Victoria attain ownership of the property?

Upon the complete repayment of both the principal and accrued interest

Upon the full repayment of the principal amount

At the termination of the agreed 20-year period

The Truth in Lending Act (TILA) is a federal statute overseen by the Federal Reserve (Regulation Z). To which category of borrowers does it mandate its lenders to provide certain disclosures?

Commercial, agricultural, and business

CalVet home loans and private sales contracts (land contracts) share a common characteristic. What is it?

Title ownership transitions to the buyer upon full repayment of the loan principal and interest

The immediate transfer of title occurs upon the close of escrow

Both necessitate zero down payment

There are no similarities between them

Provided by a living trust to the buyer

Provided by a guardian to the buyer

All licensed and registered mortgage loan originators (MLOs) in California may determine their commissions:

In compliance with the California Business and Professions Code

At a minimum of 15% for loans under three years

According to the Federal Reserve discount rate

At any commission rate they negotiate

In California, mortgage loan brokers can obtain licenses from which of the following authorities?

The Department of Business Oversight (DBO)

The Department of Real Estate (DRE)

The California Finance Lenders (CFL)

Which type of title insurance policy provides the most extensive coverage?

An American Land Title Association (ALTA) policy

A Federal Land Title Association (FLTA) policy

A California Land Title Association (CLTA) policy

A North American Land Title Association (NALTA) policy

What does California Proposition 13 permit?

Reassessment of property taxes for third-party sales

Linking property taxes to real estate market values

Limiting annual tax increases to 5%

In real estate transactions where an escrow is established to handle paperwork and funds, who is eligible to act as an intermediary?

The real estate agent representing the seller

A relative of either party involved

A licensed property insurance agent

During the escrow process in real estate transactions, it is common for the escrow agent to adjust rents or property taxes. How is the basis of proration determined?

By uniformly using 30 days for every month

By considering the number of days in the calendar month

By excluding leap years from the calculation

By adhering to the old rhyme about the number of days in each month

What does the abbreviation RESPA stand for in the context of real estate transactions?

The Real Estate Settlement Procedures Act

The Real Estate Services and Protection Agency

The California Real Estate Subdivision Partition Act

Real Estate Survey and Property Act

Which of the following methods is NOT a valid means of transferring ownership of real estate?

A verbal agreement or handshake

A will witnessed by a third party

For individual taxpayers in California, which source of income is subject to taxation?

Income derived from rental properties

The initial purchase price of real estate acquired in the same tax year

Profit generated from property sales

Annual fluctuations in property market values

Test 1

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50 questions

Which option is categorized as real property?

How are agent commissions typically determined for real property sales?

What is the typical valuation method for commercial properties?

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

The 1968 Fair Housing Act exempts which of the following?

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

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

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

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

The exercise of littoral rights pertains to the utilization of

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