Real Estate 101
Textbook Exam Questions
Course Introduction
Real Estate 101 provides a comprehensive introduction to the fundamentals of the real estate industry, including the principles of property ownership, the structure of real estate markets, and the basics of property valuation. Students will explore topics such as residential and commercial property types, the legal and ethical considerations involved in real estate transactions, financing methods, and the roles of various professionals in the field. The course also covers introductory real estate investment concepts, risk assessment, and an overview of real estate regulations and market trends, equipping students with the essential knowledge required to understand and navigate the real estate landscape.
Recommended Textbook
California Real Estate Principles 9th Edition by Dennis
J. McKenzie
Available Study Resources on Quizplus
15 Chapters
624 Verified Questions
624 Flashcards
Source URL: https://quizplus.com/study-set/3880 Page 2
Chapter 1: Introduction to Real Estate
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/77312
Sample Questions
Q1) The contract where a principal appoints a real estate agent is called:
A) contract of sale
B) deposit receipt
C) listing agreement
D) disclosure statement
Answer: C
Q2) Permission to use underground waters, known as percolating waters, is owned by the:
A) landowner for his or her exclusive use
B) adjoining owners for their reasonable use
C) State of California
D) United States Government
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
3
Chapter 2: Part I: Legal Description, Method of Acquiring
Title , and Deeds
Available Study Resources on Quizplus for this Chatper
69 Verified Questions
69 Flashcards
Source URL: https://quizplus.com/quiz/77311
Sample Questions
Q1) When a non-occupying investor and an owner-occupant pool their resources to buy a home, this is called:
A) equity ownership
B) equity occupancy
C) equity sharing
D) equity investing
Answer: C
Q2) A deed need not be recorded in order to be valid, but must be delivered. Effective delivery depends on:
A) valid acknowledgment by the grantor
B) physical transfer
C) intention of the grantor
D) knowledge of its existence by the grantee
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
4
Chapter 3: Encumbrances, Liens, and Homesteads
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/77310
Sample Questions
Q1) After a proper Notice of Completion has been filed, if a material supplier wishes to file a mechanics' lien, the supplier has how many days in which to do so?
A) 30
B) 45
C) 60
D) 90
Answer: A
Q2) Which of these statements would be correct concerning a covenant and a condition in a deed?
A) the penalty for violation of a covenant is more severe than that for violation of a condition
B) the penalty for violation of a condition is always money damages
C) neither (a) nor (b)
D) both (a) and (b)
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Real Estate Agency
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/77309
Sample Questions
Q1) For a single person, under 65 years and not of low income, the homestead exemption is:
A) $50,000
B) $75,000
C) $100,000
D) $150,000
Q2) Real estate agencies are created by:
A) special agency.
B) agreement in writing.
C) appointment.
D) none of the above.
Q3) If a real estate agent knowingly makes a substantial misrepresentation of the likely value of real property, it is:
A) an agency violation
B) an innocent mistake
C) unethical, but not illegal
D) an accepted practice in the industry
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Real Estate Contracts and Mandated
Disclosures
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/77308
Sample Questions
Q1) A unilateral contract is:
A) created by actions.
B) a completed contract.
C) a promise for a promise.
D) a promise for an act.
Q2) Sales price for a mobile home is $145,000; excluding the commission, the seller closing costs are $2,000. Seller's existing loan balance $80,000. Per the terms of the listing, the seller is guaranteed a net of $58,000. What is the broker's commission?
A) $3,000
B) $4,000
C) $5,000
D) $6,000
Q3) All of the following are essential for a valid real estate contract, except:
A) lawful object
B) mutual consent
C) capable parties
D) parole evidence
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Practical Real Estate Mathematics
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/77307
Sample Questions
Q1) What is the rate of interest on a note for $3,600, due in 180 days, if the total interest to be paid is $400?
A) 25%
B) 33%
C) 22%
D) 11%
Q2) Surveyors have determined that a tract of desert land contains 364,480 square feet. One portion of 80 feet by 200 feet is owned by the government. The private portion of the tract is offered for $1,380 per acre. What is the asking price for the private parcel?
A) $12,040
B) $11,950
C) $11,040
D) $12,540
Q3) From the agent's perspective, the strongest listing agreement is the
A) Exclusive Right to Sell Listing
B) Exclusive Agency Listing
C) Open Listing
D) Net Listing
To view all questions and flashcards with answers, click on the resource link above.
Chapter 7: Introduction to Real Estate Finance
Available Study Resources on Quizplus for this Chatper
34 Verified Questions
34 Flashcards
Source URL: https://quizplus.com/quiz/77306
Sample Questions
Q1) To settle the estate of the deceased, a probate sale is held on a mobile home. The first court bid is $30,000; the next minimum bid must be for at least:
A) $31,000
B) $32,000
C) $33,000
D) $31,750
Q2) If a broker negotiated a third trust deed for $12,000 payable in five semi-annual installments, the maximum rate of commission allowed by the Mortgage Loan Brokerage Law would be:
A) 15%
B) 10%
C) 5%
D) no rate is established for third trust deeds
Q3) $300,000 loan at 8% payable $2,000 per month is what type of note?
A) installment
B) straight
C) wraparound
D) amortized
To view all questions and flashcards with answers, click on the resource link above.
9
Chapter 8: Part I: Real Estate Lenders
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/77305
Sample Questions
Q1) A Seller's Financial Disclosure Statement must be signed by the:
A) buyer
B) seller
C) broker
D) all of the above
Q2) Under the Real Property Loan Law, the maximum amount a borrower can pay for closing costs, excluding commission, regardless of the size of the loan, is:
A) 5%
B) $390
C) $700
D) $900
Q3) Under the Trustee's Sale procedure, after a Notice of Default has been recorded, a borrower has how long to reinstate by making up past payments, penalties, late charges, and trustee expenses?
A) 5 days prior to trustee's sale date
B) 90 days
C) 3 months
D) 1 year
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Real Estate Appraisal
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/77304
Sample Questions
Q1) While making a rule of thumb appraisal of an apartment building, a broker estimated the price to be 10 times gross annual income. The broker is using a:
A) coordinate factor
B) gross rent multiplier
C) cap rate
D) net factor
Q2) The acronym OREA stands for:
A) Office of Real Estate Appraisers.
B) Organization of Real Estate Appraisers.
C) Office of Real Estate Alliance.
D) Organization for Real Estate Appraisers.
Q3) For gross income purposes, most lenders want the borrower to have at least a:
A) 1-year work history
B) 2-year work history
C) 3-year work history
D) 4-year work history
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: The Role of Escrow and Title Insurance Companies
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/77303
Sample Questions
Q1) With a gross annual multiplier of 12, a duplex that rents one unit for $575 per month and the other for $625 should have an estimated value of:
A) $137,200
B) $146,000
C) $150,000
D) $172,800
Q2) For an escrow to be valid, there must be a:
A) conditional delivery of transfer documents to a third party
B) real estate agent in the transaction
C) title insurance policy
D) sixty-day limit on the closing date
Q3) A history of title transfers for a particular parcel of land is a/an:
A) preliminary report
B) title insurance policy
C) abstracter index
D) chain of title
To view all questions and flashcards with answers, click on the resource link above.
12
Chapter 11: Landlord and Tenant Relations
Available Study Resources on Quizplus for this Chatper
40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/77302
Sample Questions
Q1) A professional property manager
A) is required to have a real estate license
B) must reside on the premises
C) is typically a salaried employee of the property owner
D) all charge the same amount for their services
Q2) It is illegal to screen and eliminate potential tenants based on:
A) income levels
B) credit rating
C) past delinquent rental history
D) marital status
Q3) A lease is to lessee as:
A) assignment agreement is to affiant
B) trust deed is to trustee
C) agreement of sale is to equitable owner
D) fee simple estate is to executor
Q4) An onsite property manager:
A) must be a broker
B) must be certified.
C) must be licensed
D) none of the above
Page 13
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Land-Use Planning, Subdivisions, Fair Housing, and
Other Public Controls
Available Study Resources on Quizplus for this Chatper
39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/77301
Sample Questions
Q1) All subdivisions offered for sale in California must provide a Real Estate Commissioner-approved disclosures if the land is located in:
A) any state in the nation
B) rural areas of California only
C) urban areas of California only
D) any area of California
Q2) The maximum security deposit for an unfurnished apartment is:
A) one month's rent
B) two months' rent
C) three months' rent
D) four months' rent
Q3) It is illegal to screen and eliminate potential tenants based on:
A) income levels
B) credit rating
C) past delinquent rental history
D) marital status
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Introduction to Taxation
Available Study Resources on Quizplus for this Chatper
39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/77300
Sample Questions
Q1) Which law prohibits lenders from "redlining"?
A) Fair Housing Act
B) Rumford Act
C) Unruh Act
D) Housing Financial Discrimination (Holden) Act
Q2) Under certain conditions, a single homeowner may exempt up to how much in gains from the sale of a home?
A) $500,000
B) $300,000
C) $250,000
D) $125,000
Q3) When a special assessment is made on a piece of property under the Street Improvement Act of 1911:
A) property owner can deduct principal and interest
B) it is based on the front footage of the property
C) it is appraised as per the amount of square footage
D) assessment must be paid within six months
To view all questions and flashcards with answers, click on the resource link above.
15
Chapter 14: Single-Family Homes and Mobile Homes
Available Study Resources on Quizplus for this Chatper
39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/77299
Sample Questions
Q1) All registration fees on the transfer of title to a mobile home must be paid within:
A) 5 days
B) 10 days
C) 15 days
D) 30 days
Q2) What is not a factor to consider when to determine investment potential?
A) Risk
B) Liquidity
C) Carpet quality
D) Management requirements
Q3) Title to a mobile home is transferred by use of a:
A) document of title
B) deed
C) certificate of ownership
D) contract of sale
To view all questions and flashcards with answers, click on the resource link above.
Page 16
Chapter 15: A Career in Real Estate
Available Study Resources on Quizplus for this Chatper
39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/77298
Sample Questions
Q1) A candidate for the real estate broker's examination must:
A) be 21 years or older
B) have completed 8 college-level real estate courses
C) have at least 4 years' experience as a real estate salesperson
D) be a resident of California
Q2) In California, the majority of the laws that regulate the real estate industry originate from:
A) Commissioner's Code of Ethics
B) legislation passed by the California Legislature
C) the Treaty of Guadalupe Hidalgo
D) the Business and Professions Code
Q3) What portion of the building do the upright beams, known as studs, rest upon?
A) collar beam
B) floor joist
C) fire stops
D) sole plate
To view all questions and flashcards with answers, click on the resource link above. Page 17