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QUESTION

The individual conveying real estate is called the ________ and the individual acquiring title is called the ________.

  • 51. The individual conveying real estate is called the ________ and the individual acquiring title is called the ________. 
  •  a) grantor; grantee 
  •  b) grantee; grantor
  •  c) grantor; beneficiary
  •  d) trustee; beneficiary 
  • 52. To be considered capable at the time of signing a deed, a grantor needs to be of sound mind, possess their civil rights and: 
  •  a) be a permanent resident of California. 
  •  b) own the item being granted free of all liens. 
  •  c) hold a degree from a four year university.
  •  d) be an adult at least 18 years of age. 
  • 53. To convey any interest in real estate without an assurance the individual holds that interest conveyed, a(n) __________ deed is used. 
  •  a) grant deed
  •  b) quitclaim deed
  •  c) abstract of title
  •  d) implied covenant
  • 54. A(n) ________ is valid and enforceable after delivery until it is challenged due to a defect and declared invalid by court order. 
  •  a) void ab initio deed
  •  b) void deed
  •  c) voidable deed
  •  d) implied deed
  • 55. No matter how vested, all property acquired jointly by a married couple is presumed to be: 
  •  a) public property. 
  •  b) separate property. 
  •  c) community property. 
  •  d) property held under a tenancy in common.
  • 56. Lis pendens means Notice of Litigation or: 
  •  a) Notice of Arbitration.
  •  b) Notice of Delinquency.
  •  c) Notice of Mediation. 
  •  d) Notice of Pending Action. 
  • 57. A(n) ____________ discloses the current vesting and encumbrances which may be reflected on the public record affecting a property's title. 
  •  a) preliminary title report
  •  b) abstract of title
  •  c) property profile
  •  d) natural hazard disclosure
  • 58. __________ refers to a form of indemnity insurance issued by a title insurance company which holds harmless the named insureds against monetary loss caused by an encumbrance not listed in Schedule B of the policy and not known by the insured when the policy was issued. 
  •  a) Title insurance
  •  b) Home warranty 
  •  c) Private mortgage insurance (PMI)
  •  d) Renters' insurance
  • 59. The _________ dollar amount of equity in a homeowner's dwelling has priority on title over most judgment liens and some government liens. 
  •  a) homestead 
  •  b) interest deductible
  •  c) capitalization rate 
  •  d) loan-to-value (LTV) ratio
  • 60. Within three business days following a lender's receipt of a buyer's mortgage application, the lender provides the buyer a(n) ___________, estimating the buyer's settlement charges and mortgage terms. 
  •  a) Good Faith Estimate (GFE)
  •  b) Uniform Residential Loan Application
  •  c) HUD-1 Closing Statement
  •  d) Loan Estimate
  • 61. The _________ prepared by the buyer with the assistance of their transaction agent (TA) provides the lender with necessary information about the buyer and the property which will secure the mortgage. 
  •  a) Loan Estimate
  •  b) Closing Disclosure
  •  c) balance sheet
  •  d) Uniform Residential Loan Application
  • 62. The ________ insures mortgages with less demanding down payment requirements and with high loan-to-value ratios (LTVs) than compared to mortgages originated by most conventional lenders. 
  •  a) Truth-in-Lending Act
  •  b) Federal Housing Administration (FHA) 
  •  c) MGIC Investment Corp. 
  •  d) Real Estate Settlement Procedures Act (RESPA)
  • 63. An arrangement in which the seller carries back a note executed by the buyer to evidence a debt owed for the purchase of the seller's property is referred to as: 
  •  a) a land sales contract. 
  •  b) seller financing. 
  •  c) a piggyback loan. 
  •  d) adverse possession.
  • 64. The amount of interest a private, non-exempt lender can charge is controlled by: 
  •  a) Fair Housing Law.
  •  b) the Lender Code of Ethics.
  •  c) usury law.
  •  d) the California Bureau of Real Estate (CalBRE).
  • 65. Default mortgage insurance coverage provided by private insurers for conventional loans with loan-to-value ratios higher than 80% is called: 
  •  a) homeowners' insurance. 
  •  b) renters' insurance.
  •  c) private mortgage insurance (PMI).
  •  d) American Land Title Association (ALTA) insurance.
  • 66. The ________ is used for debt obligations with constant periodic repayments in any amount and frequency negotiated. 
  •  a) straight note 
  •  b) installment note 
  •  c) unsecured note
  •  d) partial note
  • 67. Notes which call for periodic adjustments to the interest rate and the amount of scheduled payments are known as: 
  •  a) fixed-rate notes. 
  •  b) adjustable rate notes (ARMs). 
  •  c) all-inclusive trust deeds (AITDs).
  •  d) All of the above.
  • 68. A(n) ________ is an additional charge levied by a lender when an owner pays off the principal on a debt before it is due. 
  •  a) late fee
  •  b) balloon payment 
  •  c) prepayment penalty
  •  d) grace period 
  • 69. Any final payment on a note which is greater than twice the amount of any one of the six regularly scheduled preceding payments is known as a: 
  •  a) private mortgage insurance (PMI) premium.
  •  b) balloon payment. 
  •  c) penultimate payment. 
  •  d) due-on clause. 
  • 70. The preferential security device used to impose a lien on real estate is the: 
  •  a) trust deed. 
  •  b) estoppel certificate. 
  •  c) lis pendens.
  •  d) quitclaim deed.
  • 71. When the due-on clause is triggered, the lender may recast or call the loan, also known as: 
  •  a) subordination. 
  •  b) waiver by proxy. 
  •  c) reconciliation.
  •  d) acceleration. 
  • 72. The due-on clause is triggered by any conveyance of equitable ownership of real estate, such as a(n): 
  •  a) all-inclusive trust deed (AITD). 
  •  b) lease option sale. 
  •  c) land sales contract. 
  •  d) All of the above. 
  • 73. A trustee is authorized to initiate a non-judicial foreclosure sale of the property on a declaration of default and instructions to foreclose from the beneficiary under the __________ contained in a trust deed. 
  •  a) power-of-sale provision
  •  b) arbitration clause
  •  c) indemnification provision
  •  d) liquidated damages clause
  • 74. ______________ occurs when an owner-in-foreclosure pays all sums due under the note and trust deed and reimburses the lender's costs of foreclosure, prior to completion of the trustee's sale. 
  •  a) Redemption of the property in foreclosure 
  •  b) Subordination of the lender's interest 
  •  c) Waste of the property
  •  d) None of the above. 
  • 75. A trustee is required to send a copy of the Notice of Default (NOD) by registered or certified mail to holders of a recorded interest in the secured property within ________ after recording the NOD. 
  •  a) one month 
  •  b) one week
  •  c) one year 
  •  d) two years 
  • 76. A trustee's sale is considered final and complete: 
  •  a) when the lender signs the certificate of sale. 
  •  b) when the trustee records a Notice of Default (NOD). 
  •  c) when a beneficiary makes a bid.
  •  d) on the trustee's acceptance of the last and highest bid. 
  • 77. A trust deed holder may foreclose on a property by: 
  •  a) nonjudicial foreclosure under the power-of-sale provision in the trust deed. 
  •  b) judicial foreclosure under mortgage law.
  •  c) Either a. or b. 
  •  d) Neither a. nor b.
  • 78. A(n) ________ is issued to the successful bidder on the completion of a judicial sale. 
  •  a) Notice of Trustee's Sale (NOTS)
  •  b) certificate of sale
  •  c) fair value hearing certificate
  •  d) Sheriff's Deed
  • 79. To qualify home improvement loans for interest deductions, the new improvements must be substantial, meaning they: 
  •  a) prolong the property's useful life. 
  •  b) adapt the property to residential use.
  •  c) add to the property's market value. 
  •  d) Any of the above. 
  • 80. The fee charged by a lender as prepaid interest which reduces the note rate on the mortgage is known as a: 
  •  a) usury limitation.
  •  b) substitute security. 
  •  c) point. 
  •  d) final/balloon payment.
  • 81. A broker's primary objective as a property manager is to oversee the maintenance of rental property, fill vacancies with suitable tenants and: 
  •  a) live on the property and conduct structural repairs. 
  •  b) find tenants to purchase the property.
  •  c) regularly landscape the property. 
  •  d) collect rent and account to the landlord.
  • 82. A(n) __________ runs for an indefinite period of time and renews monthly on the same terms until terminated. 
  •  a) fixed-term lease 
  •  b) tenancy-at-sufferance
  •  c) month-to-month rental agreement 
  •  d) continuing nuisance
  • 83. To be enforceable under the statute of frauds, a lease agreement exceeding __________ needs to be in writing to be enforceable. 
  •  a) one year 
  •  b) ninety days 
  •  c) nine months
  •  d) six months
  • 84. A(n) __________ is a commercial lease arrangement which transfers to the tenant the obligation, unless modified, to pay all of the costs of ownership in addition to utilities and janitorial services. 
  •  a) net lease
  •  b) gross lease
  •  c) full-service gross lease
  •  d) triple net lease
  • 85. A residential or commercial landlord under a month-to-month rental agreement can increase the rent or shift repair and maintenance obligations to the tenant by serving a(n): 
  •  a) 30-Day Notice of Change in Rental Terms. 
  •  b) 60-Day Notice to Pay Rent or Quit. 
  •  c) 90-Day Notice to Vacate. 
  •  d) Three-Day Notice to Quit.
  • 86. Security against a tenant's default on obligations agreed to in the rental or lease agreement is provided by the: 
  •  a) Real Estate Recovery Fund.
  •  b) security deposit. 
  •  c) personal landlord's savings account.
  •  d) trust fund. 
  • 87. As a matter of public policy, residential security deposits are limited to: 
  •  a) two months' rent for unfurnished units and three months' rent for furnished units. 
  •  b) two months' rent for unfurnished units and four months' rent for furnished units.
  •  c) one month's rent for unfurnished units and two months' rent for furnished units.
  •  d) three months' rent for unfurnished units and four months' rent for furnished units.
  • 88. A landlord may serve a __________ to require the tenant to pay all amounts due or vacate the premises. 
  •  a) 30-Day Notice to Vacate
  •  b) Three-Day Notice of Change in Rental Terms
  •  c) Three-Day Notice to Pay Rent or Quit
  •  d) 90-Day Notice to Vacate
  • 89. Failure to pay late charges, interest penalties, bad check charges or security deposits are classified as: 
  •  a) incurable breaches.
  •  b) material breaches. 
  •  c) nonmonetary breaches. 
  •  d) minor breaches.
  • 90. The agreed-to time period following the due date during which rent may be paid without incurring a late charge is referred to as the: 
  •  a) security deposit. 
  •  b) grace period. 
  •  c) waterbed addendum. 
  •  d) late charge. 
  • 91. Statutory breaches, being incurable, include an unauthorized subletting of the premises, maintaining a nuisance on the premises or the tenant's: 
  •  a) failure to keep the property clean.
  •  b) failure to pay rent prior to expiration of the grace period.
  •  c) unlawful use of the premises. 
  •  d) failure to significantly improve the premises.
  • 92. A notice to quit may be served when the use of a property becomes unlawful, such as when the use: 
  •  a) adds to the curb appeal of the property. 
  •  b) threatens the physical safety of the property. 
  •  c) facilitates the landlord's continued receipt of rent. 
  •  d) violates maritime law. 
  • 93. Waste to a property occurs when a: 
  •  a) tenant neglects the premises and impairs its value by failing to maintain it as agreed. 
  •  b) landlord replaces the carpets in a unit before needing to.
  •  c) subtenant vacates without the landlord's consent. 
  •  d) property manager doesn't get bids from multiple contractors when intending to renovate a property.
  • 94. An owner-by-foreclosure who purchases a residential property at a trustee's sale for investment purposes terminates an existing residential tenancy by serving a: 
  •  a) 120-day Notice to Vacate.
  •  b) 90-day Notice to Vacate. 
  •  c) 60-day Notice to Vacate.
  •  d) 30-day Notice to Vacate.
  • 95. When a landlord fails to comply with housing code standards that materially affect the health and safety of the occupants, the landlord has breached the: 
  •  a) implied warranty of habitability. 
  •  b) terms of the sublease.
  •  c) 60-day Notice to Fix Property or Quit.
  •  d) statute of frauds.
  • 96. When criminal activity is ___________, the landlord has a duty to take reasonable measures to prevent harm to persons on the property from future similar criminal activities. 
  •  a) reasonably foreseeable
  •  b) unlikely
  •  c) possible
  •  d) impossible
  • 97. Individuals employed by municipalities to ensure properties comply with local building codes, ordinances, zoning regulations and contract specifications are referred to as: 
  •  a) contractors. 
  •  b) home energy auditors.
  •  c) escrow officers. 
  •  d) building inspectors. 
  • 98. ____________ refers to the placement of a house upon its lot. 
  •  a) Physical location
  •  b) Orientation 
  •  c) Zoning
  •  d) Floor plan
  • 99. A(n) ___________ sets forth acceptable land uses within a jurisdiction and governs the growth of a municipality. 
  •  a) general plan
  •  b) policy of title insurance
  •  c) subdivision ordinance
  •  d) condition, covenant and restriction (CC&R)
  • 100. The California Energy Commission designed and implemented the __________ program to include a uniform rating scheme for the systematic delivery of home energy ratings to homeowners. 
  •  a) California Housing Finance Agency (CalHFA)
  •  b) Home Affordable Modification Program (HAMP)
  •  c) California Home Energy Rating System (HERS)
  •  d) California Department of Veterans Affairs (CalVet)
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