REAL ESTATE PRINCIPLES 2024 ACTUAL
EXAM AND STUDY GUIDE 200 QUESTIONS
WITH DETAILED VERIFIED ANSWERS
AND RATIONALES (100% CORRECT)
/ALREADY GRADED
... [Show More] A+
1. One of the elements of a valid contract is mutual consent—
an offer and an acceptance. A contract becomes binding
between the seller and the buyer when the:
a. buyer signs the counteroffer.
b. broker is notified of the seller's acceptance.
c. offer is accepted by the broker.
d. buyer is notified of the seller's acceptance. -
....ANSWER...a. buyer signs the counteroffer.
2. What type of development combines the individual
ownership of private dwellings with the shared ownership of
common facilities of the entire project?
a. Common interest development
b. Standard subdivision
c. In-zoning subdivision
d. Shared development - ....ANSWER...a. Common interest
development
3. Which of the following causes real estate prices to
increase?
a. Demand is not an issue
b. Demand is greater than supply
c. Supply and demand are the same
d. Supply is greater than demand - ....ANSWER...b. Demand
is greater than supply
4. A(n) _____ may be unilaterally terminated by a lessor or
lessee.
a. tenancy at sufferance
b. tenancy for years
c. tenancy at will
d. estate of periodic tenancy - ....ANSWER...c. tenancy at will
5. A listing agreement allows a broker to:
a. be an independent contractor.
b. complete a specific task.
c. complete general tasks.
d. transfer title. - ....ANSWER...c. complete general tasks.
6. The development of vacant parcels in existing urban and
suburban areas is known as:
a. brownfields.
b. urban sprawl.
c. mansionization.
d. infill development. - ....ANSWER...d. infill development.
7. Under which government financing program are approved
applicants required to apply for life insurance—not mortgage
insurance?
a. F.H.A.
b. CalVet
c. Fannie Mae
d. V.A. - ....ANSWER...b. CalVet
8. Which document is used by a seller to describe the
condition of his property to the buyer?
a. Uniform Settlement Statement
b. Loan Broker Disclosure Statement
c. Transfer Disclosure Statement
d. Alquist-Priolo Disclosure Statement - ....ANSWER...c.
Transfer Disclosure Statement
9. The escrow holder is the:
a. real estate salesperson.
b. buyer.
c. escrow officer.
d. seller. - ....ANSWER...c. escrow officer.
10. Documentary transfer tax is usually based on _____ per
$1,000 of the purchase price.
a. $1.55
b. $1.65
c. $0.55
d. $1.10 - ....ANSWER...d. $1.10 [Show Less]