CLA PRACTICE TEST 2 STUDY GUIDE 2026
SOLVED QUESTIONS
◉ An appraiser uses the unit-in-place method while performing an
appraisal. Which approach to estimating value is the appraiser
using? Answer: Cost
◉ Anne purchases a property and records the deed given to her by
the seller in the public records in the county where the property is
located. The type of notice created by this action is called Answer:
constructive notice.
◉ Robert is purchasing an apartment building and obtained a loan
from a local bank. In this transaction, Robert is the Answer:
mortgagor
◉ A company may not operate under a temporary broker for no
more than Answer: 6 months
◉ Recording a deed provides the greatest benefit for the Answer:
grantee
◉ A qualifying broker can serve part time. Answer: False
,◉ The commission can demand brokers and salespeople to pay an
additional $30.00 to the Recovery Fund when the amount drops
below Answer: $500,000
◉ Joanne and a broker enter into a listing agreement for the sale of
Joanne's house. In the agency relationship created by the listing
contract, Answer: Joanne is the principal.
◉ n a calculation of the gain on a house, the owner's cost basis in the
property is affected by Answer: a swimming pool that was added
◉ What is the penalty for not renewing licenses before August 31st?
Answer: $150.00
◉ The practice of directing potential buyers into or out of
neighborhoods based on a protected class is called Answer: steering.
◉ A lender probably would allow a higher loan-to-value ratio when
making a loan on Answer: a single-family residence.
◉ When an aggrieved person commences an action for judgment
which may result in collection from the Recovery Fund, the
aggrieved person shall do all of the following EXCEPT Answer:
Contact the real estate commission by phone or email to inform
them of the situation
, ◉ Transactions covered by the Real Estate Settlement Procedures
Act include those with Answer: first mortgages.
◉ Which of the following types of property are usually exempt from
real estate taxes? Answer: City parks
◉ Which of the following statements regarding escrow accounts is
TRUE? Answer: Earnest money must be deposited into an escrow
account.
◉ Larry placed title to his building in a trust, with Larry as the
beneficiary. When Larry died, his will directed the trustee to sell the
building and distribute the proceeds of the sale to Larry's heirs. The
trustee sold the building in accordance with the will. What type of
deed was delivered at closing? Answer: Trustee's deed
◉ A qualifying broker is: Answer: A sole proprietorship that is
responsible for supervising the acts of the company the acts of the
company
◉ Which of the following laws is known as Regulation Z? Answer:
Truth in Lending Act
SOLVED QUESTIONS
◉ An appraiser uses the unit-in-place method while performing an
appraisal. Which approach to estimating value is the appraiser
using? Answer: Cost
◉ Anne purchases a property and records the deed given to her by
the seller in the public records in the county where the property is
located. The type of notice created by this action is called Answer:
constructive notice.
◉ Robert is purchasing an apartment building and obtained a loan
from a local bank. In this transaction, Robert is the Answer:
mortgagor
◉ A company may not operate under a temporary broker for no
more than Answer: 6 months
◉ Recording a deed provides the greatest benefit for the Answer:
grantee
◉ A qualifying broker can serve part time. Answer: False
,◉ The commission can demand brokers and salespeople to pay an
additional $30.00 to the Recovery Fund when the amount drops
below Answer: $500,000
◉ Joanne and a broker enter into a listing agreement for the sale of
Joanne's house. In the agency relationship created by the listing
contract, Answer: Joanne is the principal.
◉ n a calculation of the gain on a house, the owner's cost basis in the
property is affected by Answer: a swimming pool that was added
◉ What is the penalty for not renewing licenses before August 31st?
Answer: $150.00
◉ The practice of directing potential buyers into or out of
neighborhoods based on a protected class is called Answer: steering.
◉ A lender probably would allow a higher loan-to-value ratio when
making a loan on Answer: a single-family residence.
◉ When an aggrieved person commences an action for judgment
which may result in collection from the Recovery Fund, the
aggrieved person shall do all of the following EXCEPT Answer:
Contact the real estate commission by phone or email to inform
them of the situation
, ◉ Transactions covered by the Real Estate Settlement Procedures
Act include those with Answer: first mortgages.
◉ Which of the following types of property are usually exempt from
real estate taxes? Answer: City parks
◉ Which of the following statements regarding escrow accounts is
TRUE? Answer: Earnest money must be deposited into an escrow
account.
◉ Larry placed title to his building in a trust, with Larry as the
beneficiary. When Larry died, his will directed the trustee to sell the
building and distribute the proceeds of the sale to Larry's heirs. The
trustee sold the building in accordance with the will. What type of
deed was delivered at closing? Answer: Trustee's deed
◉ A qualifying broker is: Answer: A sole proprietorship that is
responsible for supervising the acts of the company the acts of the
company
◉ Which of the following laws is known as Regulation Z? Answer:
Truth in Lending Act
