California Real Estate Exam: Questions & Answers Latest Update 100% Verified 2024/2025

California Real Estate Exam: Questions & Answers Latest Update 100% Verified 2024/2025 Abandonment Correct Answer: Giving up possession or ownership of property by nonuse, usually accompanied by some affirmative act, such as removing one's belongings from apartment ingress and egress (right of) Correct Answer: The permission to enter upon and exit from property. A form of easement. Often related to Streams Abstract of Judgement Correct Answer: Document stipulating the outcome of a legal action, which can be filed in any county where the judgement debtor has property. Abstract of Title Correct Answer: A summary or digest of all recorded transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title to show continuity of ownership and indicate any possible impairments to title Acceleration Clause Correct Answer: A provision in a real estate financing instrument that allows the lender to declare the remaining indebtedness due and payable on the happening of certain conditions, such as the sale of the property or the borrower's default in payment Acceptance Correct Answer: Indication by the person to whom an offer is made (the offeree) of agreement to the terms of the offer. If the offer requires a writing, the acceptance must also be in writing. Accession Correct Answer: The process of manufactured or natural improvement or addition to property. Accounting Correct Answer: The obligation to account for all money or property belonging to the principal Accretion Correct Answer: Accession by natural forces, e.g., alluvium. Acknowledgement Correct Answer: A formal declaration made before an authorized person by a person who has executed a written instrument, stating that the execution of the instrument is the person's own act Acquisition Cost Correct Answer: For FHA-insured loans, the price to procure property, including purchase price and all nonrecurring closing costs, including discount points, FHA application fee, service charge and credit report, FHA appraisal, escrow, document preparation, title insurance, termite inspection, reconveyance, and recording fees