CALIFORNIA REAL ESTATE EXAM REAL EXAM 2023/2024 2 DIFFERENT VERSIONS EACH CONTAINS 150 MULTIPLE CHOICE QUESTIONS AND DETAILED ANSWERS FOR GUARANTEED PASS|GRADED A

CALIFORNIA REAL ESTATE EXAM REAL EXAM 2023/2024 2 DIFFERENT VERSIONS EACH CONTAINS 150 MULTIPLE CHOICE QUESTIONS AND DETAILED ANSWERS FOR GUARANTEED PASS |GRADED A 1. You are preparing a competitive market analysis on a vacant lot that you hope to list for sale. Which of the following approaches to value will be used in the development of th e estimated value? A. Cost approach B. Gross rent multiplier C. Income approach D. Sales comparison approach D. Sales comparison approach 2. Which of the following comparables would be the most helpful in appraising a home? A. A similar home sold for nonpa yment of taxes. B. A similar property sold under duress. C. A similar home sold by a motivated seller to a motivated buyer. D. A similar home sold by an unwilling seller to an unsure buyer. C. A similar home sold by a motivated seller to a motivated buyer. 3. The period over which a property may be profitably utilized is called its: A. economic life B. amortized life C. income life D. net life A. economic life 4. Wear and tear to the load bearing members of a building would be classified as: A. functional o bsolescence -curable B. physical deterioration -curable C. functional obsolescence -incurable D. physical deterioration -incurable D. physical deterioration -incurable 5. While the economy is experiencing inflation, interest rates: A. drop and housing prices ri se B. rise and housing prices drop C. rise and housing prices rise D. None of the above C. rise and housing prices rise 6. When using the market -data approach to appraise a single -family home, recent sales are compared to the subject property as to: A. capitalization rates B. exterior features only C. the entire property D. rental income the entire property 7. A real estate commission is usually based on the: A. listing price B. selling price C. down payment D. loan amount selling price 8. The incre ase of value with the passage of time describes: A. appreciation B. "return on" investment C. "return of" investment D. depreciation appreciation 9. Which of the following statements does NOT correctly describe a fiduciary? A. A fiduciary owes loyalty to t he principal B. A fiduciary must conform to the principal's legal instructions C. A fiduciary is an agent D. A fiduciary is a neutral third party fiduciary is a neutral third party 10. A broker secured a buyer for his client and the seller accepted. Under which type of listing could a broker not receive a commission? A. net listing B. open listing C. exclusive listing D. exclusive authorization and right to sell listing net listing 11. Mr. Seller signs an open listing on his home with five different brokers. In this case: A. each broker has an opportunity to earn the entire commission B. the brokers will split the commission five ways regardless of who sells it C. the owner must pay a full commission to all five brokers when it sells D. the owner must pay the first broker to take the listing no matter who sells it each broker has an opportunity to earn the entire commission 12. A mortgage is usually accompanied by: A. a deed B. a cond itional sales contract C. a title policy D. a promissory note a promissory note 13. Failure to perform any of the terms or conditions of a contract is called a(n): A. novation B. break C. addendum D. breach breach 14. A parcel of vacant land is listed for $100,000, requiring 20% down with the seller to carry back the balance. The broker brings in a full -price cash offer, but the owner refuses. The broker is entitled to: A. half of the commission B. the full commission C. a commission as a percent of the dow n payment D. nothing nothing 15. Under a lease, the leasehold interest lies in the: A. lessor B. lessee C. landlord D. beneficiary lessee 16. Which of the following requires real estate listings to be in writing? A. Real Estate Law B. Statute of Frauds C. CAR D. None of the above statue of frauds 17. All of the following listings require that the broker be the "procuring cause" of the sale if he/she is to be entitled to a commission, EXCEPT: A. exclusive listing B. open listing C. exclusive right to sell listing D. None of the above C. exclusive right to sell listing 18. As it relates to the field of real estate, the legal term "theft" would include all of the following EXCEPT: A. Entering into a home that is listed on the market and taking valuable items of personal property that belong to the owners B. Defrauding clients by siphoning funds from a broker C. Defrauding lenders by signing as another person D. Defrauding investors by creating phony trust deeds and notes, selling them, and using the proceeds for the broker C. Defrauding lenders by signing as another person 19. Mr. Owner enters into an exclusive listing with Broker X. One week later, Broker X brings in a full price offer, but Mr. Owner refuses the offer. Seeking an action of Specific Performanc e would be an option for: A. the buyer B. the broker C. both the buyer and the broker D. neither the buyer nor the broker D. neither the buyer nor the broker 20. Broker Jones takes an exclusive listing on a property owned by three different people. Broker Jones takes the listing contract to each of their places of business to get it signed. Broker Jones must: A. give a copy to the first owner who signs only B. give a copy to each owner when he/she signs C. give one copy to any of the three owners D. get the m together in one place to sign at the same time