Ca Real Estate Exam 2024 Practice Questions With Answers

Pledging property as security for a loan without losing possession of it is called what? Purchase money mortgage Hypothecation An impound account A subordination agreement {Ans: Hypothecation}Definitions of market value is least concerned with: Market cost Objective value Value in exchange Open market {Ans: Market cost Market cost is the present value worth of a commodity to draw on the open market. How much an item cost has no relevance to its value.}What is the general purpose for cities to require building permits? Permit fees are income for the city Control the amount of building allowed To supersede deed restrictions To require a minimum level of construction standards {Ans: To require a minimum level of construction standards Construction standards are placed to maintain the safety and well-being of the public.}When an owner is selling his or her home, to whom would they most likely give a copy of a structural pest control report? To the buyer if requested To the brokers or salespeople representing potential buyers To the escrow company Their broker at the time of listing {Ans: To the buyer if requested. Structural pest inspections and reports are not required by law. When requested, the