Ca Real Estate Exam Study Guide With All Topics

Does a person need a real estate license to sell property belonging to a trust for which he is trustee? {Ans: No}For how long after a transaction is concluded must a broker keep his other records for a transaction? {Ans: 3 years}True or false. Once a purchase contract is signed, there is no way to avoid going through with the deal. {Ans: False}Community property includes {Ans: Property acquired during a marriage with the husband's earnings from his job.}Which is NOT considered a permanent attachment to land? Anything growing on it, fixtures, chattels, and anything built upon the land. {Ans: Chattels}What is the purpose of issuing a preliminary notice of a mechanics lien to a claimant? {Ans: To inform concerned parties that the property may be subject to liens arising out of contract.}The California real estate licensing laws are part of the {Ans: Business and Professions Code}A listing in which the broker's commission is the amount by which the sale price exceeds the agreed-upon net price the seller desires {Ans: Net listing}A contract based on an illegal consideration is {Ans: Void}The law requires that most real estate contracts be written to be