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Updated May 2024 With New Questions For The State Exam!


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These Practice Exams Have Been Specifically Designed For The 2024 California Salesperson Exam


What's Included:


All of our questions are current and explain why a certain answer is correct. These explainations are the key, "why an answer is correct". If you understand the "why", we can ask you the question ten different ways (and we will with over 2,000 questions) and you'll know the answer.


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Our State Exam Preparation System Involves Three Key Areas


Crash Courses
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Designed To Teach You Everything That You Need To Know To Pass The State Exam.

Practice Exams
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Learn How To Breakdown The Questions On The Exam & Test Your Level Of Readiness.

Refreshers
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There Is A Lot Of Information To Remember. These Are Designed To Refresh On All The Topics.



The Key To Passing The State Exam Is Understanding The Seven Topic Areas


Wednesday's Free Key Points
Key Point's are important bulletpoints that relate to state exam topics.

Laws of Agency

Only an agent who is the procuring cause earns commission when it is listed on an open listing.

Contracts

A judgments statute of limitations is ten years.

Financing

A quiet title action is the legal action against a buyer who defaults on a land contract.

Practice & Disclosures

If a qualified license applicants name appears on a delinquent child support payment list, a temporary 150-day real estate license may be issued.

Property Ownership

A judgment is one example of a general lien.

Transfer of Property

If a single person under the age of eighteen signs a grant deed, it is considered void.

Valuation & Analysis

Net income is used to appraise business opportunities.

Wednesday's Free Practice Questions

Appraiser Albert employed a land residual technique. The unknown factor and desired result would be


A.) Net income
B.) Building value
C.) Land value
D.) Capitalization rate


A
B
C
D

This Is A Valuation & Analysis Question


You Answered:


Appraiser Albert employed a land residual technique. The unknown factor and desired result would be


Correct Answer:
Land value

In employing the land residual technique, the end result would be the land value.



Next Question →

Which of the following are necessary for a real property conditional installment sales contract to be valid


A.) Consideration, offer and acceptance, mutuality, competent parties, legally sufficient writing
B.) Consideration, offer and acceptance, expressed time element, price
C.) Lawful object, competent parties, meeting of the minds, legally sufficient writing
D.) Consideration, offer and acceptance, lawful object, competent parties, legally sufficient writing


A
B
C
D

This Is A Contracts Question

You Answered:

Which of the following are necessary for a real property conditional installment sales contract to be valid


Correct Answer:
Consideration, offer and acceptance, lawful object, competent parties, legally sufficient writing

The five legal essentials in any contract are: Lawful object, In writing, Consideration, Competent parties and Offer with acceptance. Remember this as LICCO.



Next Question →

When real property increases in value because of an increase in population, this would be classified as


A.) Economic value
B.) Economic obsolescence
C.) An unearned increment
D.) None of the above


A
B
C
D

This Is A Valuation & Analysis Question

You Answered:

When real property increases in value because of an increase in population, this would be classified as


Correct Answer:
An unearned increment

An unearned increment of value results from an increase in population in a particular area which forces the values of real estate to go up.



Next Question →

A man purchased a new apartment building for $500,000. He made a down payment of $430,000, and obtained a loan for the balance secured by a mortgage. If he held the property for seven years, made no improvements, and sold the property for $500,000, he would have to pay income taxes because of


A.) The amount of ordinary income
B.) The amount of depreciation
C.) The amount of appreciation
D.) The relief of the mortgage


A
B
C
D

This Is A Valuation & Analysis Question

You Answered:

A man purchased a new apartment building for $500,000. He made a down payment of $430,000, and obtained a loan for the balance secured by a mortgage. If he held the property for seven years, made no improvements, and sold the property for $500,000, he would have to pay income taxes because of


Correct Answer:
The amount of depreciation

Annual deductions for depreciation would lower the cost basis of the property below the original cost of $500,000. Hence, since he sold it for more than the depreciated cost basis, he would show a book profit on the transaction and would pay taxes on the profit.



Next Question →

Robert was hired by a prospective purchaser to appraise a commercial lot with some improvements. It was difficult to determine the legal status of the improvements because of their nature. In the appraisal report Robert should


A.) Include the items located on the lot because they will be transferred with the lot
B.) Estimate the legal significance of any attached items that he is uncertain about and give his reasons
C.) Tell the buyer that he cannot complete the assignment and return all money received
D.) Disregard all items that he cannot specifically state to be a part of the property


A
B
C
D

This Is A Valuation & Analysis Question

You Answered:

Robert was hired by a prospective purchaser to appraise a commercial lot with some improvements. It was difficult to determine the legal status of the improvements because of their nature. In the appraisal report Robert should


Correct Answer:
Estimate the legal significance of any attached items that he is uncertain about and give his reasons

An appraiser should provide as much information as possible. Since he is unsure whether the items are real or personal property, he should value them separately and give his best reasoning why they would be real or personal property.



Next Question →

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We Strongly Believe That Passing The State Exam Involves Two Key Areas:
· Understanding The Topics On The State Exam
· Recognizing These Topics In The Questions

Our Salesperson Specific Exams will reinforce topics by utilizing over 2,000 questions & our Broker Specific Exams feature over 3,000 questions!

Crash Courses: Designed to help you understand the topics on the state exam.

Practice Exams: Reinforce topics and make it easier to recognize them in questions.


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