California Real Estate Practice Exam

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Prepare for the California Real Estate Exam. Study with flashcards and multiple-choice questions, each question includes hints and explanations. Get ready to ace your exam!

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If a broker procures a loan for a principal for $89,000, the broker would provide which of the following documents?

A Broker's Loan Statement
A Real Property Security Statement
Both a and b
Neither a nor b

The correct answer is: A Broker's Loan Statement

A broker procuring a loan for a principal means that the broker is helping the principal secure a loan from a lender. As such, the broker would provide a Broker's Loan Statement, which serves as documentation of the broker's involvement in the loan process. Option B, a Real Property Security Statement, is incorrect because it is a statement related to the collateral or property being used to secure the loan, not the broker's role in facilitating the loan. Option C, both a and b, is incorrect because a Real Property Security Statement is not necessary for the broker's involvement in the loan process. Option D, neither a nor b, is incorrect because the broker would provide a Broker's Loan Statement in this scenario. Therefore, it is not accurate to say that neither a Real Property Security Statement nor a Broker's Loan Statement would be provided.