California Real Estate Practice Exam

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Master the California Real Estate Exam with our comprehensive practice quiz. Get expert tips, detailed content review, and insider strategies to pass on your first try.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is a loan arranged by a builder that will pay off a construction loan and result in financing for the purchaser called?

Bridge loan
Takeout loan
Construction loan
Permanent loan

The correct answer is: Takeout loan

A bridge loan is usually a short-term loan that is used to bridge the gap between financing. It is commonly used to pay off a construction loan and provide financing for the purchaser. This is different from a construction loan, which is used to finance the actual building of a property, and a permanent loan, which is used for long-term financing for the completed property. Therefore, options A, C, and D are incorrect answers for this question.