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California Real Estate Principles > California Diversity, Property, Estates, & Ownership > Flashcards

California Diversity, Property, Estates, & Ownership Flashcards

0
Q

A large, densely populated metropolitan area consisting of a number of major urban areas and smaller surrounding cities is called a:

a. megalopolis.
b. metrozone.
c. city.
d. metropolis.

A

a. megalopolis

A megalopolis is a large, densely populated metropolitan area consisting of a number of major urban areas and smaller surrounding cities. [California – The People Magnet]

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1
Q

The most populous state in the country is:

a. New York
b. Ohio
c. Florida
d. California

A

d. California

At over 38 million people, California is the most culturally diverse and the most populous state in the country, and has been since 1962. In fact, one out of every eight United States residents lives in California. [Only in California]

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2
Q

An economic system in which most of the economy’s resources are privately owned and managed is called:

a. capitalism.
b. socialism.
c. communism.
d. Marxism.

A

a. capitalism

Capitalism is an economic system in which most of the economy’s resources are privately owned and managed. [California’s Strong Economy]

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3
Q

The increase in market value of real estate defines:

a. inflation
b. net worth
c. purchasing power
d. appreciation

A

d. appreciation

Appreciation is the increase in market value of real estate. [California’s Strong Economy]

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4
Q

A decrease in purchasing power of the dollar describes:

a. inflation
b. appreciation
c. net worth
d. median

A

a. Inflation

Inflation is an increase in the general price level of goods and services, or as a decrease in purchasing power of the dollar. [California’s Strong Economy]

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5
Q

The real estate housing market is influenced by:

a. the inventory of available housing.
b. the affordability of housing.
c. mortgage interest rates.
d. all of the above.

A

d. all of the above

The housing market is shaped mainly by the inventory of available housing, housing affordability and mortgage interest rates. [California’s Strong Economy]

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6
Q

The best housing market would be created by all of the following, except:

a. adequate housing inventory.
b. a low affordability index.
c. a high affordability index.
d. low interest rates.

A

b. a low affordability index

The best housing market would be created with adequate housing inventory, a high affordability index, and low interest rates. [California’s Strong Economy]

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7
Q

California’s economy is so large that it actually competes with:

a. counties
b. countries
c. conglomerates
d. continents

A

b. countries

California’s economy is so large that it actually competes with countries—not just states. [Only in California]

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8
Q

The price that is middle value of a sample of sales, with one-half of the sales below
and one-half of the sales above is called:
a. affordability index.
b. inflation.
c. median home price.
d. appreciation.

A

c. median home price

The median home price is the price that is middle value of a sample of sales, with one-half of the sales below and one-half of the sales above the median home price. It is used by economists to compare home sale prices and measure increases and decreases.
[California’s Strong Economy]

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9
Q

In California, to work as a real estate salesperson or broker you must have:

a. a college degree.
b. a real estate license issued by the California Department of Real Estate.
c. a driver license.
d. all of the above.

A

b. a real estate license issued by the California Department of Real Estate

In California, if you want to work in a real estate brokerage business, you must have a real estate license. There are two types of real estate licenses: salesperson license and broker license. [Getting Started in Real Estate]

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10
Q

The _____ rate is the percentage of the people classified as unemployed as compared to the total labor force.

a. unemployment
b. job
c. employment
d. labor

A

a. unemployment

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11
Q

Which of the following is not considered one of California’s top industries?

a. Construction
b. Textiles
c. Tourism
d. Entertainment

A

b. Textiles

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12
Q

California’s inventory of _____ units is not enough to meet the demand because our population increases faster than our supply of housing.

a. motel
b. hotel
c. shelter
d. housing

A

d. housing

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13
Q

What are the two types of real estate licenses?

a. Salesperson’s license and broker’s license.
b. Salesperson’s license and assistant’s license.
c. Assistant’s license and broker’s license.
d. Assistant’s license and trainee’s license.

A

a. Salesperson’s license and broker’s license.

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14
Q

C.A.R. stands for:

a. California Assembly of Real Estate.
b. California Alliance of Real Estate.
c. California Affiliation of REALTORS®.
d. California Association of REALTORS®.

A

d. California Association of REALTORS®.

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15
Q

Which statement regarding California is incorrect?

a. California is the third largest state in land area.
b. California’s basic climate is called continental.
c. California has five climate sub-zones.
d. California’s basic climate is called Mediterranean.

A

b. California’s basic climate is called continental

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16
Q

California’s oil wells are known as “_____ gold.”

a. black
b. platinum
c. yellow
d. white

A

a. black

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17
Q

The number of households that will be able to afford a median-priced home in California is indicated by the:

a. affordability index.
b. demographic profiler.
c. net worth indicator.
d. inflation index.

A

a. affordability index.

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18
Q

The price that is midway between the least expensive and most expensive home sold in an area during a given period of time is called the _____ home price.

a. total
b. affordable
c. median
a. average

A

c. median

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19
Q

A megalopolis is a:

a. small, densely populated metropolitan area consisting of a number of major urban areas and smaller surrounding cities.
b. large, densely populated metropolitan area consisting of a number of minor urban areas and larger surrounding cities.
c. small, sparsely populated metropolitan area consisting of a number of minor urban areas and larger surrounding cities.
d. large, densely populated metropolitan area consisting of a number of major urban areas and smaller surrounding cities.

A

d. large, densely populated metropolitan area consisting of a number of major urban areas and smaller surrounding cities.

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20
Q

An economic system in which most of the economy’s resources are privately owned.

A

capitalism

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21
Q

The value of all assets minus all liabilities.

A

Net Worth

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22
Q

The increase of market value of real estate.

A

Appreciation

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23
Q

The increase in the general price level of goods and services.

A

Inflation

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24
Q

The price that is middle value of a sample of sales, with one-half of the sales below and one-half of the sales above.

A

Median Home Price

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25
Q

Information from a variety of sources used to create a broad profile of any community.

A

Demographics

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26
Q

A large migration of people to a newly discovered gold field.

A

Gold Rush

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27
Q

Housing units that are available for sale or in the process of being made ready for sale.

A

Housing Inventory

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28
Q

A California trade association representing REALTORS® statewide.

A

C.A.R.

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29
Q

The percentage of the people classified as unemployed as compared to the total labor force.

A

Unemployment Rate

30
Q

Variety

A

Diversity

31
Q

A formal declaration to a public official (notary) by a person who has signed an instrument that states that the signing was voluntary.

A

Acknowledgement

32
Q

Those rights and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the actual property.

A

Appurtenance

33
Q

An ownership concept describing all the legal rights that attach to the ownership of real property.

A

Bundle of Rights

34
Q

The right to use another’s land for a specified purpose.

A

Easement

35
Q

A legal interest in land; defines the nature, degree, extent, and duration of a person’s ownership in land.

A

Estate

36
Q

Personal property affixed to leased property by the tenant for business purposes that may be removed by tenant upon termination of the lease.

A

Trade Fixture

37
Q

The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property.

A

Riparian Rights

38
Q

An estate in real property which continues for an indefinite period of time.

A

Freehold Estate

39
Q

Annual crops produced for sale.

A

Emblements

40
Q

Anything movable that is not real property.

A

Personal Property

41
Q

Land bordering a lake, ocean, or sea.

A

Littoral

42
Q

Personal property that has become affixed to real estate.

A

Fixture

43
Q

Land, anything affixed to the land, anything appurtenant to the land, anything immovable by law.

A

Real Property

44
Q

Ownership of real property by one person or entity.

A

Severalty

45
Q

Personal Property

A

Chattel

46
Q

A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination.

A

Less-Than-Freehold Estate

47
Q

An estate that is limited in duration to the life of its owner or the life of some other chosen person.

A

Life Estate

48
Q

Evidence of land ownership.

A

Title

49
Q

Notice given by recording a document or taking possession of the property.

A

Constructive Notice

50
Q

The right to peace without aggravation by others.

A

Quiet Enjoyment

51
Q

In a technical sense, the term “property” refers to:

a. rights or interests in the thing owned.
b. a freehold estate.
c. personal property only.
d. land and buildings only.

A

a. rights or interests in the thing owned.

Property refers to the bundle (collection) of rights a person has in the thing owned.
[Bundle of Rights]

52
Q

Why do disputes arise regarding ownership of personal property?

a. Personal property can be pledged.
b. Personal property can be alienated.
c. Personal property can be hypothecated.
d. Personal property can become real property.

A

d. Personal property can become real property

Personal property becomes real property if it is permanently affixed to land or
improvements. [Property]

53
Q

Which of the following is considered real property?

a. Timber
b. Airspace above the land
c. Unharvested crops under a prior sales contract
d. Landfill soil being hauled

A

b. Airspace above the land

Land includes the surface, the space above, and the space beneath for an
indefinite distance. Timber, crops, and landfill soil are movable personal property.
[Property]

54
Q

Which of the following is considered personal property?

a. Mineral rights
b. Leases
c. All improvements to land
d. Trees growing in a natural forest

A

b. Leases

A lease, also known as a leasehold estate, is a personal property estate of a tenant.
[Property]

55
Q

A running stream is considered:

a. personal property.
b. real property.
c. a fixture.
d. a chattel.

A

b. real property

Water on the surface, flowing in a stream or underground (percolating) is real
property. If it is taken and bottled, then it becomes personal. [Property]

56
Q

Which of the following statements concerning riparian rights is NOT correct?
a. Riparian property owners have reasonable use of flowing water.
b. The owner of property bordering a stream or river has riparian rights.
c. Riparian property owners own the water and may use as much as they want.
d. The owner of adjacent land may not lawfully divert all available water and
thereby deprive a riparian owner of water.

A

c. Riparian property owners own the water and may use as much as they want.

The owner of property bordering a stream or river has riparian rights (a riparian
owner). Riparian property owners have reasonable use of flowing water, providing
it does not injure other riparian landowners. Riparian rights have been ruled in
court to be real property. Such rights, like most others, are not immune from
actions such as prescription and condemnation. [Property]

57
Q

Which of the following is considered personal property?

a. An easement
b. Mineral rights
c. Trees growing in a forest
d. An existing mortgage

A

d. An existing mortgage

Easements, mineral rights, and trees are all real property. [Property]

58
Q

Which of the following is considered appurtenant to land?

a. Something acquired by legal right and used with the land for its benefit
b. A right-of-way over another’s adjoining land
c. Stock in a mutual water company
d. All of the above

A

d. All of the above
* Something acquired by legal right and used with the land for its benefit
* A right-of-way over another’s adjoining land
* Stock in a mutual water company

An appurtenance is anything used with the land for its benefit, such as easements
and stock in a mutual water company [Property]

59
Q

Of the following, which is not one of five general tests of a fixture?

a. Method of attachment
b. Time of attachment
c. Adaptability of the item
d. Intention of the parties

A

b. Time of attachment

In addition to (a), (c), and (d), the other two general tests are the relationship
between the parties and an agreement between the parties. [Property]

60
Q

Which of the following is considered real property?

a. Bearing wall in a single-family residence
b. Grape crop that is governed by a sales contract
c. Trade fixtures installed by a tenant that are removable without damage
d. Built-in stove in a mobile home with no permanent foundation

A

a. Bearing wall in a single-family residence

Crops that are intended to be harvested and trade fixtures are personal property.
A mobilehome not attached to a foundation, including its contents, is considered
personal property. [Property]

61
Q

“Of indefinite duration” is a phrase that describes an:

a. tenancy for years.
b. periodic tenancy.
c. estate of inheritance.
d. less-than-freehold estate.

A

c. estate of inheritance

Freehold estates are real property estates of ownership. This type of estate continues
for an indefinite period and is sometimes called an estate of inheritance. [Types of
Estates]

62
Q 
John conveys a portion of his fee estate to Fred that is for a term less than his own, 
John’s own interest would be:
a. remainder.
b. reversion.
c. vested sufferance.
d. fee defeasible.
A

b. reversion

The rights of possession and use would return to John, so John has a reversionary
interest. A remainder interest would be one that goes to a third party. [Types of
Estates]

63
Q

Which of the following is a nonfreehold estate?

a. Life estate
b. Estate of inheritance
c. Tenancy for years
d. Estate in remainder

A

c. Tenancy for years

A tenancy for years is one of the four types of nonfreehold estates. Choices (a), (b),
and (d) are freehold estates. [Types of Estates]

64
Q

David left his son 2/3 interest and left his son’s wife 1/3 interest in real property
jointly and without the right of survivorship. They will take title as:
a. community property.
b. joint tenancy.
c. tenancy in common.
d. severalty.

A

c. tenancy in common

The unequal interests disallow community property or joint tenancy. Severalty is
ownership by an individual. [Types of Estates]

65
Q

Ownership in severalty would most likely involve:

a. a fee simple defeasible estate.
b. tenancy in common.
c. ownership with other parties.
d. sole ownership.

A

d. sole ownership

Property owned by one person or entity is known as sole and separate, or ownership
in severalty.. [Ownership of Real Property]

66
Q

Baker, Cook, and Turner own equal interests in a parcel of land as tenants in
common. Without the consent of the others, Turner leased the entire parcel to
Hunter for agricultural purposes. Such a lease would be:
a. valid and binding for all three co-tenants.
b. invalid because land owned by multiple owners may not be leased.
c. valid, provided that the term did not exceed 51 years.
d. valid, but Hunter takes the property subject to Baker and Cooks right to
share in the enjoyment and possession of the property.

A

d. valid, but Hunter takes the property subject to Baker and Cooks right to
share in the enjoyment and possession of the property

Each tenant-in-common has the right to use the entire property. Therefore, Turner
cannot give exclusive possession to Hunter because the other tenants in common
did not agree to or sign the lease. Tenants in common are free to sell, convey (sell
or lease), or mortgage their own interest. [Ownership of Real Property]

67
Q

The words “time, title, interest, and possession” are most closely related to:

a. severalty.
b. survivorship.
c. sole ownership.
d. adverse possession.

A

b. survivorship

These are four unities of a joint tenancy. If formed properly, a joint tenancy creates
a right of survivorship. [Ownership of Real Property]

68
Q

How are a joint tenancy interest and a community property interest alike?

a. Ownership interests are equal
b. Only a husband and wife are involved
c. Both owners must join in any conveyance
d. Both provide the right of survivorship

A

a. Ownership interests are equal

A joint tenancy requires equal interests. Community property ownership is also an
equal 50/50 interest. [Ownership of Real Property]

69
Q

Chris, Bell, and Lyn took title to a property as joint tenants. Chris sold her share
to Pat, and then Bell died. Who owns the property now?
a. Lyn owns 2/3 and Pat owns 1/3 as tenants in common.
b. Lyn, Pat, and Bell’s heirs own the property 1/3 each as joint tenants.
c. Lyn owns 2/3 and Pat owns 1/3 as joint tenants.
d. Lyn, Pat, and Bells’s heirs own the property 1/3 each as tenants-in-common.

A

a. Lyn owns 2/3 and Pat owns 1/3 as tenants in common

A person may sell a joint tenancy interest, but may not will it. When Chris sold her
interest to Pat, Pat became a tenant in common. Bell and Lyn remained as joint
tenants. When Bell died, Bell’s third was automatically conveyed to Lyn, So Lyn
ends up owning 2/3 and Pat 1/3—both as tenants in common. [Ownership of Real
Property]

70
Q

A contract to sell community real property made by one spouse only is:

a. valid.
b. illegal.
c. enforceable.
d. unenforceable.

A

d. unenforceable

A contract to sell community real property must be signed by both spouses. If
it is signed by only one, the contract cannot be enforced. [Ownership of Real
Property]

71
Q

If the property is transferred or sold with no conditions or limitations on its use, it is known
as an estate in

A

fee simple absolute

72
Q

BUNDLE OF RIGHTS

A

Property rights are the rights someone has in something.

USE - The right to use property, within the law in any way, or for any purpose.

Poses - The right to live on the property and the right to keep others out.

TRANSFER- The right to sell property, give it as a gift, or dispose of it in any way permitted by law.

ENCUMBER - The right to borrow money and use property as security for the loan.

ENJOY - The right to peace and quiet enjoyment without aggravation by others.

California Real Estate Principles (8 decks)

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