Ch1 Flashcards
Which of the following best describes a freehold estate
A life estate
A life estate is a type of freehold estate that lasts for the life of a specified individual, typically the holder of the estate… grants ownership rights for a lifetime.
In california, a listing agreement between a seller and a broker must contain:
The expiration date
In California, a listing agreement between a seller and a broker must contain the expiration date. This is a legal requirement to ensure clarity regarding the termination of the agreement
What is a fiduciary agreement in real estate?
A relationship of trust and confidence between principal and agent
Where there is trust and confidence between the principal ( such as a buyer or seller) and the agent ( such as a broker). The agent is expected to act in the principal’s best interest.
The principle that states that no two parcels of property are exactly the same is known as
Uniqueness
Also known as the principle of individuation, states that no two parcels of property are exactly the same. Each property is unique in location and characteristics
Which of the following is not a legal method of describing real property?
Street address
What type of lease requires the tenant to pay property taxes, insurance, and maintenance in addition to rent?
Net lease
Requires the tenant to pay property taxes, insurance, and maintenance in addition to rent. This type of lease typically favors the landlord by passing on some of the ownership costs to the tenant
Under California law, which of the following must a broker do with clients funds?
Deposit them in a non-interest bearing account
A clients earnest money must be deposited into the escrow account within how many days of acceptance of an offer in California?
3 days
Within acceptance of an offer
What best describes a sub agent in real estate
An agent who works under another agent
A brokers duty to keep the principal informed of all the facts that could affect a transaction is known as
Disclosure
