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Brokers Exam > Chapter 1: Property Ownership, Land Use Controls & Regulations > Flashcards

Chapter 1: Property Ownership, Land Use Controls & Regulations Flashcards

1
Q

Property is sometimes referred to as:

A

A bundle of rights (go with the land and are real property); anything which can be owned.

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2
Q

Ownership is the:

A

Right to possess the property owned and use it to exclude others from entry.

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3
Q

The right to possess and use property includes the right to:

A

(O) Occupy
(S) Sell or dispose
(E) Encumber
(L) Lease

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4
Q

Personal property is sometimes called:

A

Chattel

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5
Q

Hypothecated:

A

Used as collateral for a loan while the owner retains ownership of the asset; applies to real and personal property.

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6
Q

Personal property is transferred by a:

A

Bill of sale signed by the seller.

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7
Q

Appurtenances:

A

Incidental rights in adjoining property such as stock in a mutual water company; considered real property.

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8
Q

Are crops considered real or personal property?

A

Crops can be real when, like a fruit tree, they remain after harvesting the fruit. However, crops are generally considered personal property when they are planted annually. Crops are also personal property when they hare harvested, mortgaged, or sold.

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9
Q

What are the physical components of real estate?

A

(L) Land (primary component which includes soil, rocks, materials of the earth, and reasonable airspace above)
(A) Anything affixed to the land (i.e. fixture)
(A) Anything appurtenant to the land
(C) Anything which cannot be removed from the land by law

Includes buildings, fences, trees, watercourses, easements, anything below the surface (water & minerals), or anything above the surface in the airspace (timber).

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10
Q

What is a fixture?

A

A fixture is a personal property item that has become permanently attached to the real estate. when personal property becomes a fixture, it is part of the real estate and is thereafter conveyed with it.

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11
Q

Fixture test:

A 
(M) Method of attachment
(A) Agreement of the parties
(R) Relationship of the parties
(I) Intention of the parties
(A) Adaptability of the fixture
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12
Q

Framing consists of:

A
  1. Joists and headers which are horizontal
  2. Studs which are vertical
  3. Rafters which are angled to the roof beam
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13
Q

What are easements and how are they classified?

A

Easements are the right to enter or use another’s land as an encumbrance on their title. Easements are classified as:

  1. Prescriptive: A right of access gained through use
  2. Appurtenant: The right to cross or use a property which runs with the property as an interest held in burdened real estate.
  3. In Gross: Belongs to an individual, not land, as their personal right in the burdened real estate, generally applied to a utility company.
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14
Q

What is an encumbrance?

A

Any claim or lien on a parcel of real estate, such as easements, liens (i.e. trust deeds and taxes), assessments, encroachments (trespass), or restrictions (created by a deed or written agreement i.e. CC&Rs governed by HOA).

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15
Q

Does a lien always have a dollar value?

A

Yes

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16
Q

Types of liens:

A
  1. Voluntary (debt)
  2. Involuntary (property tax, mechanic’s lien) placed against a specific property
  3. General (judgment, income tax) filed against the individual and applied to all real estate owned by them in the county where the lien is recorded
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17
Q

What is the difference between a freehold/fee estate and a life estate?

A

The owner of a freehold estate owns the fee title to a parcel of real estate. Fee title properties are held in perpetuity while life estate properties are held for a finite period of time. When a life estate ends, the interest in the property is either returned to the original owner (reversionary right) or transferred to another party (remainder interest).

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18
Q

What is a less-than-freehold estate?

A

Also known as a leasehold estate that comes in a number of agreements:

  1. Periodic tenancy (i.e. month-to-month)
  2. Estate for years (fixed term & termination)
  3. Estate at sufferance (unlawful holdover)
  4. Estate at will (ongoing acceptance of rent creates a periodic tenancy)
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19
Q

What is a condominium?

A

A legal form of ownership, rather than a building design. Ownership of a condominium is defined as airspace.

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20
Q

When must a lease be in writing to be enforceable?

A

If the lease exceeds one year.

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21
Q

A copy of the signed lease must be given to the lessee within how many days of signing?

A

15 days.

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22
Q

Agricultural leases and urban leases cannot exceed how many years?

A

Agricultural leases cannot exceed 51 years while urban leases are limited to 99 years.

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23
Q

What are limitations on the security deposit for residential units?

A

The security deposit on a residential rental is limited to two months’ rent on an unfurnished unit and three months’ rent on a furnished unit. Any unused security deposit needs to be returned within 21 days of the tenant’s surrender of the premises.

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24
Q

What are the three baseline and meridian systems in California?

A
  1. Humboldt (north)
  2. Mt. Diablo (central)
  3. San Bernardino (south)
25
Q

How many acres are in a section?

A

640 acres

26
Q

How many square feet are in an acre?

A

43,560 square feet

27
Q

The authority of the California legislature to enact laws regulating real estate activities comes from four main constitutional powers:

A

(P) Police power
(E) Eminent domain
(T) Tax
(E) Escheat

28
Q

Who administers the Subdivided Lands Law vs. Subdivision Map Act?

A

The Subdivided Lands Law is is controlled by the DRE, Real Estate Commissioner. The Subdivision Map Act is controlled by local authorities through general plans and planning commissions.

29
Q

What is the Subdivided Lands Law?

A

Protects buyers from misrepresentation or fraud in the initial sale of a subdivided property of 160 acres or less. A subdivision cannot be sold in California until the real estate Commissioner issues a public report to be made available to buyers.

30
Q

What is the Subdivision Map Act?

A

A California subdivision law setting forth the conditions of approval of a subdivision map and requiring enactment of subdivision ordinances under which local governments control the types of subdivision projects which may be undertaken and the physical improvements to be installed in an area.

31
Q

What is quiet title?

A

A court action to establish title to a property or remove a cloud from title.

32
Q

What is probate?

A

A judicial proceeding to satisfy debt and properly distribute assets after a property owner’s death.

33
Q

What is adverse possession?

A

A method of acquiring title to real property by a person other than the owner of record through open possession of the property for a five year statutory period and payment of property taxes.

34
Q

What is intestate succession?

A

When a property owner with heirs dies with no will, title is transferred through an order of the probate court.

35
Q

What is an execution sale?

A

When a property is sold to satisfy a judgment.

36
Q

When is flooding considered a frequent environmental hazard?

A

If it occurs more often than once every 10 years.

37
Q

What is the Mello-Roos Community Facilities Act of 1982?

A

This act authorizes the formation of community facilities districts; the issuance of bonds, and the levying of special taxes thereunder to finance designated public facilities and services.

38
Q

Legal rights to extract and use water are classified as:

A
  1. Landowner’s rights consisting of both riparian and overlying rights.
  2. Appropriative rights to withdraw water under license from the state.
  3. Prescriptive rights.
39
Q

What are littoral rights?

A

Littoral rights refers to the property rights of a property bordering a pond, lake, or ocean.

40
Q

What is reliction?

A

Reliction is the gradual recession of water leaving land permanently uncovered.

41
Q

Avulsion vs. Alluvium

A

Avulsion is the sudden increase or decrease of the earth on a shore of an ocean or stream resulting from the action of the water. Alluvium refers to the boundary of a property that has moved due to the relocation of a river or stream.

42
Q

Accession vs. Accretion

A

Accession is the physical addition to property through man-made or natural forces. Accretion is accession by natural forces only and refers to the gradual accumulation of additional layers of soil (i.e. alluvium).

43
Q

What is alienation?

A

Alienation is the transfer of property to another; the transfer of property and possession of lands, or other things, from one person to another.

44
Q

What is assemblage?

A

Assemblage is the combining of land parcels to create a value higher than the sum of their parts. The increase in value is referred to as plottage.

45
Q

What is deciduous?

A

A tree that loses its leaves each year.

46
Q

What is expansive?

A

Soils that expand when water is added then shrink when they dry out. Such continuous change in soil condition can cause property built on this soil to settle unevenly and crack.

47
Q

A lot contains 73,000 square yards. How many acres does this equal?

A

Since there are 3 feet in 1 yard, there are 9 square feet in 1 square yard. 73,000 square yards times 9 square feet dived by one square yard = 657,000 square feet, then divide by 43,560 square feet in one acre = 15.1 acres.

48
Q

The Real Estate Commissioner rescinds their approval of a subdivision by:

A

Issuing a desist and refrain order.

49
Q

A roof on which all four sides slope to the eaves is classified as a

A

Hip roof

50
Q

A two-sided roof is classified as a

A

Gable roof

51
Q

A plot map shows:

A

Location of the improvement on the lot and its relationship to surrounding features. A plot map does not show topography.

52
Q

Mary held a life estate for her lifetime in a single family residence. She leased the residence to Martha for a five-year period, but died a few weeks after the lease began. Is the lease still valid?

A

No, the lease was valid only during the life of the lessor (Mary).

53
Q

How does an owner prevent the attachment of a mechanic’s lien?

A

By recording and posting a Notice of Nonresponsibility within 10 days after they become aware of tenant-contracted improvements.

54
Q

Before a subcontractor employed by a contractor may record a mechanic’s lien against real estate and enforce it by foreclosure, how do they perfect their lien rights?

A

By serving a 20-day preliminary notice.

55
Q

Are trade fixtures appurtenant (go with the land)?

A

No, trade fixtures are personal property and do not go with the land.

56
Q

In what way is a tenant in an apartment like an owner of a condominium?

A

Both interests held by an owner and tenant are described as an estate. Both have an estate in real property.

57
Q

The word “tenancy” in real property law most nearly means:

A

The method or mode of holding interest to real property by the lessee or owner.

58
Q

The Real Estate Commissioner, under the Subdivided Lands Law, is initially concerned with the following court:

A

Superior Court.

59
Q

Lead-based paint was banned by the Federal Consumer Product Safety Commission in:

A

1978 - Under federal law, a lead-based paint disclosure is required on all single family residential property built prior to 1978.

Brokers Exam (9 decks)

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