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Exam notes Flashcards

1
Q

Real Properties

A

Immovable, land, fixtures, appurtenances, and bearing wall

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2
Q

Not Real Property

A

leasehold estates, emblements (crops), chose (personal property), picked fruit

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3
Q

Personal property

A

movable, alienated, hypothecated, become real property, crop sold under contract, trade fixtures, chattel real

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4
Q

Fixtures

A

incorporated into land, affixed to land, become real property, not incidental
Test for a fixture: MARIA

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5
Q

MARIA

A

M – method of attachment
A – adaptability of the item
R – relationship of the parties
I – intention
A – agreement

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6
Q

Appurtenances

A

run w/ the land, easements, covenants, water company stock, not fixtures

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7
Q

Encumbrance

A

affects or limits title, not insurance

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8
Q

Non-money encumbrance

A

easement (same rights as seller), confirmed by quiet title suit (legal action), terminate easement w/ quitclaim deed from dominant tenement, prescription gives right to use (easement), encroachment (sue neighbor for trespass).

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9
Q

Money encumbrance

A

Lien (borrowing), judgment (trouble), mortgage, trust deed

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10
Q

Freehold

A

Indefinite ownership

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11
Q

Estate

A

degree, quantity, nature, extent of interest

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12
Q

Fee simple estate

A

most interest, indefinite duration, maximum rights, leave to heirs (inheritance), not free of encumbrances

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13
Q

Fee simple defeasible

A

No alcohol

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14
Q

Life estate

A

base on duration of someone’s life, estate in reversion, estate in remainder, lease is valid for a long as life tenant lives

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15
Q

Estate for Years

A

definite beginning and ending point, lease store building for 6 months

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16
Q

Quitclaim deed

A

used to transfer the interest that a person may have in a given piece of real estate to another person

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17
Q

Owner

A

Lessor

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18
Q

Tenant

A

Lessee

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19
Q

Police power

A

zoning, planning, promote public health, safety, morals, general welfare, legal non-conforming use is grandfathered in

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20
Q

Escheat

A

Assets revert to state

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21
Q

Subdivision map act

A

Cities, counties

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22
Q

Planning commission

A

does not regulate ordinance

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23
Q

Master plan

A

planning, zoning districts, streets, seismic

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24
Q

before burning trash

A

local air district

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25
Q

local building codes

A

minimum standards

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26
Q

conflict between codes

A

higher standards

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27
Q

subdivided land laws

A

5 lots or more

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28
Q

Deed restrictions are private restrictions

A

Set by developer or grantor

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29
Q

Violating a condition

A

penalties are more severe

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30
Q

Most restrictive restriction

A

restricts

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31
Q

Quiet enjoyment

A

possession, paramount title (person above you)

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32
Q

Give public report

A

Anyone, anytime

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33
Q

Public report

A

does not include reasonable values

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34
Q

Building residential subdivision

A

acquisition, approval, development

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35
Q

Rescind approval of new subdivision:

A

desist and refrain order

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36
Q

Gets negative declaration

A

no harm to environment

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37
Q

Liquidated damages limited to

A

amount of deposit

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38
Q

Condominium

A

undivided interest in common, separate interest in airspace

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39
Q

Owners of condo, pud, co-op

A

common interest in airspace above common areas

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40
Q

Seller provides buyer:

A

bylaws, CC&Rs, financial statement

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41
Q

Infill developer

A

build on underutilized lot in populated area

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42
Q

Smart growth:

A

ecology friendly

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43
Q

Brownfield economic development initiative:

A

redevelop contaminated properties, a HUD (housing and urban development) program

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44
Q

EPA superfund sites:

A

clean up toxic waste, collection of statutes, establish liability

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45
Q

Special categories of land use

A

timeshares interests, resort developments, housing for the elderly

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46
Q

Water beneath surfaces:

A

percolating waters

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47
Q

Pump out and use underground waters:

A

overlying owner

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48
Q

Moving watercourse like river:

A

Riparian owner

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49
Q

Water w/ shoreline like lake:

A

littoral owner

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50
Q

Taking water from public stream:

A

appropriation

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51
Q

Water safe for drinking:

A

potable

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52
Q

Description of Agency:

A

agent represents principal

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53
Q

fiduciary duties:

A

utmost care, integrity, honesty, loyalty

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54
Q

acting in fiduciary

A

capacity law of agency

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55
Q

Agency law

A

civil code

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56
Q

Licensee generally acts

A

as fiduciary

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57
Q

principal

A

appointed an agent

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58
Q

client

A

principal

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59
Q

customer

A

owed honesty and fairness

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60
Q

agent

A

broker

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61
Q

salesperson responsible to

A

broker

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62
Q

Relationship of loyalty and trust:

A

trustee and beneficiary

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63
Q

Broker may not:

A

remain silent concerning material facts

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64
Q

Not legally proper to

A

keep client’s secrets

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65
Q

single agency

A

agent is client oriented

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66
Q

dual agency

A

one broker for buyer/seller, knowledge and consent of both, cannot tell a buyer that seller will sell for less, in house sale w/ two sales associates

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67
Q

power of attorney

A

a form of agency

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68
Q

attorney in fact

A

must record power of attorney

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69
Q

written agreement

A

best way

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70
Q

signed listing agreement

A

special agent

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71
Q

by ratification

A

already acted as agent, actions accepted

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72
Q

agency not established by

A

voluntary offer, subornation

73
Q

consideration

A

not required to compensate

74
Q

broker works for free

A

gratuitous agent

75
Q

unlicensed electrical work unknown to licensee

A

innocent

76
Q

subagency

A

duty to seller only

77
Q

seller’s agent

A

agent for seller only, no fiduciary duty to buyer, not reveal confidential information

78
Q

Listing agent

A

is a seller’s agent

79
Q

present multiple offers

A

at the same time

80
Q

dont present offer if

A

frivolous or express instructions

81
Q

failed promise

A

civil suit for damages

82
Q

promises to advertise and doesn’t

A

actual fraud

83
Q

misrepresentation

A

discipline, civil, criminal

84
Q

present all written offers

A

until close of escrow

85
Q

Fiduciary duties

A

to buyer only

86
Q

buyer agency

A

requires buyer’s consent, no fiduciary duty to seller

87
Q

Accepting unauthorized deposit

A

seller’s agent becomes buyer’s agent for that one act

88
Q

Damages from broker

A

if acts in excess

89
Q

buyer’s agent can

A

present offer to seller and seller’s agent

90
Q

disclose

A

as soon as practicable, (DEC: disclose, elect, confirm)

91
Q

Agency disclosure form

A

residential sales and leases for more than one year

92
Q

Unlicensed investor

A

secret profit

93
Q

licensee must disclose

A

relationship acting as principal

94
Q

Termination of agency (7)

A
  1. Completion of task
  2. Mutual agreement
  3. Principal revokes agency, liable for damages
  4. death of broker
  5. listing expires
  6. object of agency is destroyed
  7. owner files for bankruptcy
95
Q

Termination not possible

A

By estoppel

96
Q

Value: Analysis of facts (appraisals) (3)

A

a. Present worth, ability of one commodity, desirous persons
b. Not a fact
c. (value needs to satisfy someone)

97
Q

Market value (3)

A

a. Not cost
b. Most probable price
c. Market price

98
Q

Essential elements of value

A

DUST

99
Q

DUST

A

DUST: Demand, utility, scarcity, transferability

100
Q

Improved value of land

A

land improvements

101
Q

Appraiser’s main concern

A

Marketability and acceptability

102
Q

business cycle

A

prosperity, recession, depression, expansion

103
Q

Neighborhood cycle

A

development, stability, decline, revitalization

104
Q

ethical for apprasier

A

disclose interest

105
Q

Appraiser most interested in

A

date price was agreed upon

106
Q

appraisal good for

A

given date

107
Q

unaccepted methods

A

felony

108
Q

Certified general license does commercial places

A

not assessed value

109
Q

license for strip mall

A

certified general

110
Q

narrative appraisal report

A

no financing available, type of value - statement of purpose

111
Q

Fee appraiser

A

self employed charges a fee

112
Q

Highest and best use (5)

A
  1. first step for vacant land
  2. deduct demolition
  3. great net return
  4. site analysis
  5. interim use
113
Q

Appraisal objective

A

support sales, price

114
Q

Why real estate has value

A

maximum use of resources

115
Q

Principal of substitution (3)

A

a. No prudent person will pay more
b. Use, design, income
c. Lowest price preferred

116
Q

Increase in value (appraisal) (3)

A

a. Unearned increment – population
b. Over time – appreciation
c. Two or more units under common ownership – plottage

117
Q

Maintenance of value

A

conformity

118
Q

Principal of contribution

A

Adding a swimming pool, effect on net income

119
Q

principal of regression

A

Nearby substandard property

120
Q

Market data approach (Comparison) (9)

A

a. Sales prices of comparable homes
b. Similar and recent comps
c. Principal of substitution
d. Adjustments needed – no two properties identical
e. Subtract features from comparable
f. Hardest part adjusting for differences
g. Licensees use this
h. Houses and Land
i. Limited in inactive market and rapidly changing economic conditions

121
Q

Cost (replacement) approach (4)

A

a. Special purpose properties
b. Cost new, minus depreciation, plus land
c. Upper limits of value
d. Replacement – same utility

122
Q

Cost (reproduction) approach

A

a. Reproduction – exact replica
b. 1910 house reproduction

123
Q

Cost Approach concepts (4)

A

a. Quantity survey, square foot, unit in place
b. Better for new – not old
c. Not original cost to build
d. Cost of smaller house – more per square foot

124
Q

Income approach (capitalization

A

Convert income into value

125
Q

Depreciation

A

a. Loss in value from any cause
b. Causes: physical, functional, economical

126
Q

Obsolescence

A

a. Impairment of desirability
b. Not wear and tear

127
Q

Functional obsolescence

A

a. Within property lines
b. Two houses, same costs, different values

128
Q

Economic (external) obsolescence

A

a. Outside property lines
b. Not outdated kitchen
c. Most difficult to cure

129
Q

Economic life

A

Building earns sufficient income

130
Q

Effective age

A

15yr old house appears to be only 6 years old

131
Q

Gross rent multiplier

A

Sales prices/ gross monthly rent
308,736

132
Q

Bureau of real estate appraisers

A

Issues licenses, investigates complaints

133
Q

TILA enacts to

A

disclosure credit terms in meaningful way

134
Q

Party responsible to disclose

A

creditor furnishes disclosures

135
Q

exemption from Reg Z for all except

A

residential loans

136
Q

Right to rescind for loan on

A

existing principle dwelling

137
Q

If rate placed in advertisment

A

must be effective rate

138
Q

two most critical facts to be disclosed

A

finance charge and annual percentage rate

139
Q

Effective interest rate vs nominal interest rate

A

effective is actually paid
Nominal rate is not

140
Q

Triggering terms in advertise

A

discloses APR and all terms

141
Q

If loan advertisements contains only APR

A

no additional disclosures are needed

142
Q

established for what purpose

A

accurate closing cost information

143
Q

RESPA applies to

A

a. Borrowers, buyers, sellers receive accurate closing information
b. Federally related loans 1-4 owners

144
Q

Loan estimate must be provided

A

3 business days after application

145
Q

Lender can charge for closing disclosure

A

nothing

146
Q

Points used in financial services

A

adjust investor yields

147
Q

Paying and receiving referral fees

A

agents cannot do

148
Q

APR is higher than

A

state rate of loan

149
Q

Liens definition

A

charge imposed

150
Q

Created by recording

A

trust deed or mortgage

151
Q

Lien is an

A

attachment

152
Q

seller carries back second

A

specific lien

153
Q

judgment lien

A

involuntary general

154
Q

Property tax lien

A

involuntary specific

155
Q

IRS Lien

A

involuntary general

156
Q

Trust deed

A

voluntary specific

157
Q

Mechanic liens: priority earlier than recording (3)

A

a. Beginning of construction
b. Verified and recorded
c. Failure to pay for materials

158
Q

If completion recorded

A

60 days to file

159
Q

if completion not recorded

A

90 days to file

160
Q

Negotiable instrument

A

not mortgage

161
Q

Promissory note

A

evidence of debt

162
Q

Trustor

A

borrower

163
Q

Trustor signs

A

note and trust deed

164
Q

Beneficiary

A

Loans money

165
Q

Power to sell

A

Trustor to trustee

166
Q

Trustee

A

fiduciary to beneficiary

167
Q

Services of trustee

A

trustee’s sale and reconveyance deed

168
Q

Reconveyance deed

A

request for full reconveyance, 21 calendar days from request

169
Q

After NOD is recorded

A

4 months to sale

170
Q

After date of sale published

A

21 days to sale

171
Q

Reinstatement

A

5 days before sale

172
Q

At sale winner gets

A

trustee’s deed

173
Q

Subordination clause

A

rights of beneficiary are secondary

174
Q

Construction loan funds

A

released after lien period

175
Q

Mortgage contract

A

mortgagor and mortgagee

176
Q

Court (judicial) foreclosure

A

Deficiency judgment
One year right of redemption

177
Q

__ acres in a section

A

640

178
Q

__ feet in acre

A

43560

179
Q

__ feet in ile

A

5280

Trainers Prep (10 decks)

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