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Real Estate Final > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Requirements of a Valid Deed

A
  1. Be in writing
  2. Name the grantor
  3. Name of the granted
  4. Adequately describe the property
  5. Be signed by the grantor
  6. Be delivered to the grantee
  7. Be accepted by the grantor
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2
Q

Quitclaim Deeds

A

Transfers whatever ownership interest a person has in a property.
Grantor makes no promises or assurances with respect to the title conveyed or extent of ownership

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3
Q

Grant Deeds

A

A more valuable and safer deed to accept for a granted. Grantor not only passes her interest in the property, but makes certain assurances with respect to title.

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4
Q

Warranty Deeds

A

The grantor promises that she has clear title, has not encumbered the property, and will actively defend any claims to title that may arise after transfer to the grantee.

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5
Q

Deed of Trust

A

Is not a document used to transfer property at all.
It I similar to a mortgage where the deed creates a security interest in the property for the lender in the event that the buyer defaults on the loan.

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6
Q

Mortgages

A

Creates a voluntary lien on real property to secure repayment of the promissory note that is signed by the buyer.

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7
Q

Mortgage vs. Deed of trust

A

Mortgage has 2 parties, lender and borrower.
Mortgage lenders require a judicial foreclosure.

Deed of trust has 3.
Lender can pursue a non judicial foreclosure in Deed of trust.

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8
Q

Foreclosures

A

The enforcement of a deed of trust or mortgage in the event that the borrower defaults on the payment schedule set forth in the loan.

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9
Q

Judicial Foreclosure

A

Legal proceeding in which a lender uses the court system to effectuate a seizure and sale of a property.

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10
Q

Non judicial foreclosure

A

Holder of the deed does not have to go through the courts, the lender can have the trustee sell the property at a trustees sale.

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11
Q

Requirements of a Contract

A
  1. Offer
  2. Acceptance
  3. Consideration
  4. Capacity
  5. Legality
  6. Intent
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12
Q

Contract

A

Legally enforceable agreement that meets certain criteria specified legal requirements between two or more parties in which each party agrees to give and receive something of value.

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13
Q

Legality

A

The notion that a contract can be formed only for a legal purpose.

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14
Q

Intent

A

The contract can only be formed if the parties ha e present contractual intent, or a meeting of the minds.

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15
Q

Bilateral contract

A

A promise for a promise

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16
Q

Unilateral Contract

A

A promise for an act

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17
Q

Express contract

A

A contract in which the mutual assent to enter into the contract is manifested in words.

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18
Q

Implied Contracts

A

The parties promises are inferred from their actions or conduct.

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19
Q

Quasi Contracts

A

Situations where a court of law will impose an equitable remedy even in the absence of an enforceable contract.

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20
Q

Equitable Remedy

A

Available to all litigants in cases in which the court is compelled to fashion an award in the “interest of fairness”

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21
Q

Statute of Limitations

A

The maximum time period during which an action may be grouchy before a court of law.

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22
Q

Statute of Frauds

A

When a contract must be in writing to be enforceable, it is said to be within the statute of frauds.

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23
Q

Special contracts within the statute of frauds:

A
  1. Contracts that cannot be performed within one year.
  2. A promise to answer for the debt of another
  3. Land sales contracts
  4. Leases for periods of longer than one year.
  5. A contract to employ a real estate broker or agent.
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24
Q

Parole Evidence Rule

A

Once a contract is reduced to writing, the terms and provisions of the written contract prevail. Oral testimony will not be permitted to alter the terms of the written agreement. If a contract is written and in final form, courts do not allow testimony offered to contradict the written terms.

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25
Q

Integration Clause

A

The writing is full and final expression of the parties’ intention.

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26
Q

Leasehold interest or Leasehold estate

A

Tenants interest in a rental unit

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27
Q

Term Tenancy

A

A leasehold interest that has fixed beginning no ending dates.

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28
Q

Periodic Tenancy

A

Leasehold interest with no fixed ending date.

A month to month tenant

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29
Q

Tenancy at will

A

When a tenant occupies a property with the landlords consent for a brief time in the absence of a term Tenancy or periodic Tenancy

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30
Q

Tenancy at sufferance

A

When a tenant has taken or maintained possession without the consent of the landlord.

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31
Q

Liquidated Damages

A

A provision in a contract that establishes a fixed amount of damages in the event of a breach.

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32
Q

The doctrine of Mitigation

A

Requires a party who has been injured by breach of contract to act diligently to minimize his damages.

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33
Q

Constrictive eviction

A

Situations in which a landlord significantly interferes with a tenants quiet enjoyment or seriously breaches the warranty of habitability such that the tenant is forced to move out.

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34
Q

Tenant Remedies

A
  1. Repaid and deduct
  2. Withhold rent
  3. File suit for actual damages.
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35
Q

CAM charges

A

Charges for which a commercial tenant is responsible to pay for upkeep of common areas such as parking lots , green belts, atriums, reception areas, etc.

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36
Q

Subjective impossibility

A

One of the parties in the contract believes that a circumstance or event makes the promises impossible to perform.

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37
Q

Frustration of purpose

A

Allows a buyer to breach a contract when an unforeseen circumstance occurs that encumbers his purpose for entering in the contract in the first place.

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38
Q

Contract fraud

A

When a party makes any intentional misrepresentation of a material fact knowing and with the intent that the other person will rely on the fact when making the contract.

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39
Q

Landlords rights

A
  1. Access a rental property to inspect, repair, and maintain the premises
  2. Collect rent on time in exchange for a tenants use of his property
  3. Collect a security deposit
  4. Carefully screen and select each tenant with no discrimination
  5. Restrict tenant from subletting
  6. Have a tenant legally evicted
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40
Q

Tenants rights

A
  1. Quiet enjoyment of the premises
  2. Right to a safe premises
  3. Right to privacy
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41
Q

Tenants obligations

A
  1. Pay rent
  2. Take reasonable care of the premises
  3. Keep premises clean
  4. Use all gas, electric, and plumbing fixtures properly
  5. No remodeling or altering premises without landlords consent
  6. Not to allow any other occupants
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42
Q

Gross Lease

A

Tenant pays rent while the landlord pays real estate taxes, insurance, etc.

43
Q

Net lease

A

Tenant pays a pro rated share of real estate taxes in addition to rent.

44
Q

Triple net lease

A

Tenant pays a pro rated amount of insurances, taxes, etc.

45
Q

Will

A

A legal document that provides instructions to be carried out upon a persons death.

46
Q

Holographic will

A

Handwritten will that must be completed entirely in the makers handwriting

47
Q

Statutory will

A

A fill in the blank type of will.

48
Q

Lawyer prepared will

A

Is the most commonly used will in CA

49
Q

Requirements of a valid will

A
  1. In writing
  2. Signed by a competent maker 18 years or older
  3. Attested to by two or more witnesses
50
Q

Testator

A

Maker of the will

51
Q

Legatee

A

Personal property that is passed on

52
Q

Codicil

A

A legal document that can be drafted to modify or add to a will

53
Q

Probate

A

The legal proceeding that may take place upon the death of the testator

54
Q

Escheat

A

The procedure by which the title to real and personal property passed from a decedent to the state.

55
Q

Transmutation

A

The term that describes the commingling of separate property with community property such that it loses its separate property character and becomes community property.

56
Q

Subdivision

A

An area of real estate that is compromised of subdivided lots.

57
Q

Bequest

A

Leaving personal property to someone

58
Q

Devised

A

Leaving real rookery to someone

59
Q

Competency

A

Someone is competent to make a will of he can understand:

  1. The nature of her property
  2. The consequences of the will
60
Q

A will can be revoked by:

A

Destroying the document

As a matter of law by drafting a new will

61
Q

Undue influence

A

A force or pressure causing a testator to make a will she ordinarily would not have made.

62
Q

Intestate succession

A

The process of distributing a persons property who has died without a will.

63
Q

CA subdivided land act

A

Land developer must file a notice of intention and obtain a public report from the California department of real estate

64
Q

CA Subdivision Map Act

A

Enacted to create records of subdivision lots. Before a subdivided property is sold, a developer must record a map of the subdivision; maps are subject to Governmental approval

65
Q

Condominiums

A

A form of property ownership involving multiple unit dwellings where a person owns his or her individual unit, but common areas are owned in common, all members share the costs and maintenance of the common areas.

66
Q

Covenants

A

Rules under which the individual owners operate are usually formalized in contractual agreements

67
Q

Homeowners association

A

The name given to the group established for the purpose of resolving disputes between owners in a common interest development enforcing architectural restrictions, and caring for common areas for safety aesthetic reasons.

68
Q

Timeshare

A

A common interest development in which an owner is entitled to the use of the property for a certain time.

69
Q

A mixed use development

A

Can be compromised of residential, commercial, retail and industrial uses on the same tract of land.

70
Q

Planned urban development

A

Generic term used to describe common interest developments with an eye toward making the property attractive to residential and commercial growth in light of government regulation.

71
Q

Special Assessments

A

Unusual or infrequent expenses

72
Q

Restrictive Covenants

A

A restriction on land use that applies to a home or group of homes.
Also a way to exert control over the manner in which a property is used and maintained.

73
Q

Restrictive component

A

The party agrees to either refrain from performing an act on the property or using the property in a certain way.

74
Q

Restrictive covenant by contract

A

An agreement where one party agrees to do or not do an act related to the property. Only enforceable between the parties.

75
Q

Restrictive covenant by deed

A

Covenants are included in the deed of ownership and run with the land for future purchasers

76
Q

Restrictive Covenant by CC&R’s

A

CC&R’s are a recorded instrument that sets forth a common plan for community interest developments, such as condos, town homes, duplex’s and residential and commercial subdivisions.
Benefit: Provide uniformity
Burden: Can be viewed as over reaching.

77
Q

Restrictive Covenants Run with the Land

A

Restrictive covenants are frequently utilized, they go on and on.
Must (1) be recorded in the office of the county recorder in the county where the property lies. (2) include language expressing intent for the covenant to bind future owners. (3) touch and concern the land. (4) include a legal description of the property subject to the restrictive covenant.

78
Q

Pre-zoning

A

To establish a scheme for undeveloped areas where growth is projected; become effective at the time of building

79
Q

Standard Zoning

A

Schemes that establish zones in which certain uses are permitted.

80
Q

Floating zones

A

Areas where zoning is not fixed until property owner applies for some specific use.

81
Q

Exclusionary Zoning

A

A scheme that prohibits a certain use throughout a jurisdiction or geographical parcel.

82
Q

Zoning Relief

A

If a property owner wants to use a manner inconsistent with applicable zoning ordinances he can seek: Amendment or rezoning, conditional use permit, or a variance

83
Q

Conditional Use Permit

A

Method of allowing different uses to coexist n the same geographical area

84
Q

Judicial Review

A

Administrative decisions related to zoning entitled to judicial review

85
Q

Environmental Law

A

Establishes protection for our scarce natural resources

86
Q

EPA

A

Created in 1970 to issue regulations to protect the environment.

87
Q

Clean Air Act 1970

A

Air quality standards to prevent or reduce primary sources of air pollution that have an adverse effect on public health.

88
Q

Clean Water Act of 1972

A

To make all navigable water suitable for fishing and swimming

89
Q

Resource Conservation and Recovery Act

A

Rules for solid waste disposal

90
Q

National Environment Policy Act (NEPA)

A

Requires all federal agencies to prepare an environmental impact statement for all projects

91
Q

Comprehensive Environmental Response, Compensation, and Liability Act

A

Known as a “superfund” because designated to create a trust fund to finance and empower EPA to recover clean up costs from polluters.

92
Q

Four Responsible Classes under CERCLA

A

(1) Present owners and operators of facilities that create the pollutant
(2) Owners and operators who have polluted in the past
(3) Those who arrange for the treatment and transport of the pollutant
(4) Those who accept the pollutant for treatment, transport, or disposal

93
Q

Remediation

A

The term used to describe the removal of the hazardous condition

94
Q

Innocent Land Owner

A

A person who has taken title to a contaminated property but unaware of the pollutant

95
Q

Contiguous property owner

A

A person whose own property has suffered contamination by another property owner.

96
Q

Environmental Impact Report

A

Responsibility of party who wishes to develop a project

97
Q

Environmental Impact Assessment

A

Government prepares the EIA to identify any harmful effects.

98
Q

Actions to Quiet Title

A

A court proceeding for establishing an individual’s right of ownership of real property. The plaintiff seeks a court order that prevents others from making superior claims of ownership to the property.

99
Q

Seller’s Remedies

A

(1) retain the initial down payment and terminate the contract
(2) sue for breach of contract

100
Q

Liquidated Damages Clause

A

Fixed measures of damages established in contracts in the event of breach.

101
Q

Buyer’s Remedies

A

(1) Buyer can sue for money damages
(2) return of down payment or deposit plus expenses related to the transaction
(3) Buyer can request specific performance

102
Q

Best Alternative to Negotiated Agreement

A

Actual course of action that will be pursued if the negotiation does not continue.

103
Q

Zero Sum Negotiations

A

When one participant’s gain or loss is exactly balanced by the loss or gain of another participant.

Real Estate Final (1 decks)

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