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Legal Aspects Of Real Estate > Legal Aspects Of Real Estate > Flashcards

Legal Aspects Of Real Estate Flashcards

1
Q

Long established ruled derived from judicial decisions founded on English law are sometimes referred to as:

A

Common law

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2
Q

Procedural law:

A

Sets out the methods of enforcing substantive rights

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3
Q

A litigant is:

A

The plaintiff
The defendant
BOTH A & B ^^^

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4
Q

A tort is a:

A

Civil wrong

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5
Q

Amendments to the constitution guarantee which of the following with regards to property and the real estate profession?

A

Due process
Equal protection
Just compensation
ALL OF THE ABOVE^^^

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6
Q

The laws adopted by Congress and the state legislatures are called:

A

Acts or statutes

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7
Q

A proposed law in Congress is called a(n):

A

Bill

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8
Q

Most legislation becomes effective:

A

January 1 of the next year

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9
Q

The rules of law developed bu judges are called:

A

Case laws

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10
Q

A court decision may be binding on all other judges. It depends on:

A

Jurisdiction
Position is the court hierarchy
A written opinion
ALL OF THE ABOVE^^^

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11
Q

An opinion written by a court states:

A

The decision
The facts of the case
The court’s reasoning
ALL OF THE ABOVE^^^

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12
Q

A appellate court will NOT change a trial court’s decision if:

A

The losing party considered the jury incompetent

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13
Q

A case will NOT necessarily be heard in state court if:

A

The U.S. government is a party

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14
Q

Litigants are able to find out more about the disputed facts in a case through:

A

The discovery process

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15
Q

The oldest method of describing land is:

A

Metes and bounds

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16
Q

The starting point of a metes and bounds description is called the:

A

Point of beginning

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17
Q

The government surgery system is also called the:

A

Rectangular survey method

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18
Q

Which of the following lines do NOT run east and west?

A

Principal meridians

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19
Q

The square of land located at the intersection of a range and township tier is called a:

A

Township

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20
Q

Irregular sections are called:

A

Government lots

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21
Q

Many final subdivision maps include which of the following?

A

Measurements of area
Easements locations and dimensions
Location of survey markers
ALL OF THE ABOVE^^^

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22
Q

A benchmark is a(n):

A

Marker that states the location relative to the datum

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23
Q

Natural attachments that are planted and cultivated are called:

A

Fructose industriales

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24
Q

Which of the following is NOT a test for a fixture?

A

Age of the fixture

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25
Q

Fixtures installed for use in a tenant’s business are called:

A

Trade fixtures

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26
Q

Which of the following is a water right?

A

Riparian
Overlying
Appropriative
ALL OF THE ABOVE^^

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27
Q

The fact that a property owner who drills a well on his or her land owns all of the oil and gas the well produces, falls under the:

A

Rule of capture

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28
Q

Support from adjacent land is called:

A

Lateral support

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29
Q

A fee simple estate is:

A

Inheritable
Transferable
Perpetual
ALL OF THE ABOVE^^^^

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30
Q

The duration of a life estate is based on:

A

The length of someone’s life

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31
Q

A leasehold estate for a fixed time period is a(n):

A

Estate for years

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32
Q

Which of the following gives someone other than the owner the right to do something on the land or take something from the land?

A

Positive easement

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33
Q

The land burdened by an easement is called the:

A

Service to tenement

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34
Q

When someone creates an easement by making long and continuous use without the permission of the owner, it is called:

A

Easement by prescription

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35
Q

Unlike an easement, a license does NOT:

A

Create an interest in the property

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36
Q

A mortgage is an example of a(n):

A

Voluntary lien

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37
Q

A property tax is actually a:

A

Specific lien

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38
Q

Which of the following is NOT subject to property taxes?

A

Federal property
State property
Educational property
ALL OF THE ABOVE^^^

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39
Q

The tax on a parcel of real estate is calculated by multiplying the tax rate by the:

A

Assessed (taxable) value

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40
Q

The first installment on property taxes is delinquent if not paid by:

A

5PM on December 10th

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41
Q

A state tax lien would be junior to the recorded interest of a:

A

Mortgage or trust deed lender
Mechanic’s lien holder
Judgement lien creditor
ALL OF THE ABOVE^^^

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42
Q

A declared homestead exemption is established by:

A

Recording a declaration of homestead

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43
Q

The most basic form of concurrent ownership is:

A

Tenancy in common

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44
Q

A tenant in common is free to:

A

Sell his or her interest
Will his or her interest
Encumber his or her interest
ANY OF THE ABOVE^^^^

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45
Q

Joint tenancy requires unity of possession and:

A

Unity of interest
Unity of time
Unity of title
ALL OF THE ABOVE^^^

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46
Q

Severance, with regards to joint tenancy:

A

Eliminates the rights of survivorship

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47
Q

A form is co-ownership that can only be held by spouses and registered domestic partners is called:

A

Community property

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48
Q

One spouse can’t give away community property without the other’s consent. This falls under the:

A

Joinder requirements

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49
Q

If a spouse with two children dies intestate, the deceased spouse’s interest in the community property will be distributed with:

A

All of it going to the surviving spouse

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50
Q

When a couple changes a joint tenancy agreement to community property, it is called a(n):

A

Transmutation agreement

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51
Q

A corporation organized under the laws of another state is a:

A

Foreign corporation

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52
Q

With a general partnership, the liability for debts of the partnership lies with:

A

Each individual partner

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53
Q

To transact business using partnership name, the partners must publish and record a:

A

Fictitious business name certificate

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54
Q

With a limited partnership:

A

The limited partners have limited liability

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55
Q

____ is the minimum number of investors that a real estate investment (REIT) must have?

A

100

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56
Q

Which of the following describes an arrangement where the buyers purchase the exclusive right to the possession of the party for specified periods each year?

A

A timeshare

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57
Q

Authority intentionally given by the principal to an agent is called:

A

Actual authority

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58
Q

A real estate agent/broker with authority limited to the single transaction of selling a particular house is a:

A

Special agent

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59
Q

An agency may be created by:

A

Express agreement
Ratification
Stopped
ALL OF THE ABOVE^^^

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60
Q

When a person acts on another’s behalf without agency authorization, and later the principal approves these actions, it is known as:

A

Ratification

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61
Q

With an independent contractor:

A

He or she does not work hours set by the employer

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62
Q

If a cooperating broker is the procuring cause in bringing about the sale of the property, who pays him or her a share of the commission?

A

The listing broker

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63
Q

An agency is terminated by operation of law if:

A

Either party dies it
Either party goes bankrupt
The agent loses his or her license
ANY OF THE ABOVE^^^

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64
Q

An unilateral termination of the agency relationship by the principal would be achieved through:

A

Revocation

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65
Q

Which of the following does NOT require a real estate license to represent another in a specific real estate transaction?

A

Attorney
Trustee
Executor
ANY OFTHE ABOVE^^^

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66
Q

A real estate license must be renewed:

A

Every 4 years

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67
Q

A broker must keep records of each transaction for at least three years beginning:

A

From the closing date

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68
Q

With few exceptions, a California brokers client trust account t must be maintained at a financial institution:

A

In California

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69
Q

In a listing agreement for the sale of four or less residential units, a broker’s commission must:

A

Be negotiable between the seller and the broker

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70
Q

A buyer is considered “able” if he or she has which of the following?

A

Enough cash to complete the sale
A strong credit rating and adequate personal assets
A binding commitment for a loan to finance the purchase
ANY OF THE ABOVE^^^

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71
Q

An agency disclosure form is NOT required for the sale of a:

A

Commercial property

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72
Q

An agent owes his or her principal the basic fiduciary duty of:

A

Reasonable care and skill
Diligence, good faith, and loyalty
Disclosure of material information
ALL OF THE ABOVE^^^

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73
Q

A real estate agent representing a seller should be especially careful to inform the principal of:

A

The true value of the property
All offers to purchase
The identity of the purchaser
ALL OF THE ABOVE^^^

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74
Q

When a broker exaggerates the market value of the property in order to get a listing, he or she breaches his or her duty to:

A

Act in good faith

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75
Q

When the agent buys a property for himself or herself (without the owners knowledge) and then sells its again for a profit, it is called:

A

Self-dealing

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76
Q

Which of the following is NOT an agents duty to a third party?

A

Fiduciary relationship

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77
Q

The transfer disclosure statement is usually signed by the:

A

Seller
Listing agent
Selling agent
ALL OF THE ABOVE^^^

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78
Q

Actual fraud involves:

A

Intentional misrepresentation
Concealment
Negligent misrepresentation
ANY OF THE ABOVE^^^

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79
Q

Generally, a seller or agent can’t be sued for misrepresentation if his or her statements were merely:

A

Opinions
Predictions
Puffing
ANY OF THE ABOVE^^^

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80
Q

The most widely recognized code of ethics in the real estate industry is the:

A

NAR Code of Ethics

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81
Q

A breach of a legal duty may result in all of the following, except:

A

Beneficial damages

82
Q

Where damages are concerned, the closest word to “compensatory” is:

A

Actual

83
Q

A client who is awarded damages against a real estate agent based on fraud, but is unable to collect, may be entitled to payment out of the:

A

Real Estate Recovery Account

84
Q

A payment from the Real Estate Recovery Fund must be based on a judgement against a real estate agent for:

A

Intentional fraud
Misrepresentation or deceit
Conversion of trust funds
ANY OF THE ABOVE^^^

85
Q

A void contract is:

A

No contract at all

86
Q

To make a valid contract, a person generally must be:

A

18 years old

87
Q

An emancipated minor is a person under the age of 18 who:

A

Is married or has been married
Is on active duty with the armed forces
Has received a court declaration of emancipation
ANY OF THE ABOVE^^^

88
Q

For a contract to be a binding obligation, all the parties:

A

Must consent to its terms

89
Q

Which of the following is NOT a requirement for acceptance of an offer?

A

It can only be accepted by the offeror

90
Q

A contractual promise is distinguished from the promise of a gift by the exchange of:

A

Consideration

91
Q

When the contract is made, the “purpose” of a contract must be:

A

Lawful

92
Q

A written contract can be modified orally:

A

If new consideration is supplied

93
Q

When a promisor’s obligation depends on the occurrence of a particular event, that event is called a:

A

Condition

94
Q

In California, a lawsuit based on a written contract generally must be filed no later than how many years after the breach occurred?

A

4 years

95
Q

For may oral contracts involving real property, any lawsuits must be filed within:

A

2 years of the breach

96
Q

The term “patrol” most closely means:

A

Spoken

97
Q

When the parties agree in advance to set damages at a specified sum, the contract is said to contain a(n):

A

Liquidated damages clause

98
Q

A court order directing a breaching party to pay a sum of money to the non breaching party is called:

A

Damages (money)

99
Q

When the court orders a breaching party to carry out the performance he or she promised in the contract, it is called:

A

Specific performance

100
Q

A court order directing a person to do something or refrain from doing something is called a(n):

A

Injunction

101
Q

An employment agreement between a seller and a broker is called a:

A

Listing agreement

102
Q

A listing agreement can only be assigned to another broker:

A

With the client’s consent

103
Q

The exclusive right to sell agency listing must contain:

A

A termination date

104
Q

Which of the following makes the client liable for a commission during a specified period after the listing expires?

A

An extender clause

105
Q

The standard purchase agreement contains:

A

An offer to purchase real property
A receipt for the good faith earnest money
The seller’s agreement to pay listing broker’s compensation
ALL OF THE ABOVE^^^

106
Q

Most agreements between buyers and sellers are:

A

Conditional

107
Q

Under the compensation provision of the CAR purchase agreement, if the buyer defaults, the broker is entitled to:

A

Half of the damages the seller receives

108
Q

Under the compensation provision of the CAR purchase agreement, if the buyer defaults the broker is entitled to:

A

Half of the forfeited deposit

109
Q

When an offered varies any of the terms in an offer, it is called a:

A

Counter offer

110
Q

A contract giving one party the right to do something without obligating him or her to do it is a(n):

A

Option

111
Q

To make an option irrevocable, the option must be supported by:

A

A signed contract
A property description
Terms of the sale
ALL OF THE ABOVE^^^

112
Q

When someone who has the right to buy a property only if and when the owner decides to sell it is said to hold a(n):

A

Right of first refusal

113
Q

The primary method by which conflicts are resolved is:

A

Negotiation

114
Q

Integrative negotiation can best be described as:

A

Win-win

115
Q

A neutral third party assists the parties in voluntarily negotiating a settlement to the dispute in:

A

Mediation

116
Q

A section of a written contract that allows for mediation should a dispute arise is called a(n):

A

Mediation clause

117
Q

When a mediator meets with one of the parties to get them to focus on their interests and needs, it is called a(n):

A

Caucus

118
Q

Generally, most arbitration proceedings are:

A

Binding

119
Q

A court-annexed arbitration may be ordered by the superior court when there is less than:

A

$50,000 at stake

120
Q

A binding arbitration is:

A

Not reviewable by the courts

121
Q

If no arbitration clause is in a contract, the parties can still go to arbitration by executing a(n):

A

Submission agreement

122
Q

A subpoena for books and records is called:

A

Subpoena duces tectum

123
Q

An arbitrator’s decision is called a(n):

A

Award

124
Q

If one party refuses to comply with the arbitration award, the other party may file with the court a:

A

Petition to confirm

125
Q

A license hearing process to deny issuance of a real estate license is initiated by the Commissioner filing a:

A

Statement of issues

126
Q

A hearing procedure by the Real Estate Commissioner to suspend or revoke a real estate license is initiated with the filing of a(n):

A

Accusation

127
Q

In reference to a deed, the owner of the property who is transferring title is called the:

A

Grantor

128
Q

When a document has been signed in front of a notary public, it is said to be:

A

Acknowledged

129
Q

Acceptance of a transfer of ownership must take place:

A

While the one granting is alive

130
Q

An important difference between a grant and a quitclaim is that the grant deed:

A

Conveys after-acquired title

131
Q

An amendment to a will is called a(n):

A

Addendum

132
Q

A will only transfers property

A

If it is oral

133
Q

When property reverts to the state because no heirs can be located, it is called:

A

Escheat

134
Q

All of the following can be adversely possessed, except:

A

Public lands

135
Q

In California, title can be acquired by adverse possession if the possession is:

A

Actual, open, and notorious
Hostile to the owner’s interest
Exclusive and uninterrupted for five years
ALL OF THE ABOVE^^^

136
Q

Taking away property through an eminent domain action must include:

A

Just compensation

137
Q

A person gives a gift of privately owned land to the public through:

A

Dedication

138
Q

When something is added to a parcel of real property, the property owner acquires title to the addition by:

A

Accession

139
Q

Notice given by the recording of documents with a public official which is something you should know about, but not actually know about is called:

A

Constructive notice

140
Q

In Southern California, escrow services are most often provided by:

A

Independent escrow companies

141
Q

The most significant factor in estimating a closing date it the:

A

State if the finance market

142
Q

Escrow agents’ written authorization to deliver the deposited funds and documents are called the:

A

Escrow instructions

143
Q

Escrow instructions can also act as a(n):

A

Contract of sale

144
Q

When title passes on the date the deed or funds were deposited in escrow, instead of the date all conditions were performed, it is known as:

A

The doctrine of relation back

145
Q

The escrow agent turns the escrow funds over to the court to settle a dispute in a(n):

A

Interpleader action

146
Q

A credit is a(n):

A

Amount received

147
Q

Which is NOT a RESPA requirement?

A

The lender may pay referral dees to anyone

148
Q

A trust account maintained by the lender for paying property taxes and mortgage insurance premiums is a(n):

A

Impound account

149
Q

After the purchase price, the buyers second largest debit at closing is typically the:

A

Loan origination fee

150
Q

The seller’s major cost at closing is usually the:

A

Payoff of any existing loans

151
Q

Which of the following would NOT generally be charged to the buyer in escrow?

A

The broker’s commission

152
Q

The seller’s major credit in escrow is the:

A

Purchase price

153
Q

The documentary transfer tax is ordinarily paid by the:

A

Seller

154
Q

A standard title insurance policy covers:

A

Forged deeds
Recorded encumbrances not listed exceptions
Forged deeds
ALL OF THE ABOVE^^^

155
Q

With a promissory note, the loan amount is called the:

A

Principal

156
Q

A promissonary note that includes periodic payments of interest only if called a(n):

A

Straight note

157
Q

The key difference between a mortgage and a trust deed is that only a trust deed:

A

Is usually foreclosed nonjudicially

158
Q

A power of sale clause:

A

Allows the trustee to sell the property in case of default

159
Q

A document stating that the debt secured by the deed of trust has been discharged is called a:

A

Full reconveyance

160
Q

When a borrower defaults and the lender has the right to declare the entire balance due immediately, the loan has a(n):

A

Acceleration clause

161
Q

When a new owner assumes an existing lien:

A

The new owner takes responsibility for the lien

162
Q

To start the foreclosure process, the beneficiary asks he trustee to record a:

A

Notice of default

163
Q

The borrower in a mortgage is called the:

A

Mortgagor

164
Q

In a land contract, the buyer holds:

A

Equitable title

165
Q

The sum of all fees the lender charges a borrower in exchanges for granting the loan is the:

A

Total finance charge

166
Q

Under the mortgage loan broker law, a disclosure state is NOT required:

A

If the lender is an institutional lender

167
Q

The Act that requires all states to implement a licensing system for residential mortgage loan originators is the:

A

SAFE act

168
Q

The SAFE act:

A

Requires all states to implement a licensing system for residential mortgage loan originators

169
Q

In a smaller community, the city council will often act as the:

A

Planning commission

170
Q

Which organization would oversee the merging between two communities?

A

LAFCO

171
Q

A permit that allows an owner to build a structure or use a property in a way that isn’t otherwise allowed is called:

A

A use variance

172
Q

An amendment to the zoning law is called a:

A

Rezone

173
Q

Which of the following is a type of map that can be filed for a subdivision with tow-to-four lots?

A

A parcel map

174
Q

When subdivision property in one state is offered for sale in another state, a developer may have to comply with the:

A

Interstate land sales full disclosure act

175
Q

The national environmental policy act established the:

A

EPA
CEQ
EIS
ALL OF THE ABOVE^^

176
Q

The California Law that is similar to the National Environmental Policy act is the:

A

CEQA

177
Q

When private restrictions of the use of a property are simply a contract between an owner and the neighboring owner, it is called a(n):

A

Restrictive covenant

178
Q

A restrictive covenant may run with the land if it:

A

Relates the to use of a property
Relates to the repair, maintenance, or improvement of the property
Directly benefits the property
ANY OF THE ABOVE^^^

179
Q

The owner’s title is provisional (subject to forfeiture) when a deed contains a:

A

Condition

180
Q

A restrictive covenant can be terminated by:

A

Expiration
Merger
Abandonment
ALL OF THE ABOVE^^^

181
Q

Under CALgreen:

A

California became the first state to adopt a green building code
Minimum uniform standards fo green building that apply to many types of construction were established
Developers must divert 50 percent of construction waste from landfills through recycling or re0use materials
ALL OF THE ABOVE^^^

182
Q

California became the first state to adopt a green building code through:

A

CALGreen

183
Q

Which of the following is true with regard to the Civil Rights Act of 1866

A

It only prohibits discrimination based on race o ancestry
It applies the any real estate transaction
There are no exceptions
All OF THE ABOVE^^^

184
Q

Title VILL of the Civil Rights Act of 1968 is commonly called the:

A

Federal fair housing act

185
Q

The federal fair housing act prohibits discrimination based on:

A

Race
Religion
Familial status
ALL OF THE ABOVE^^^

186
Q

Channeling prospective buyers or renters to specific neighborhoods based on their race is an example of:

A

Steering

187
Q

Refusal, for discriminatory reasons, to make loans on property on a particular neighborhood is called:

A

Redlining

188
Q

Which of the following acts applies to the extension of credit?

A

Equal credit opportunity act

189
Q

Which of the following is not a federal law or regulation designed to eliminate discrimination in lending?

A

The Civil Right Act of 1776

190
Q

The Housing financial discrimination act allows:

A

A financial institution to take the fair arrest value of the property into consideration when deciding on a loan

191
Q

Which California act prohibits discrimination by business establishments?

A

Unruh act

192
Q

Which of the following commissioners regulations explain the duties of real estate agents in regards to unlawful discrimination?

A

2780
2781
2725
ALL OF TH ABOVE^^

193
Q

Which of the following can sue for violations of anti-discrimination laws?

A

State attorney general
U.S. Attorney general
Tester
ANY OF THE ABOVE^^^^

194
Q

Refusal to sell or rent after receiving a good faith offer, if it can be shown that the offeror’s race, religion, sex, national origin, or disability was a factor, is:

A

Unlawful

195
Q

Refusing to deal with someone who has sued you for discrimination may be considered:

A

Unlawful retaliation

196
Q

Who can be held liable for unlawful discrimination?

A

Seller/landlord
Property manager
Rental agent
ALL OF THE ABOVE^^^^

197
Q

Which of the following is NOT a type of lease?

A

Decimal

198
Q

A device that substitutes a lease with a new lease between a landlord and a different tenant is called a:

A

Notation

199
Q

Under California Law, which of the following are true?

A

Landlords can prohibit smoking on the property
Landlords are prohibited from required pets be declawed or devocalized
BOTH A & B ARE TRUE^^^

200
Q

The Landlord, to make the property tenantable, must:

A

Provide effective waterproofing
Provide plumbing and heating
Make sure the common area is free from trash
ALL OF THE ABOVE^^^

Legal Aspects Of Real Estate (1 decks)

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