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Real Estate School > Legal Aspects Of Real Estate > Flashcards

Legal Aspects Of Real Estate Flashcards

1
Q 
Long established rules derived from judicial decisions founded on English law are sometimes referred to as:
A. Cannon law
B. Common law
C. Colonial law
D. Capital law
A

B

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2
Q

Procedural law:
A. Establishes and defines rights and duties
B. Is really Spanish law
C. Is strictly federal law
D. Sets out the methods of enforcing substantive rights

A

D

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3
Q 
A litigant is:
A. The plaintiff
B. The defendant 
C. Neither A nor B
D. Both A and B
A

D

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4
Q 
A tort is a:
A. Criminal wrong
B. Type of contract
C. Civil wrong
D. Capital offense
A

C

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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
B. Equal protection
C. Just compensation 
D. All above
A

D

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6
Q 
The laws adopted by congress and the state legislatures are called:
A. Ordinances
B. Articles
C. Acts or statues
D. Bills
A

C

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7
Q 
A proposed law in congress is called a(N):
A. Ordinance
B. Bill
C. Act
D. Petition
A

B

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8
Q 
Most legislation becomes effective:
A. Within 30 days of adoption
B. December 31 of the same year
C. Immediately 
D.January 1 of the next year
A

D

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9
Q 
The rules of law developed by judges are called:
A. Tort law
B. Judicial law
C. Case law
D. Code law
A

C

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10
Q 
A court decision may be binding on all other judges. It depends on:
A. Jurisdiction 
B. Posotion in the court hierarchy 
C. A written opinion
D. All above
A

D

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11
Q 
An opinion written by a court states:
A. The decision
B. The facts of the case
C. The court’s reasoning
D. All above
A

D

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12
Q

An appellate court will NOT change a trial court’s decision if:
A. The judge committed an error
B. The losing party considered the jury incompetent
C. The error concerned a question of law
D. The error was prejudicial

A

B

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13
Q

A case will NOT necessarily be heard in state court if:
A. No federal question question is present
B. There is no diversity of citizenship
C. The U.S. government is a party
D. It involves real property issues

A

C

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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
B. Settlement negotiations 
C. A summons and complaint
D.the trial proceedings
A

A

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15
Q 
The oldest method of describing land is:
A. Government survey
B. Lot and block
C. Metes and bounds
D. Sections and townships
A

C

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16
Q 
The starting of a metes and bounds description is called the:
A. Starting point
B. Point of beginning 
C. Beginning point
D. Origination point
A

B

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17
Q 
The government survey system is also called the:
A. Rectangular survey method
B. Principal meridian method
C. Base line method
D. Square survey method
A

A

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18
Q 
Which of the following lines do NOT run east and west
A. Principal meridians
B. Base lines
C. Correction lines
D. Township lines
A

A

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19
Q 
The square of land located at the intersection of a range and township tier is called a:
A. Government lot
B. Subdivision plat
C. Township
D. Range lot
A

C

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20
Q 
Irregular sections are called:
A. Odd townships
B. Government lots
C. Convergence ranges
D. Surveying lots
A

B

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21
Q 
Many final subdivision maps include which of the following?
A. Measurements of area
B. Easement locations and dimensions
C. Location of survey markers
D. All above
A

D

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22
Q

A bench mark is a(n):
A. Position where a bench is located
B. Marker that states the location relative to the datum
C. Artificial horizontal plane of elevation
D. None above

A

B

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23
Q 
Natural attachments that are planted and cultivated are called:
A. Fructus naturales
B. Fructus plantar
C. Fructus humungus 
D. Fructus industrials
A

D

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24
Q 
Which of the following is NOT a test for a fixture?
A. Method of attachment 
B. Age of the fixture
C. Adaptation to the realty
D. Relationship of the parties
A

B

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25
Q 
Fixtures installed for use in a tenant’s business are called:
A. Real property fixtures
B. Business fixtures
C. Trade fixtures
D. Operating fixtures
A

C

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26
Q 
Which of the following is a water right?
A. Riparian
B. Overlying
C. Appropriative 
D. All above
A

D

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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. Law of private withdrawal
B. 1922 bureau of mines law
C. Riparian rights law
D. Rule of capture
A

D

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28
Q 
A fee simple estate is:
A. Inheritable
B. Transferable
C. Perpetual
D. All above
A

D

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29
Q

The duration of a life estate is based on:
A. The laws of the county in which the property is located
B. The length of someone’s life
C. Established state laws
D. The wishes of the life tenant

A

B

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30
Q 
A leasehold estate for a fixed time period is a(n):
A. Periodic tenancy
B. Estate for years
C. Tenancy at will
D. None above
A

B

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31
Q 
Which of the following gives someone other than the owner a right to do something on the land or take something from the land?
A. Neutral easement
B. Restrictive easement
C. Negative easement 
D. Positive easement
A

D

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32
Q 
The land burdened by an easement is called the:
A. Servient tenement
B. Dominant tenement
C. Servient tenant
D. Dominant tenant
A

A

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33
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
B. Easement at will
C. Easement in gross
D. A notorious easement
A

A

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34
Q 
Unlike an easement, a license does NOT:
A. Grant permission to enter another’s property
B. Have a temporary time period
C. Create an interest in the property
D. Allow the owner to revoke it
A

C

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35
Q 
A mortgage is an example of a(n):
A. Mechanics lien
B. Performance lien
C. Involuntary lien
D. Voluntary lien
A

D

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36
Q 
A property tax is actually a:
A. Voluntary lien
B. General lien
C. Specific lien
D. Special lien
A

C

37
Q 
Which of the following is NOT subject to property taxes?
A. Federal property
B. State property
C. Educational property
D. All above
A

D

38
Q 
The tax on a parcel of real estate is calculated by multiplying the tax rate by the:
A. Gross domestic product
B. Assessed (taxable) value
C. Consumer price index
D. County sales tax rate
A

B

39
Q 
The first installment on property taxes is delinquent if not paid by:
A. 5PM on April 10
B. 5PM on November 1
C. 5PM on December 10
D. 5PM on June 1
A

C

40
Q 
A state tax lien would be junior to the recorded interest of a:
A. Mortgage or trust deed lender 
B. Mechanics lien holder
C. Judgement lien creditor
D. All above
A

D

41
Q

A declared homestead exemption is established by:
A. Signing a promissory note
B. Recording a declaration of homestead
C. Running a 3-day notice in a paper of general circulation
D. Posting an 8 x 10 sign on the homesteaded property

A

B

42
Q 
The most basic form of concurrent ownership is:
A. Tenancy in common
B. Severalty
C. Joint tenancy 
D. Community property
A

A

43
Q 
A tenant in common is free to:
A. Sell his or her interest 
B. Will his or her interest
C. Encumber his or her interest 
D. Any above
A

D

44
Q 
Joint tenancy requires unity of possession and:
A. Unity of interest
B. Unity of time
C. Unity of title
D. All above
A

D

45
Q 
Severance with regards to joint tenancy:
A. Terminates co-ownership
B. Eliminates the right of survivorship
C. Changes joint tenancy into a partnership
D. Is the same as partition
A

B

46
Q 
A form of co-ownership that an only be held by spouses and registered domestic partners is called:
A. Community property
B. Joint tenancy 
C. Tenancy in common
D. Tenancy in partnership
A

A

47
Q 
One spouse can’t give away community property without the other’s consent. This falls under the:
A. Joint spousal requirements
B. Unilateral requirements
C. Rejoinder requirements
D. Joinder requirements
A

D

48
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
B. Two-thirds going to the spouse; one-third to the children
C. One-third to the spouse; two-thirds to the children
D. One-half to the spouse; one-half to the children

A

A

49
Q 
When a couple changes a joint tenancy agreement to community property, it is called a(n):
A. Intra-property agreement 
B. Transmutation agreement
C. Co-ownership transformation agreement
D. Spousal property Chang agreement
A

B

50
Q 
A corporation organized under the laws of another state is a:
A. Foreign corporation
B. Domestic corporation
C. Sovereign corporation 
D. Limited corporation
A

A

51
Q 
With a general partnership, the liability for debs of the partnership lies with:
A. The stockholders
B. The chief general partner
C. Each individual partner
D. The limited partners
A

C

52
Q 
To transact business using a partnership name, the partners must publish and record a:
A. Fictitious business name certificate 
B. Notice of “in business” certificate
C. Business license 
D. Partnership name agreement
A

A

53
Q

With a limited partnership:
A. The general partners have limited liability
B. The general and limited partners have equal liability
C. The stockholders have main liability
D. The limited partners have limited liability

A

D

54
Q 
\_\_\_\_ is the minimum number of investors that a real estate investment trust (REIT)
A. 50
B. 100
C. 150
D. 200
A

B

55
Q 
Which of the following describes an arrangement where the buyers purchase the exclusive right to the possession of the property for specified periods each year?
A. A syndicate
B. A common interest development
C. A community apatment project
D. A timeshare
A

D

56
Q 
Authority intentionally given by the principal to an agent is called:
A. Actual authority
B. Ostensible authority
C. Direct authority
D. Intentional authority
A

A

57
Q 
A real estate agent/broker with authority limited to the single transaction of selling a particular house is a:
A. Secret agent
B. Probationary agent
C. General agent
D. Special agent
A

D

58
Q 
An agency may be created by:
A. Express agreement
B. Ratification
C. Estoppel
D. All above
A

D

59
Q 
When a person acts on another’s behalf without agency authorization, and later the principal approves these actions, it is known as:
A. Estoppel
B. Ratification
C. Approval in remainder
D. Blind authority
A

B

60
Q

With an independent contractor:
A. He or she does not work hours set by the employer
B. Minimum wage laws apply
C. The employer is responsible for any tort committed by the contractor
D. He or she must follow the employer’s instructions to the letter

A

A

61
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
B. The buying broker
C. The listing salesperson
D. None above
A

A

62
Q 
An agency is terminated by operation of law if:
A. Either party dies
B. Either party goes bankrupt
C. The agent loses his or her license
D. Any above
A

D

63
Q 
A unilateral termination of the agency relationship by the principal would be acheived through:
A. Revocation
B. Renunciation
C. Mutual agreement
D. Operation of law
A

A

64
Q 
Which of the following does NOT require a real estate license to represent another in a specific real estate transaction?
A. Attorney
B. Trustee
C. Executor
D. Any above
A

D

65
Q 
A real estate license must be renewed:
A. Every year
B. Every 2 years
C. Every 4 years
D. Every 6 years
A

C

66
Q

A broker must keep records of each transaction for at least three years beginning:
A. From the closing date
B. From the date escrow instructions were signed
C. From the listing date, if the transaction was completed
D. None above

A

D

67
Q

With a few exceptions, a california broker’s client trust account must be maintained at a finacial institution:
A. In the broker’s city
B. In california
C. Within 20 miles of the broker’s main office
D. Anywhere in the united states

A

B

68
Q

In a listing agreement for the sale of four or less residential units, a broker’s commission must:
A. Exceed 5.25 percent
B. Be preprinted in a standard listing agreement form
C. Be negotiable between the seller and the broker
D. All above

A

C

69
Q

A buyer is considered “able” if he or she has which of the following?
A. Enough cash to complete the sale
B. A strong credit rating and adequate personal assets
C. A binding commitment for a loan to finance the purchase
D. Any above

A

D

70
Q 
The agency disclosure form is NOT required for the sale of a:
A. Condominium
B. Residential house 
C. Commercial property
D. Manufactured home
A

C

71
Q 
An agent owes his or her principal the basic fiduciary duty of
A. Reasonable care and skill
B. Diligence, good faith, and loyalty
C. Disclosure of material information
D. All above
A

D

72
Q 
A real estate agent representing a seller should be especially careful to inform the principal of:
A. The true value of the property
B. All offers to purchase
C. The identity of the purchaser
D. All above
A

D

73
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
B. Act loyally
C. Act with reasonable care and skill
D. Act with confidentiality
A

A

74
Q 
When the agent buys a property for himself or herself (without the owner’s knowledge) and then sells it again for a profit, it is called:
A. Self-profit
B. Self-dealing
C. Self-serving negotiations 
D. Self-indulgence buying
A

B

75
Q 
Which of the following is NOT an agent’s duty to a third party?
A. Good faith
B. Fair dealing
C. Fiduciary relationship
D. Disclosure of known material facts
A

C

76
Q 
The transfer disclosure statement is usually signed by the:
A. Seller 
B. Listing agent
C. Selling agent
D. All above
A

D

77
Q 
Actual fraud involves:
A. Intentional misrepresentation 
B. Concealment
C. Negligent misrepresentation 
D. Any above
A

D

78
Q 
Generally, a seller or agent can’t be sued for misrepresentation if his or her statements were merely:
A. Opinions
B. Predictions
C. Puffing
D. Any above
A

D

79
Q 
The most widely recognized code of ethics in the real estate industry is the
A.  NAR code of ethics
B. CAR code of ethics
C. DAR code of ethics
D. DRE code of ethics
A

A

80
Q 
A breach of a legal duty may result in all of the following, except:
A. Compensatory damages
B. Beneficial damages
C. Punitive damages
D. Criminal prosecution
A

B

81
Q 
Where damages are concerned, the closest word to “compensatory” is:
A. Excessive
B. Punitive
C. Actual
D. Exemplary
A

C

82
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 Commissioner’s Special Fund
B. Real Estate Collection Account
C. Real Estate General Account
D. Real Estate Recovery Account

A

D

83
Q 
A payment from the Real Estate Recovery Fund must be based on a judgement against a real estate agent for:
A. Intentional fraud
B. Misrepresentation or deceit
C. Conversion of trust funds
D. Any above
A

D

84
Q 
A void contract is:
A. Valid unless rejected by one party
B. One where either party can sue for performance
C. No contract at all
D. Binding and enforceable
A

C

85
Q 
To make a valid contract, a person generally must be:
A. 14 yr old
B. 16 yr old
C. 18 yr old
D. 21 yr old
A

C

86
Q

An emancipated minor is a person under the age of 18 who:
A. Is married or has been married
B. Is on active duty with the armed forces
C. Has received a court declaration of emancipation
D. Any above

A

D

87
Q

For a contract to be a binding obligation, all the parties:
A. Must orally present the conditions
B. Must consent to its terms
C. Must agree to the shortest closing period
D. Must agree to maximum consideration

A

B

88
Q

Which of the following is NOT a requirementfor acceptance of an offer?
A. It can only be accepted by the offeror
B. It must be communicated to the offeror
C. It must be made in the manner specified
D. It must not vary the terms of the offer

A

A

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