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California Real Estate Principles > MIDTERM > Flashcards

MIDTERM Flashcards

1
Q

Items of personal property that are attached to, or incorporated into, the land in such a manner as to become real property are called:

A

Fixtures

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2
Q

Anything attached to the land, such as buildings, fences, walls, walks and shrubs, are called:

A

Improvements

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3
Q

Township lines divide the land into a series of east-west strips called:

A

Tiers

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4
Q

An area of land that contains 43,560 square feet is called a(n):

A

Acre

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5
Q

Which of the following can transfer ownership of trade fixtures and personal property?

A

Bill of sale

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6
Q

How many principal base and meridian line intersections does California have?

A

3

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7
Q

Which of the following is NOT a basic right of ownership included in the “Bundle of Rights”?

A

Sustainability

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8
Q

Anything permanently attached or affixed to the land is called:

A

Real property

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9
Q

An interest, share, right, or equity in real estate that varies from the minimal right of a renter to the maximum right of full owner is called a(n):

A

Estate

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10
Q

Susie owns a life estate based upon her own life. She leases the property to a tenant on a 3-year lease. Susie, the life tenant, dies two years later. What happens to the lease?

A

The lease is terminated

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11
Q

A signed or verbal statement by the named person that he/she has signed that document of his/her own free will is known as:

A

Acknowledgement

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12
Q

When two or more people have identical interests in the whole property with the same right of possession and the right of survivorship, it is called:

A

Joint tenancy

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13
Q

All property acquired by a husband and wife during their marriage other than separate property is called:

A

Community property

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14
Q

The two major types of freehold estates are:

A

Fee simple and life estate

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15
Q

When a landlord discovers that work is being done on the property without the landlord’s consent, he or she should:

A

Post a Notice of Non-Responsibility on the property

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16
Q

A document that uses a property to a secure the payment of a debt or the discharge of an obligation is called a(n):

A

Lien

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17
Q

An easement that is “created for and beneficial to” the owner of adjoining or attached lands is which type of easement?

A

Easement appurtenant

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18
Q

An Easement by prescription requires which of the following to be valid?

A
  • 5 years continuous use
  • Open and notorious use
  • Hostile use
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19
Q

A lien filed against a property by a person who was not paid after furnishing labor or materials for construction work on that property is called a(n):

A

Mechanic’s lien

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20
Q

The restriction on the use of private property by the local government agency is called:

A

Zoning

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21
Q

A voluntary lien, for money owed, placed over more than one parcel, is called a:

A

Blanket encumbrance

22
Q

A wrongful unauthorized placement of improvements or permanent fixtures on a property by a non-owner of that property is called:

A

An encroachment

23
Q

An authorization to sell a property which may be given to several brokers, or the property may be sold by the owner, is called:

A

Open listing

24
Q

A person who works under the direct control and supervision of the employer is known as a(n):

A

Employee

25
Q

Mixing the funds of a principal and a licensee is known as:

A

Commingling

26
Q

A contract to employ a broker as an agent, to do certain things for the owner/seller, is known as a(n):

A

Employment contract

27
Q

A required form, provided by the seller, which identifies items of value attached to the structure or land and states whether these items are operational, is called a(n):

A

Transfer disclosure statement

28
Q

A fiduciary relationship requires which of the following with the principal ?

A

Honesty, loyalty, integrity

29
Q

The person who hires or employs an agent to work for him or her is known as a(n):

A

Principal

30
Q

When a person misrepresents a material fact, knowing that it is not true, or is carelessly indifferent to the truth of the states facts, it is known as:

A

Fraud

31
Q

The substitution or exchange of a new contract for an existing one with intent to cancel the old contract is called:

A

Novation

32
Q

Which of the following is NOT a method of becoming an emancipated minor?

A

Reaching the age of 16

33
Q

Some of the ways in which contracts may be classified include:

A
  • Valid
  • Voidable
  • Void
34
Q

A person who is judged to be of unsound mind is known as a(n):

A

Incompetent

35
Q

You enter the coffee shop next door where you have an account, pour yourself a cup of coffee, hold it up to show the manager, and wave as you leave the store. This would be an example of a(n):

A

Implied contract

36
Q

You promise to pay a painter $2,000 to paint your house and the painter agrees to do it. What type of contract is formed?

A

Bilateral contract

37
Q

In a contract, anything of value given by one party to another party to make the agreement binding is known as:

A

Consideration

38
Q

Which of the following can discharge a contract?

A
  • Impossibility of performance
  • Full performance
  • Operation of law
39
Q

The legal process of removing a tenant because there is a breach of the lease or rental agreement is called a(n):

A

Eviction

40
Q

If a tenant does NOT leave after the expiration of the lease and retains possession, what has occurred?

A

Estate at sufferance

41
Q

Minimum requirements of a lease include which of the following?

A
  • Description of property
  • Amount of rent
  • Length or duration of the lease
42
Q

If tenant just moves out or vacates the premises without formal surrender and never returns, it is called:

A

Abandonment

43
Q

The amount of money paid for the use of a property is known as:

A

Rent

44
Q

Providing the landlord with funds to pay for damages or unpaid rent when the tenant vacates is called a:

A

Security deposit

45
Q

A legal document that informs the tenant that he/she has three straight days to pay all past due rent, vacate the premises, or face an unlawful detainer court action is known as a(n):

A

3-day notice to pay rent or quit

46
Q

An escrow holder can be a(n):

A
  • Corporation
  • Attorney
  • Real estate broker who acts as a real estate agent in the transaction
47
Q

The standard coverage CLTA title insurance policy is most often used and protects against:

A
  • Invalid deed delivery
  • Unrecorded federal tax liens
  • Forgeries
48
Q

Items that are commonly prorated in Escrow include:

A

Mortgage payments, interest, homeowners insurance

49
Q

The first step in a title search is for the escrow officer to order a:

A

Preliminary title report

50
Q

The basic title insurance policy is the:

A

CLTA

California Real Estate Principles (2 decks)

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