MIDTERM Flashcards
Items of personal property that are attached to, or incorporated into, the land in such a manner as to become real property are called:
Fixtures
Anything attached to the land, such as buildings, fences, walls, walks and shrubs, are called:
Improvements
Township lines divide the land into a series of east-west strips called:
Tiers
An area of land that contains 43,560 square feet is called a(n):
Acre
Which of the following can transfer ownership of trade fixtures and personal property?
Bill of sale
How many principal base and meridian line intersections does California have?
3
Which of the following is NOT a basic right of ownership included in the “Bundle of Rights”?
Sustainability
Anything permanently attached or affixed to the land is called:
Real property
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):
Estate
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?
The lease is terminated
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:
Acknowledgement
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:
Joint tenancy
All property acquired by a husband and wife during their marriage other than separate property is called:
Community property
The two major types of freehold estates are:
Fee simple and life estate
When a landlord discovers that work is being done on the property without the landlord’s consent, he or she should:
Post a Notice of Non-Responsibility on the property
A document that uses a property to a secure the payment of a debt or the discharge of an obligation is called a(n):
Lien
An easement that is “created for and beneficial to” the owner of adjoining or attached lands is which type of easement?
Easement appurtenant
An Easement by prescription requires which of the following to be valid?
- 5 years continuous use
- Open and notorious use
- Hostile use
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):
Mechanic’s lien
The restriction on the use of private property by the local government agency is called:
Zoning
A voluntary lien, for money owed, placed over more than one parcel, is called a:
Blanket encumbrance
A wrongful unauthorized placement of improvements or permanent fixtures on a property by a non-owner of that property is called:
An encroachment
An authorization to sell a property which may be given to several brokers, or the property may be sold by the owner, is called:
Open listing
A person who works under the direct control and supervision of the employer is known as a(n):
Employee
Mixing the funds of a principal and a licensee is known as:
Commingling
A contract to employ a broker as an agent, to do certain things for the owner/seller, is known as a(n):
Employment contract
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):
Transfer disclosure statement
A fiduciary relationship requires which of the following with the principal ?
Honesty, loyalty, integrity
The person who hires or employs an agent to work for him or her is known as a(n):
Principal
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:
Fraud
The substitution or exchange of a new contract for an existing one with intent to cancel the old contract is called:
Novation
Which of the following is NOT a method of becoming an emancipated minor?
Reaching the age of 16
Some of the ways in which contracts may be classified include:
- Valid
- Voidable
- Void
A person who is judged to be of unsound mind is known as a(n):
Incompetent
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):
Implied contract
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?
Bilateral contract
In a contract, anything of value given by one party to another party to make the agreement binding is known as:
Consideration
Which of the following can discharge a contract?
- Impossibility of performance
- Full performance
- Operation of law
The legal process of removing a tenant because there is a breach of the lease or rental agreement is called a(n):
Eviction
If a tenant does NOT leave after the expiration of the lease and retains possession, what has occurred?
Estate at sufferance
Minimum requirements of a lease include which of the following?
- Description of property
- Amount of rent
- Length or duration of the lease
If tenant just moves out or vacates the premises without formal surrender and never returns, it is called:
Abandonment
The amount of money paid for the use of a property is known as:
Rent
Providing the landlord with funds to pay for damages or unpaid rent when the tenant vacates is called a:
Security deposit
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):
3-day notice to pay rent or quit
An escrow holder can be a(n):
- Corporation
- Attorney
- Real estate broker who acts as a real estate agent in the transaction
The standard coverage CLTA title insurance policy is most often used and protects against:
- Invalid deed delivery
- Unrecorded federal tax liens
- Forgeries
Items that are commonly prorated in Escrow include:
Mortgage payments, interest, homeowners insurance
The first step in a title search is for the escrow officer to order a:
Preliminary title report
The basic title insurance policy is the:
CLTA
