Property Ownership & Land Use Controls & Regulations Flashcards
To learn Hot Topics.
Is a grant deed signed by a single person under the age of 18 valid?
No. It is void.
Can commission splits between brokers be by oral agreement?
Yes.
Can you pay a commission to an out-of-state broker?
Yes.
What redevelops property for mixed use?
Infill.
What term is used for something to be performed at a later date?
Executory.
What term is used for a document that has been signed?
Executed.
What is the statute of limitations on a judgment?
10 years.
What type of listing allows the owner to sell the property during the listing period and not pay a commission?
An exclusive agency listing.
Can an exclusive listing have an open-ended date?
No. All exclusive listings must have a definite termination date.
Who earns a commission on an open listing?
Only the agent who is the procuring cause.
Are net listings legal in California?
Yes. But, they are not recommended.
Expansion and contraction of available spaces is influenced mainly by what?
The elasticity of demand.
What is a kiosk?
A small freestanding building used for information purposes that is often found in shopping centers.
What term means “the study of the population”?
Demography.
What is a term for a very large city?
A megalopolis.
What is a request for zoning change of a single lot for the owners’ benefit called?
A variance.
Septic tanks must be installed how far from improvements?
At least five feet.
What is a setback?
The distance between the street and the front of the improvements that must remain unimproved to comply with ordinance.
What types of setbacks do most communities have?
Front, side and rear.
What is the purpose of the Franchise Investment Law?
To protect the franchise.
What type of funds are used to purchase a franchise?
Discretionary.
Who must publish a bulk sales notice?
The transferee (a buyer).
How many days before the sale must a bulk sales notice be published?
At least 12 days.
What is the purpose of the bulk sales notice?
To alert creditors to the sale.
How many times must the bulk sales notice appear?
Only once.
Under what jurisdiction is the bulk sales notice?
The bulk sales notice is under the Uniform Commercial Code.
What does a buyer need to obtain from the State Board of Equalization to avoid successor’s liability?
A clearance receipt.
Who does the buyer obtain a clearance receipt from, in order to avoid successor’s liability?
The State Board of Equalization.
What does a bill of sale do?
Transfers title to personal property?
Does a bill of sale transfer title to real property?
No.
What is required for a bill of sale to be valid?
The seller’s signature.
What department regulates liquor licensing?
The Department of Alcoholic Beverage Control.
How can a franchisor be exempt from the permit aspect of the Franchise Investment Law?
A franchisor must have a net worth of $5 million with at least 25 franchises operating continuously in the five years preceding the offering.
What are you testing for by turning on all faucets and flushing the toilets?
Water pressure.
What affects the value of property near a gas station?
Toxic waste.
What is another name for Title VIII?
The federal Fair Housing Act.
What is another name for the federal Fair Housing Act?
Title VIII.
What does “as is” refer to?
Observable defects.
What act prohibits discrimination in the membership of real estate boards and the multiple listing service?
Title VIII of the Civil Rights Act of 1968 (federal).
Under which act may an owner of a single-family residence take in one boarder to live with him or her and is exempt from the act?
California Fair Housing.
Which act controls businesses and prohibits discrimination?
The Unruh Civil Rights Act.
Under the Unruh Civil Rights Act are actual or punitive damages possible?
Both are possible.
Give three examples of illegal and unethical practices by a real estate licensee.
Steering, panic selling, and blockbusting.
What is redlining?
Discrimination by a financial institution.
What is the purpose of federal fair housing laws?
To provide fair housing for all persons in the United States.
Legal action based on alleged violations of fair housing laws can be brought in which court?
Both federal and state courts.
What landmark case barred racial discrimination in property matters in the U.S.?
Jones v. Mayer in 1968.
Which disclosure is required of sellers or transferors of one-unit to four-unit dwellings, since 1987?
A Real Property Transfer Disclosure Statement.
Is a Real Property Transfer Disclosure Statement required for an “as is” sale?
Yes.
Can a broker fill in the seller’s portion of the Real Property Transfer Disclosure Statement?
No.
A broker must disclose based on what?
A competent visual inspection of the accessible areas.
What is the point of Easton v. Strassburger?
A broker must make a competent visual inspection of the accessible areas and disclose.
As of 1988, what are agents required to give to seller and buyers of one to four dwelling units?
A written Agency Disclosure Statement.
What are three hallmarks of a fiduciary relationship?
Loyalty, integrity, and utmost care.
What are the names of the base and meridian lines in California?
Humboldt, Mt. Diablo, and San Bernardino.
What does the saying “miles square” refer to?
Shape.
What does the expression “square miles” refer to?
Area or content.
Is a township a six-mile square?
Yes.
How many square miles are in a township?
36.
How many townships are there in a 36-mile square?
36.
How many sections are there in a township?
36.
How many square miles are in a six-mile square?
36.
How many acres are in a section?
640.
What is a one-mile square?
A section.
Are range lines oriented north-south or east-west?
North-south. (Range, north and south all have five letters.)
Are base lines oriented north-south or east-west?
East-west., (Base, east and west all have four letters.)
How many square feet in an acre?
43,560 square feet to an acre.
How many feet on each side of a square acre?
208.71 feet on each side of a square acre.
How many square yards to one acre?
4,840 square yards to an acre.
How many feet in a mile?
5,280 feet to a mile.
How many rods to a mile?
320 rods to a mile.
How many feet to a rod?
16.5 feet to one rod.
How many rods to one chain?
Four rods to one chain.
How many feet to one chain?
66 feet to one chain.
How many square feet to a square yard?
Nine square feet to a square yard.
What is a brownfield site?
A contaminated abandoned parcel that may be complicated to develop.
What is a side yard setback?
The distance between the property line and the edge of the improvements.
Do you deduct side yard setbacks from one side or both sides?
Both sides.
How do you calculate build-able square feet?
Deduct the setbacks from the total lot area to arrive at build-able square feet.
What are contiguous lots?
Lots that abut each other, at any point of contact.