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Real Estate Law > Real Estate LAW > Flashcards

Real Estate LAW Flashcards

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0
Q

IN THE UNITED STATES WE FOLLOW WHICH SYSTEM OF CIVIL LAW?

A

Roman Law

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1
Q

THE SYSTEM OF LAWS BASED ON ENACTED STATUES IS CALLED?

A

STATUTORY LAW

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2
Q

ADMINISTRATIVE AGENCIES MAKE RULES AND REGULATIONS TO IMPLEMENT OUR?

A

FEDERAL LAWS

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3
Q

THE REAL ESTATE COMMISSIONER CAN’T…

A

SETTLE COMMISSION DISPUTES BETWEEN LICENSEES

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4
Q

WHAT ACT AUTHORIZES THE COMMISSIONER TO HOLD FORMAL HEARINGS TO DETERMINE DISCIPLINARY ACTIONS AGAINST A LICENSEE?

A

ADMINISTRATIVE PROCEDURE ACT

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5
Q

SMALL CLAIM COURT CASES ARE LIMITED TO HOW MUCH?

A

$10,000 OR LESS FOR INDIVIDUALS.

$5,000 OR LESS FOR BUSINESSES.

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6
Q

WHAT IS NOT ALLOWED IN SMALL CLAIMS COURT?

A

ATTORNEY REPRESENTATION

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7
Q

MOST REAL ESTATE DISPUTES ARE HANDLED BY WHAT COURT?

A

SUPERIOR COURT

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8
Q

THE PLAINTIFFS EXAMINATION OF A WITNESS IS CALLED?

A

DIRECT EXAMINATION

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9
Q

DAMAGES THAT GO BEYOND ACTUAL COMPENSATION FOR INJURY ARE KNOWN AS?

A

PUNITIVE DAMAGES

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10
Q

A LEGAL ACTION TO DETERMINE THE OWNERSHIP OR RIGHTS IN REAL PROPERTY IS CALLED?

A

QUIET TITLE ACTION

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11
Q

A WRITTEN AGREEMENT WHEREBY A PRINCIPAL APPOINTS AN AGENT TO ACT ON HIS OR HER BEHALF AS AN ATTORNEY IN FACT IS KNOWN AS?

A

POWER OF ATTORNEY

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12
Q

LISTINGS NORMALLY CREATE WHAT KIND OF AGENCY?

A

EXPRESS AGENCY

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13
Q

A PRINCIPAL WHO BY WORD OR ACTION LED ANOTHER TO BELIEVE AN AGENCY EXISTS COULD HAVE CREATED?

A

AGENCY BY ESTOPPEL

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14
Q

A DUEL AGENCY HAS AN INHERENT PROBLEM OF?

A

CONFLICTING INTERESTS

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15
Q

A PERSON WHO CLAIMS TO BE AN AGENT WITHOUT HAVING AUTHORITY IS?

A

LIABLE FOR THEIR ACTS

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16
Q

THE DOCTRINE OF RESPONDEAT SUPERIOR STATES THAT?

A

A MASTER IS LIABLE FOR THE ACTIONS OF HIS OR HER SERVANTS OR EMPLOYEES

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17
Q

IF THE PRINCIPAL WRONGFULLY TERMINATES THE AGENCY AGREEMENT THE AGENT IS ENTITLED TO?

A

DAMAGES

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18
Q

IN AN AGENCY COUPLED WITH AN INTEREST THE AGENT HAS?

A

AN INTEREST IN THE SUBJECT MATTER OF THE AGENCY.

19
Q

WHAT DOES ETHICS DETERMINE ABOUT ACTIONS?

A

IF THE ACTIONS ARE RIGHT OR JUST

20
Q

TO AVOID WITHHOLDING INCOME TAXES AND CONTRIBUTING TO SOCIAL SECURITY MOST REAL ESTATE BROKERS SPECIFY THAT THEIR SALES PEOPLE ARE?

A

INDEPENDENT CONTRACTORS

21
Q

NET LISTING ARE THREE THINGS:

A

ILLEGAL IN MOST STATES
LEGAL IN CALIFORNIA
ABSOLUTELY BAD NEVER TAKE ONE.

22
Q

AN OPTION COMBINED WITH A LISTING ALLOWS THE BROKER TO WHAT?

A

THE OPPORTUNITY TO PURCHASE THE PROPERTY IF A BUYER CAN NOT BE FOUND

23
Q

A REFERRAL FEE OR FINDERS FEE TO A NON LICENSEE IS LEGAL FOR?

A

AN INTRODUCTION

24
Q

THE PRIMARY RESPONSIBILITY OF THE REAL ESTATE COMMISSIONER IS TO?

A

PROTECT THE PUBLIC

25
Q

THE DOCUMENT THAT INITIATES DISCIPLINARY ACTION AGAINST A LICENSEE IS THE?

A

ACCUSATION

26
Q

NOT EXEMPT FROM REAL ESTATE LICENSING WOULD BE?

A

PARTIES SELLING SHARES IN REAL ESTATE SYNDICATES

27
Q

A BANK LOAN ON AN OWNER-OCCUPIED DWELLING MAY NOT HAVE A PREPAYMENT PENALTY AFTER?

A

3 YEARS

28
Q

THE PURPOSE OF SAFE IS TO?

A

REDUCE FRAUD

29
Q

A PREPAID RENTAL LISTING SERVICE CHARGED $500 FOR A LIST OF PROPERTIES. IF THE CLIENT FAILED TO FIND A RENTAL AND REQUESTED RETURN OF THE FEE, THE LISTING SERVICE SHOULD RETURN?

A

$450

30
Q

A VALID REAL ESTATE CONTRACT REQUIRES FOUR ELEMENTS, THEY ARE?

A

COMPETENT PARTIES
MUTUAL CONSENT
LEGAL PURPOSE
CONSIDERATION

31
Q

A RIGHT THAT CAN ONLY BE EXERCISED IF THE OTHER PARTY IS WILLING IS A?

A

RIGHT OF FIRST REFUSAL

32
Q

AN OWNER SOLD HIS HOME AND DIDN’T PAY A COMMISSION. THE LISTING IN FORCE WAS EITHER?

A

AN OPEN LISTING
OR
AN EXCLIUSIVE AGENCY LISTING

33
Q

A TRANSLATION OF A PURCHASE OFFER WAS REQUIRED BECAUSE THE OFFER WAS NEGOTIATED IN WHAT LANGUAGE?

A

SPANISH

34
Q

THE PARCEL EVIDENCE RULE DEALS WITH?

A

PROHIBITION ON USING ORAL STATEMENTS TO MODIFY A COMPLETE WRITTEN AGREEMENT

35
Q

WHAT IS AN ASSIGNMENT?

A

TRANSFER OF ALL INTEREST IN A CONTRACT OR A LEASE

36
Q

A SELLER MISTAKENLY INCLUDED A LARGER PARCEL IN THE DEED THAN BARGAINED FOR. THE SELLER WOULD SEEK WHAT?

A

REFORMATION

37
Q

A PARTY SUFFERED $100,000 IN DAMAGES BUT THE COURT AWARDED $500,000. THE ADDITIONAL AMOUNT WOULD BE CONSIDERED?

A

PUNITIVE DAMAGES

38
Q

A BUYER’S LISTING AUTHORIZES AN AGENT TO?

A

LOCATE PROPERTIES FOR BUYERS CONSIDERATION

39
Q

AN AGENT NEGLECTED TO FILL IN ANY COMMISSION AMOUNT IN A LISTING. AFTER A SUCCESSFUL SALE, THE AGENT WOULD BE ENTITLED TO?

A

NOTHING

40
Q

PROCURING CAUSE NEED NOT BE SHOWN FOR?

A

AN EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL LISTING

41
Q

A CONTRACT TO MAKE A CONTRACT IS?

A

AN OPTION

42
Q

RECORDS OF REAL ESTATE BROKER MUST BE RETAINED FOR?

A

3 YEARS

43
Q

AN EXCLUSIVE LISTING IS A BILATERAL CONTRACT BECAUSE?

A

THE PRINCIPAL AGREES TO PAY A FEE AND THE AGENT AGREES TO USE DUE DILIGENCE

44
Q

THE SAFETY CLAUSE IN A LISTING PROTECTS AN AGENT AS TO?

A

A SALE AFTER THE LISTING EXPIRES

Real Estate Law (1 decks)

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