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California Real Estate > Real Estate Principles > Flashcards

Real Estate Principles Flashcards

1
Q

When did California become a territory of the United State?

A

California achieved full statehood on September 9, 1850.

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2
Q

The law designates the rights that accompany ownership of real property as the bundle of rights. What are the bundle of rights?

A

1) The right to OWN property
2) The right to POSSESS property
3) The right to USE property
4) The right to ENJOY property
5) The right to ENCUMBER property or borrow money on the property
6) The right to DISPOSE of property
7) The right to EXCLUDE those who do not share ownership of the property

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3
Q

The right of the owner of land bordering on a river to use the river water in a reasonable manner is called?

A

Riparian Rights

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4
Q

What is the main feature of personal property?

A

It’s Mobility

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5
Q

The right of the state to give permission to a nonriparian owner to take water from a river or lake is called?

A

Right of Appropriation

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6
Q

Which group of explorers and colonizers set up presidios and pueblos in the early days of California?

A

Spanish

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7
Q

Arnold and Sally are tenants in an apartment. They add temporary shelves in the kitchen. When they move, the shelves will probably be considered?

A

Personal Property

Because the shelves are temporary they can take them with them when they move, becoming personal property.

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8
Q

The words ‘chattel’ and ‘chose’ stand for?

A

Personal Property

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9
Q

Wall-to-wall carpeting in a single-family dwelling is usually considered to be?

A

A Fixture

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9
Q

All other things being equal, in a dispute between a buyer and a seller over a fixture, the courts tend to favor?

A

The Buyer

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11
Q

Personal property that is attached to the land in such a manner that it becomes part of the real property is called?

A

A Fixture

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12
Q

Garcia leases a retail store and operates a jewelry business. When she moves, her business machines and shelves will probably be considered?

A

Trade Fixtures.

(Articles of personal property that a business tenant has attached to real property because of their need to be used in a trade or business.)

Used by the business, not sold to customers

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13
Q

The water flowing down a river gradually builds up the land along the bank by leaving deposits of soil; what is this action called?

A

Accretion

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14
Q

Growing vegetable crops are sometimes referred to as?

A

Emblements

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15
Q

Which material is not considered capable of absolute or exclusive ownership until reduced to possession?

A

Oil.

Oil and gas are special classes of minerals and are governed by the rule of capture because of their shifting nature.

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16
Q

Ms. Jones was killed in an automobile accident. When the courts were called upon to distribute her property, they found she had died interstate. This means what?

A

That she died without a will.

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17
Q

If a married man with two children died without leaving a will, separate property that was purchased by him before he married and was maintained as separate property during the marriage would be distributed how?

A

One-third to the widow and two-thirds to the children.

Interstate Succession (No Will)
Separate Property distribution:

Spouse and one child (50/50)
Spouse and two or more children (1/3 & 2/3)
No spouse, no children (all goes to next of kin)

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18
Q

The state urgently needs a piece of property to complete a project for public use. The owner did not wish to sell. What method would be used to acquire the property?

A

Eminent Domain

must be taken for a public use

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19
Q

Tests of a Fixture:

A
  • Method of attachment
  • Adaptability
  • Relationship
  • Intention
  • Agreement

MARIA

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20
Q

An orange tree in a suburban backyard is real property. An orange on the ground that has fallen off the tree is?

A

Person property, because it’s movable.

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21
Q

Hostile, open, and notorious use of another person’s land for five years is required for title by?

A

Adverse Possession

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22
Q

An instrument by which the government grants title to a person is a(n)?

A

Patent

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23
Q

A deeds to B, who does not record the deed or take physical possession of the property. A then deeds to C, who had no notice of the prior deed to B. C records the deed. In a dispute over title between B and C, what is a general rule to remember?

A

The first to record is the the first in right.

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24
Q

An after acquired title provision occurs in what type of deed?

A

Grant Deed

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25
Q

When does a Private Grant occur?

A

Private Grant occurs when an owner voluntarily conveys his or her ownership rights to another. The basic instrument used in this transaction is a deed.

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26
Q

A _______ will is a formal typewritten document signed by the individual who is making it, wherein he or she declares in the presence of at least two witnesses that it is his or her will. The two witnesses, in turn, sign the will.

A

Witnessed

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27
Q

Because of its peculiar shape, the state of California requires three principal base lines and meridians. What are they?

A

Humboldt Base Line and Meridian

(Northwestern California. The actual point of beginning is on Mt. Pierce, south of Eureka, California.)

Mt. Diablo Base Line and Meridian

(Central and Northwestern California. The actual point of beginning is on Mt. Diablo, near Walnut Creek, California.)

San Bernardino Base Line and Meridian

(Southern California. The actual point of beginning is the intersection of Base Line Street and Meridian Avenue in San Bernardino, California.)

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28
Q

How many acres in a township?

A

640 Acres

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29
Q

One acre is how many square feet?

A

43,560 Square Feet

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30
Q

A _______ will is a document written, dated, and signed in its entirety in the hand writing of the maker. It requires no witnesses.

A

Holographic

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31
Q

The term ‘escheat’ is a legal term meaning?

A

Title has reverted to the state.

(Escheat is the legal process whereby ownership of property reverts to the state due to lack of heirs or want of legal ownership.)

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32
Q

A ________ will is a preprinted form approved by the state in which a person merely fills in the blanks, usually without formal legal assistance. This will requires at least two witnesses.

A

Statutory

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33
Q

What is avulsion?

A

Avulsion occurs when a river or stream, during a storm or earthquake, carries away a part of the bank and bears it to the opposite bank or to another part of the same bank.

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34
Q

How many feet are in one square acre?

A

208.71 Feet

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35
Q

It is impossible for a corporation to legally hold title as a:

A) Trustee
B) Joint Tenant
C) Tenant in Common
D) California Corporation

A

B) Joint Tenant

A corporation is not allowed to hold title as a joint tenant because, in theory, a corporation never dies.

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36
Q

When does Foreclosure Action take place?

A

Foreclosure Action takes place when a person holding a delinquent lien on a property institutes proceedings requesting the forced sale of property.

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37
Q

Which of the following is considered to be a less-than-freehold estate?

A) Fee simple absolute
B) Life estate
C) Leasehold estate
D) Fee simple defeasible

A

C) Leasehold Estate

Less-than-freehold estates are interests held by tenants who rent or lease property. Tenants are also called lessees or leaseholders.

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38
Q

When does a Public Grant occur?

A

A Public Grant occurs when a governmental agency deeds property to an individual or institution.

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39
Q

How many feet are in a mile?

A

5,280 Feet

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39
Q

The single most important characteristic of joint tenancy is what?

A

Right of Survivorship

(The most important characteristic of joint tenancy is the right of survivorship. This means that if one tenant dies, the surviving joint tenant(s) acquire the deceased interest without a court action such as probate.

41
Q

A deeds a life estate to B; upon B’s death, title is to pass to C. What is this an example of?

A

Remainder Estate.

Example: if the person granting the life estate (A) designates that the title is to go to some other person upon the death of the life estate holder (B), the person so designated (C) is said to have an estate in remainder.

42
Q

Fee Simple Defeasible is?

A

The term Fee Simple Defeasible is when an owner holds title subject to deed restrictions.

(Fee simple qualified (defeasible), which the owner holds title subject to special conditions, limitations, or private deed restrictions that limit the use of the property.)

43
Q

A, B, and C are joint tenants, and they hold title to the NW 1/4 of Section 24 in some township. C deeds her interest to D.

A) D is a joint tenant with A and B

B) D acquired approximately 53.33 acres

C) D owns a one-third interest in 160 acres

D) A, B, and D are all tenants in common with each other

A

C) D owns a one-third interest in 160 acres.

1/4 of Section 24 = 160

A, B, and C = Joint Tenants

640 divided by 4 (1/4NW) = 160 acres

44
Q

How can you remove an easement on a parcel of land from the records?

A

The most common way to terminate an easement is by express release. The dominant tenement usually issues a quitclaim deed to the servient tenement owner, which extinguishes the easement.

45
Q

In California, without any evidence to the contrary, a husband and wife or registered domestic partners are presumed to hold title as?

A

Community Property

47
Q

If an owner files a notice of completion, a general contractor has how many days to file a mechanics’ lien?

A

Sixty Days

48
Q

What are the four unities of joint tenancy?

A

1) Unity of Time
2) Unity of Title
3) Unity of Interest
4) Unity of Possession

49
Q

For a married person or registered domestic partner, what is most likely to always be delegate property?

A

Gift

50
Q

A plaintiff takes a case to court and obtains a judgment. To create a lien on the defendant’s property, the plaintiff must record what?

A

An Abstract of Judgment.

51
Q

Materials were delivered to a building site for the construction of a commercial building. To be sure the supplier can collect for the cost of the material, he or she should file what?

A

A Preliminary Notice

(The law requires that all mechanics and material suppliers must give written notice to the owner, the general contractor, and the construction lender, if there is one, of their right to file a lien against the property if they are not paid.)

52
Q

What does ‘ingress’ mean?

A

Entering

53
Q

When a property owner discovers that a neighbor has built a structure on a portion of his or her property, how long does the property owner normally have to bring an action against the neighbor?

A

Three Years

54
Q

What does ‘egress’ mean?

A

Exiting

55
Q

A judgment is considered what type of lien?

A

An Involuntary Lien.

Could also include mechanics’ lien, tax liens, and attachments.

55
Q

Once properly recorded, how long is an abstract of judgment good for?

A

Ten Years

56
Q

Can an infant take title to real property?

A

Yes, an infant can receive title by gift or inheritance but cannot convey title without a guardian or other court approval.

57
Q

Define ‘estates’?

A

An estate is defined as the degree, quantity, nature, and extent of interest a person has in property.

58
Q

What is a ‘deed’?

A

A deed is a written document by which (when properly executed, delivered, and accepted) title to real property is transferred from one person, called a grantor, to another person, called a grantee.

59
Q

If an owner files a notice of completion, a subcontractor has how many days to file a mechanics’ lien?

A

Thirty Days

61
Q

Can a person take title under an assumed name?

A

Yes, but upon resale, he or she may have difficulty proving identity for a notary public.

62
Q

Private deed restrictions are known as CC&Rs. What does the first C stand for?

A

Covenant

covenant, conditions and restrictions

62
Q

If a landlord wishes to be protected from a mechanics’ lien on work ordered by a tenant, upon discovery of the work, the landlord must file a notice of no responsibility within how many days?

A

Ten Days

63
Q

A real estate agency exists between:

A) The seller and the buyer
B) The broker and the principal
C) The borrower and lender
D) The landlord and tenant

A

B) The Broker and Principal

Principal (seller) appoints agent (real estate broker) to find a buyer.

64
Q

What is a fiduciary relationship consist of?

A

A fiduciary relationship is one of loyalty, obedience, and confidentiality.

65
Q

The use of cooperating agents is illegal under California law?

True or False

A

False.

If the seller gives permission in the listing agreement, an agent can assign some of his or her duties to other licensed agents. The other agents are called subagents but most feel uncomfortable being called subagents so instead prefer to be viewed as cooperating agents.

66
Q

What are the three ways a real estate agency can be created?

A

1) Agreement
2) Ratification
3) Estoppel

67
Q

There are six ways to terminate a real estate agency. What are they?

A

Termination by:

1) Competition of the agency agreement
2) Expiration of Time
3) Death of the principal or death of the agent
4) Destruction of the property
5) Mutual consent
6) Unilateral action of the agent or the principal

68
Q

How does a salesperson become an agent?

A

By his or her association with a broker. A salesperson’s license is valid only when he or she is working for a real estate broker. It is through this association with the real estate broker that a salesperson also becomes an agent.

69
Q

A salesperson collects his or her commission directly from the seller.

True or False

A

False. A real estate salesperson can receive compensation only from his or her broker. When escrow is closed, the escrow company usually sends the entire commission to the employing broker, who in turn writes a delegate check to the salesperson.

70
Q

Unless instructed to hold the check unwashed, a buyer’s deposit must be placed with the appropriated party or account within how many business days?

A

Within three business days.

71
Q

The maximum amount per individual claim against the Department of Real Estate Recovery Fund is?

A

$50,000

72
Q

When a real estate agent mixes his or her personal funds with that of a principal, the agent is guilty of what?

A

Commingling

73
Q

In today’s real estate market, when a real estate agent uses agents from other real estate companies to help find a buyer, the other agents are called?

A

Cooperating Agents

74
Q

Under a buyer’s agency, the fiduciary relationship is between the broker and who?

A

It is between the broker and the buyer.

75
Q

What is the most common form of a listing agreement found in California?

A

An exclusive authorization and right-to-sell listing.

76
Q

What listings must have a definite termination date?

A

Exclusive agency and exclusive authorization and right-to-sell listing.

77
Q

What listing stipulates that the agent may earn anything over the seller’s stipulated amount after giving the seller proper disclosure?

A

A net listing

78
Q

A listing is?

A

A bilateral contract

79
Q

What is another term for ‘deposit receipt’?

A

A purchase agreement

80
Q

A contract that still needs some action by one or more of the parties is?

A

Executory

81
Q

Who signs the real estate transfer disclosure statement?

A

Buyer, seller, and agent/broker.

82
Q

What is Megan’s Law?

A

Megan’s Law shows the location of registered sex offenders.

83
Q

A fully amortized promissory note with equal payments to liquidate a debt would be a what?

A

An installment note

84
Q

Under a deed of trust (trust deed), the lender is?

A

The beneficiary

85
Q

What is a due-on-sale clause?

A

An alienation clause

86
Q

The disclosure requirement concerned with special flood areas, dam failure, high fire severity, wildland forest fires, earthquake fault zones, and seismic hazard zones is the?

A

Natural hazard disclosure statement

87
Q

Under which financing. Instrument is the seller known as the vendor?

A

An installment sales contract

88
Q

Once a trustee records a notice of default, how much time does the borrower have to make up the delinquencies and stop the foreclosure?

A

Ninety days prior to the sale

89
Q

The executrix of an estate is?

A

Named in the testator’ will.

90
Q

“Beginning on a point on the North line of Bard Avenue distant 218.00 feet East from the Northeast corner of Bard Avenue and Elm Street.” This legal description is?

A

Metes and bounds

91
Q

Recording of a deed gives?

A

Constructive notice

92
Q

A telephone company’s right to enter your property to maintain power lines is an example of?

A

A mechanics lien

93
Q

If zoning laws allow a property to be used in such a manner that is prohibited by a lawful deed restriction, the..?

A

Zoning allowance should prevail over a deed restriction.

94
Q

If a real estate salesperson decides to work for a new broker, the existing listings obtained by the salesperson belong to whom?

A

The former broker

95
Q

Ms. Lightdeer showed a property to Mr. and Mrs. Chu without having an agency agreement with the owner. Later the owner accepted the offer to purchase, which was submitted by Ms. Light deer on behalf of Mr. and Mrs. Chu. The owner consented to Ms. Lightdeer’s unauthorized acts. Under these circumstances, an agency could be created by?

A

Ratification

96
Q

Homeowner Raymond appoints Broker Cecilia to find a buyer. Later a qualified buyer is found, all papers are signed, and all loans are approved. The home is scheduled to be transferred on June 1. On May 30, Homeowner Raymond dies. What happens?

A

The real estate agency is canceled, and Broker Cecilia has earned the commission.

97
Q

If during the escrow process but prior to closing the sale, a fire destroys the home being sold, what would happen?

A

The buyer need not complete the purchase and is entitled to the deposit back.

98
Q

When a buyer is purchasing a condominium or a unit in a planned unit development (PUD), said buyer must be given which of the following regarding the CC&Rs, homeowner dues, and financial and legal status of the homeowner’s association?

A) A seller financing addendum and disclosure statement

B) A real estate transfer disclosure statement

C) A common interest development general information

D) A natural hazard disclosure statement

A

C) A common interest development general information

99
Q

A buyer and seller sign a valid California Residential Purchase Agreement and Joint Escrow Instructions contract. Per the terms of this contract, any statutory and lead disclosures cannot be waived by the mutual agreement of the buyer and the seller.

True or False

A

True

California Real Estate (1 decks)

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