TEST QUESTIONS Flashcards
California’s Real Estate Law is found in the
Business and Professions Code
Every Real Estate broker must be licensed by the Department of
Real Estate
A real estate broker’s license may be obtained by
- Sole Proprietorship
- Corporation
- Partnership
Under the Real Estate Law, a real estate salesperson works for a broker as an
employee
A real estate salesperson is supervised by
The employing broker only
The Real Estate Law allows a business opportunity to be sold
by a real estate licensee
When is NOT required to have a real estate license, when selling a property?
Selling your own property
The applicant for a real estate salesperson’s license must complete how many college-level courses before taking the licensing examination?
Three
Real estate licenses are renewable for a period of
Four years
When a real estate license expires, licensed activity must cease but the license may be renewed up to
2 years
Under Spanish rule, land was owned primarily by the
King
In 1513, Balboa claimed all lands “washed by the Pacific Ocean” for the King of Spain
The term real estate means the same thing as
real property
Today, more than 50% of California land is owned by the
private sector
Real property includes
Land, appurtenances to land, and fixtures
Something that is used with the land for its benefit, such as a roadway or a waterway, is known as
an appurtenance
An appurtenance to land is anything used with the land for the benefit of its owners, such as a roadway, an easement, right of way, or condominium parking space
Personal property is usually transferred by a
bill of sale
Ownership of real property is usually transferred by an instrument called a deed. Personal property is usually transferred by a bill of sale
There are three principal baselines and meridians in California. The intersection of the Humboldt Baseline and Meridian is in
Northern California
The Humboldt Baseline and Meridian were established on Mt. Pierre in Humboldt County in 1853. The other two baseline and meridians were established a few years earlier
The rectangular survey system is also known as the
U.S. government survey system
How many sections are in a township
36
In medieval England, the highest form of ownership was the
freehold estate
The highest form of modern land ownership is known as
a fee simple absolute
The right of possession is restricted under a
fee simple subject to a power of termination
Fee simple subject to a power of termination is ownership in which the right of possession is restricted in some way by some limitation or condition.
The right of the future holder of what is currently a life estate is a
remainder
Someone who receives real property is known as the
grantee
Ownership in severalty is
separate ownership
Ownership in severalty, also called separate ownership or sole ownership, is ownership by one person. The property owner is the only person to receive the benefits (and responsibilities) of ownership
A holder of which of the following ownership interests can devise her share of the property to someone else?
Tenancy in common
What is (TTIP)
The four unities of joint tenancy are:
unity of time, title, interest, and possession
Community property is
all property acquired during marriage that is not separate
If a person dies without leaving a will, that person dies
intestate
a holographic will does NOT have to be
witnessed
Accretion is the process of accumulating new soil
along a flowing body of water
Land is torn away by the action of water in the process called
avulsion
Private land can be conveyed for public use or ownership by all of these methods
deed, statutory dedication, common law dedication
If an owner devoted land to public use, such as roadway, a transfer occurs by
common law dedication
A common law dedication occurs when a landowner devotes land to a public use, as when a roadway is opened to public use or described as such in the deeds to adjoining parcels
In order to be valid , a grant deed does NOT require
recording
There is no legal requirement that a deed be witnessed, that the grantor’s signature be verified, or that the deed be recorded in the county recorder’s office; nevertheless, such steps are practical necessities to prevent problems
Which of the following deeds is a security instrument?
Trust deed
The trust deed, also called a deed of trust, can be used when property serves as security for a debt, typically the loan used to purchase the property, but it can be any loan using the property as collateral to guarantee payment of the amount borrowed
Which type of deed would be used when the purchaser pays off a loan secured by the real estate?
Reconveyance deed
A reconveyance deed executed by the trustee is the means by which the trustee returns title to the trustor when the debt secured by the deed of trust is paid off. The beneficiary notifies the trustee that the debt has been cleared by sending the trustee a document called a request for reconveyance.
Liens are classified as
encumbrances
A mechanic’s lien requires
preliminary notice.
A notice of nonresponsibility would protect
a mechanic’s lien
