Aceable Agent: Real Estate Principles: Review Questions Flashcards

Aceable Agent: Real Estate Principles: Review Questions Flashcards A person who dies without a will diea. testate.b. intestate.c.with an executor.d. in eminent domain.

• Intestate

When soil is deposited on a riverbank, gradually building out the land, this process is calleda. accretion.b. alluvion.c.avulsion.d. subsidence.

• Accretion

A new broker opens a brokerage office and immediately

places an ad in the local newspaper: List Your House with

Me and I Will Pay You $500 at Closing. This practice isA.AcceptableB. MandatedC. DiscouragedD. Prohibited

• Acceptable

The Real Estate Law is found inA. The Licensing CodeB.The Business and Professions CodeC. The Health and Safety CodeD. The Corporations Code

• Business and Professions Code

A holographic will isA. OralB. TelegraphicC. HandwrittenD.Witnessed

• handwritten will

To be effective, a deed must bea. made on a printed form.b. signed by the grantor.c. delivered to the grantee by the grantor personally.d. all of these.

• signed by the grantor

The sale of real property generally is governed by the laws ofA. the state where the real property is located.B. the state where the owner of the real property resides.C. any of the states.D. the federal government.

• the state where the real property is located

The right to use adjacent land to go to and from a roadway is a(n)a. an encroachment.b. an easement.c. a restriction.d. a condition.

• Easement

If a real estate license is NOT renewed before it expires, the licenseea. is allowed to complete transactions in progress.b. is allowed to finish transactions that are substantially complete.c. must cease all real estate activities.d. may act under authority of another agent's license for a period not to exceed 60 days.

• Must cease all real estate activities

Elena moves onto Mike's land, builds a home, pays the property taxes, and claims she owns the property. When will she have good title, even against Mike?a. After 1 yearb.After 3 yearsc. After 5 yearsd. After 10 years

• after 5 years

A real estate licensee can offer a mobile home for sale that isa. in a manufacturing plant, ready for delivery.b.transportable under an exemption from the Vehicle Code.c.presold.d. in a location where it can legally remain for one year.

• In a location where it can legally remain for one year.

The homestead exemption for a single person is at leasta.$175,000.b. $100,000.c. $75,000.d. $50,000.

C. $75,000

The power of the state to take privilege property for public use is calleda. eminent domain.b. equitable estoppel.c. a public grant.d. abandonment.

• Eminent domain

Betty's property includes an easement over Al's land.Betty's property isa. the dominant tenement.b. the servient tenement.c. the easement.d. the encroachment.

• The dominant tenement

Title to a spouses martial property can be transferred upon death by the use ofa. an oral will.b. a tenancy in common.c.a living trust.d. a letter of intent.

• A living trust

When required, preliminary notice of right to file a mechanics lien should be givena. 90 days after notice of completion.b. 60 days after notice of completion.c. within 10 days of the starting time.d. within 20 days of the starting time.

• Within twenty days of the starting time

A house is for sale following a murder in the house six months earlier. A salesperson, showing an out-of-town prospect through the house, decides to keep information about the murder to himself. The salesperson's conduct isA. AcceptableB. MandatedC. DiscouragedD. Prohibited

• Prohibited

When doing business in California, a corporation charted in California isa. a domestic corporation.b. a foreign corporation.c. a Real Estate Investment Trust.d. a general partnership.

• A domestic corporation

When water recedes, creating a new shoreline, the process is calleda. accretion.b. alluvion.c. avulsion.d. reliction.

• Reliction

A section is:A. 640 ACRESB. SIX SQUARE MILESC.

5,000 FT BY 5,000 FTD. THREE LEAGUES

• 640 acres

In event of default, real property may be sold without court action if the mortgage or other lien instruments containsa. a trust deed.b. a power of sale.c. a tax deed.d. a right of entry.

• The power of sale

The owner of a life estate cana. sell only the life estate.b.never will the life estate.c. sell the fee simple estate.d. sell both the life estate and the fee simpleestate.

• sell only the life estate

Jessica and John own Blackacre as joint tenants. Jessica's will specifies that on her death her interest in Blackacre is to go to her sister Mona. When Jessica dies...a. Mona will be a tenant in common of Blackacre with John.b. Mona will be a joint tenant of Blackacre with John.c. John will be sole owner of Blackacre.d. the probate court will have to sell Black-acre and distribute the proceeds to John and Mona.

• John will be sole owner of Blackacre

During the days of Spanish rule, all land was owned bya.the missions.b. the government.c. the crown.d. the conquistadores.

• The Crown

A salesperson is selling the Greenacre Estate. An officer has been accepted, and the closing will take place in two weeks. While the owners are out of town, the buyer asks if the closing can be put off for one day. The salesperson agrees on behalf of the owners, for she is sure they will not object. The salesperson's conduct isA. AcceptableB.MandatedC. DiscouragedD. Prohibited

• Prohibited

Someone who receives real property by will is calledA. a deviseB. a deviseeC. a testatorD. a codicil

• Devisee

Marilyn's 40 acre tract, purchased from Alan, is landlocked, which means that she...a. has to enter it by helicopter.b.has an easement in gross over any land she chooses.c.has an easement by implication of law over any land she chooses.d. can get an easement by necessity over Alan's adjoining parcel.

• Can get an easement by necessity over Alan's adjoining

parcel.A limited partner isa. responsible for partnership activities.b. a general partner in some instances.c. not liable for partnership debts beyond the amount invested.d.required to take part in partnershipbusiness.

• not liable for partnership debts beyond the amount

invested The transfer of title from grantor to grantee and from grantee to a subsequent grantee, and so on, is calleda. a cloud on the title.b. the chain of title.c. delivery and acceptance.d. an acknowledgment.

• The chain of title

In California the Uniform Commercial Code governs sales transaction involvinga. real estate.b. bulk sales of goods.c.fixtures to real estate.d. riparian rights.

• Bulk sale of goods

In Greenacre is deeded by Lou to Mary for Mary's life, Lou hasa. a life estate.b. an estate in remainder.c. an estate in reversion.d. no interest.

• An estate in reversion

A fee simple estate that has no conditions is aa. a life estate.b. a remainder.c. a fee simple on condition subsequent.d. a fee simple absolute.

• Fee simple absolute

A township consists of how many sections?A. 12B. 18C.

4D. 36

• 36

An officer of Ajax Corporation, who is not a real estate license, successfully negotiated the purchase of the Smith Widget Plant on behalf of Ajax. The officer received a commission on the sale in addition to his normal salary.The officer of Ajax Corporation.a. did not need a real estate license for the deal.b. should have had a real estate license.c. is exempt from licensing requirements.d. None of these

• Should have had a real estate license.

A notice of completion should be filed within:a. 20 days

after completion of the work of improvement.b. 10 days after completion of the work of improvement.c. 20 days

after work stops.d. 10 days after supplies have been received.

• 10 days after completion of the work of improvement

A family unit isa. defined by law.b. limited in size.c. limited to the relatives of one's spouse.d. at least three people.

• defined by law