CA DRE Salesperson Exam Flashcards

CA DRE Salesperson Exam Flashcards A voluntary association between two or more people to carry on a business with general and limited partners.General and Limited Partnership In townships and sections, what are the horizontal and vertical lines called?Base lines (horizontal)Meridians (vertical) Crops produced on leased land by a tenant farmer from an annual cultivation considered personal property.Emblements A personal property interest in real property; an old term meaning personal property.Chattel or Chattel Real A method of acquiring title to real property, through possession of the property for a statutory period under certain conditions, by a person other than the owner.Adverse Possession Property that is movable and not real property. Personal Property Effective ageAn appraiser's judgement as to a building's remaining economic life Limiting conditionA statement that specifically limits the application of the conclusions in an appraisal report.Does property refer to "rights" or "thing" owned? Thing How many square miles are in a township? 36 square miles Co-ownersip of property by two or more persons who hold undivided interest, without right of survivorship. The interest need not be equal.Tenancy in Common What are fixtures?Personal property that is attached to land so that it becomes a part of the real property.What are metes measures of?Length, such as feet, yards, etc If one joint tenant dies, does the surviving joint tenant become full owner of the property, to the exclusion of heirs?Yes.September 9, 1850Admission of CA into US The rights of tenants who rent or lease property is what type of estate?Less-than-freehold How many square feet are in an acre?43,560 square feet What are the two types of property?real and personal The reverting of private property to the state when there are no valid heirs.Escheat Documents filed with the County Recorder in such a way as are considered open notice to the world.Constructive Notice The reasonable space above a parcel; or in a condominium, the cubic area of a space within the walls.Airspace Analyzing the appraisal problem, selecting the appropriate method of valuation, and giving it the most weight is called...Reconciliation

What type of USPAP requirement do not allow for departure from the standards rule?

• Binding; 2. Specific; 3. Silly; 4 Strict? Look up this one

If property is not real property, than what type of property is it?Personal property Property owned by one person?Sole or several ownership Undivided ownership of a property interest by two or more persons, each of whom has a right to an equal share in the interest and a right of survivorship.Joint Tenancy What are the three main sets of base and meridian lines in California?1) Humbolt2) Mt. Diablo3) San Bernardino An event that must happen before title is passed. Condition Precedent A person authorized by the state to witness the signatures of persons executing documents, sign the certificate and affix the seal.Notary Republic A deed using the word "grant", or like words, containing warranties against prior conveyances and encumberances.This is the most commonly used deed in California.Grant Deed How many feet are in a mile?5,280 feet Imaginary east-west lines that intersect meridian lines to form a starting point for the measurement of land.Base Lines A square created by the intersection of a range and township line?a township Non-possessor y interests.Encumbrances The means of acquiring interests in land, usualy an easement, by continued use.Perscription When property is not described by a recorded map, what type of description may be used?Metes and bounds A condition attached to an estate whereby the estate is defeated or changed through the failure or non-performance of the condition.Condition Subsequent Notice given through public record is what type of notice?Constructive Notice When a tenant voluntarily moves out of an apartment and never returns.Abandonment or Vacating A legal entity, sanctioned by the state, with rights and liabilities, distinct and apart from those of the persons composing it.Corporation What method requires the appraiser to measure the quantities of various components, such as foundation, floor, walls, roof, etc Unit-in-place method The giving of private land by its owner for a public use; most commonly, the developer who gives it to the city.Dedication An area of land equaling 43,560 square feet, or a tract about 208.71 feet square.Acre Appraisal Qualifications BoardConcerned with the education, testing and experience requirements for appraisers.

An acre of land less the amount of land dedicated for public improvements (sidewalks, alleys, etc) Commercial Acre The right of a landowner, whose land borders a stream or waterway, to use and enjoy the water, provided such use does not injure the rights of other owners.Riparian Rights The acquiring of additional property.Accession What are three kinds of personal property? 1) money2) movable goods/chattels3) evidence of debt What are the two types of freehold estates? 1) an estate in fee (simple absolute)2) a life estate.A legal description of land, setting forth all the boundary lines with their terminal points and angles.Metes and Bounds What are bounds?Natural or man-made boundaries and landmarks used to describe property, such as rivers roads, trees, fences, creeks, etc What are the five tests used by the courts to determine if an item is a fixture?MARIAM ethod of attachmentA greement as to nature of propertyR elationship of parties (landlord/tenant)I ntentionA daptability for ordinary use Eminent domainThe power of the government to take private property for public use.Allbthe legal rights relevant to ownership of property including rights of use, posssession, encumbering, and disposition.Bundle of Rights Simultaneous ownership of property by two or more people can be what types of ownership?

• Joint (joint tenancy)2. Common (tenancy in common)3.

Community ownership (community property)4. Partnership Interest (tenancy in partnership) Point estimateThe final value estimate stated in a single dollar amount An estate that reverts back to the grantor after the life of the tenant expires.Reversion Imaginary north-south lines used in government surveys.Meridian lines An estate of unlimited duration, eg fee simple or life estate.Freehold Estate The court procedure proving that a will is valid. Probate In a vertical subdivision, what is separated from ownership of the rest of the property?

• Subsurface2. The surface3. The air space

Leased feeThe interest of the owner of leased property How many acres are in a half section of a township?320 acres When is a tenancy in common created?If an instrument conveying property title to two or more people does not specify whether the interest in the property is joint tenancy, in partnership, or common property.When title is held as tenants in common, is there right of survivorship?NO. The deceased undivided interest in property may go to heirs.A square of land (US Government Survey) that contains 640 acres and is one square mile.Section What are the four different duration types that are associated with estates?1) estates of inheritance or perpetual estates2) estates for life3) estates for years4) estates at will What four things make up real property?1) land;2) anything affixed and regarded as permanent part of the land;3) anything incidental or appurtenant to the

land;4) anything immovable from land