CA Real Estate Principles Final 2023 Flashcards

CA Real Estate Principles Final 2023 Flashcards reinstatementBefore a foreclosure sale takes place, the default can be cured and the borrower can exit the foreclosure process by paying all delinquencies and costs in a process known as give the tenants a written notice to pay or quit and then file an unlawful detainer action.The legal way to evict tenants who are in default on their rent is for the landlord to the mortgagorWhen property is used to secure payment of a debt or obligation, a lien on the property is given by the borrower, who is called accretionThe gradual addition to land through natural causes is called regressionThe appraisal principle that is considered the opposite of progression is the mobilehome has been registered with the Department of Housing and Community Development.Real estate licensees are authorized to help people buy and sell mobilehomes provided 1% of assessed value plus voter-approved indebtednessThe maximum annual real property tax rate in California is Sales involving one- to four-family dwellings, except for specified exempt transactions The Transfer Disclosure Statement (TDS) is required in which type of transaction?a net leaseA lease in which a tenant pays a base rent plus some expenses is called Option listingWhat type of listing is typically used when the broker may want to purchase the property?five yearsA fictitious business name statement must be renewed every the R- valueThe effectiveness of various kinds of insulation is expressed by the value of a property is determined by the cost of acquiring an equally desirable substitute property The appraisal principle of substitution states that five yearsOne of the requirements to acquire title by adverse possession is to pay all the property taxes for right of survivorshipThe special benefit of joint tenancy is metes and boundsThe legal method of describing land that would be used to follow each boundary for a given distance for an irregular parcel is studsThe vertical supports of a house frame are called a chain of titleThe history of documents affecting title to a property is called an exclusive right-to-sellThe listing agreement in which a broker is entitled to a commission no matter who sells the property is known as mutual consentA contract is NOT created until offer, acceptance, and communication of acceptance have taken place and the parties have arrived at

joistsParallel wooden beams that support flooring are called a notice of nonresponsibility.An owner of property can protect against a mechanic's lien for unauthorized work by filing illegalUndisclosed dual agency is a quitclaim deedThe instrument usually used to clear clouds on title or to terminate deed restrictions is by implication of lawA gas company that does not own adjacent land has a right-of-way over an owner's land. Such an interest is known as an easement a mobilehome not permanently attached to a foundation.Real property does NOT include a holographic willA will that is in the testator's own handwriting is called a grant deedA deed that conveys after-acquired title and contains implied warranties is gross income less vacancy and expensesNet operating income is correlationReconciliation is the same as gross income multiplierA simplified alternative to capitalization of net income that does not take into account vacancies, bad debts, or expenses is called an encumbranceA lien is an example of finding a ready, willing, and able buyer A listing agreement is an employment contract that appoints a broker as an owner's agent for the purpose of avulsionThe sudden loss of land through natural causes is called the recovery account.The special fund established to help compensate parties who have obtained a judgment against licensees that is uncollectible is called an exclusive agencyA listing agreement in which the owner retains the right to sell the property without paying a commission to the listing agent is known as raceThe Civil Rights Act of 1866 prohibited discrimination based on dedicationA transfer of real property from a private individual to the state for public use is called considerationTo have a valid contract, an obligation or payment by each party must be made, which is referred to as Section 3In a township, the section north of Section 10 is a straight noteThe repayment of a loan that is made by installments of interest only with the principal due in a lump sum is eight college-level coursesTo qualify for a real estate broker's license, a person must complete lead-based paintIf a home was built before 1978, the buyer has to be given the opportunity to have the home tested for conventional loans.Loans that do NOT involve government cooperation, such as a guarantee or insurance, are known as 1919The California Real Estate Law was upheld in

$50,000 per transaction/$250,000 per licensee The limits on what can be paid out of the Recovery Account are refusing to make loans in a particular neighborhood because of its geographic location.Redlining is the discriminatory practice by lenders of like-kind propertyTo qualify for a tax-deferred exchange, the trade must be for be 18 years of age or olderTo have the capacity to contract, a person must ContributionA man wants to add a swimming pool and spa to his single-family home. He asked an appraiser to determine whether the new improvements would add value to his home. The appraiser would rely on which principle?a rejectionA counteroffer is legally considered owned and occupied the property for two out of the last five years Homeowners can exclude from taxation up to $250,000 of profit for a single person and $500,000 for a married couple so long as they the deed of trustThe financing instrument favored in California is a quitclaim deedA deed that makes no express or implied warranties that the grantor owns any interest in a property is make construction loansReal estate licensees act as mortgage brokers when they the Alquist-Priolo Earthquake Fault Zoning Act. The law that requires sellers and agents to disclose if the property is located within a state delineated earthquake fault zone is

• yearsAn easement by prescription terminates after nonuse for

police powerA city or county's master plan is an example of government land-use controls where the authority is derived from the government's 640 acresA section contains a conditionThe penalty for violating a covenant is NOT as harsh as violating separate ownership by one personOwnership in severalty is a way of taking title to real estate that involves Reconveyance deedThe return of title to a borrower after the payoff of a debt is accomplished by the trustee executing and delivering which document to the trustor?the same force and effect as lawThe Real Estate Commissioner's regulations have FHA and VA residential loansGinnie Mae is a federal agency that backs an operable smoke detector.California law requires that every single-family home that is sold has intestateWhen a person dies without a will, the person is said to have died factors outside the propertyEconomic obsolescence is a type of depreciation that results from lower valueThe appraisal principle of regression provides that a property of higher value tends to decrease in value when surrounded by properties of

two yearsA prepaid rental listing service (PRLS) license is valid for the sales comparison approachThe appraisal method used to appraise amenity-type property is the county clerkA fictitious business name statement must be filed with specific performanceA remedy for a breach of contract is to sue to fulfill the terms of the contract, which is called Interpleader actionWhat does an escrow officer file with the court when the buyer and the seller are unable to resolve a dispute regarding the release of funds?landlocked propertyAn easement by necessity is often created by the courts to prevent signed by the grantor.The requirements for a valid deed are that the grantor must be competent and that the deed must be in writing, designate a grantee, have a granting clause, have an adequate description of the property, and be LicenseA man and a woman have two adjoining parcels of land.The man gives the woman a written, revocable, nonexclusive right to cross over his land as a short cut to his rear yard. What is this right called?April 10The second property tax installment becomes delinquent on community propertyThe legal presumption is that all property acquired during marriage is give their consentA real estate broker who acts as a dual agent and represents both the buyer and the seller in the same transaction must make sure that both parties the market valueThe price a property will bring when neither the buyer nor the seller is acting under duress and it has been on the market for a reasonable length of time is defined as in all residential transactions involving one to four dwelling units.Agency disclosure law requires specified agency disclosures negotiableIn California, real estate commissions are in writingAccording to the statute of frauds, a lease for more than one year must be no post-sale right of redemptionThe MOST significant difference between a mortgage and a deed of trust is that, after a trustee's sale using a deed of trust, the trustor has guaranteedFor VA loans, a portion of the principal is the governor of CaliforniaThe California Real Estate Commissioner is appointed by stock in a mutual water company.An example of an appurtenance that "runs with" or is transferred with the land is the Closing Disclosure formFor a federally related residential mortgage loan, the lender must give the borrower executory.A contract that has NOT been fully performed by one or both parties is referred to as