California Real Estate Exam Flashcards

California Real Estate Exam Flashcards As used in real estate practices, the land of a riparian owner borders on A river, a stream, or a watercourse Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a fixture?An easement A person who appears to own property, but does not, is said to have Color of title A legal process whereby the owner is dispossessed of the property and must leave Condemnation Claims against the owner of a property are Liens A life estate pur autre vie is one in which The duration of the life estate is based on the duration of the life of someone other than the life tenant.The process whereby a person holding claim against property can have the property sold to pay the claim is Foreclosure An estate of uncertain duration isA freehold estate Separating large parcels into smaller lots Subdividing or separating What time of estate does one hold when it along exists with you for the duration of your life or someone else's life?Life Estate If a landowner is reluctant or refuses to negotiate with the government in eminent domain, the government will Condemn the effected land When can restrictions placed on a deed be removed?Never A fee simple estate isA freehold estate Is a lease for one month considered real property?No Escheat most commonly occurs whenSomeone dies intestate and no legal heirs can be found.What does an option contract NOT do?Create a legal interest in a property A joint ownership of real property by two or more persons, each of whom has an undivided interest (not necessarily equal( without right of survivorship, is A tenancy in common In reference to Property Taxes, "basis" or "cost" isPurchase price of prop plus cost of improvements.Local jurisdictions have the authority to divide land into districts and impose land use regulations to promote health, safety, and welfare of the public--this is known as Zoning What does a deed NOT need to be considered valid? A date AvulsionA sudden and perceptible loss of land by the action of water as by a sudden change in the course of a river.Is an option contract bilateral or unilateral? Unilateral Among other things, the principal is obligated to compensate the agent for their services.What are three things that will terminate an agency agreement?Death of the broker or principle (not salesperson), resignation of the agent, and destruction of the subject matter.The covenant of quiet enjoyment most directly relates toPossession of real property

When the recipient of a life estate dies, who is the person that it is willed to after their death?A remainderman A person holding title to real property in severalty would most likely have A sole ownership What is the purpose of issuing a preliminary notice of a mechanics lien to a claimant?To inform concerned parties that the property may be subject to liens arising out of contract.What is the brokers relationship to the customer? The broker is the agent to the customer (customer employs the broker).Adverse possession may establishA claim to title For a deed to be recorded, it mustBe acknowledged (notarized) Two people who own undivided interests in the same realty, with right of survivorship have Joint tenancy Dying without a will is calledIntestate A person who has some rights to land, but not all the possessory rights, has An interest in land AccretionAn increase in land resulting from the deposit of soil by the water.A court action is mandatory to evict a delinquent tenant.This process is called Unlawful Detainer A person who has some rights to use land, but not all possessory rights, is said to have An interest in land Fifty feet of land was added to Apple's farm because a river changed its course. This is an example of Accretion What is the agents (salesperson) relationship to the broker?The salesperson is the agent to the broker (the broker gives the salesperson authority to act on his/her behalf).Zoning is an example ofPolice power A person who has permission to use land, but has no other rights, has License to use How are common interests in a condo owned? Equally in undivided interest The process by which the court may seize real or personal property as security for a satisfaction of monetary judgement.Attachment The right to use the property of another for a SPECIFIC purpose is An easement What is required of an agent with respect to his principal?To be loyal, act in person, and act in the principal's best interests.Which of the following is not REAL property? A fee simple estate, a leasehold for indefinite duration, lumber, or a life estate.Lumber A listing in which the broker's commission is the amount by which the sale price exceeds the agreed-upon net price the seller desires Net listing How is a condominium unit owned?Separate interest Subdivided Land Laws refer toSubdivisions of 5+ parcels on 160 acres, regulated marketing & financing, and requires disclosures in public

report.

A Home Equity Line of Credit isAn Open Ended Mortgage Legally combining smaller, adjacent parcels of land to form a larger parcel.Plottage or assemblage A person who receives title to land by virtue of having used and occupied it for a certain period of time, without actually paying the previous owner for it, received title by Adverse possession When does a tax year run?July 1-June 30 Amount or size of land being increased by natural forces such as deposits by wind or water.Accretion Community property is property owned byhusband and wife A process whereby land for which no legal owner exists reverts to government which then can dispose of it or use it as it sees fit.Escheat Governmental land use playing and zoning are important examples of Police power An interest in real property may be acquired by prescription or by adverse possession. The interest resulting from prescription is The right to use another's land Title that cannot be impeached by its records Good title How long is a disclosure in public report for Subdivided Land Laws good for?

• Years

The Statute of Limitations in the state of California allows how long to take action?

• years

Does making an offer terminate an agency agreement?No A listing contract that says the broker will receive a commission no matter who sells the property is called An exclusive-right-to-sell listing If a buyer has defaulted on on an original land contract which had been recorded, this would result in a defective title, requiring legal action to clear the title. This is called a Quiet Title Action.Are net listings legal?They are legal, but frowned upon.Dying WITH a will is calledTestate Which of the following is considered a permanent attachment to land? Improvements to land, a fixture, trees growing on the land, or all of the above.All of the above Taking of private land by governmental bodies for public use is governed by due process of law and is accomplished through Eminent domain A contract whereby a group of neighboring landowners agree to do or not to do a certain thing as to mutually benefit all, is Restrictive covenant Which is NOT considered a permanent attachment to land?Anything growing on it, fixtures, chattels, and anything built upon the land.Chattels What kind of listing agreement offers a listing broker to receive a commission regardless of who is the "procuring"