California Real Estate Principles - Questions and Answers Flashcards

California Real Estate Principles - Questions and Answers Flashcards (4) 3. Someone who receives real property by will is called aa. deviseb. deviseec. testatord. codicil devisee (4) 5. A statutory will isa. signed and witnessedb.telegraphicc. orald. invalid signed and witnessed (3) 4. A fee simple estate that may be lost when some act is performed is aa. life estateb. fees simple absolutec.remainderd. fee simple on condition subsequent fee simple on condition subsequent A stock transfer requires a ? license, as set out in the ?Code Corporations (3) 1. A fee simple estate and life estate area. freehold estatesb. fee simple estatesc. leasehold estatesd. estates of tenancy freehold estates (2) 13. The rectangular survey system is also called thea.U.S. government survey systemb. province and township systemc. subdivision systemd. California system U.S. government survey system (1) 5. A real estate business that is a partnership can have more than one office location, provideda. a broker partner obtains an additional license for each locationb. all partners are real estate licenseesc. there is a designated broker-officerd. there is at least one partner at each location a broker partner obtains an additional license for each location Wording that is dictated by law is called? statutory language (2) 12. The most useful method of describing a subdivision parcel is probably thea. lot and block systemb. rectangular survey systemc. metes and bounds systemd. U.S.government survey system lot and block system (1) 8. If a real estate license is NOT renewed before it expires, the licensee?a. is allowed to complete transactions in progressb. is allowed to finish transactions that are substantially completec. must cease all real estate activitiesd. may act under authority of another agent's license for a period not to exceed 60 days must cease all real estate activities (2) 4. Land disputes over the Spanish and Mexican land grants were settled bya. the Board of Land Commissionersb. the State of Californiac. the Spanish legal coded. taking all land for public use the Board of Land Commissioners (3) 3. Victor and Karen are not married but together own community property because they area. brother and sisterb. joint tenantsc. registered domestic partnersd.holders of a life estate registered domestic partners

(4) 17. The power of the state to take private property for public use is calleda. eminent domainb. equitable estoppelc. a public grantd. abandonment eminent domain Real Property is often described as a bundle of rights.What are the 5 major rights? (PUEED) possession, use, enjoyment, exclude, dispose (4) 18. To be effective, a deed must bea. made on a printed formb. signed by the grantorc. delivered to the grantee by the grantor personallyd. all of these signed by the grantor (4) 8. When soil is deposited on a riverbank, gradually building out the land, this process is calleda. accretionb.alluvionc. avulsiond. subsidence accretion (4) 2. The testator names a(n)a. executor or executrixb.testatorc. devisord. administrator executor or executrix The upper limit of percolating water below the earth's surface, at a depth of a few feet or hundreds of feet is called?water table (groundwater level) (3) 2. The highest form of ownership is thea. life estateb.real estate syndicatec. fee simple absoluted. estate at will fee simple absolute (1) 18. Broker Luis is so busy that he never has the time to return the phone calls of his principals. He prefers to spend his time in the field making sales and acquiring new listings. This practice isa. acceptableb. mandatedc.discouragedd. prohibited discouraged (3) 8. When Aunt Winifred died, she left a life estate in Whiteacre to her nephew George. When George dies, Whiteacre will go to George's daughter Elizabeth. Elizabeth is aa. reversionerb. remaindermanc. holder of a life estated. joint tenant with right of survivorship remainderman (4) 15. In the event of default, real property may be sold without court action if the mortgage or other lien contains aa. trust deedb. power of salec. tax deedd. right of entry power of sale The benefit derived from the business's favorable relationship with its customers is called?goodwill (3) 14. Community property isa. all property acquired by a spouse or registered domestic partnerb. all property acquired by the husband during marriagec. the only form of ownership during marriaged. all property acquired by a spouse or registered domestic partner that is not separate property all property acquired by a spouse or registered domestic partner that is not separate property (4) 1. A person who dies without a will diesa. testateb.intestatec. with an executord. in eminent domain intestate What are the 5 tests to determine if a specific thing is a fixture? (MARIA) method, adaptability, relationship, intent, agreement (3) 6. If Greenacre is deeded by Lou to Mary for Mary's life, Mary hasa. a life estateb. an estate in remainderc. an

estate in reversiond. no interest a life estate

(2) 15. A township consists of how many sectionsa. 12b.18c. 4d. 36 36 A mobile home dealer license is obtained from the?Department of Housing and Community Development (HCD) (3) 10. The owner of a life estate cana. sell only the life estateb. never will the life estatec. sell the fee simple estated. sell both the life estate and the fee simple estate sell only the life estate (4) 9. When flood conditions cause land to be washed away, this is known asa. accretionb. alluvionc. avulsiond.accession avulsion Can a court of another state decide an issue involving California real estate? Yes/No No (3) 19. Title to a spouse's marital property can be transferred upon death by use of a(n)a. oral willb. tenancy in commonc. living trustd. letter of intent living trust (4) 19. The transfer of title from grantor to grantee, and from that grantee to a subsequent grantee, and so on, is calleda. a cloud on the titleb. the chain of titlec. delivery and acceptanced. an acknowledgment the chain of title (1) 10. The Browns desperately want to move to Pine Bend, and they like the Smith House, which is listed by broker Bob. The Browns tell Bob they will make it worth his while if he can persuade the Smith's to accept the Brown offer on their house, and the Browns send an expensive food basket to Bob as a sign of their good faith. Bob neglects to mention this to the Smiths. This practice isa.acceptableb. mandatedc. discouragedd. prohibited prohibited (3) 20. A limited partner isa. responsible for partnership activitiesb. a general partner in some instancesc. not liable for partnership debts beyond the amount investedd.required to take part in partnership business not liable for partnership debts beyond the amount invested (1) 12. Broker Luis has an exclusive listing agreement with the Pierces. The listing will terminate "when the parties agree". This practice isa. acceptableb. mandatedc.discouragedd. prohibited prohibited (3) 13. Three joint tenants share interest in a property. If one joint tenant's share is sold using the proper legal formalities, the new owner will then be aa. joint tenant with the other joint tenant'sb. tenant in common with the other joint tenantsc. tenant at sufferanced. remainderman tenant in common with the other joint tenants The listing agreement between seller and buyer should identify the items the seller wants to ?remove (3) 11. Joint tenants have unity ofa. interest but no possessionb. title but no interestc. possession and title onlyd. time, title, interest, and possession time, title, interest, and possession