REAL ESTATE 2024 EXAM Flashcards

REAL ESTATE 2024 EXAM Flashcards A tenant in good standing under a valid five-year lease which makes no mention of assignment or sub-leasing, may legally do which of following May sublease or assign the leasehold to anyone, since the lease made no mention of any restrictions on such action Which of the following is always required in joint tenancy

ownership of real property:

Equal shares of interest in the property by each of the joint tenants; An instrument which usually transfer possession of real property, but does not transfer ownership is A sublease In order to operate a competitive, yet profitable business, a real estate broker needs to be concerned with "desk cost." Which of the following most nearly represents the correct way to calculate desk cost Divide the total operating expenses of the firm, including salaries, rent, insurance, etc., by the number of salespersons.Authorization to sell a parcel of real property in the event of a default is given by Trustor to trustee; Mr. and Mrs. Winters hired the Superb Construction to install a swimming pool on their residential premises. In event the construction company was unpaid and it was necessary for them to file a lien for payment of the contract,

the encumbrance created would be:

A specific lien The right or power to sell a property in the event of a default under the terms of the trust deed is given by Trustor to the trustee.The main purpose of a deed is to:Evidence the change in title or transfer of an interest in real property; Easement are terminated by all of the following, exceptRevocation be the owner of the servient tenement Following proper action by the local authorities, the zoning on a vacant lot was changed from "commercial to "residential". Such an action is called Down zoning When real property is sold, a copy of the structural pest

control report must be given, if requested, to:

The buyer A fee simple absolute estate would be best defined asThe highest interest a person can have in real property When a valid grant deed is prepared, title passes when it

is:

Delivered; Of the following types of deeds, which one would contain

no warranties, expressed or implied:

A quitclaim deed Jones conveyed his ranch to Brown using a land contract.The ranch was serviced by a mutual water company, and Jones was a stockholder in the company. The stock which Jones owned was appurtenant to the land. Does Brown have to enter into a separate contract for the stock of the

mutual water company:

No, because the stock was appurtenant to the land and therefore part of the real property and part of the land contract.A formal declaration, not oath, that statement is true or that or that the declarer will tell truth is An affirmation

Of the following, which define a fee simple estateThe most interest one can hold in land If there has not been an agreement to the contrary, all the

following would qualify as a negotiable instrument except:

A mortgage securing a promissory Which of the following persons would usually be in the weakest position against loss of property due to a claim of

title by an outside person:

The holder of an unrecorded quitclaim deed who does not occupy the property.

A deed:Does not have to be recorded to transfer title.

An easement could be created for what length of time:all of the following: Perpetuity, The lifetime of a person, A term of years; When a title company issues a California standard policy of title insurance, the policyholder is insured against loss which occurs because of Forgery in the chain of recorded title The listing agent for a residential property can legally complete the entire Real Property Transfer Disclosure

Statement:

Under no circumstances; Personal Property can neverBecome real property, Be hypothecated, Be alienated A change in a zoning ordinance could be initiated by1.Subdivider/developer2.A local government agency,3.The owner of a property; Agent John has given seller Henry an offer that includes the phrase "All kitchen appliances are to be left with the house and become the personal property of the buyer." Henry accepts all of the other terms of the offer, but objects to leaving the appliances. John crosses out that item and initials it on the contract on behalf of the buyers. He does this despite the fact that the buyers are on vacation and cannot be consulted about this. Such action would most

accurately be classified as:

Unlawful conduct.The law permits a real estate licensee to act as an agent in the sale of some mobile homes. All of the following acts are grounds for discipline by the Real Estate Commissioner

against a real estate salesperson's license, except:

Selling, as agent, a mobile home which is greater than 8 feet in width and 40 feet in length; The requisites of grant deed when compared to a land contact of sale may differ with respect to Interest conveyed, Signatures of principal parties, Designation of purchase price, An acceleration clause is inserted in a note that is

otherwise negotiable. The addition of this clause:

Does not reduce the negotiability of the note An estate is a granted to "A" for the life of "X". "A" dies while "X" is still living the estate is Vests in the heirs or devisees of "A" Which of the following is considered to be real propertyA bearing wall in a single-family house An "open-end" provision in a mortgage would benefit the

borrower the most if he:

Borrowed additional money.

To alienate title to property, one:Conveys title

A straight note, same term and interest rate would:Involve more interest than an installment note Legally and technically, property is defined as: Rights or interests which a person has in the thing owned; When comparing condominiums and rented apartments, which of the following would be true The person who occupies each unit would have an estate in real property

When a blanket mortgage is placed upon a property and a "release schedule" is put into the mortgage showing the amount of the loan that must be paid off for each of the lots, those individual amounts would likely be proportionately larger for the first lots that are sold. The reason for this practice is 1.To increase the security value of the remaining lots 2.To compensate for the loss of security as the lots under the blanket encumbrance are removed 3.To compensate for the loss of security due to the best lots being sold first Land that is subject to an easement is said to be Encumbered Another name for an estate of inheritance is Estate in fee When the term "beneficiary statement" is used by those in real estate finance, it identifies a statement made By the lender, as to the current balance due to pay off a real estate loan When a pest control company discovers no evidence of infestation of termites, but discovers conditions which may lead to such infestation, the cost of correcting such

conditions is paid by:

The buyer only if he chooses to have the condition corrected.The land that is benefitted by an easement is called thedominate tenement Which of the following is not a true statement about easement An easement in gross is a right another land created for the benefit of adjacent land Installment notes often include an "or more" clause. Such a clause would Allow an accelerated payoff Once a judgment has been obtained against real property, a plaintiff would obtain which of the following in order to cause the property to be sold A writ of execution; Upon discovering that a salesperson in his office was receiving a referral fee from a local lender for every real estate loan the salesperson referred to the lender, the

broker of record in that office took only two actions: He

discharged the salesperson, and he warned all other salespersons in the office never to accept such fees. Based only on the foregoing, which of the following is most nearly

correct:

Both broker and salesperson may be subject to disciplinary action by the Commissioner.An easement in grossBurdens servient land Tyson owns a store building which he leased to Crown for seven years. Crowns estate in store building is Personal Property, Estate for years, A chattel real