Real Estate Principles I Final super Flashcards

Real Estate Principles I Final super Flashcards

• 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 bea) acknowledged.b) signed by the grantor.c) recorded.d) signed by the grantee.

• signed by the grantor.

An agent is authorized to act in place of the principal by aa.purchase contract.b. multiple listing clause.c. listing agreement.d. power of attorney.

• power of attorney.
• Which of the following is NOT a less-than-freehold

estate?a) Estate for yearsb) Life estatec) Periodic tenancyd) Estate at will Life Estate In order to be valid, a grant deed does not requirea. a proper writingb. recordingc. the signature of the grantord. a granting clause recording California's Real Estate Law is found in thea. Government Code.b. Business and Professions Code.c. Civil Code.d.Financial Code.Business and Professions Code.An agent owes which of the following to a third party?a.Duty of disclosureb. Duty of representationc. Fiduciary dutiesd. Duty of trust

• Duty of disclosure

When both parties to a contract agree to substitute a new agreement for the present one, this is known as aa.breach.b. release.c. novation.d. recission.

• novation.

There are three principal baselines and meridians in California. The intersection of the Humboldt Baseline and Meridian is ina. a state other than California.b. central California.c. southern California.d. northern California.northern California In medieval England, the highest form of ownership was thea. freehold estate.b. life estate.c. leasehold estate.d.estate for years.freehold estate Under Spanish rule, land was owned primarily by thea.conquistadors.b. king.c. missions.d. peasants.king The rectangular survey system is also known as thea.metes and bounds systemb. lot, block, and tract system.c.Torrens system.d. U.S. government survey system.U.S. government survey system Failure to perform a contract obligation is known as aa.breach.b. release.c. novation.d. recission.

• breach.
• Real property does NOT includea) land.b) fixtures.c) a

mobilehome not permanently attached to a foundation.d) appurtenances.a mobilehome not permanently attached to a foundation.

• A prepaid rental listing service (PRLS) license is valid

fora) one year.b) two years.c) 18 months.d) four years.two years Every real estate broker must be licensed by the Department ofa. Real Estateb. Corporationsc. Housingd.State Real Estate

• The legal presumption is that all property acquired

during marriage is a) joint tenancy.b) tenancy in common.c) severalty.d) community property.

• community property.

Today, more than 50 percent of California land is owned by thea. municipalities.b. federal government.c. state government.d. private sector.private sector

• The California Real Estate Commissioner is appointed

bya) the governor of California.b) the head of the Business Transportation and Housing Agency.c) the California legislature.d) the local REALTOR® association.the governor of California

• The special benefit of joint tenancy isa) concurrent

ownership.b) color of title.c) right of possession.d) right of survivorship.right of survivorship.

• The special fund established to help compensate

parties who have obtained a judgment against licensees that is uncollectible is calleda) the recovery account.b) the impound account.c) the commissioner's fraud fund.d) the broker trust fund.the recovery account Which of the following deeds is a security instrument?a.Quitclaim deedb. Grant deedc. Trust deedd. Sherrif's deed Trust deed A nonexclusive listing agreement is also known as a.a net listing.b. an option listing.c. an open listing.d. an agency listing.

• an open listing.
• An example of an appurtenance that "runs with" or is

transferred with the land is a) a fixture.b) an emblement.c) stock in a mutual water company.d) a tree.stock in a mutual water company How many sections are in a township?a. 6b. 36c. 24d. 1836 The Real Estate Law treats a salesperson asa. a dual agent.b. a general agent.c. an independent contractor.d. an employee of the broker.

• an employee of the broker.

An instrument by which property is hypothecated to secure the payment of a debt or obligation is known asa. a reconveyance deed.b. a mortgage.c. a sheriff's deed.d. an encroachment.

• a mortgage.

The right of the future holder of what is currently a life estate is aa. remainder.b. fee simple defeasible.c. fee simple conditional.d. fee simple subject to a power of termination.remainder A real estate broker's license may be obtained by any of the following except aa. sole proprietorship.b.

corporation.c. limited liability company.d. partnership.limited liability company

A holographic will does NOT have to bea. witnessedb.entirely handwrittenc. datedd. signed witnessed One of the MOST important duties of agent to principal is the duty ofa. salesmanship.b. loyalty.c. beneficial conduct.d. hard work.

• loyalty.

Personal property is usually transferred by aa. will.b. bill of sale.c. deed.d. purchase contract.will

• The sudden loss of land through natural causes is

calleda) alluvion.b) accretion.c) avulsion.d) dereliction.

• avulsion.

If a person dies without leaving a will, that person dies.a.testateb. administrativelyc. intestated. statutorily intestate Something that is used with the land for its benefit, such as a roadway or a waterway, is known asa. a fixture.b. an encumbrance.c. personal property.d. an appurtenance.an appurtenance A contract that has no legal effect from its inception is aa.void contract.b. quasi contract.c. voidable contract.d. valid contract.

• void contract.
• The Real Estate Commissioner's regulations havea)

authority only over the DRE staff.b) never been enforced.c) the same force and effect as law.d) no impact on licensees.the same force and effect as law.

• Ownership in severalty is a way of taking title to real

estate that involves a) concurrent ownership by more than one person.b) separate ownership by one person.c) a combination of joint tenancy and community property. d) tenancy in partnership.separate ownership by one person.If an owner devotes land to a public use, such as a roadway, a transfer occurs bya. condemnationb. partitionc.common law dedicationd. escheat common law dedication For tax purposes, a salesperson can work for the broker asa. a dual agent.b. an independent contractor.c. a subagent.d. a partner.

• an independent contractor.

A contract that has yet to be performed is known as ana.implied contract.b. executed contract.c. express contract.d.executory contract

• executory contract
• Real estate licensees are authorized to help people buy

and sell mobilehomes provided a) the buyer and seller consent.b) the licensee gets a special permit from the Department of Real Estate.c) the mobilehome has been registered with the Department of Housing and Community Development.d) the licensee registers as a mobilehome broker with the California Department of Motor Vehicles.the mobilehome has been registered with the Department of Housing and Community Development.

• In a township, the section north of Section 10 isa)

Section 3.b) Section 7.c) Section 12d) Section 22 Section 3

• A fictitious business name statement must be filed witha)

the secretary of state.b) the county clerk.c) the local