Sales-person in CA requirement for testing Three college level classes Real estate Principles,

Adhischools Flashcards license of a real estate agent must stay where? at the main office of the broker not the branch office that the sales person works at Sales-person in CA (requirement for testing) Three college level classes( Real estate Principles, Practice and elective).If a contractor stiffs the sub-contractor they could get their money from the bond (since it is like an insurance).Preliminary Notice Avulsionland that is lost through action of water near property An attachment of property made before the trial, withthe intent of holding that property as security, to have an asset to sell if the court judgmentis favorable to the attaching party Payment Bond 70-30 Ruleonce your over 70 and have been license for more than 30 years with good standing you don't have to retake the test but just pay for it.what can you do with a real estate license? 1) Commercial real estate2) mobile home sells3) raw land4) land brokerage5) new constructions (trailers)6) property management7) loans8) mineral, oil and gas brokerage9) sell business opportunities (not a real estate transaction, where it involve selling personal property and not real estate) Broker licensing in CA (requirement for testing) experience requirement: Two years of full-time will be signed by both you and your broker (also alternative experience will also work as well; Bachelor's degree or greater in real estate (major or minor).Being a lawyer gets

you in.education requirement: 8 college level courses (five

required and three electives).borrowing money to buy a piece of real estate to the lenderencumbrance Broker licensecan operate alone(license is good for four years) where the constructor, service provider let the property owner knows if they don't pay they can file a mechanic's lien.Must be given no later than 20 days before labor, materials, or equipment reach to the job site.notice of nonresponsibility Alluviumthe sorted material deposited by a stream that is extra to the previously purchased land NAREB (National Association of Real Estate Brokers)Realtist Could a broker for another broker?Yes and can work for multiple brokerage at the same time.Contractually you have to sign a contract that mentions the deals goes the company that they are

working for.Contract protects both brokers:1) commissions

split2) desk fees (use of phone, drink of coffee).

the official document transferring ownership from seller to buyer of real estate.**a deed is usually kept at county recorder (but has to be notarized) but not required its just safer**a deed does not need to be recorded in order to be valid.nor acknowledge (notarized) Grantor dying without a will and with no heir.Probate court hold the property for five years and look for heirs and if no heirs is found then the state takes the land.emminent domain Difference between selling personal property and real estate?

Business opportunities: when purchased it is transferred

using a bill of sell.Real estate: transferred using a deed.

how far below of the land do you own?surface to the center of the core of the earth.Prepaid Rental Listing Service (PRLS)A Prepaid Rental Listing Service (PRLS) is a business that supplies prospective tenants with property listings on payment of a fee. It may be operated by a licensed real estate broker or under the authority of a PRLS license.(lets you sell rental lists).Only good for two years.Requires $10,000 insured bond per location on the listing.CorporationA business owned by stockholders who share in its profits but are not personally responsible for its debts ways real estate can be ownedownership in severalty (separate ownership by one

person)concurrent ownership: ownership by two or more

people (with three types).1) Joint tenancy: has the right of

survivorship (where if one of the parties die the rest of the share goes to the other tenant automatically- where it happens without going to probate court, escapes existing unsecured debts)***while alive both parties cannot lease their portion of the shares.TTIP (four unities -where it happens at the same time, title, interest, possession (aka

use/occupy)).2) Tenancy in common: no right of

survivorship (once one tenant dies, their share can go to an heir-meaning you can will your share)[only has unity of possession]**when no vesting in mention and the parties are not married the real estate property will resume tenancy in common** All first contact materials with the public needs your license number on it.(done as so to cut down on people using other people's license numbers).money encumbrance (all the time)Specific Lien PueblosUnder Spanish rule land was primarily owned by the king until 1848.expressly expressed warranties and it is implied in the grant deed and title insurance that protect the buyer deed of trust A person who receives a conveyance of real property from a grantor.Grant Deed Four different types of waters1) riparian (river,stream, brooke, flowing water way) rights: rights of property owner to the usage of the river as long as

it doesn't damage the condition of it for the other names riparian rights (swim, fish, boat).2) Literal (lake, sea or

ocean) rights: same as riparian rights but for standing body

of water.3) appropriation right: the gov't having the rights to

take water from one location to distribute it to another for the betterment of the other location in need.4) Potable

water: water fit for consumption.

Sole Proprietorshipa business owned and managed by a single individual 1) has an implied warranty that it has not been previously exchanged.2) Free of undisclosed encumbrances Gift deed C CorporationThe most common type of corporation, which is a legal business entity that offers limited liability to all of its owners, who are called stockholders

Real PropertyTransferred by a Deed.Ex:1) Land (unmovable)2) fixtures

(once personal but once attached to the property)3)

anything appurtenant (runs or passes with the land. ex:

easement of the property) witness willAny one of two persons generally competent to be a witness, present at the same time, who witness the execution of the will or testator's acknowledgment of the will, and who sign an affidavit attesting to the signature or acknowledgment and that they understand that the instrument they are signing is the testator's will Is it required by real estate law that the broker and the real estate licensee has a writing contract?Yes(Bureau of Real Estate will check it when they audit, also they real estate licensee license).To show property in a gated community you might needDriver's licensebusiness cardreal estate license Business and Professions CodeCalifornia code that contains the Real Estate Law, which includes real estate licensing, transaction requirements, and Subdivided Lands Law.Addresses can be ambiguous so thats why a legal description (where you live without an address) should be

used:

1) metes and bounds (Used in extreme rural areas and also where no track maps has been recorder- using latitude and longitude [will not show the topography of the land but only show the perimeter).2) rectangular survey system (us gov't survey/township system) [used on big pieces of land such as farms; using grid (square 6*6 then reduced into section 640 acres (36 portions of 1 by 1) called township) system].3) lot and block (most used- each property is assigned with an APN- Assessor's parcel number) Bureau of real estate (Head) commissioner (AKA Head of DRE) They get their job by being appointed by the governorThey screen applicants in order to give them their license.By checking (criminal background check) for felonies, mister-minor, or expunge you still have to disclose it.Doesn't currently check your credit.Check for child support (if you have backed child support which is ordered by the court-info will be shared to the BRE and will give licensee 150 days temp license if it doesn't bring it out then it will be suspend it).They also investigate complaints against licensees (not included commission disputes)But they look into fraud, theft or perjury.(Which they revoke your license (after giving you a hearing) then they turn it to the district attorney to prosecute you).