Sharon Butler Crash Course: Part 1 Flashcards

Sharon Butler Crash Course: Part 1 Flashcards

Which of the following best identifies the client in a

transaction:a. The buyer.b. The seller.c. The customer.d.

The principal.d Which of the following best identifies the customer in a

transaction:a. The seller.b. The same as the client.c. The

party who pays thecommission.d. The party owed simply honesty andfairness.d

Which of the following is considered real property:a. A

bearing wall in a single-family homeb. A maturing grape crop sold under contractc. A refrigerator in a registered mobile homed. A leasehold interest in real property a Which of the following best describes the practice of single

agency:a. The single agency broker is client-oriented.b.

The single agency broker represents boththe seller and buyer in the same transaction.c. In a single agency transaction, the buyercannot choose his own broker or representhimself.d. In a single agency transaction, the agentserves two principals.a A non-money encumbrance would be which of the

following:a. Tax lienb. Easementc. Note secured by a deed

of trustd. Mechanic's lien b If the body of water adjacent to land is not flowing, but has a shoreline, like a pond or a lake, theabutting owner is said

to be which of the following:a. A riparian owner.b. A

prescriptive owner.c. An overlying owner.d. A littoral owner.d

All of the following are considered real property, except:a.

Naturally growing crops which replenish themselvesb.Emblementsc. Fruit on a treed. A fence on the land b Which of the following best defines the principal in a

transaction:a. It is the buyer.b. It is the seller.c. It is the

attorney-in-fact.d. It is the person who has appointed an agent to represent him or her in dealings with third parties.d An owner who has the right to pump out and use underground waters has what type of rights?a. Overlying rights.b. Riparian rights.c. Prescriptive rights.d.Appropriative rights.a In which of the following ways could an agency relationship

not be established:a. An implied contract.b. An oral

contract.c. A voluntary offer by the agent.d. Appointment by the principal.c

Private restrictions on real property can bewritten as a condition or a covenant. Which ofthe following is most

correct concerning suchrestrictions:a. When recorded, they

become publicrestrictions.b. Violation of such restrictions is subject tocriminal prosecution.c. Violation of a condition can result in penaltiesthat are more severe and can result in loss of title.d. All of the above.c Which of the following best characterizes "power of attorney?"a. It is always given to a listing broker anytime the seller leaves the country.b. It gives the attorney-in-fact absolutedecision-making power in the transaction.c. It is a form of agency.d. It requires the attorney-in-fact to holdat least a real estate license.c James sold Blackacre to Woods. at the time, Blackacre had an appurtenant easement across Whiteacre, which was owned by Sommers. When Woods tried to use the easement, Sommers protested. Which of the following is

correct:a. Sommers owns the servient tenement and his

consent must be obtained for Woods to use the easementb. An appurtenant easement always passes when the property is soldc. James owns the dominant tenement and theeasement upon it.d. James owns the easement and can give it to anyone b The taking of water from a public stream for private use is

called:a. Acquisition.b. Appropriation.c. Accretion.d.

Avulsion.b Agency relationship law is found primarily in which of the

following:a. Business and Professions Code.b. California

Civil Code.c. California Financial Code.d. Commissioner's Regulations.b Which of the following is true regarding consideration and

the issue of agency:a. Consideration must be offered to

establish an agency relationship.b. A reasonable amount of consideration must be agreed upon to establish an agency relationship.c. Consideration is essential only if the agency relationship constitutes a bilateral contract.d. Consideration is not required to establish an agency relationship.d An interest in real property may be acquired by either prescription or by adverse possession. The interest

resulting from prescription is:a. The right to use another's

land.b. A possessory title.c. An equitable interest.d. A private grant.a When the body of water adjacent to land is a moving watercourse, like a stream or river, the owner of the land is

said to be which of the following:a. An overlying owner.b. A

riparian owner.c. A prescriptive owner.d. An appropriative owner.b

Which of the following is the best definition of an estate:a. It

always represents ownership.b. The degree, quantity,

nature, and extent of interest which a person has in real property.c. It is a mansion on at least one hundred acres.d.It is a property that is free and clear of all liens.b