question
Adverse possession is an example of how title to land can be acquired by:
answer
Occupancy
-In California, there are five ways to acquire title to land: will, accession, succession, transfer, and occupancy. Occupancy is a result of adverse possession.
-In California, there are five ways to acquire title to land: will, accession, succession, transfer, and occupancy. Occupancy is a result of adverse possession.
question
Which of the following is true?
answer
You receive stock in a cooperative and a deed in a condominium
-Condominium equals deed. Cooperative equals stock/lease.
-Condominium equals deed. Cooperative equals stock/lease.
question
A and B take title together at the same time under the same deed, each owning one half of the real property. What form of co-ownership will law presume they have?
answer
Tenancy in common
question
An agency relationship can be terminated by:
answer
The principal revoking the agency relationship
-A principal revokes an agency relationship, while an agent is the party that would renounce the agency relationship. While an agency relationship can be terminated by agreement of the parties, this is not the only way to terminate an agency agreement.
-A principal revokes an agency relationship, while an agent is the party that would renounce the agency relationship. While an agency relationship can be terminated by agreement of the parties, this is not the only way to terminate an agency agreement.
question
S & T Realty had a listing on a property. After the property sold and closed, P&M Realty asserted its rightful claim to the commission. What type of listing did P&M Realty have?
answer
Open
question
The person authorized to act in place of someone else in legal matters is called:
answer
Attorney in fact
question
For the income approach to appraisal, debt service refers to what?
answer
Mortgage payments
-Anything related to the financing of the investment is debt service and can not be counted as an expense.
-Anything related to the financing of the investment is debt service and can not be counted as an expense.
question
Net income best describes:
answer
Income after expenses
-Expenses such a trash removal, repairs, and maintenance subtracted from gross income equals net income.
-Expenses such a trash removal, repairs, and maintenance subtracted from gross income equals net income.
question
A clause used in a mortgage allowing the lender to call for the full payment of the mortgage because the owner transferred ownership of the property to a third party is known as:
answer
Alienation clause
-The alienation clause sometimes known as the "due on sale" clause causes the mortgage to become due when the property is transferred.
-The alienation clause sometimes known as the "due on sale" clause causes the mortgage to become due when the property is transferred.
question
The note that calls for periodic payment of both principal and interest so both are paid by the end of the term is called a/an:
answer
Fully amortized installment note
question
An instrument used to transfer title from a trustee to the equitable owner of real estate when title was held as collateral for security for a debt is most often called:
answer
Deed of reconveyance
question
One form of seller financing is:
answer
Land contract
question
A process which allows a borrower to remain in possession of the property while using it to secure a loan is called:
answer
Hypothecation
question
Hypothecation
answer
the process which allows a borrower to possess the property. Should the borrower fail to make payments, he/she will lose the right to possession.
question
Who calculates the amount of tax each property owner must pay?
answer
County Tax Assessors
question
County Tax Assessors
answer
calculates the amount each property owner must pay.
question
Who prepares the tax bill?
answer
The Tax Collector
-The tax bill, which assesses land and improvements separately but taxes them at one rate, is prepared by the Tax Collector.
-The tax bill, which assesses land and improvements separately but taxes them at one rate, is prepared by the Tax Collector.
question
When title to land is conveyed from a trustee to a borrower after the borrower pays off the loan, the instrument used is a/an:
answer
Reconveyance deed
question
The owner of a parcel of real property wishes to convey his interest to a certain buyer. The transfer of the grantor's ownership interest, if any, would be accomplished by which of the following?
answer
deed
question
deed
answer
a written instrument transferring the grantor's interest, if any, to the potential buyer.
question
Real estate instruments are recorded in the county in which the property is located:
answer
to give constructive notice to the world of an interest in a particular parcel of real estate
-Documents are recorded to give the world "constructive notice" of legal transactions involving specific pieces of property. The public is then able to gain "actual notice" by going to the county courthouse and seeing the records
-Documents are recorded to give the world "constructive notice" of legal transactions involving specific pieces of property. The public is then able to gain "actual notice" by going to the county courthouse and seeing the records
question
An affidavit of title is:
answer
A sworn statement that the title is good
question
Where can escrow instructions be found?
answer
Purchase agreement
question
A salesperson, while soliciting a listing, tells the seller that they have a bona-fide offer when if fact there is not one. The seller lists, and an offer comes in from another brokerage which the seller accepts. Has there been a violation?
answer
The reference to the fictitious offer was a violation
question
Any employee who is authorized by broker to make withdrawals from the trust account must be:
answer
Fidelity bonded
question
Seller Joe's agent personally delivered Mary's offer to buy Joe's house. Joe said he would like to think about it for a couple of days. Later that week, without making a single change in the contract, Joe decided to accept Mary's offer and signed it. Then he addressed it to Mary and went to the post office and mailed it. Is the contract binding on both parties?
answer
Yes, because Joe sent it to Mary in the mail
question
The amount, agreed to in advance by both parties, that will serve as compensation in the event of a breach is called:
answer
Liquidated damages
question
Specific performance is:
answer
A legal remedy available to either party to enforce the terms of the contract
question
A lease executed by a minor lessor is:
answer
Voidable by the landlord only
-The minor is the landlord in this question; a lessor is the person who gives the lease. The lease is voidable by the minor landlord, who lacks contractual capacity. Void means the contract never existed. The voidable contract is enforceable only as long as the minor so chooses.
-The minor is the landlord in this question; a lessor is the person who gives the lease. The lease is voidable by the minor landlord, who lacks contractual capacity. Void means the contract never existed. The voidable contract is enforceable only as long as the minor so chooses.
question
The type of lease where the tenant pays an agreed-upon sum as rent and the landlord pays any other expenses is called a/an:
answer
Gross lease
question
gross lease
answer
the tenant pays an agreed-upon amount as rent and the landlord pays any other expenses, such as taxes and maintenance.
question
What is the statute of limitations for an action on any written contract?
answer
4 years
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