sngiz024 Quizlet Legal Aspects of Real Estate Flasheards | Quialet Legal Aspects of Real Estate Terms in this set (200) Long established rules derived from ludicial decisions fofunded on lish law are sometimes referred to as: common law Procedural law: sets out the methods of enforcing substantive rights Aitfant is -the plaintiff -the defendant Atortisa civil wrong Amendments to the Constitution guarantee which of the following w egards to property and the real estate profession? Allof the above -equal protection he laws adopted by Congress and the led: state legislatures are acts or statutes ‘A proposed law in Congress is called a(n) bill es effective Most legislation becor Janvary | of the next year The rules of law developed by judges are called A court decision may be binding on all other judges. It depends on Allof the above jurisdiction position in the court hierarchy -awritten opinion inion written by a court states: Allof the above e decision -the facts of the case 1 court's reasoning An appellate court wili NOT change a trial court's decision if the losing party considered the jury Incompetent A case will NOT necessarily be heard in state ourt if the US, government is a party Litigants are able to find out more about the aisputed facts in a case throughs the discovery The oldest method of describing land Is: metes ang bounds The starting point of a metes and bounds Legal Aspects of Real Estate point of beginning hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! snosngi2024 Legal Aspects of Real Estate Flasheards | Qualet he government survey systems also called the: rectangular survey method Which of the following lines do NOT run ‘east and west? Principal meridians he square of land located at the intersection of a range and township tier is called a: township Irregular sections are called: government lots Many final subdivision maps include which of the following? Allof the above -measurements of area easement locations and dimensions -location of survey markers bench mark is a(n): marker that states the location relative to the datum Natural attachments that are planted and cultivated are called: fructus industriales Which of the following is NOT test for a fixture? Age of the fixture Fixtures installed for use in a tenant's business are called: trade fixtures Which of the following is a water right? Allof the above -riparian -overlying -appropriative The fact that a property owner who drills a well on his or her land owns all of the oll and gas the well produces, falls under the rule of capture Support from adjacent land is called: lateral support A fee simple estate is Allof the above -inheritable -lransferable -perpetual The duration of a life estate is based on the length of someone's life Aleasehold estate for a fixed time period is a(n) estate for years, Which of the following gives someone ‘other than the owner a right to do something on the land or take something from the lang? Positive easement Legal Aspects of Real Estate hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! 20sngi2024 Legal Aspects of Real Estate Flasheards | Qualet When someone creates an easement by making long and continuous use without the permission of the owner, itis called easement by prescription Unlike an easement, a license does NOT: cre an interest in the property ‘A mortgage Is an example of a(n): voluntary tien A property tax is actually a specific len Which of the following is NOT subject to property taxes? Allof the above federal property -state property educational property assessed (taxable) calue The fist installment on property taxes is. delinquent if not paid by: 5pm on December 10 Astate tax lien would be junior to the recorded interest of a: allof the above -mortgage or trust deed lender -mechanie's tien holder judgment lien creditor Addeclared homestead exemption is established by: recording a declaration of homestead ‘The most basic form of concurrent ‘ownership is: tenancy in common ‘tenant in common Is free to: Any of the above -sell his or her interest -will his or her interest encumber his or her interest Joint tenancy requires unity of possession and Allof the above ity of interest -unity of time unity of title Severance, with regards to joint tenancy: eliminates the right of survivorship A form of co-ownership that can only be held by spouses and registered domestic partnersis called community property ‘One spouse can't give away community property without the other's consent. This falls under the: joinder requirements Legal Aspects of Real Estate hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! anosngi2024 Legal Aspects of Real Estate Flasheards | Qualet Ha spouse with two children dies intestate, the deceased spouse's interest in the ‘community property will be distributed with allof it going to the surviving spouse When a couple changes a joint tenancy agreement to community property tis called a(-) transmutation agreement A corporation organized under another stat foreign corporation With a general partnership, the liability for debts of the partnership lies with each inglvidval partner To transact business using a partnership name, the partners must publish and record a fictitious business name certificate With a limited partnership: the limited partners have limited lability arrangement where the buyers purchase the exclusive right to the possession of the property for specified periods each year? _is the minimum number of investors that 100 areal estate investment trust (REIT) must have? Which of the following describes an A timeshare Authority intentionally given by the principal to an agent is called actual authority Areal estate agent/broker with authority imited to the single transaction of selling a parlicular house is a special agent ‘An agency may be created by: Allof the above -express agreement -ralification -ertoppel When a person acts on another's behalf without ageney authorization, and later the principal approves these actions, its ratification With an independent contractor: he or she does not work hours set by the employer I a cooperating broker is the procuring cause in bringing about the sale of the property, who pays him or her a share of the commission? the listing broker Legal Aspects of Real Estate hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! anosngi2024 Legal Aspects of Real Estate Flasheards | Qualet ‘An agency is terminated by operation of law if Any of the above -either party dies either party goes bankrupt -the agent loses his or her license unilateral termination of the agency lationship by the principal would be achieved through: Which of the following does NOT require a real estate license to represent another in a specific real estate transaction? Any of the above -attorney trustee -executor Areal estate license must be renewed every & years A broker must keep records of each transaction for at least three years beginning: from the closing date With few exceptions, a California broker's client trust account must be maintained at a financial institution: in California Inalisting agreement for the sale of four cor less residential units, a broker's ‘commission must ble between the seller and the broker A buyer Is considered ‘able’ If he or she has which of the following? Any of the above -Enough cash to complet e sale -Astrong credit rating and adequate personal assets -a binding commitment for a loan to finance the purchase The agency disclosure form is NOT required for the sale of a commercial property ‘An agent owes his or her principal the basic fiduciary duty of Allof the above reasonable care and skil -dliigence, good faith, and loyalty disclosure of material information Areal estate agent representing a seller should be especially careful to inform the principal of allof the above -the true value of the property -all offers to purchase -the identity of the purchaser When a broker exaggerates the market value of the property in order to get a isting, he or she breaches his or her duty to act in good faith When the agent buys a property for himself or herself (without the owner's knowledge) and then sells it agaln for a Legal Aspects of Real Estate self-dealing hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! snosngi2024 Legal Aspects of Real Estate Flasheards | Qualet Which of the following is NOT an agent's duty to a third party? Fiduciary relationship The transfer disclosure statement is usually signed by the allof the above Actual fraud involves: Any of the above -intentional misrepresentation -concealment -negligent misrepresentation Generally a seller or agent cant be sued for misrepresentation if his or her statements were merely: Any of the above -opinions -predictions -puffing The most widely recognized code of ‘ethics in the real estate industry is the NAR Code of Ethies A breach of a legal duty may result in all of the following, except beneficial damages Where damages are concerned, the closest word to ‘compensatory* is: actual Aclient who is awarded damages against a real estate agent based on fraud, but is unable to collect, may be entitied to payment out of the: Real Estate Recovery Account A payment from the Real Estate Recovery Fund must be based on a judgment against a real estate agent for: Any of the above intentional fraud -misrepresentation or deceit conversion of trust funds Avoid contract is: no contract at al To make a valid contract, a person generally must be: 18 years old ‘An emancipated minor is a person under the age of 18 who: Any of the above «ls married or has been married -Ison active duty with the armed forces has received 2 court declaration of emancipation For a contract to be a binding obligation, all the parties: must consent to its terms Which of the following is NOTa requirement for acceptance of an offer? It can only be accepted by the offeror contractual promise is distinguished from the promise of a gift by the exchange of consideration Legal Aspects of Real Estate hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! anosngi2024 Legal Aspects of Real Estate Flasheards | Qualet When the contract is made, the "purpose" of a contract must be: lawful ‘Avwritten contract can be modified orally: it new consideration is supplied contract generally must be filed no later than how many years after the breach occurred? When a promisors obligation depends on condition the occurrence of a particular event, that event is called a In California, a lawsuit based on a written 4 years For many oral contracts involving real property, any lawsuit must be filed within 2 years of the breach The term "parol" most closely means: spoken When the parties agree in advance to set damages at a specified sum, the contract i said to contain a(n): liquidated damages clause Acourt order directing a breaching party to pay a sum of money to the nonbreaching party is called damages (money) When the court orders a breaching party to carty out the performance he or she promised in the contract, tis called: specific performance A.court order directing a person to do. something or refrain from doing something called a(n) injunction {An employment agreement between a seller and a broker is called a listing agreement A listing agreement can only be assigned to another broker: with the client's consent ‘The exclusive right to sell agency listing must contain: termination date Which of the following makes the client jable for a commission during a specified period after the listing expires? ‘An extender clause ‘The standard purchase agreement contains: Allof the above -an offer to purchase real property -a receipt for the good faith earnest money -the seller's agreement to pay listing broker's compensation Most agreements between buyers and Legal Aspects of Real Estate conditional hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! 70sngi2024 Legal Aspects of Real Estate Flasheards | Qualet Under the compensation provision of the CCAR purchase agreement, ifthe buyer defaults, the broker is entitled to half of the damages the seller receives Under the compensation provision of the CCAR purchase agreement, ifthe buyer defaults, the broker is entitled to half of the forfeited deposit something without obligating him or her to do itis alr) When an offeree varies any of the terms in counter offer an offer, itis called a Acontract giving one party the right to do option To make an option irrevocable, the option must be supported by Allof the above ~ asigned contract, -a property description -terms of the sale Someone who has the right to buy a property only if and when the owner decides to sell itis said to hold afr): Fight of first refusal voluntarily negotiating a settlement to the dispute in The primary method by which conflicts are negotiation resolved Is Integrative negotiation can best be win-win described as: A neutral third party assists the parties in mediation A section, of a written contract that allows for mediation should a dispute arise is called a(o) mediation clause When a mediator meets with one of the caveus parties to get them to focus on their interests and needs, itis called a(r) Generally, most arbitration proceedings binding ‘Acourt-annexed arbitration may be ordered by the superior court when there isless than $50,000 at stake Abinging arbitration is: not reviewable by the courts If no arbitration clause is in a contract, the parties can stl go to arbitration by executing a(n} submission agreement Legal Aspects of Real Estate hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! anosngi2024 Legal Aspects of Real Estate Flasheards | Qualet AA subpoena for books and records is called subpoena duces tecum An arbitrator's decision is called a(n) award Ione party refuses to comply with the arbitration award, the other party may fle with the court a petition to confirm Alicense hearing process to deny issuance of a real estate license Is initiated by the commissioner filing @ statement of issues Anearing procedure by the Real Estate ‘Commissioner to suspend or revoke a real estate license is initiated with the fling of alr): accusation In reference to a deed, the owner of the property who Is transferring ttle Is called the grantor When a document has been signed in front of a notary public, itis said to be acknowledged Acceptance of a transfer of ownership must take place: while the one granting is alive {An important difference between a grant deed and a quitclaim deed is that the grant deed conveys after-acquirerd ttle possessed, except: An amendment to a willis called a(n) addendum Awill only transfers property ifitis orat When property reverts to the state escheat because no heirs can be located, itis called: Allof the following can be adversely public lands In Catfornia, title can be acquired by adverse possession if the possession is: Allof the above actual, open, and notorious hostile to the owner’ interast exclusive and uninterrupted for five years Taking away property through an eminent domain action must include: just compensation Aperson gives a gift of privately owned. land to the public t dedication Legal Aspects of Real Estate hitpssiquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! onosngi2024 Legal Aspects of Real Estate Flasheards | Qualet When something is added to a parcel of real property, the property owner acquires title to the addition by Notice given by the recording of documents with a public official which Is something you should know about, but don't actually know about, is called constructive notice In southern California, escrow services are most often provided by: Independent escrow companies The most significant factor in estimating a closing date is the: state of the finance market Escrow agents! written authorization to deliver the deposited funds and documents are called the: escrow instructions Escrow instructions can also act as a(n) contract of sale When title passes on the date the deed or funds were deposited in escrow, instead of the date all conditions were performed, it is known as: the doctrine of relation back The escrow agent turns the escrow funds cover to the court to settle a dispute in a(n) Interpleader action Actedit is a(n) amount received Which is NOTa RESPA requirement? The lender may pay referral fees to anyone A trust account maintained by the lender for paying property taxes and mortgage insurance premiums is a(n) Impound account After the purchase price, the buyer's second largest debit at closing is typically the: loan origination fee The seller's major cost at closing is usually the: payoff of any existing loans hitpsslquilet.com/260569540/egal-aspacts-ofrea-estateflash-cards! s0n0