RE Principles Chapter 15 Quiz

Which of the following is an element of a valid contract...?

- A lawful objective - Consideration - Mutual assent

Which of the following is considered an assessment event...?

-A maximum increase of 2% of the dollar amount of taxes paid -Value of improvements -At the purchase or sale of a property

This is a section of the U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes...?

1031 exchange

Continuing education is required for all real estate agents in California every...?

4 years

A person appointed by a court to administer the estate of a one who has died intestate is known as a...?

administrator

A real estate sales contract is an example of a...?

bilateral contract

This is known as the use of prejudice to instill fear, or panic (also known as panic selling), in order to motivate individuals in a particular area or neighborhood to sell or dispose of their property because of the entrance, or potential entry, of a protected class...?

blockbusting

The indemnity recoverable by a person who has sustained an injury, either in his or her person, property, or relative rights, through the act or default of another is known as...?

damages

A written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee) is known as a...?

deed

The ability to sue for the enforcement of the contract is known as...?

enforceability

Absolute ownership of real property is also known as a...?

fee simple estate

A property manager is an example of a...?

general agent

Which of the following is the most widely used deed in California...?

grant deed

This is a writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding...?

injunction

A tax deed is an example of a...?

involuntary deed

The deed given to a purchaser at a public sale of land held for nonpayment of taxes is known as a...?

tax deed

Regular insurance coverage does NOT cover unrecorded claims...? (t/f)

true

The official proving of a will is also known as...?

probate

This Act prohibited discrimination on the basis of race, sex, color, national origin, or gender in any housing program receiving federal money...?

civil rights act of 1964

A person or institution appointed by a testator to carry out the terms of their will is known as a...?

executor

When two or more natural persons own property that comes with a special benefit called the right of survivorship, it is referred to as a...?

joint tenancy

A deed to relinquish any interest in property with the grantor without interference of possession is known as a...?

quitclaim deed

A state law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as the...?

statute of frauds

This occurs when using racial, ethnic, or religious criteria in suggesting, recommending, and/or influencing individuals regarding locations for the purchase or rental of a single family residence or rental dwelling...?

steering

This is known as the refusal to lend money within a specific area...?

redlining

A legal charge against real estate by a public authority to pay for the cost of public improvements such as street lights, sidewalks, and street improvements is known as a...?

special assessment

An action to compel performance of an agreement is known as...?

specific performance

To mingle or mix, for example, a client's funds in the broker's personal or general account is known as...?

commingling

The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract is known as...?

escrow

This federal law prohibited all discrimination on the basis of race only...?

civil rights act of 1866