california real estate legal aspects

a reit must include at least .... investors

100

if a broker represents a seller in a transaction who operates as a third party to the agency relationship

a prospective buyer

Property or estate ownership that reverts back to the grantor after a temporary ownership period is known as...?

estate in reversion

a lien that attaches to one specific property only is known as a

special lien

a statute prescribing a period of limitation for the bringing of certain kinds of legal action is known as

statute of limitations

the California trial court system consists of small claims court and

superior court

the division of an area into zoning of an area into zones, as to restrict the number and types of buildings and their uses is known as

zoning

a joint tenancy that is severed becomes a

Tenancy in common

One who acts for and with authority from another called the principal is known as a/an...?

agent

the purpose of this court is to correct a mistake made in a lower court judgment

appellate court

during ........... a nuetral third party listens to each party's position and makes and final, binding decision

arbitration

an agency relationship is created between a seller and a/an

broker

an easement created by a deed or by a will is known as a

easement by prescription

the right of the government to acquire property for necessary public or quasi-public use by condition is known as

eminent domain

an estate arising when the tenant wrongfully holds over after the term is known as a

estate at sufferance

an estate which vests after the termination of the prior estate is known as a

estate in remainder

a contract that has been put into words, either spoken or written, is referred to as an

express contract

an easement may be terminated by which of the following means

express termination termination by estoppel termination by prescription

Property law only covers real property, not personal property...?

false

a decision made in mediation is never binding

false

an owner who is subject to eminent domain does not have to be fairly compensated by the government

false

common law is derived from spanish law

false

community property automatically included the right of survivorship

false

easements do not run with the land

false

real estate agents should advise their clients as to how to hold title

false

which of the following contracts are not required to be in writing

leases under 1 year

a person to whom property is rented under a lease is referred to as the

lessee

One who rents property to another under a lease is known as the...?

lessor

This is a form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation...?

lien

The land encumbered by an easement is referred to as the...?

servient tenement

what is the distinguishing factor between a tenancy in common and a joint tenancy

the right of survivorship

in a ....... the owner has a fee simple interest in the air space, or four walls in which they live or occupy, plus common areas which are owned as a tenancy in common

time-share

which of the following is an example of a tenancy in common

time-share

This is a legal device whereby one person transfers ownership of property to someone else to hold or manage for the benefit of a third party...?

trust

according to the .......... all of the owners in a joint tenancy have an equal ownership in the property

unity of interest

a tenancy in common must include which of the following

unity of possession

according to the ...... all of the owners in a joint tenancy have the right to occupy the property

unity of possession

a joint tenancy must include which of the following unities of ownership

unity of possession unity of time unity of title

according to the .... all of the owners in a joint tenancy must have acquired their interest in the property at the same time

unity of time

according to the ........ all of the owners in a joint tenancy must have acquired their interest in the property through the same deed

unity of title

a licensed real estate broker who chooses to work under the name and supervision of another licensed broker is referred to as a

associate broker

the basic rule establishing the rights and obligations of owner of real property within a subdivision are known as

cc&rs

the system of law concerned with private relations between members of a community rather than criminal, military, or religious affairs.

civil law

Law that is derived from court decisions is known as...?

common law

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse is known as...?

community property

an apartments building, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of the stock of the corporation and where the owner of such shares is entitled to occupy by a specific apartment in the building, is referred to as a

cooperative

An entity established and treated by law as an individual or unit with rights and liabilities, or both, distinct and apart from those of the persons composing it is known as a...?

corporation

the land benefiting from an easement is known as the

dominant tenement

the legal requirement that the state must respect all legal rights that are owned to a person is known as

due process

a right privilege or interest limited to a specific purpose which one party has in the land of another is referred to as a

easement

This exists when a landowner has no access to roads and is landlocked...?

easement by necessity

a utility easement is an example of an

easement by prescription

This is an inheritable estate in land providing the greatest interest of any form of title...?

fee simple absolute

An estate of indeterminable duration is referred to as a/an...?

freehold estate

a lien on all the property of a debtor is known as a

general lien

This refers to a person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another...?

independent contractor

This refers to 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 lien imposed against a property without the consent of the owner is known as a

involuntary lien

the undivided ownership of a property interest by two or more persons, each of whom has a right to an equal share in the interest and a right of survivorship is known as

joint tenancy

which of the following provides the right of possession and control but not title

leasehold estate

a freehold estate created for the duration of the life or lives of certain named persons is known as a

life estate

a form of alternative dispute resolution in which the parties to a lawsuit meet with a neutral third-party in an effort to settle the case is known as

mediation

title to real property held in the name of only one person is known as

ownership in severalty

A division of real or personal property among co-owners is known as...?

partition

a tenancy in common can be terminated through

partition

a lease that automatically renews for successive periods unless terminated by either party is known as a

periodic tenancy

an estate from year to year is also known as

periodic tenancy

the right of any political body to enact laws and enforce them, for the order, safety, health, morals and general welfare of the public is known as

police power

this comprises of the rules by which a court hears and determines what happens in civil lawsuit, criminal or administrative proceedings

procedural law

This refers to the adoption or approval of an act performed on behalf of a person without previous authorization, after the acts have been performed...?

ratification

this refers to a person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee

real estate broker

a person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker is referred to as a

real estate salesperson

a business trust which deals principally with interest in land, generally organized to conform to the irs, is referred to as a

reit

a real estate agent typically serves as an

special agent

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

specific performance

the sale of land as an alternative to damages is an example of

specific performance

the legal principle of determining points in litigation according to precedent is known as

stare decisis

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

the statutory or written law, that defines rights and duties such as crimes and punishments, civil rights and responsibilities in civil law is known as

substantive law

a partnership organized for participation in a real estate venture is known as a

syndicate

which of the following is an example of an involuntary lien

tax lien mechanics lien judgment lien

which of the following costs are shared among the owners in a tenancy in common

taxes expenses insurance

which of the following exists without a contract or lease, and is unspecific in duration or the exchange of payment

tenancy at will

An ownership of real property by two or more persons, each of whom has an undivided interest, without the right of survivorship, is known as...?

tenancy in common

which of the following is an example of concurrent title

tenancy in partnership tenancy in common joint tenancy

Any wrongful act (not involving a breach of contract) for which a civil section will lie for the person wronged is referred to as...?

tort

An owner in a tenancy in common can sell their share of ownership in the property without the consent of the other owners...?

true

One of the benefits of the right of survivorship is the elimination of probate...?

true

a leasehold estate is an example of a non-freehold estate

true

a life estate is a non-inheritable estate

true

a mortgage lien is an example of a voluntary lien

true

a real estate broker cannot collect a commission unless he/she has an express contract with the seller

true

english common law served as a foundation for modern law

true

in California, there is a 3 year statute of limitations for real property contracts

true

involuntary liens are also known as statutory liens

true

ostensible agency is typically created by estoppel

true

ownership in a cooperative includes a propriety lease

true

real property sales contracts in California must be in writing

true

the intention of the law is to establish order and to enforce promises

true

unless specified otherwise ownership in a tenancy in common is shared equally between the owners

true