Urban Policy and Planning > EXAM > California Real Estate Exam: Questions & Answers: Latest Updated: Guaranteed A+ Score Guide (All)
California Real Estate Exam: Questions & Answers: Latest Updated: Guaranteed A+ Score Guide
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Reed vs. King Case (Ans- Must disclose death (and manner of death) on a property if occurs within 3 years, except AIDS Jones vs. Mayer Supreme Court Decision (1968) (Ans- Racial discrimination ... not allowed (whether selling or buying) in all PRIVATE property transactions (based on Civil Rights Act of 1968) Easton vs Strassburgar (Ans- Seller disclosures to third parties AND agent visual inspection of all accessible for 1-4 single family homes If license applicant is delinquent on child support, what type of license will be issued? (Ans- 150 day temporary license A commission is earned when... (Ans- A ready, willing, and able buyer is found Name 4 examples of real property (Ans- Land Fixtures (attachments) Appurtenances Immovable by law DEF mineral rights (Ans- Right to remove substances from land, usually beneath the surface Name two instruments to transfer ownership (Ans- 1. Deed (real estate) 2. Bill of sale (personal property) Name five tests to determine if something is a fixture: (Ans- MARIA Method of attachment Adaptability Relationship of parties Intent of parties in placement Agreement of parties Of the five MARIA tests to determine if something is a fixture which is most important (Ans- INTENT Estate always relates to... (Ans- Ownership DEF freehold estate (Ans- Highest form of land ownership and of indefinite duration Fee Simple Absolute (Ans- Same DEF as freehold. Difference is that this is the MODERN def (this is BEST answer) DEF Fee simple defeasible (Ans- Estate that is subject to the power of termination Defeasible estates are subject to a ... (Ans- condition What is the result of a breach in condition of a defeasible estate? (Ans- Loss of title In CC&Rs, breaking (covenant/condition) result in loss of title? (Ans- Condition What are two other names for a fee simple estate? (Ans- 1. Estate of inheritance 2. Perpetual Estate In a fee simple defeasible estate, to whom does the estate revert back to if a condition is breached? (Ans- Creator of the estate Example: Hugh Hefner and Cal Poly Pomona Def of Life Estate (Ans- A freehold estate with limited duration which is based on someone's life. Can the holder of the life estate sll or lease the estate? (Ans- Yes Who does the life go back to when the holder dies? (Ans- 1. Estate in reversion - goes back to creator 2. Estate in remainder - goes to third party DEF encumbrance (Ans- Anything that would be a burden on the title Name two types of encumbrances (Ans- 1. Money (liens) 2. Non-money (easements) A holder of a life estate cannot do two things: (Ans- 1. Will or devise the estate 2. Commit waste (such as not pay property taxes and not maintain the property) Mechanic's Lien: used to secure payment to anyone that provides any of these four things: (Ans- 1. Labor 2. Services 3. Materials AND/OR 4. Equipment Mechanics liens become effect when... (Ans- work started An owner can post and record WHAT to protect the title against a mechanic's lien? (Ans- Notice of Non Responsibility [Show More]
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