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California Broker Exam
Study for the California Broker Exam
58
Real Estate & Planning
Professional
11/15/2008

Additional Real Estate & Planning Flashcards

 


 

Cards

Term

 [image]

Real Property Is either

(I...) or (A...)?

Definition
Imovable and or Attached
Term

 

[image]

 

Mineral and Oil Rights are

what type of property?

Definition

Real Property

Term
Appurtenant
Definition
Runs with the land, attached. 
Assumed Real Property
Term
Real Property Can become
what other type of property?
Definition
Personal Property (Oil, Gold, Minerals...)
Term
Hypothecated Property
Definition

A Car (Property) is hypothecticaly

owned until completly paid for.

Real Estate Property is Security for Debt.

Term
To Convey Property is to (What) Property...
Definition
(Alienate) Property
Term
Fee Simple Estate is a (What) Estate?
Definition

(Freehold) Estate...

Most Interest you can hold in property.

Term
Life Estate is a (What) Estate?
Definition

(Freehold) Estate,only as long

as the life holder is still alive...

Term
Less than Freehold Estate is held by (Who)?
Definition

By a Lessee or more comonly

refered to as a Renter.

Term
A Lease is an (What) in Property?
Definition
An (Estate) in Property.
Term
What is a Sale Leaseback?
Definition

A Sale Leaseback is how estates can

change from Freehold, to a Less

than Freehold Estates.

Term

Contracts to Lease Property:

Does both the Lessor and Lessee need to Sign?

Definition
No, If a year and one day or more the contract must be written and signed by the Lessor (Landlord), but not necessary for the Lessee to sign.
Term
Sublease Agreements are also know as (What)?
Definition
Sandwich Possition.
Term
Sublease Transfers (What)?
Definition
Transfers Possession.
Term
Constructive Eviction
Definition

Wear and Tear caused by Lessee

are not Grounds for Eviction.

Term

Unlawful Detainer Action is a

(What) type of Court Action?

Definition
(Civil) Court Action.
Term
Unlawful Detainer Action is filed by (Who)?
Definition
Offended (Lessors).
Term
A License is (What) and (What)?
Definition

Revocable and Personal.

Not like an Easement.

Term
Is a License Revocable and Personal?
Definition

Yes.

Not like an Easement.

Term
An Easement Runs with (What)?
Definition
It Runs with the Land.
Term
What does Title Vesting Mean?
Definition
Title Vesting: Ways of holding Title.
Term
What is Tenancy?
Definition
Tenancy is a Method of Holding Title.
Term

What is Severalty?

(Blank) Ownership...

Definition

Severalty is an Individual, (Sole) Ownership.

Another words One Person owns the property.

Term

If you here Severalty...

How many owners should you think of.

Definition
Only one!
Term
Property held in Severalty is what?
Definition

Sole Ownership...

(I'm repeating for a reason)

Term
Joint Tenancy is another form of (What)?
Definition
It is another form of (Vesting [Holding] Property).
Term
What does "T-Tip" stand for?
Definition

(Same) Time, (One) Title, Interest, Possession

(Joint Tenancy)

Term

Joint Tenancy can only be

established with (What)?

Definition

(Same) Time, (One) Title, Interest, and Possession.

 

JT cannot be Willed to someon. If you die your part ownership goes to the other JT owners equaly.

Term
"Time" as it relates to Joint Tenancy is (What)?
Definition
Time is the (Same Time) owned not Diferent Times.
Term
"Title" as it relates to Joint Tenancy is (What)?
Definition
Title is (One Title) owned not Diferent Titles.
Term
What two people create Community Property?
Definition
Husband and Wife create Community Property.
Term
If a Wife attempts to sell the property without the Husbands aknowledgement and a Broker finds a "Willing and ready Buyer" and the Husband declines to sell the House...is the commision to the Broker still required?
Definition
Yes, the Broker fulfilled his side of the contract.
The commision agreed upon is still owed.
Term

What the Three Types of Titles?

1. (What) of Title.

2. (What) Title.

3. (What) Title.

Definition

Transfer of Title.

Alienating Title.

Conveying Title.

 

By the way they all mean the same thing.

Term
What is the Definition of Alienation?
Definition

To Alienate is to Convey, Sell, or Give.

 This is the opposite of Acquisition.

Term
What is the Opposite of Acquisition?
Definition
Alienation...
Term
What is a Cloud on Title?
Definition
Clouding a Title would be a once legal name on Title showing up still on Title even after the Title has been conveyed.
Term
What are some State Types of Eminent Domain?
Definition

1. Condemnation

2. Involuntary Conversion

3. Esheat

Term
What is Eminent Domain?
Definition

It is the Governments Power for the

good of the general Public Use.

 

Fair Market Value must be offered.

This is NOT a Police Power.

Term
What is Condemnation?
Definition
It is Eminent Domains Strong Arm to Instruct the Owner to Get Out by Condeming the Property.
Term

What is Involuntary Conversion?

(What) Domain?

Definition
Just another form of Eminent Domain.
Term

Involuntary Conversion of Property

is just that, it is (What)?

Definition

Involuntarialy Given/Conveyed/Transfered

to the Government.

Term

What are some types of Police Power?

Give Three Types...

Definition

1. Zoning

2. Land Usage

3. Planning

Term
Escheat is a (What) type of Power?
Definition
It is a State Power.
Term
Can an Individual Use Escheat as Power?
Definition
No this is a Government Power Only.
Term
Can a Broker Recive a Commission
for a Probate Sale?
Definition
Of couse they can...
Term

Who can authorize the Broker to Recieve a

Commission on a Probate Sale?

Definition
This can only come thru a Court Order.
Term
For a Deed to be valid it must be (What)?
Definition
All Deeds must be Executed to be valid.
Term

Deed also has to have what on

it to be completely legal?

Definition
Your signature...don't forget that.
Term
When are Grant Deeds Execuded?
Definition

Well whats the definition of Execuded (Signed)...

 

Answer: Grand Deeds are Executed

when they are Signed.

Term
When does the Title Pass as Being Legal?
Definition

Title Passes when it is Delivered.

(Not like the Deed...)

Term
Is delivery of Deed Necessary to be Effective?
Definition

Yes, it not only has to be Executed,

but it must also be Delivered to be Effective.

 

Not Legal, but "Effective"

Term

It is not necessary to (What)

a Deed for it to be Valid?

Definition
(Acknowledged) to be Valid, Not Necessary.
Term

A Deed however Needs to be

Acknowledged to be (What)?

Definition
...to be (Recorded)
Term

In order for a Deed to be Essential

the named person cannot be (What)?

Definition
They cannot be Ficticious.
Term
What is needed in a Deed?
Definition
You must have a Granting Clause in a Deed.
Term

Is it possible to have a Deed

without a Granting Clause?

Definition
No, it is not possible...
Term

Name All the Deed Essentials,

there are Five Rules...

Definition

1. Must be Executed (signed).

2. Must be Delivered.

 3. No Fictitious Persons

4. Must contain a Granting Clause.

 5. And, does not have to be Acknowledged.

 

Acknowldegment is only needed if

you are going to record the Deed.

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