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Real estate quiz chapter 1-15 (California)
Terms in this set (140)
The California Legislature created the __________ to oversee, regulate, administer and enforce the real estate law.
California Department of Real Estate (DRE)
The chief of the department of real estate (Dre) is the ————— .
Real estate commissioner
To be eligible for a broker agent license, the application needs to be honest and truthful , complete mandatory education and ?
Pass the qualifying test .
All real estate broker and agents need a complete at least ———— of continuing education (ce) every four years to renew a license issued by the department of real estate (Dre).
The ————- is available to individuals who have obtained a judgment against a license and unable to recover the judgment from the licensee for losses caused while acting as an Agent.
Real estate recovery
A residential mortgage primarily for the personal, family or house hold use and secured by a deed of trust on a dwelling is known as —————-.
Consumer purpose Morgage
Agency in real estate related transactions includes relationships between broker and their ?
Principles and agents.
A brokers representation of a client , such as a buyer or seller , is best undertaken;
On a written employment agreement signed by both the client and broker .
The agency law disclosure needs to be attached to which. Of the following documents and signed by all parties in targeted transactions?
A purchase agreement, a seller's listing agreement, and a counteroffer a lease agreement for a term exceeding one year .
Failure of the sellers agent to provide the seller with the agency law disclosure prior entering into the listing agreement may result in ?
The loss and their fee .
A(n) ————— arises when a broker or their agent , acting ona behalf of a client, has a competing professional or personal bIas which hinders their ability to fulfil the fiduciary duties they have undertaken on behalf of their client.
Conflict of interest
A(n) is a broker who simultaneously represents the best interest of opposing parties in a transaction,e.g.both the buys. And the seller .
When a dual agency is established in a one to four unit residential sales transactions, the broker may not ?
Pass on confidential pricing information to the opposing parties.
Funds belonging to others which a broker and their agents handle when acting In a transaction?
A broker is required to regularly account to an owner on the status, expenditure and the location of the negotiable trust funds called a(n)
Regardless of race l all citizens of the United States have the right to rent residential and. Commercial real estate under federal. :
Civil right act.
————- involves the restriction of a person seeking to buy or rent a dwelling in a community in a manner that perpetuates segregated housing patterns.
A(n) ————— is housing intended for the solely occupied by the person s62 years of age or older , or intended and operated for occupancy by the persons 55 years of age or older .
Senior citizens housing project
California's unruh civil right act specifically prohibits discrimination on behalf of ?
California anti discrimination law is enforced by the department of fair employment and housing and the ?.
the Fair Employment and Housing Commission
Until————— was added to the anti discrimination laws in 1992 , it was began to exclude minors under age of 18 from the housing accommodations.?
————- practices are those which are not openly discriminatory,but results in discriminatory effects.
Failing to provide financing in certain communities is called ?
The ————- is a 1974. Federal enactment prohibiting lenders from discrimination against borrowers from a protected class.
Equal credit opportunity act
A residential landlord may not induce or attempt to induce an individual to offer , or abstain from the offering, a dwelling to prevent the entry of certain classes of people in a neighborhood is called ?
A lender may lawfully consider————$ when determining the applicants credit worthiness?
A mortgage applicants age
Consumers-may request a free copy of their credit report ————- to review it for errors ?
Once a year
The —————- requires lenders to complete and submit their home loan organization dats to their respective supervisory agency's .
Home mortgage disclosure act
The printing or publishing of an advertisement for the sale or rental of residential property that indicates a wrongful discriminatory preference is a violation of the :
Federal Fair Housing Act (FFHA)
The department of housing and urban development (hud) issue ps guidelines that requires real estate brokers selling or renting single family residence (sfr) display a(n)
Fair housing poster
A property defect which would likely affect the price a buyer would be willing to pay is referred to as:
The broker analyzes the SURITABILITY of an income property which is for sale by preparing a(n)
Annual property operating data sheet (APOD)
A sellers broker and her agents have a———— , I want us 0LELY to the seller who is employed by the broker to diligently market the list of property for sale?
Fiduciary agency dual
A seller of a 1 to 4 unit residential property needs to complete and deliver to a prospective buyer a sanctuary form called a(n) ?
Transfer disclosure statement (TDS)
Radon gas connections and bclosed, Unventilated spaces located within a building where the underlying rock contains uranium is an example of?.
Environmental hazard located on a property
Environmental hazards not itemize in the transfer disclosure statement (TDS) include:
Natural hazards such as —————— come with the location of a parcel of real estate not with the man-made aspects of the property.
Very high fire hazard severity zones
To unify and streamline the disclosure me by a seller and their agents about natural hazards affecting a property, The California legislator created a sanctuary form called the:
Natural hazard disclosure statement (NHD)
The natural hazard disclosure statements (NHD) handed to a prospective buyer does not disclosed:
Environmental hazards and physical deficiency in the soil or property improvements
The natural hazard disclosure statements (NHD) requires the sellers agent to disclose to a prospective buyer whether they have knowledge the property:
It's located in a fault zone
Brokers owned a fiduciary duty to the client to use ————- in a continuous effort third to meet the objective of the employment:
All records of an agent activities on behalf of a buyer or seller during the listing. Are to be retained by the agents broker for?
A(n) ————- it's a written employment contract between a client and a licensed real estate broker?
Under a(n) —————— A client can enter into listings with as many brokers as they want without becoming obligated to pay more than one fee?
The function of a ———— is a limited to soliciting identifying and referring potential real estate clients to broker, agents, or principles in exchange for a fee:
The primary document used to negotiate the transaction between a buyer and a seller is a:
The —————- , contain and all purchases agreements, states that existence or nonexistenceexistence of each brokers fiduciary Agency with the various parties to the transaction:
Agency confirmation provision
An agency more disclosure is provided each time any broker prepares a purchase agreement or:
Lease for more than one year
A(n) ————-Is an individual opinion or estimat on a property value on a specific date:
A process employing an independent agent to manage the closing of a real estate transaction through the exchange of documents and money between two parties is referred as a?
The specific duties of the escrow officer and a particular transaction are documented in?
The right of the government to take private property for public use is referred as:
————-are interest in real estate which secure payment or Performances or of a Dopp or other monetary obligation, such as a trust deed Lien or a logo property tax lien?
The first component of real estate is land, which includes:
soil, rocks, reasonable airspace above the earth
The right to use water is called a?
Incidental rights to real estate which are not located on the real estate nor reflected on its title or called ?
A(n) ———- last for a specific length of time as stated and a lease agreement entered into by a landlord or tenant:
Fixed term Tenancy
On the expiration of a lease, a tenant who remains in possession of a property without an agreement or acceptance of rent by landlord for the extended occupancy becomes a?
Improvements that become part of the real estate includes walls central air conditioning and?
California establish the————— to act as a referee for all the disputes over water rights??
State water resources control board (SWRCB)
A(n) ———— is a recorded restriction which requires a property to be use for a specific purpose?
That location of a common property line that is represented by an improvement which acts as a demarcation of the property line is called ?
Common Boundary improvement
A(n) ————-is an improvement on real estate which extends onto real estate belonging to another person without their consent?
The property which benefits from an easement is referred to as the
A(n) —————- belongs to an individual and is their personal rights:
Easement in gross
—————— Easements restrict and owners ability to maintain or construct improvements which interfere with a neighbors solar energy system
If the property is landlocked, the owner of the property will most likely be able to acquire a(n) ?
Easement by necessity
An easements is terminated by————— if the easement holds her place is an excessive burden on the property encumbered I have a easement?:
A—————— as a wrongful an on authorized entry until real estate in the possession of another:
——————-refers to a method of acquiring title to real estate owned by another by openly maintaining exclusive possession of the property for a period of five years and paying all property taxes:
The illegal sell of controlled substance is considered a(n)?
A —————— as a NUISANCE which affects an entire segment of the population:
Under the —————- owners of adjacent properties uncertain over the true boundary agreed to establish the location of their common law line and acquiesced to the boundary line for at least five years.
Agreed boundary DOCTRINE
The individual conveying real estate is called the———— and the individual inquiring title is called the —————- ?.
At the time of signing the deed, in capable guarantor needs to:
Processes their civil rights, be of sound mind, be in adults of at least 18 years of age
A(n) ———— is used to pass a fee simple interest in real estate from the guarantor to another individual, unless a lesser interest is stated in the deed.
To simply convey any interest in real estate without an assurance The individual holes that interest conveyed , a(n) ———— deed
For delivery of a deed to occur, the guarantor needs to—————- and the guaranteed needs to —————?
Intend to convey title, except the deed as immediately effective
A(n) —————- Is valid and enforceable after delivery until it is challenged due to a defect and declared and valued by court order
On expiration of a lease, the passage of real estate fixtures from the tenant so landlord is conveyance called ?
All property acquired jointly by a married couple during the marriage no matter how vested, is for Soum to be:
A(n) —————— investing is categorized by an ownership interest in property concurrently received by two or more individuals for share equally and have the right of supervision ship?
Lis pendens means?
Notice of Pending Action
To properly record a LISPENDENS, the LISPDENS is required to identify the parties to the light suit and?
Give an adequate description of the real estate
A(n) ————- is a written statement which presents an accurate, factual representation of title to the property being acquired, encumbered at lease ?
Abstract of title
The —————- insures against all encumbrances affecting Seidel which can be discovered by a search of public rectors prior to issuance of the policy but does not cover our guns on recorded and encumbrances :
California land title association (CLTA) Standard policies
The submission of a(n) —————— To a private of institutional lender is the catalyst which sets the machinery of the mortgage industry in motion
A(n) —————— Is a dollar amount of the equity in a home owners dwelling that the home owners qualifies to hold which has priority on title over most judgment liens and some governments liens
A(n) ———————- is and estimate of the buyers settlement charges and mortgage terms delivered to the buyer within three business days following the lenders receipt of the mortgage application .
The ————- program assist qualified veterans or there are surviving spouse is to buy a home with a zero down payment.
US department of veterans affairs (VA) morgage guarantee
A buyers————— is there ability to make mortgage payments as evaluated by their debt to income (DTI) ratio
The ————— insures mortgages with high loan to value really ratios LTV that Armada with less demanding cash down payment requirements loans originated originated by conventional lenders.
Federal housing administration(FHA)
A———— Occurs when a seller carries back a note executed by the buyer to evidence ASAP on for the purchase of sellers property:
Seller financing arrangement
The tax impact a carryback seller will receive on their carryback financing is ————— category income regardless of whether the property sold was in another income category:
The amount of interest a private non-except lender can charge is regulated by statute and the California constitution collectively called ?
The most common penalty suffered by a non-except private lender and violation of usury laws is ?
Forfeiture of all entrance paid on the loan
Default mortgage insurance coverage provided by private insurance for conventional loans with loan to value ratio is higher than 80% is referred to as?
Private mortgage insurance (PMI)
A note calling for the entire amount of responsible to be paid together with accrued Interest in a single lump sum when the principal is due is called
—————- call for periodic I judgments to the entrance right and the amount of schedule payments:
Adjustable rate mortgage (ARM)
A mortgage providing for installment payment to be periodically increase by pre-determined amounts to accelerate the payroll of principle is known as a(n)?
Graduated payment Morgage(GMP)
A(n) ——————- I'm poses an additional charge of a mortgage payment is not received by the lender wanna do or with an a grace period
Late charge provision
——————— is the Minneman grace for read aloud for a private lender secured by an owner occupied or single-family residence(SFR) ,Even if the homeowners agrees to a shorter Grace.
An owner of real estate who wants to pay off principal on a job before it's due may be levied an additional charge by lender called?
A(n) ————- as any final payment on a note which is an amount greater than twice the amount of anyone of the six regularly scheduled proceeding payments.
Noticed of a final balloon payment needs to be given to the buyer or current owner——————- Before it's due date
The ———- preferential method are used to impose a lien on real estate:
The ————— such as a lender or carryback seller is the entity entitled to the performance of the promised activity referenced in the trusteed as the purpose for obtaining the security.
When the lender answers into an agreement with both the buyer and seller for the buyers of Sumption of the loan and the release of the sellers liability, this is known as a
The occurrence of any van which triggers to on enforcement automatically allows the lender to call the loan, also known as
The due on clause is triggered not only via transfer using a standard grant deed, but a lease with a term over?
The —————- contain in a trustees authorizes the trustee to indicate a nonjudicial foreclosure sale of the property on a declaration of default and instructions to foreclosures from the beneficiary
Power of sale provision
Prior to completion of the trustees sale, and owner may ————- By paying all summer to do under the know and trust deed and reimbursing the lenders cost of foreclosures
Redeem property in foreclosure
Before recording a notice of default (NOD) on a trustee securing a purchase assist mortgage on a borrowers principal residence, a mortgage holder needs to?
Conduct a pre-foreclosure work out with the owner
Within—————— after recording a notice of default the trustee sends a copy of the NOD by registered or certify mail to holders of a recorded interest in the secured property:
At least—————- The dates selected by the trustee to hold a trustee's cell, the trustee sent to copy of the notice of trustee sale(NOTS) to each party the trustee previously sent a notice of default NOD
20 calendar days before
A trustee sale is consider final incomplete?
On the trustees acceptance of the last and highest bid
A(n) ————— Is the court order sale by public auction of the secured property lasting from the eight months two months or years before it is completed completed:
A(n) —————- is issued to the successful better on the completion of a judicial sale :
Certificate of sale
The ————- is an itemized deduction for income tax reporting allowing homeowners to deduct entrance and related charges they pay on a mortgage in encumbering there are primary our second home:
Mortgage interest deduction(MID)
A ———————— is an individuals home where the homeowners immediate family resides a majority of the year, is close to the homeowners place of employment and banks which handle the homeowners account:
Tenants negotiations that can be performed by unlicensed agents who have been retained to manage an apartment building include?
Excepting tenants and security deposits
Apartment complex with————— I needed to have a resident manager
16 or more units
The intangible image or option held about a property which affects its earning power is known as .!?.
A(n) ————— Runs for an indefinite Of time since it automatically renews monthly, and on the same terms until modified or terminated by notice
Month to month rental agreement
To avoid disputes over who is responsible for any damage to the premises, the residential landlord and tenant complete and sign a(n) ——————— Before that's fun that is given possessions
Condition of premises
A Lease agreement conveying in terms of occupancy exceeding————— Needs to be written to be enforceable, a requirement of structure of frauds
A(n) —————- provision in a lease a shores application of California laws when a dispute arises between a tenant and landlord
Choice of law
The landlord under a month to month and so agreement can increase to run or shift repair and maintenance obligations of the tenant by serving a?
30 day notice of change and rental terms
A————- Provides a source of recovery for money losses and cured by the landlord due to a tenant D4 on monetary obligations agreed to in the rental or lease agreement
If no repairs are made to a rented unit the residential landlord needs to refund the security deposit less reasonable deduction within ————— days after a tenant vacates
A tenant who commits a——————-# Is served with a three day notice to quit
In curable breach
A(n)——————- is a set time. Following the due date during which rent may be paid without ensuring a late fee
The three day notice to perform or quit requires a tenant to vacate the promises or:
Perform under the bridge lease provision
Waste occurs when a tenant?
neglects the premises and impairs its value by failing to maintain it as agreed
When a tenant has resided in a residential property for one year or more the landlord the terminates the Tenancy by giving the tenant a?
60-day Notice to Vacate
And owner by foreclosure who purchases a residential property at a trustee sale for investment purchase may only terminate an existing residential tenancy by serving the tenants with a?
90 day notice to vacate
A Landlord Breaches the —————- When they fail to comply with building and housing code standards that materially affects health and safety
Implied warranty of habitability
Construction or residential and commercial buildings is primarily regulated by the state of California through?
The placement of building upon the lot is referred to as it's?
The ————- establishes the condition for approval of a subdivision map, and provides some planning Commission the authority to regulate that design and physical improvements to be installed in a common interest development(CID)
Subdivision map act
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