LEGAL ASPECTS OF REAL ESTATE – FINAL EXAM QUESTIONS WITH CORRECT ANSWERS
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Module
LEGAL ASPECTS OF REAL ESTATE
Institution
LEGAL ASPECTS OF REAL ESTATE
LEGAL ASPECTS OF REAL ESTATE – FINAL EXAM QUESTIONS WITH CORRECT ANSWERS
What is possession without concealment? - Answer-Hostile possession
What is known as water beneath the surface that runs in recognizable underground streams or collects in porous ground layers called aquifers? - Answer-...
LEGAL ASPECTS OF REAL ESTATE –
FINAL EXAM QUESTIONS WITH
CORRECT ANSWERS
What is possession without concealment? - Answer-Hostile possession
What is known as water beneath the surface that runs in recognizable underground
streams or collects in porous ground layers called aquifers? - Answer-Ground water
What provides legal, public, and constructive knowledge to everyone about the
ownership of a property? - Answer-The act of recording
What is a legal instrument for the voluntary transfer of real and personal property after
the owner's death? - Answer-A will
What type of mortgage is one that includes all the personal property and appliances that
are installed on the property? - Answer-A package mortgage
If a buyer defaults on a CAR Residential Purchase Agreement and cannot complete the
purchase, the seller will retain the deposit paid by the buyer as long as it is not more
than - Answer-3% of the purchase price.
What type of will is typically made orally on a testator's deathbed and written down by a
witness? - Answer-A nuncupative will
How many years must a broker keep all records from the date of the conclusion of a
transaction or listing if the transaction does not close? - Answer-3 years
What Act mandates that persons with disabilities have equal access to jobs, public
accommodations, government services, public transportation and telecommunications?
- Answer-The Americans with Disabilities Act
The total amount of judgments against any individual licensee from the Recovery Fund
is limited to - Answer-$250,000.00
The discovery step of civil cases is where - Answer-Each party gathers information from
each other and third parties.
The rectangular survey system divides a township into thirty six squares called -
Answer-sections.
, What are also known as restrictive covenants or Covenants, Conditions and
Restrictions and are constraints that run with the land? - Answer-Deed restrictions
What can a plaintiff file essentially telling potential buyers that the property is subject to
a judgment of a pending lawsuit by putting a cloud on the title? - Answer-A lis pendens
If a broker is also an escrow agent in a transaction, he or she must put aside any
agency relationships with the parties involved and become a - Answer-neutral
depository.
How many days notice must a month-to-month tenant give prior to vacating the
property? - Answer-30
In California, non-judicial foreclosure lenders cannot start the foreclosure process for
how many days after contacting a borrower to conduct a Foreclosure Avoidance
Assessment to attempt to avoid a foreclosure? - Answer-30
In partnerships, a general partner - Answer-shares equal liability with the other partners.
In a real estate transaction, who is the decision maker on all things? - Answer-The client
What is an involuntary alienation common law doctrine which transfers the property of a
person who dies without heirs to the state? - Answer-Escheat
If an affiliated licensee terminates or transfers to another broker, within how many days
of termination must a broker notify the DRE through it's Elicensing system, or in writing,
and return the licensee's license to the licensee? - Answer-3 days
It is important for a licensee or broker to remove ambiguity when a seller's unclear
decision could be discriminatory by forcing the seller to - Answer-pay the closing costs.
A substantive law - Answer-establishes and controls rights and duties of parties.
How much of a property exemption is a totally disabled war veteran, making over
$40,000 annually and living in California, entitled to? - Answer-$100,000
California requires that deaths that occurred within the past three years be disclosed
unless an occupant of the property dies with, or as a result of, - Answer-AIDS.
What is not one of the four choices a buyer can make when a counteroffer is given back
to him or her? - Answer-The counteroffer could become a lease.
Who investigates complaints of the Holden Act and takes remedial action as required by
law? - Answer-The California Secretary of Business, Transportation and Housing
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