with Certified Solutions.
If a buyer has defaulted on on an original land contract which had been recorded,
this would result in a defective title, requiring legal action to clear the title. This is
called - Answer: a Quiet Title Action.
A promise is also known as a - Answer: Covenant
A court action is mandatory to evict a delinquent tenant. This process is called -
Answer: Unlawful Detainer
A verbal contract is considered - Answer: Valid
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,California Statute of Frauds require a real estate agreement to be - Answer: In
writing
What kind of listing agreement offers a listing broker to receive a commission
regardless of who is the "procuring" cause? Is also considered the greatest
protection for the agent. - Answer: Exclusive right to sell
What does a deed NOT need to be considered valid? - Answer: A date
A valid deed must have 3 components - Answer: Be in writing, be signed by the
grantor, and delivered to the grantee
For a deed to be recorded, it must - Answer: Be acknowledged (notarized)
A chattel - Answer: Is most accurately described as personal property
Which is NOT corporeal property? A fee simple estate, a leasehold, an easement,
or a fixture? - Answer: An easement
What is a visible or tangible right in real estate such as the right of occupancy
under a lease? - Answer: Corporeal
In reference to Property Taxes, "basis" or "cost" is - Answer: Purchase price of
prop plus cost of improvements.
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, How is a condominium unit owned? - Answer: Separate interest
How are common interests in a condo owned? - Answer: Equally in undivided
interest
Subdivided Land Laws refer to - Answer: Subdivisions of 5+ parcels on 160 acres,
regulated marketing & financing, and requires disclosures in public report.
How long is a disclosure in public report for Subdivided Land Laws good for? -
Answer: 5 Years
When does a tax year run? - Answer: July 1-June 30
Legally combining smaller, adjacent parcels of land to form a larger parcel. -
Answer: Plottage or assemblage
Separating large parcels into smaller lots - Answer: Subdividing or separating
Amount or size of land being increased by natural forces such as deposits by wind
or water. - Answer: Accretion
Gradual uncovering of land previously covered by water such as when a stream
changes course. - Answer: Reliction
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