QUESTIONS AND VERIFIED CORRECT ANSWERS | UPDATED & GRADED
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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 - CORRECT ANSWERS-a
Quiet Title Action.
A promise is also known as a - CORRECT ANSWERS-Covenant
A court action is mandatory to evict a delinquent tenant. This process is called - CORRECT
ANSWERS-Unlawful Detainer
A verbal contract is considered - CORRECT ANSWERS-Valid
California Statute of Frauds require a real estate agreement to be - CORRECT ANSWERS-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. - CORRECT
ANSWERS-Exclusive right to sell
What does a deed NOT need to be considered valid? - CORRECT ANSWERS-A date
Separating large parcels into smaller lots - CORRECT ANSWERS-Subdividing or separating
Amount or size of land being increased by natural forces such as deposits by wind or water. -
CORRECT ANSWERS-Accretion
,Gradual uncovering of land previously covered by water such as when a stream changes course. -
CORRECT ANSWERS-Reliction
The Statute of Limitations in the state of California allows how long to take action? - CORRECT
ANSWERS-4 years
The process by which the court may seize real or personal property as security for a satisfaction of
monetary judgement. - CORRECT ANSWERS-Attachment
When is a 20-day preliminary notice of a mechanics lien need to be issued? - CORRECT
ANSWERS-20-days after the claimant (contractor) has first furnished labor, services, equipment, or
materials.
What is the purpose of issuing a preliminary notice of a mechanics lien to a claimant? - CORRECT
ANSWERS-To inform concerned parties that the property may be subject to liens arising out of
contract.
What is the brokers relationship to the customer? - CORRECT ANSWERS-The broker is the
agent to the customer (customer employs the broker).
What is the agents (salesperson) relationship to the broker? - CORRECT ANSWERS-The
salesperson is the agent to the broker (the broker gives the salesperson authority to act on his/her
behalf).
A Home Equity Line of Credit is - CORRECT ANSWERS-An Open Ended Mortgage
An Open Ended Mortgage is - CORRECT ANSWERS-A type of note that permits the borrower
to obtain more money at a future date under the same deed of trust.
Zoning is an example of - CORRECT ANSWERS-Police power
, Local jurisdictions have the authority to divide land into districts and impose land use regulations to
promote health, safety, and welfare of the public--this is known as - CORRECT ANSWERS-
Zoning
When can restrictions placed on a deed be removed? - CORRECT ANSWERS-Never
What is the only restriction placed on a deed that is considered illegal? - CORRECT ANSWERS-
Race restrictions
Is an option contract bilateral or unilateral? - CORRECT ANSWERS-Unilateral
What does an option contract NOT do? - CORRECT ANSWERS-Create a legal interest in a
property
A valid deed must have 3 components - CORRECT ANSWERS-Be in writing, be signed by the
grantor, and delivered to the grantee
For a deed to be recorded, it must - CORRECT ANSWERS-Be acknowledged (notarized)
A chattel - CORRECT ANSWERS-Is most accurately described as personal property
Which is NOT corporeal property? A fee simple estate, a leasehold, an easement, or a fixture? -
CORRECT ANSWERS-An easement
What is a visible or tangible right in real estate such as the right of occupancy under a lease? -
CORRECT ANSWERS-Corporeal
What time of estate does one hold when it along exists with you for the duration of your life or someone
else's life? - CORRECT ANSWERS-Life Estate