California Real Estate Sales Exam

Front 1

Escheat

Back 1

noun
1.the reversion of property to the state, or (in feudal law) to a lord, on the owner's dying without legal heirs.
verb
1.(of land) revert to a lord or the state by escheat.

Front 2

The LEAST specific method for identifying real

A) property is street address.
B)rectangular survey.
C)metes and bounds.
D)lot and block.

Back 2

A legal description is a precise method of identifying a parcel of land and includes metes and bounds, rectangular survey, and lot and block as methods that can be used for identification. A street address is not a legal description and, therefore, not as precise.

Front 3

Escrow companies normally base their prorations on a year of

Back 3

Escrow companies prorate on the basis of a 30-day month and 360-day year, unless instructed otherwise.

Front 4

Nonconforming use

Back 4

Nonconforming use grandfathers in those uses that were going on before certain zoning restrictions were enacted that forbid them. They are allowed to continue for various lengths of time and with limited right of transfer to later buyers

Front 5

The date and time a document was recorded help establish which of the following?
A)Priority
B)Marketable title
C)Abstract of title
D)Subrogation

Back 5

Time of recordation is an important consideration in establishing the priority of claims in the event of a sale.

Front 6

Mortgages and deeds of trust differ in every respect EXCEPT

Back 6

security Under a mortgage and a trust deed, the security for the loan is the property. A mortgage has two parties; a trust deed has three. A mortgage promises the title; a trust deed conveys the legal title from trustor to trustee. The power-of-sale clause in a trust deed never outlaws under the statute of limitations

Front 7

The California Farm and Home Purchase Act provides that the purchaser acquires possession through a

Back 7

conditional sales contract. Under a Cal-Vet purchase, the veteran takes possession under the terms of the contract of sale and will not receive a deed until the contract is paid off

Front 8

intestate

Back 8

a. (of a person) not having made a will
b. (of property) not disposed of by will

Front 9

undivided interests

Back 9

Undivided interest means that owners cannot locate their particular interests in a property. All owners have access to every portion of the property. For example, an owner with a 10 percent share owns 10 percent of every inch of the property, not an identifiable 10 percent section of the property. The incorrect answer choices relate to tenants in common. Tenants in common may or may not have equal shares, and they are not required to take title at the same time. Equal shares and a unity of title are requirements of a joint tenancy.

Front 10

negative declaration

Back 10

a finding by a city council or other local government that a proposed development or project would have no effect on the environment and therefore the developer need not prepare and file an "environmental impact report."

Front 11

Condemnation

Back 11

The process by which government can acquire ownership of private land for public use. Condemnation is the process; eminent domain is the right of the government to acquire ownership of private land for public use.