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113 Cards in this Set

  • Front
  • Back
Alien Registration Reciept Card
Is Proof of legal alien status - "Green Card"
Associate Licensee
A real estate sales person
Broker-Officer
One who is designated the responsible broker office by a brokerage; who is also a licensed broker.
Bulk transfer of goods
A bulk transfer of goods is any transfer of a substantial part of the minerials, supplies, merchandise, eqipment, or other inventory that is not in the ordinary course of the transferor's business
Business and Professions Code
A series of books compiled by the California legislation called codes. Real Estate Law is Division 4 of the Business and Prfessions Code.
Business Opportunity
A transaction involving a business opportunity includes business assests that are personal property, such as inventory, trade fixtures, and the business goodwill.
Caveat emptor
latin phrase "let the buyer beware"
Certificate of Status
Follow UP!!
Codes
A series of books complied by the California legislation
Conditional license
The type of license a salesperson recieves once they pass the RE exam until they complete two courses.
Department of Real Estate
DRE headed by the RE Commissioner administers the Real Estate Law in CA.
Fictitious business name statement
A statement filed (fictitious name of brokerage to do business under) by a brokerage to the county clerk in the county of the brokerage.
Mobile Home buyer
Look UP!!!
Mortgage Loan Brokerage
A real estae brokerage can also act as a mortgage loan brokerage, a real estate agent can represent anyone regarding loans; soliciting borrowers or lender, negotiating loans, or servicing loans.
Personal Responsibility and Work Opportunity Act
The federal law requires that certain public benefits be withheld from illegal immigrants. Such are professional and occupational licenses issued by state agencies.
Prepaid Rental Listing Service (PRLS)
A business that supplies prospective tenants with listings of residentail real property on payment of a fee collected at the same time or in advance of when the listings are supplied
Real Estae Advisory Commission
Look UP!!!
Real Estate Broker
One who is held accountable for a salespersons business activites. One who handles a real estate transaction in CA for compensation and is licensed by the DRE.
Real Estae Brokerage
A business in which real estate license-related activities are performed under the supervisoin of a real estate broker.
Real Estae Commissioner
One who administers the Real Estate Law, heads the DRE.
Real Estate Eduction and Research Fund
Research in land use and real estate development is made possible at both public and private universities and research entities throughout the state. The fund is financed by a fixed percentage of license fees.
Real Estate Law
Is dividion 4 of the Business and Professions Code, a series of books compiled by CA legislation.
Real Estate salesperson
An employess of a broker in most instances, one handline real estae transactions in CA for compensation and licensed by DRE.
Recovery Account
A fund financed by license fees, avaiable to victims of license fraud, misrepresentation, deceit, or conversion of trust fraud, who are awared money damages by a court.
Regulations of the Real Estate Commissioner
Regulations that serve to clarify and interpret the RE law. RE licensees are sunkect the these regulations.
Restricted License
A license placed on restriction by the RE commissioner in a recourse of a violation of a RE law.
Sale Associate
Also referred to as real estae salesperson
Uniform Commercial Code
Governs the sale or transfer of goods ordinarily held for sale in the course of business.
Air Rights
The real property right to the reasonable use of the airspace above the surface of the lands.
Appurtenance
Is anything used with the land for the benefit of it owners; such as roadways and waterways.
Baselines
LU
Bill of Sale
Ownership of personal property usually transferred by a 'bill of sale'
Bundle of Rights
Often described as real property
The legal rights of ownership: Control, Exclusion, Possession, Disposition, Enjoyment, Use Will, Give Dedicate, Explore Culivate, Lease License, Mortgagte Encumber
Civil Law
Detailed legal codes

Used by the spanish; was replaced by english common law
Common Law
Detailed legal codes

Once used by the spanish as cival law and replace by the english as common law
Community Property
Propery acquired by husband and wife during marriage.
Correction Line
Lu
Correlative use
Lu
emblements
Culitivated crops, Crops produces annually by labor and industry as distinguished from crops that grow naturally on the land.
fixture
A fixture is anything, including improvements, that is attached to land.
fructus industriales
The legal term for Crops produced by human labor
Fructus naturales
Legal Term for naturally occuring growth such as grasses
Guide Meridian
LU
Land
LU
Legal Description
LU
Littoral Rights
LU
Lot and Block System
LU
Markers
LU
Meridians
LU
Metes and Bounds
LU
Mineral Rights
LU
Monuments
LU
Personal Property
Is every kind of property that is not real property.
Plat Map
LU
Point of Beginning
LU
Ranges
LU
Real Estate
LU
Real Property
The California Civil Code defines real property as land, fixtures (attatchments to land), anything incidental or appurtenant to land, and anything immovable by law.
Rectangular Survey System
LU
Right of Appropriation
LU
Riparian Rights
LU
Section
LU
Section and Township System
LU
Subdivision Map
LU
Subdivision System
LU
Tiers
LU
Township
LU
Underground Water Rights
LU
U.S. Government Survey System
LU
Water Rights
Riparian Rights, Littoral Rights, Underground water rights.
Beneficiary
LU
Commingled
LU
Community Property
LU
Concurrent Propery
LU
Contingent Beneficiary
LU
Corporation
LU
Estate
LU
Estate of tenancy
LU
Fee simple absolute
LU
Fee simple defeasible
LU
Fee simple estate
LU
Fee simple qualified
LU
Freehold estate
LU
General partnership
LU
Joint Tenancy
LU
Landlords
LU
Leaseholds
LU
Life estate
LU
Limited Liability Company LLC
LU
Limited partnership
LU
Living Trust
LU
Measuring Life
LU
Measuring Life
LU
Ownership in severalty
LU
Partition Action
LU
Partners
LU
Partnership
LU
Quasi-community property
LU
Real Estate Investment Trust
LU
Real Estate Syndicate
LU
Remainder
LU
Reversion
LU
Right of survivorship
LU
S corporation
LU
Seperate Property
LU
Sole Proprietorship
LU
Tennancy in Common
LU
Tennacy in partnership
LU
tenants
LU
trust
LU
Trustee
LU
Trustor
LU
Unity of possession
LU