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6 Bundle of Rights:
- The right to use & occupy property.
- The right to sell it in part or whole.
- The right to give it away (bequeath).
- The right to rent/lease/restrict.
- The right to transfer by contract.
- The right to do nothing at all.
1) Fee Simple
Fee Simple - is the most complete and comprehensive form of real property interest. Highest form of ownership.
Life - A life estate is similar to the fee simple, except that it terminates automatically upon someone's death.
2 or more owners.
Joint Tenancy -
2 or more owners, if one dies, interest goes to surviving owner/s.
Tenancy in common Multi owners:
Distinct/separate shares of same property.
Tenancy in Entirety:
Marital wife/hubby, if one dies then entire interest goes to survivor.
Undivided interest in common areas and rights. You buy airspace.
Shares in a corporation that actually owns the property.
Lot & Block:
A system of legal description for land that refers to parcels lot & block numbers within recorded maps and plats of subdivided land or assessment maps.
Metes & Bounds:
A system of legal description for land using distance (metes) & angles/compass directions (bounds).
A system of legal description that divides land into townships approxi. 6 miles square. Each containing 36 sections of 640 acres.
Easements - Appurtenant
Belongs to, runs with land.
- Benefits Dominant land
- Gross benefits - company/person, not land - example: utility companies.
Horizontal/baseline (measures heights and depths)
Anything affecting title of property or limits its use.
Individually owned/completely. Highest form of ownership.
Estate held in "Fee Simple".
Delay results in loss of legal action
"you snooze, you lose"
Notice of legal suit filed against specific lands.
Dissimilar, no two properties alike.
The exchange of an old with a new.
e.g. contracts, debt
Property burdened by its right of way and use.
Personal preference of an area of position of real estate.
Ownership with 2 or more parties in one property. Fractional ownership interst may be eqaul/unequal.
Less Than Freehold Estates
OWNERSHIP - PERSONAL PROPERTY
Leases and Rental Agreements:
- 1) Estate For Years
- 2) Estate From Period to Period
- 3) Estate at Will
- 4) Estate at Sufferance
- 1) Trust Deeds and Mortgages
- 2) Mechanic's Liens
- 3) Judgments and Attachments
- 4) Tax Liens and Special Assessments
- 1) Easements
- 2) Profit a Prende
- 3) Emblements
- 4) Private Restrictions
A tenant or lessee under a lease has a real property interest called a ________________
Leases are classified according to how and when they are terminated. Types of leases?
- Tenancy For Years
- Periodic Tenancy
- Tenancy At Will
- Tenancy At Sufferance
Tenancy For Years:
A lease that terminates on a specific date (such as a lease for six months or one year)
A lease that automatically renews itself until one of the parties takes action to terminate it (such as a month-to-month lease).
Tenancy At Will:
The landlord agrees to let the tenant remain in possession for an indefinite period of time, usually until agreement can be reached on the terms of a new lease.
If a tenant remains in possession of the leased property after the termination of a tenancy fo years or periodic tenancy, the result is?
Tenancy at will or tenancy at sufferance.
Tenancy At Sufferance:
The tenant is remaining in possession without the express consent of the landlord.
- Police Power
- Eminent Domain
Police Power -
- Building & Zoning codes
- Environmental Laws
Eminent Domain -
Taking of private property for public use.
of real estate for public needs.
Owner dies, no heirs, state gets it.
Riparian Rights -
When located directly next to flowing water sources, such as a stream/river.
Littoral Rights -
When land is next to non-flowing water, lake/sea/ocean.
Deed restrictions -
This clause which is placed in the deed of a property, limits or restricts its permitted future use or activities. (restricts the sale of alcohol on the land for xx amount of years)
When land is increased because of water depositing additional soil gradually.
"To wash against" shoreline deposit soil gradually creating firm ground.
A sudden loss of land or soil due to a sudden natural act. (earthquake, river flow)
Prior Appropriation -
Scarce water results in assigning water rights from water sources beneficial use must be shown.
(Oregon requires goverment approval of taking water from ponds/lakes on your own property)
When water line recedes, leaves exposed land permanently dry.
Buffer Zone -
A separate strip of land that separates parcels.
Conditional Use -
A permit that allows properties that can be shown to be essential for the public interest (churches, clinics, daycare)
Down zoning -
A re-zoning of land for less dense uses. (from high rise apt to sfr)
Non-conforming Use -
Property does not conform to the current zoning but is legally allowed (grand fathered - structure existed before current zoning regs)
planned unit development - large zoned development that includes areas of various uses. e.g. residential, public use, commercial.
Spot Zoning -
Changes zoning for just a small area/lot in contrast to everything else around it.
Individual approval (by a board) to have a zoning requirement waived.
Profit A Prendre -
A right to take something from the property such as crops, fruit, gravel, timber or minerals.
A non-exclusive right to use someone else's property for a particular purpose.
A property that is subject to an easment is known as a:
Servient Tenenment (burdened)
Dominant Tenement -
The benefitting property of an easement.
Easements in Gross -
Does not benefit a particular parcel of real estate; benefits individuals or organizations.
(An easement granted to a utility company for installation and maintenance of utility lines)
What is the difference between private restrictions and zoning -
Private restrictions are not enforced by the government. Zoning is a police power.
Non possessory interests are referred to as:
The organization that is responsible for the national qualification standards for appraisal certification is:
The standard title policy does not protect against:
Unrecorded liens and easements.
An ALTA policy of title insurance goes beyond the protection afforded by a CLTA policy in guarding against:
A) Existing liens and encumbrances as disclosed by the public records;
B) A deed of reconveyance issued by a minor;
C) The location of property lines according to formal survey;
D) An error in the sequence of recording trust deed loans.
C - The location of property lines according to formal survey;
A valid deed must contain:
A) An acknowledgement;
B) A recital of consideration;
C) The grantees signature
D) A granting clause
D) A granting clause.
The escrow law is part of the:
A) Ciivil code
B) The Real Estate Law
C) The business and Professions Code
D) The California Financial Code
D) California Financial code
A judgement that has been recorded would be:
A) An involuntary lien
B) A superior lien
C) An equitable lien
D) An inferior lien
A) An involuntary lien
Any ageement to manage property must be signed by the broker.
A trust deed is an encumbrance. It conveys "naked legal title" to the trustee. There are three parties _____, _______ and ________
3 Documents related to filing a mechanics lien;
1) Notice of non-responsibility
2) Notice of cessation
3) Notice of completion
4) All the above
4) All the above
An attachment lien is good for:
3 years and may be renewed.
In a trust deed the Trustor is:
Fault zones around known earthquake fault lines must be disclosed to prospective buyers of certain properties in California. Typically these zones are:
1/4 mile wide
An abstract of title clause is a -
summary of the condition of the title.
A person delegated in an instrument to act legally for another, in his stead, is known as:
Attorney in fact.
All offers must be presented until:
The close of escrow
A prudent investor, to hedge against the erosion of capital caused by inflation, would logically place funds in:
A) Government bonds
B) Equity interests
C) Trust deeds and mortgages
D) Saving accounts
B) Equity interests
A real estate agent is obligated to communicate any offer to the principal as long as it is in writing?
T or F
When a licensee negotiates a loan secured by real property, the licensee must deliver a mortgage loan disclosure statement to the borrower within/by?
When it is signed by the buyer.
Under a land contract for the sale of real property, legal title is held by:
The vendor is the seller of the property who holds on to the grant deed until the vendee (buyer) fulfills the sales contract.
Agricultural loans are exempt from Truth In Lending Act:
T or F
If a person buys a property in a Cali land project and then changes his mind, he can obtain a refund of his money without a specific reason within how long:
A 14 day recission period
Title of personal property is transferred by:
A bill of sale or transfer of possession.
Warehousing is the term used to describe:
A mortgage banker collecting loans prior to sale.
How many feet are in a yard?
A cap rate can be arrived at by:
- 1) Band of investment method
- 2) Summation method
- C) Market data (comparison) method
The tax year, for property taxes, runs from _____ to _____
July 1st to June 30th