DRE

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Author:
josephlee
ID:
209678
Filename:
DRE
Updated:
2013-07-06 13:17:32
Tags:
DRE TEST
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Description:
DRE BROKER
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  1. PERCOLATION TEST
    Determines the ability of land to absorb and drain water, often used before installing septic systems. NOT used to evaluate the quality of the water source.
  2. By law is an Agent Duty.
    Visually inspected residential property (read legal description, important process)
  3. Wage garnishment
    lien against the wage. Only 25% (75% is exempt for the debtor support to family)
  4. Expert Witness
    Is someone who has expert knowledge of a subject, either through experience or education.
  5. Lay (fact) witness
    Is someone who had an opportunity to observe events connected with the dispute.
  6. Injuction
    an order to refrain from doing something
  7. Specific Performance
    An order to do what was promised in the contract.
  8. Involuntary Conversion
    The legal right by the gov. to take a private property paying a fair market value as "just compesation".
  9. Encroachments
    Three years to act to remove an Encroachment of lose your right. The wrongful, unauthorized placement of improvements or permanent fixture on a property by a non-owner of that property.
  10. Zoning
    • Setbacks, height limits, uses.
    • Public restrictions (different to) private restrictions (CCNR's) then more stringent or rigid will apply.
  11. Private Restriction
    CCNR's or declaration of restrictions.
  12. Non Money Encumbrance
    • - Easement
    • - Building restrictions (CCNR's)
    • - Zoning
    • - Encroachments
  13. Termination of an Easement
    • -Destruction of the servient tenement.
    • -Express release : Quit claim.
    • -Merger of Dominant and servient tenement.
    • -Excessive use: forfeited through a court injuction.
    • -Abandonment and non use: Only an easement created by prescription can be terminated by non use.
  14. Transfer of an Easement
    Easement appurtenant: Transferred automatically.

    Easement in gross: only can be trasferred by an express agreement provided the easement is not made to a specific person.
  15. Easement by Prescription
    • (Long use)
    • -5 continuous use.
    • -Open and notorious use
    • -Hostile use (No permission)
    • -Under a claim of right or color of title.
  16. Easement by Necessity
    (Landlocked). An Easement granted by a court if it is absolutely necessary for access.
  17. Creation of Easement by implication of law
    (Implied Easement). If an easement is implied in a transfer, or if it is nessessay for the use of the land, then the easement is said to be implied by law.
  18. License
    • Permission to use for certain purpose and period of time.
    • Can be revoked at any time.
  19. Unlacated Easement
    A right granted by an owner to cress his/her land and not limit how or where a person would have to cross.
  20. Easement Appurtenant

    Easement in Gross
    • "Runs with the land".
    • - Appurtenant: Created for benefit to hte owner of neighboring or attached land.
    • Dominant Tenement: Recieve the benefits.
    • Servient Tenement: Give the benefits.

    -Appurtenant in Gross: Created for the benefit of other who do not own adjoining or attached land. e.g. Utility co.
  21. Injuction
    A court order to stop doing something
  22. Sheriff's sale
    The forced sale of a debtor's property to satisfy a judgment under a writ of execution.
  23. Writ of execution
    • Court order requiring the sale of certain property to satisfy a judgement.
    • This exend the lien against the real property for one year.
  24. Liz Pendens
    • The recording of a notice that a law suit is pending concerning a particular property. It place a claud on the title.
    • May affect the real property based on the lawsuit outcome.
  25. Attachment (Lien)
    A process of the law that creates a lien (Can be real or personal property). For the courts to assure payment of a pending lawsuit in the county.
  26. Abstract of Judgemet
    • Formal filing of the judgement.
    • Must be recorded for a judgement to become a lien.
  27. Mecanic's liens

    Filing time
    • If there is a notice of completion
    • -30 days for supplier or subcontractor
    • -60 days for General contractor.
    • If no notice of completion
    • all parites have 90 days.
  28. Notice of completion
    • Should be recorded by the contractor within 10 days of completion.
    • Work is considered complete if there is a cessation of labor 30 days after a "Notice of cesstion: is filed.
  29. Mecanic's liens
    • Mus be recorded to be valid.
    • Written notice before filing a Mecanic's liens.
    • Within 20 days of suppliying service.
    • Start time for Mecanic's lien = date that work stared (scheme of improvements).
    • Recorded. Has priority over all liens except taxes, special assessments and trust deed recorded prior to the "start of work"
  30. Trust Deed / Deed of Trust
    Instrument that makes real property collateral for a loan.
  31. Voluntary liens
    Not have to be recorded to be valid.
  32. Blanket Encumbrance.
    Blanket Trust Deed
    • One lien over more than one parcel.
    • "Release Clause" needs to releases portion of the property.
  33. Encumbrance
    a right of interest other than an owner or tenancy interest that limits its use or Value.
  34. Community Property
    with Right of Survivorship
    • CA.
    • 100% of the property upon the death of a spouse.
    • Probate. No necessary to transfer title to suviving spouse.

    How eqully share during their marriage. Unless it is considered: "Separate Property"
  35. Separate Property
    • May or May not include property acquired before marriage.
    • Acquired by either during a marriage by gift or inheritance.
    • -No will (1/3 spouse, 2/3 Children) or (1/2 and 1/2 if one children).
  36. Tenacy in Partnership
    Gral. Partneship: share all profit and loss. Passes to heirs but not in any particular property.

    • Limited: Limited losses.
    • a Limited partner does not share management responsabilities.
  37. Join Tenancy
    • - Right of Survivorship
    • - Can not be willed
    • - Title: Granted by same instrument.
    •   Time: At the same time.
    •   Interest: Equal interest
    •   Possession: Equal right to possess

    When joint tenant dies, survivor acquire ownership. Free of any unsecured debts.
  38. Tenancy in Common
    • (Unity of Possession).
    • - No survivorship
    • - Equal interest in the property
    • - Both has the right to occupy
    • - Share income and expenses
    • - Each may sell or transfer his/her interest separatly from the others.
  39. Severalty
    • Sole ownership.
    • Individual or Corporation
  40. Estate at sufferance.

    Tenancy at sufferance.
    A lease remain after expiration without the Landlord's concent.

    Notice to terminate.
  41. Estate at will
    • Rental that can be terminated by either lessor or lessee at any time.
    • CA needs 3 days notice.
    • No estate at will in CA
  42. Estate from Period to Period

    (Periodic Tenancy)
    • A renewalbe agreement. Rental or Lease amount is fixed at an agreed to sum per week, month or year.
    • Notice must be given. (Usually 30 days)
  43. Estate for years
    • (Tenancy for Fixed Term)
    • Any from few days to 99 years.
    • Notice to terminate is necessary.
    • (Persona Property)
  44. Less than Freehold Estate
    (Leasehold Estate)
    • Both Tenant in a rented apartmenet and owners in their condos.
    • (Less than Freehold Estate) is considered Personal Property.

    • -Estate for years
    • -Estate from Period to Period
    • -Estate at will
    • -Estate at Sufferance or Tenancy at Sufferance.
  45. "Pur autre vie"
    often used in live estate means "for another's life"
  46. Estate in Remainder
    • If an owner granting a life estate name another person to receive title, then upon the death of the current life estate holder.
    • That other person claims and estate in remainder.
  47. Estate in Reversion
    • The grantor granting a life estate is said to hold an estate in reversion.
    • The property (reverts back) return to the grantor when the designated person dies.
  48. Life Estate
    An Ownership interest in real property (created by will or Deed) that only for the life of any designated person.

    • -Estate in Reversion
    • -Estate in Remainder
  49. Fee Simple Defeasible
    Condition Precedent: an event that must happend before the property can be transfered.

    Condition Subsequent: an event that happens after the property is trasfered (in future) that cause the property to revert (go back) to the grantor. Eg "I will give your this property upon the condition that the title will forfeited and reverse to me if..."
  50. Free holdestate
    1- Estate in Fee (Fee Simple or Fee)

    2- Life Estate (Indefinite Period)
  51. Trade Fixtures
    • Personal Property.
    • (Business shelving or refrigerator units)
  52. Fixtures
    • Method of Attachment
    • Adaptability
    • Relationship of the parties
    • Intension
    • Agreement.
  53. Manufactured Housing
    • Transportable structures
    • 8' x 40' that will cover 320 sqf. or more
  54. Housing and Building
    The higest construction standard controls Uniform Building code (UBC)
  55. Inverse Condenation
    An action where the property owner files suit to force to the gov. to take all or part of his/her property as a result of the gov. action which damage the owner Property.
  56. Common Interest Development (CID)
    Manage by a non profit assoc. (HOA)
  57. Land Project
    50 or more vacant lots in a rural area, having less that 1500 registered voters within 2 miles.
  58. Desist of Refrain order
    Order issued by the RE Commissioner to stop sales violations.
  59. Percolation Water
    Under ground water not flowing in a defined channel.
  60. Parcel Map
    • Land subdived in to less than 5 units
    • showing land bounderies,
    • Street and parcel number.
  61. Subdivision
    a parcel of land dived in 2 or more parcel
  62. Variance
    An exception to the existing zoning regulations of a single lot in cases of special need for the owner's benefit on circunstances that might create serious hardship for the property owners. Such as set backs may be removed by petitioning or by a Variance.
  63. Conditional use of Permit
    • An excemption to the current zoning for the public welfare of benefit.
    • Variance, on the other hand, are based on hardship.
  64. Non conforming use
    a property that is not used acording to the current zoning.
  65. Subdivided Lands Law
    (State Law enforced by the DRE)
    (Public Records) to protect purchasers. Subdivided land need to has "Final Subdivision Public Report" issue by the Estate Commissioner to be sold.
  66. Spot Zoning
    A small area that is zoned differently from the surrounding area.
  67. Police Power
    Gov's power to enact laws for protection of the public zoning, municipal codes, rent control, subdivision codes, without compesation.
  68. Severance Damage
    The compesation paid an owner for the "devalued reminding property" as result of the eminent domain action
  69. Subdivision Map Act
    Provide an autline of the methods and assures to comply with a city or county's master plan.

    1- Coordinate subdivision plans, lot design, street patters, and sewers.

    2- Ensure that parts of the subdivision area will be dedicated to the city.
  70. Granfather Clause
    Is "prearranged" and allows an owner to continue using his or her property in a way prohibited by the new zoning.
  71. Notice of Non-responsability
    10 days from discovery.
  72. Final Public Report
    • RE Commissioner's Final Subdivision Public Report
    • It mus be given to the buyer
  73. Water Table
    • Natural Level at which water will be found below the surface of the ground.
    • Important to ensure proper drainage

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