California Real Estate Principles 1-6

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A set of principles or values by which an individual guides his or her won behavior and judges that of others: Ethics
The power of the state to pass laws, within lawful limits, that promote the order, safety, health, morals and general welfare of it citizens: Police Power
Someone licensed by the Department of Real Estate, holding either a broker or salesperson license, who negotiates sales for other people: Real Estate Agent
Someone holding a broker license and permitted by law to employ those holding a salesperson license, who may negotiate sales for other people: Real Estate Broker
The law that affects the licensing and conduct of the real estate agents: Real Estate Law
Someone holding a salesperson license who must be employed by a real estate broker, for pay, to perform any of the activities of real estate broker: Real Estate Salesperson
The same as real estate salesperson, holding a salesperson license, employed by a broker: Real Estate Sales Agent
Recall and make void: Revoke
Temporarily make ineffective: Suspend
A voluntary nonprofit organization of independent and competing business units engaged in the same industry or trade, formed to help solve industry problems, promote progress and enhance service: Trade Organization
Those rights, privileges and improvements that belong to and pass with the transfer of real property but are not necessarily part of the actual property: Appurtenance
A survey line running east and west, used as a reference when mapping land: Base Line
A written agreement used to transfer ownership in personal property: Bill of Sale
An ownership concept describing all the legal rights that attach to the ownership of the real property: Bundle of Rights
Personal property: Chattel
An item of personal property which is connected to real estate; for example, a lease: Chattel Real
A condition which requires something to occur before a transaction becomes absolute and enforceable; for example, a sale that is contingent on the buyer obtaining financing: Condition Precedent
A condition which, if it occurs at some point in the future, can cause a property to revert to the grantor; for example, a requirement in a grant deed that a buyer must never use the property for anything other than a private residence: Condition Subsequent
Owner may use only a reasonable amount of the total underground water supply for his or her beneficial use: Doctrine or Correlative User
Annual crops produced for sale: Emblements
A legal interest in land; defines the nature, degree, extent and duration of a person's ownership in land: Estate
The most complete from of ownership of real property; a freehold estate that can be passed by descent or by will after the owners death; also known as estate of inheritance or fee simple estate: Estate in Fee or Estate of Inheritance
The largest, most complete ownership recognized by law' an estate in fee with no restrictions on its use: Fee Simple Absolute
Also known as fee simple qualified: Fee Simple Defeasible
An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occurs: Fee Simple Qualified
Personal property that has become affixed to real estate: Fixture
An estate in real property which continues for a indefinite period of time: Freehold Estate
A leasehold estate, considered to exist for a definite period of time or successive periods of time until termination: Less Than-Freehold Estate
An estate that is limited in duration to the life of its owner or the life of some other chosen person: Life Estate
A measurement meaning one foot or 12 inches in length as contrasted to a square foot or cubic foot: Linear Foot
Land bordering a lake, ocean or sea-as opposed to land bordering a stream or river (running water): Littoral
A survey line running north and south, used as a reference when mapping land: Meridian
A method of land description in which the dimensions of the property are measured by distance and direction: Metes and Bounds
A fixed landmark used in a metes and bounds land description: Monument
Anything movable that is not real property: Personal Property
A map of a town or subdivision showing the location and boundaries of individual properties, used in the record tract system to descrive land: Range
American Land Title Association policy of extended title insurance policy, can be purchased by lender or buyer: A.L.T.A.Owner's Policy
A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate: Abstract Title
A person who, historically, searches out anything affecting the title to real property and summarizes the information in the findings: Abstractor
A formal declaration to a public official (notary) by a person who has signed an instrument which states that the signing was voluntary: Acknowledgment
Knowledge gained based on an actual observance, as opposed to Constructive Notice: Actual Notice
A trade association of the state's title companies: California Land Title Association
The recorded history of matters such as conveyances, liens and encumbrances affecting title to a parcel of real estate: Chain of Title
Recordation of deed or possession of property: Constructive Notice
The transfer of title to land from on person to another by use of a written instrument: Conveyance
The recorded document that protects a homeowner from foreclosure by certain judgment creditors: Declaration of Homestead
The property the benefits from an easement: Dominant Tenement
The right to use another's land for a specified purpose, sometimes known as a right-of-way: Easement
An easement that is not appurtenant to any one parcel; for example, public utilities: Easement in Gross
The placement of permanent improvements on adjacent property owned by another: Encroachment
Land grants recorded by the Mexican government in California: Expedientes
An extended title insurance policy: Extended Policy
An assurance of clear title: Guarantee of Title
A written legal document setting forth the rights and liabilities of the parties involved: Instrument
The final legal decision of a judge in a court of law regarding the legal rights of parties to disputes: Judgment
Permission to use a property, which may be revoked at any time: License
A claim of the property of another for the payment of a debt: Lien
A recorded notice that indicates pending litigation affecting title on a property, preventing a conveyance or any other transfer of ownership until the lawsuit is settled and the lis pendens removed: Lis Pendens
Good or clear saleable title reasonably free from risk of litigation over possible defects: Marketable Title
A court action to divide property held by co-owners: Partition Action
Deeds used by the U.S. Government when confirming or transferring ownership to private parties: Patent Deed
The property that is burdened by and easement: Servient Tenement
Ownership of real property by one person or entity: Severalty
A policy of title insurance covering only matters of record: Standard Policy
Evidence of land ownership: Title
An insurance policy that protects the insured against loss or damage due to defects in the property's title: Title Insurance
The storage facility of a title company in which it has accumulated complete title records of properties in its area: Title Plant
Ended the war with Mexico in 1848, and California became a possession of the United States: Treaty of Guadalupe Hidalgo
That interest a co-owner has in property, which carries with it the right to possession and use of the whole property, along with the co-owners: Undivided Interest
Owned by: Vested
An unqualified agreement to the terms of an offer: Acceptance
A lawsuit brought to court: Action
The person whom a claim, benefit or right in property is made: Assignee
The transfer of a claim, benefit or right in property from one person to another: Assignment
The person transferring a claim, benefit or right in property to another: Assignor
The person holding the power or attorney: Attorney-in-Fact
A contract in which each party to the contract promises to perform some act or duty in exchange for the promise of the other party: Bilateral Contract
A failure to perform on part or all of the terms and conditions of a contract: Breach of Contract
Something of value-such as money, a promise, property or personal services: Consideration
An agreement to do or not to do a certain thing: Contract
Intention to be bound to an agreement, thus preventing jokes and jests from becoming valid contracts: Contractual Intent
The rejection of an original offer that becomes a new offer: Counteroffer
Precise acts to be performed are to be clearly stated: Definate and Certain
Also known as a sales contract; the primary document used to present an offer on real property: Deposit Receipt
The use of force to get agreement in accepting a contract: Duress
Someone who is legally set free from parental control/supervision: Emancipated Minor
To perform or complete;to sign: Execute
A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed: Executed Contract
A contract in which obligation to perform exists on one or both sides of the contract: Executory Contract
The parties declare the terms and put their intentions in words, either oral or written: Express Contract
Refraining from action by a creditor against the debt owned by a borrower after the debt has become due: Forbearance
An act meant to deceive in order to get someone to part with something of value: Fraud
Gifts such as real property based solely on love and affection: Good Consideration
Agreement is shown by acts and conduct rather than words: Implied Contract
Sets in advance a specified amount of money as a penalty in the event of a breach of contract: Liquidated Damages
A contract by which a principal employs an agent to do certain things for the principal: Listing
Using threat of violence to get agreement in accepting a contract: Menace
Someone under 18 years of age: Minor
An innocent or negligent misstatement of a material fact causing someone loss or harm: Misrepresentation
An error in misunderstanding: Mistake
Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into contract: Mutual Consent
The substitution by agreement of a new obligation for an existing one: Novation
A presentation or proposal for acceptance to form a contract: Offer
The party receiving an offer: Offeree
The party making an offer: Offeror
A right-given for consideration-to a party(optionee) by a property owner (optionor): Option
Oral or written negotiations made prior to a dispute about an executed contract: Parol Evidence
A written instrument giving a person legal authority to act on behalf of another person: Power of Attorney
Approved: Ratified
Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract: Rescission
The canceling of an offer to contract by the person making the original offer: Revocation
An action brought in a court to compel a party to carry out the terms of a contract: Specific Performance
A state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable: Statute of Frauds
The period of time limited by statute within which certain court actions may be brought by one party against another: Statute of Limitations
An offer by one of the parties to contract to carry out his or her part of the contract: Tender
An act must be performed within certain time limits described in a contract: Timely Manner
Using unfair advantage to get agreement in accepting a contract: Undue Influence
A contract that was valid when made but either cannot be proved or will not be enforced by a court: Unenforceable
An agreement in which one party promised to pay consideration or to do something in return for the performance of an act by another party; the party making the promise is not legally obligated to act unless the other party performs (a promise for an act): Unilateral Contract
Legal action taken to repeal a contract by one party when the other party has breached a contract: Unilateral Recission
Legally binding: Valid
Each party to a contract must give up something to make the agreement binding: Valuable Consideration
An agreement which is totally absent of legal effect: Void
An agreement which is valid and enforceable on its face, but may be rejected by one or more of the parties: Voidable
The acquisition of title to additional land or to improvements as a result of annexing fixtures or as a result of natural causes such as alluvial deposits along the banks of a stream by accretion: Accession
A buildup of soil by natural causes on property bordering a river, lake or ocean: Accretion
A person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in a will to do so: Administrator/Adimistratrix
Acquiring title to property by continued possession and payment of taxes: Adverse Possession
Any benefits that come to a property after a sale must follow the sale and accrue to the new owner: After Acquired Title
Transfer ownership or sell: Alienate
Sand or mud, carried by water and deposited on land: Alluvial Deposit
Soil that builds up as a result of accretion: Alluvium
American Land Title Association: A.L.T.A.
The sudden washing or tearing away of land by the action of water: Avulsion
A statement of the unpaid balance of a loan and the condition of the debt, as it relates to a deed of trust: Beneficiary Statement
A gift of personal property by will: Legacy
California Land Title Association: C.L.T.A.
A change in a will before the maker's death: Codicil
To transfer ownership or title: Convey
A gift of real property by will: Devise
The gradual wearing away of land by natural processes: Erosion
The deposit of funds or document with a neurtral third party who is instructed to carry out the provisions of an agreement: Escrow
An independent third party legally bound to carry out the written provisions of the escrow agreement; a neutral, bonded third party who is a dual agent for the principals; sometimes called an escrow agent: Escrow Holder
Written directions, signed by a buyer and a seller, detailing the procedures necessary to close a transaction and directing the escrow agent how to proceed: Escrow Instructions
Completion of an act or process, such as an escrow: Execution
A person named in a will to handle the affairs of a deceased person: Executor/Executrix
Used to make a gift of property to a grantee, usually a close friend or relative: Gift Deed
A written instrument that transfers title to real property. Must contain a "granting clause".: Grant Deed
The person receiving the property, or the one to whom it is being conveyed: Grantee
The person conveying, or transferring, the property: Grantor
Written in the makers own handwriting, dated and signed by the maker: Holographic Will
A bank account established by a lender, in the name of the borrower, for the purpose of paying periodic expenses such as property taxes and property insurance. The borrower then makes pre-calculated monthly payments into the account. When the taxes or pr: Impound Account
Consideration used in a gift deed: Love and Affection
An examination of the public land records to determine the extent to which someone has legal interest in a parcel; a report on the quality of the title that searches for encumbrances and liens or any other items of record that might effect ownership/ use: Preliminary Title Report
Someone who directs or authorizes another to act in his or her place regarding relation with third persons; buyer or seller: Principal
A granting of private property to other private persons: Private Grant
The division and distribution of expenses and or income between the buyer and seller of property as of the date of closing or settlement: Proration
When private property is intended for public use, it may be acquired in this manner: Public Dedication
A transfer of title by the government to a private individual: Public Grant
Transfers any interest the grantor may have at the time the deed is signed with no warranties of clear title: Quitclaim Deed
Conveys title to property from a trustee back to the borrower (truster) upon payment in full of the debt secured by the trust deed: Reconveyance Deed
Occurs when land that has been covered by water is exposed by receding water: Reliction
A deed given to a buyer when property is sold through court action in order to satisfy a judgement for money or foreclouser of a mortgage: Sheriff's Deed
The legal transfer of a person's interest in real and personal property under the laws of descent: Succession
A perosn who has made a will: Testator/Testatrix
A security instrument that conveys title to land as security for the payment of a debt: Trust Deed
No longer used in California; a deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it: Warranty Deed
A written instrument whereby a person makes a disposition of his property to take effect after his death: Will
Will usually prepared by an attorney and signed by the maker and two witnesses: Witnessed Will
The amount of rental income due from the tenant as agreed in the lease agreement: Contract Rent
A conveyance of an estate in real property to someone for a certain length of time, as in a lease; to let: Demise
What a leased property would be expected to rent for under current market conditions if the property were vacant and available for rent: Economic Rent
A tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal: Estate in Sufferance
The tenancy may be ended by the unilateral decision of either party; no agreed upon termination date, however, and either party must give 30 days notice before ending the tenancy: Estate at Will
A leasehold estate with a definite end date; must be renegotiated; a lease for some fixed period: Estate for Years
A leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be renegotiated upon each renewal; commonly a month to month rental: Estate from Period to Period
The legal process of removing a tenant from the premises for some breach of the lease: Eviction
A lease calling for periodic increases in the rental payments; sometimes called a stair-stepped-lease: Graduated Payment Lease
Landlord pays for most of the operating expenses, including property taxes, maintenance and repairs: Gross Lease
Lessor; property owner: Landlord
An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time: Leasehold or Lease
Tenant; renter: Lessee
Landlord; property owner: Lessor
A lease where the tenant pays such costs as taxes, insurance and repairs, as well as a set amount for rent; a triple net lease is one where the tenant pays all expenses of operating the property as well as a set amount of rent: Net Lease
A lease where the landlord receives a percentage of the gross sales as part or all of the rental payment: Percentage Lease
Consideration paid for the use of a property: Rent
Property from which 80% or more of the gross rental income is from dwelling units: Residental Rental Property
An act whereby a landlord evicts a tenant in response to some complaint made by the tenant: Retaliatory Eviction
The lessor (landlord) grants the right of possession to the lessee(tenant), but retains the right to retake possession after the lease's term has expired: Reversionary Right
A lease agreement created when a tenant sub lets the property to another person, thus creating a sublessor-sublessee relationship. The person in the "sandwich" is a lessee to the owner and a lessor to the sub-lessee: Sandwich Lease
Transfers less than the entire leasehold, with the original lessee being primarily liable for the rental agreement: Sublease
The giving up of a lease, voluntarily: Surrender
A renter: Tenant
A lawsuit filed with the court against a tenant who remains in unlawful possession of rental property after breaching the terms of a lawful lease: Unlawful Detainer Action
A court order directing the sheriff to remove the tenant and his or her possessions within five days: Writ of Possession

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Number of cards 195