Principles

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Broker can pay finders fee to: unlicensed only for introducing a client
Les Pendens =: pending law suit, clouds title
Buyer must receive...and failure to ....: RE Transfer Disclosure Stmt.....buyer has 2 yrs to sue if improper disclosure
Mortgagor vs ee Trustor vs ee: Buyer vs Lender Buyer vs 3rd party
if don't disclose dual agency...: rescind, no commission, disciplined
function of mortgage, deed: mortgage-conveys lien,,,,,, deed of trust conveys title to trustee for benefit of lender
Foreclosure buyback: 1 yr to redeem
Mech Lien - Owner required to do: File Notice of Completion w/i 10 days of completion - limits Generals to 60 days, Subs to 30 days to file a claim
Landlord to enter property for...: Emergencies, repairs, show property, if tenant abandons, court order
Life Estates...types: Indefinite period......Estate in Reversion .....Estate in Remainder
Priority of recording: 1st in time, 1st in right
Accession: addition to property by natural growth
Broker must (sales person leaves/starts): notify DRE 10 days, 5 days for new person
AKA for personal property: Chattel
To evict tenant - timing: 3 Day notice to Pay, Unlawful Detainer (T has 5 days) (and PREJUDGEMENT CLAIM OF Writ of Possession for others living there), Writ of Possesion - court order for sheriff to remove
Physical Encumbrances e.g., is/is not: Easement, Bldg restrictions/zoning, Encroachments...is "interest", not Lien, not an estate
Tort is: civil injury or wrong committed upon a person/property
Lease vs Rental agmet: Lease >1 yr, Rental is type of lease, but shorter
Prepayment penalty is allowed for: first 5 yrs of 1-4 unit home loan
Liens not eliminated by foreclosure: Fed tax, State, county, city tax/assessments, Mechanics liens for work started before trust deed recorded
Fire, Pest info: Seller disclose fire insurance claims last 3 yrs, Pest report available to anyone (past 2 yrs)
Typically in North CA, re escrow, fees, title ins: Tile company handles escrow (seller picks), buyer, buyer pays
Lattoral right: right to use non-flowing water
Joint Tenancy: Right of Survivorship...1 dies, go to other......identical interests, no will, TTIP - title at same time, =interest, =right to possess
Community Property: property acquired by Husband & wife during marriage...H&W sign to transfer. paychecks are CP,
Deed = ...2 types: written evidence of title....Grant deed, Quitclaim (no covenants (promises) - no guarantee...only rights they had
Fee Simple Defeasible: break condition and may terminate or revoke
Township = in sections: 36 sections = 36 sq miles
Hypothecate: to provide title as security for loan w/o giving up possession
Encroachment eg: fence over lot line
Estate is....: interest or share in RE
Lease is a ...: Demise - conveyance of an estate for a period of time
Less than Freehold eg: Estate for Years (specific period), Period to Period (rent/lease), at Will (month to month), Sufferance (remains after expiration)
Metes and Bounds: measures from boundaries, angles,
Bundle of rights: possession, enjoyment (interference from past owners), control (change), disposition
RE agency disclosure FORM given for all...: all 1-4 units
Copy of listing agreement given....and include...: immediately after signing....indicate commission is negotiable
Assumption re seller: remains liable unless files Substitution of Liability form
Deed does not have to be: recorded to be valid...or acknowledged to be valid
Fixture tests: Method of attachment (damage if removed), Adaptability (for the land/bldg), Relationship of parties, Intention, Agreement
Sections = in Acres: 640=1 sq mile
Servient Tenement is: the land that gives the easement for benefit of another
Mello-Roos = is for: Bond with special tax levied - special assessment....sellers MUST disclose
Novation: substitution, by agreement of new contract for an old contract
Mech Lien - if Owner doesn't file: 90 days to file claim from : Occupancy/use, acceptance of work by owner, cessation of labor 60 days, 30 days if Notice of Completion filed
Full Reconveyance: proof of full payment -
Termination of Agency (by Seller or broker): Agmt, refuse (but penalty), revocation by seller (commission due?), close of escrow
Brokers must (re sales people): have signed contract
Estate types: Freehold or Less than Freehold
Equal Credit Opportunity Act: race, sex, color, religion, national origin, age, marital status (7)
Company Dollar: Sales less commissions
Esstopel: bars one from asserting rights which are inconsistent with previous position or representation
ALTA vs CLTA: ALTA covers easements, encumb, liens (in public record), person in physical possession, mining claims
Personal property transferred with: Bill of sale
disclose prior occupants death?: disclose if material, no after 3 yrs, no to AIDS
Landlord liability: yes-common areas, no on premises
for Adverse Possession: Open, Hostile, Uninterrupted 5 yrs, Paid prop taxes 5 yrs
Homestead is on $$$: $75k
Encroachment is: unauthorized placement of improvements or fixtures on property of non-owner
How to create an easement: in writing, implied by law (landlocked), prescription (long use)
Max security deposit, refund within: 2 mo unfurnished, 3 mo furnished......21 days of vacating
Mechanics lien - starts: beginning of work - Scheme of Improvements
Encumbrances - 2 types: Money (mortgages, trust deeds, mechanics, judgment, tax lien).... Physical
Property Mgr if ...: >16 units, on site, no license
Default under land contract: seller files quiet title action to remove cloud
Pocket Listing: Agent keeps from MLS
Constructive notice vs Actual: Constructive eg=recording, public records
when must a contract be in Writing: >1 year to perform, most RE, employment as agent, performed after lifetime, price >$500
Mechanics lien - when: Preliminary Notice w/i 20 days of supplying supplies, labor
Express contract - forms: written, oral
Reg Z apples to , requires: 1-4 residential, APR
Termination of Agency (by Law): Expire, destruction of property, death of broker or seller
Service Members Civil Relief Act of 2003: prohibits sale/foreclosure by active military with approval, court order
Deed must be recorded in: 10 days
Illusory contract: terms are not definite, certain - therefore its unenforceable
Quitclaim deed eg: Gift, tax executors, sheriffs trustee, land patent
Miles = ? feet: 5280
Reg Z credit terms: down pymt, period, payments, finance charge - if one, then all disclosed
Valid deed: Writing, parties named & capacity, property described, granting clause, signed by grantor
Escheat: goes to gov't 5 yrs
Writ of Execution =: court ordered sale
Riparian right: right to use of flowing water on/under property
Recourse if uninhabitable (tenant), landlord has (time): spend 1 mo rent to repair, abandon (terminates lease)..."reasonable time to repair"
6 listing types in CA: Open (agent that sells gets $), Exclusive Agency (owner may sell for $), Exclusive Right to Sell, Net (over ask price), Options, Oral
Negotiable instrument (note) must be...: unconditional promise, in writing, signed, set date, set $, person to persons
Bilateral contract: promise for a promise
Tenancy in Common: = share, each sell own
Mech Lien - unauthorized work owner to do...: File/post Notice of Non-Responsibility in 10 days
Appurtenant: incidental to land transfers with land w/o separate conveyance...runs w/land
5 Elements of a Contract: Capacity, Mutual consent, Legality, consideration, in Writing (sometimes)
Executory contract: provisions of which have yet to be completely performed
Easement by prescription - 4 items: Open, 5 yrs, hostile, under claim of right or color of title
RESPA __ days to: 3 from lender receipt of loan application to provide Settlement cost Book, est of closing charges, Uniform Settlement Stmt - on or before closing
Min. requirements for Lease: LAND - Length of time, Amount $$, Names, Description of property
Unilateral contract: promise for an act of another
Vendor vs ee (Land Contract): Seller =vendor (makes sense), buyer is ee
opposite of acquisition: alienation

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Number of cards 97