Reed vs. King Case
(Ans- Must disclose death (and manner of death) on a property if occurs within 3 years, except AIDS
Jones vs. Mayer Supreme Court
... [Show More] Decision (1968)
(Ans- Racial discrimination not allowed (whether selling or buying) in all PRIVATE property transactions (based on Civil Rights Act of 1968)
Easton vs Strassburgar
(Ans- Seller disclosures to third parties AND agent visual inspection of all accessible for 1-4 single family homes
If license applicant is delinquent on child support, what type of license will be issued?
(Ans- 150 day temporary license
A commission is earned when...
(Ans- A ready, willing, and able buyer is found
Name 4 examples of real property
(Ans-
Land
Fixtures (attachments)
Appurtenances
Immovable by law
DEF mineral rights
(Ans- Right to remove substances from land, usually beneath the surface
Name two instruments to transfer ownership
(Ans-
1. Deed (real estate)
2. Bill of sale (personal property)
Name five tests to determine if something is a fixture:
(Ans- MARIA
Method of attachment
Adaptability
Relationship of parties
Intent of parties in placement
Agreement of parties
Of the five MARIA tests to determine if something is a fixture which is most important
(Ans- INTENT
Estate always relates to...
(Ans- Ownership
DEF freehold estate
(Ans- Highest form of land ownership and of indefinite duration
Fee Simple Absolute
(Ans- Same DEF as freehold. Difference is that this is the MODERN def (this is BEST answer)
DEF Fee simple defeasible
(Ans- Estate that is subject to the power of termination
Defeasible estates are subject to a ...
(Ans- condition
What is the result of a breach in condition of a defeasible estate?
(Ans- Loss of title
In CC&Rs, breaking (covenant/condition) result in loss of title?
(Ans- Condition
What are two other names for a fee simple estate?
(Ans-
1. Estate of inheritance
2. Perpetual Estate
In a fee simple defeasible estate, to whom does the estate revert back to if a condition is breached?
(Ans- Creator of the estate
Example: Hugh Hefner and Cal Poly Pomona
Def of Life Estate
(Ans- A freehold estate with limited duration which is based on someone's life.
Can the holder of the life estate sll or lease the estate?
(Ans- Yes
Who does the life go back to when the holder dies?
(Ans-
1. Estate in reversion - goes back to creator
2. Estate in remainder - goes to third party
DEF encumbrance
(Ans- Anything that would be a burden on the title
Name two types of encumbrances
(Ans-
1. Money (liens)
2. Non-money (easements)
A holder of a life estate cannot do two things:
(Ans-
1. Will or devise the estate
2. Commit waste (such as not pay property taxes and not maintain the property)
Mechanic's Lien: used to secure payment to anyone that provides any of these four things:
(Ans-
1. Labor
2. Services
3. Materials AND/OR
4. Equipment
Mechanics liens become effect when...
(Ans- work started
An owner can post and record WHAT to protect the title against a mechanic's lien?
(Ans- Notice of Non Responsibility [Show Less]