Virginia Real Estate Principles Chapters 1-15 Exam Prep Solved 100%

A real estate salesperson is supervised by the buyer or seller. the seller. any licensed broker. the employing broker only - Answer the employing broker only The employing broker is held accountable for the salesperson's conduct in performing business activities. When a real estate license expires, licensed activity must cease but the license may be renewed up to two years later. four years later. one year later. three years later - Answer two years later A license that is not renewed before it expires may be renewed at any time up to two years from the expiration date. All licensed activity must cease before the license is renewed and a late renewal fee will be required. Every real estate broker must be licensed by the Bureau of State. Housing. Corporations. Real Estate. - Answer Real Estate The Bureau of Real Estate licenses real estate brokers in California. Under the Real Estate Law, a real estate salesperson works for a broker as an Incorrect associate broker. independent contractor. employee. agent. - Answer employee For purposes of the Real Estate Law, a salesperson is always considered the employee of the broker. Which of the following does NOT require a real estate license? Presenting an offer Selling your own property Taking a listing Negotiating a lease - Answer Selling your own property It is not necessary to have a real estate license to sell your own property. Real estate licenses are renewable for a period of four years. two years. three years. one year. - Answer four years The full term on renewal of a broker's or salesperson's license is four years. The applicant for a real estate salesperson's license must complete how many college-level courses before taking the licensing examination? Seven Three One Five - Answer Three An applicant for a real estate salesperson's license must complete three college-level courses before taking the licensing examination. The Real Estate Advisory Commission consists of 6 members. 10 members. 11 members. 7 members. - Answer 10 members. There are 10 members of the Real Estate Advisory Commission. They are appointed by the Real Estate Commissioner, who presides over their meetings. The Real Estate Law allows a business opportunity to be sold by a real estate licensee. by a PRLS licensee. with a special endorsement. by a financial planner. - Answer by a real estate licensee A real estate licensee may represent others in the purchase or sale of a business. Business brokerage is a growing area of real estate practice. California's Real Estate Law is found in the Business and Professions Code. Government Code. Civil Code. Financial Code. - Answer Business and Professions Code California legislation has been compiled into a series of books called codes. The Real Estate Law is Division 4 of the Business and Professions Code. Part 1 covers licensing and Part 2 covers transactions. There are three principal baselines and meridians in California. The intersection of the Humboldt Baseline and Meridian is in a state other than California. southern California. central California. northern California. - Answer northern California. The Humboldt Baseline and Meridian were established on Mt. Pierre in Humboldt County in 1853. The other two baseline and meridians were established a few years earlier. Personal property is usually transferred by a bill of sale. purchase contract. deed. will. - Answer bill of sale Ownership of real property is usually transferred by an instrument called a deed. Personal property is usually transferred by a bill of sale. Something that is used with the land for its benefit, such as a roadway or a waterway, is known as an encumbrance. a fixture. an appurtenance. personal property. - Answer an appurtenance An appurtenance to land is anything used with the land for the benefit of its owners, such as a roadway, an easement, right of way, or condominium parking space. The rectangular survey system is also known as the Torrens system. lot, block, and tract system. U.S. government survey system. metes and bounds system. - Answer U.S. government survey system The rectangular survey system is also called the section and township system, or the U.S. government survey system, and is used by the United States Surveyor General to survey public lands. The term real estate means the same thing as ownership. personal property. real property. intangible personal property. - Answer real property In California, the term real property is synonymous with the term real estate. Real property includes land. fixtures. appurtenances to land. all of these. - Answer all of these The California Civil Code definition of real property includes land, fixtures, anything incidental or appurtenant to land, and anything immovable by law. The test for a fixture does NOT include origin of manufacture. relationship of the parties. method of attachment. intent of the parties. - Answer origin of manufacture The tests for a fixture (MARIA) include the method by which the thing is affixed; adaptability of the thing for another use; relationship of the parties, intent in using the thing, and agreement of the parties. How many sections are in a township? 6 18 36 24 - Answer 36 In the rectangular survey system, land is measured, divided, and numbered in each direction from the point of intersection of the baseline and the meridian in townships, each of which is an area of six miles square (36 square miles) made up of 36 townships of one square mile each. Today, more than 50 percent of California land is owned by the state government. federal government. private sector. municipalities. - Answer private sector Of the more than 100 million acres of California's total area, government entities own about 49%, leaving the majority of ownership in the private sector. Under Spanish rule, land was owned primarily by the missions. conquistadors. king. peasants. - Answer king In 1513, Balboa claimed all lands "washed by the Pacific Ocean" for the King of Spain. The highest form of modern land ownership is known as a real estate trust. an estate for years. a fee simple absolute. a life estate. - Answer a fee simple absolute The highest (most complete) form of ownership is a fee simple absolute, in which right of possession is not restricted The four unities of joint tenancy do NOT include interest. possession. time. severance. - Answer severance he four unities of joint tenancy (TTIP) are: unity of time, title, interest, and possession. In medieval England, the highest form of ownership was the freehold estate. estate for years. life estate. leasehold estate. - Answer freehold estate In medieval England, the freehold estate was the highest form of land ownership and the owner could use the property in any way without being subject to the demands of an overlord. Community property is the only form of ownership during marriage. all property acquired by the husband during marriage. all property acquired during marriage. all property acquired during marriage that is not separate. - Answer all property acquired during marriage that is not separate. Community property is real or personal property acquired by either spouse during marriage or by registered domestic partners during that relationship. Community property cannot be sold, mortgaged, or leased for one year or longer without agreement of both spouses or registered domestic partners. Which of the following is NOT considered concurrent ownership? Community property Tenancy in common Joint tenancy Ownership in severalty - Answer Ownership in severalty Concurrent ownership is ownership by more than one person at the same time. Ownership in severalty is ownership by only one person. Someone who receives real property is known as the devisor. grantee. mortgagee. grantor - Answer grantee A conveyance of real estate is called a grant; the person conveying the property is the grantor, and the person receiving the property is the grantee. The right of possession is restricted under a freehold estate. fee simple subject to a power of termination. fee simple qualified. life estate with a right of reversion. - Answer fee simple subject to a power of termination Fee simple subject to a power of termination is ownership in which the right of possession is restricted in some way by some limitation or condition. The right of the future holder of what is currently a life estate is a fee simple subject to a power of termination. fee simple defensible. fee simple conditional. remainder. - Answer remainder The owner of a life estate has the right to possession and use of property but only as long as the life of an identified person(s). If the right of possession and use goes to a third person when the life estate ends, rather than returning to the grantor of the life estate, that person has a remainder interest while the life estate is in existence and a fee simple estate on termination of the life estate. Ownership in severalty is separate ownership. community property. concurrent ownership. a joint tenancy. - Answer separate ownership Ownership in severalty, also called separate ownership or sole ownership, is ownership by one person. The property owner is the only person to receive the benefits (and responsibilities) of ownership. A holder of which of the following ownership interests can devise her share of the property to someone else? Community property with right of survivorship Tenancy in common Tenancy in partnership Joint tenancy - Answer Tenancy in common A tenant in common can give away, sell, or devise (will) her share of the property to someone else. The recipient receives the share of the tenant in common and full right of possession. Private land can be conveyed for public use or ownership by all of these methods EXCEPT deed. adverse possession. statutory dedication. common law dedication. - Answer adverse possession Private land can be transferred for public use or ownership by common law dedication, in which a landowner devotes land to a public use (such as a roadway); by statutory dedication, in which certain areas (such as an easement) are set aside for intended public use; or by transfer of fee simple ownership by deed (the preferred method of public acquisition as it preserves the public character of the land). Land cannot be acquired for public use by adverse possession. Land is torn away by the action of water in the process called avulsion. accretion. evolution. reliction. - Answer avulsion The natural force of a moving body of water acting gradually or suddenly may tear away land in the process called avulsion; it is distinct from erosion, in which rainfall wears away the surface of the soil.