California Real Estate Salesperson Final Exam

Stock in a mutual water company is best described as: Real Property When two ore more parties own real property as co-owners with the right of survivorship, what is the tenancy called? Joint Tenancy How long must one use another's land open and notoriously to obtain an easement by prescription? 5 years Adverse possession is an example of how title to land an be acquired by: Occupancy In the Rectangular Survey System, what would one call the lines running East and West? Base lines All property acquired by a husband and wife during a valid marriage (except for separate property) is called: Community Property What is the fullest freehold estate in fee that one can hold? A) Life Estate B) Fee Simple Absolute C) Fee Simple Conditional D) Lease Hold Estate B) Fee Simple Absolute That which is immovable by law is also known as: Real property The most common way to create an agency relationship is: Agency by agreement If an agent provides the buyer with the Real Estate Transfer Disclosure Statement after the offer is presented, how long does the buyer have to rescind the agreement? 3 days A seller's agent may do all of the following except: Say, "Leave it to me. I can get you the house at the price you want." As a result of the decision in (Easton v. Strassburger, 1984) real estate agents can be held liable for not only for defect they know about but also: Defects they should have known about through a reasonable inspection.