Legal Aspects of Real Estate Final Exam 2023/2024 With Complete Solutions

Legal Aspects of Real Estate Final Exam 2023/2024 With Complete Solutions Because the United States started as an English colony, our legal system is a mix of common law and civil law Which of the following is not one of the four main sources of law? Contract law Based on the two broad categories of law, which one covers typical cases involving contracts and property ownership? Civil law The California _________ is the highest court level and all courts in California are bound by its decisions. Supreme Court Some courts recommend that parties solve their case in a less costly, quicker, and less formal litigated manner. What is the process called? Alternative dispute resolution Remedies to compensate the plaintiff for any injuries fall into two categories— legal and equitable. Essentially, legal remedies are monetary and equitable remedies are based on fairness and conscience. Which of the following is an equitable remedy? Quiet title What are the legal rights attached to ownership of real property? Bundle of rights Which of the following is not personal property? Insurance policy Natural attachments are growing plants attached by their roots, such as trees, shrubs, and flowers. How are naturally occurring plant growth, such as grasses, trees, and shrubs, classified? Fructus naturales Farmer Frank raises vegetables in the San Joaquin valley and irrigates the crops with water from a creek that crosses his land. Which statement is correct? All water within California is the property of the State. Which legal description includes the use of landmarks and monuments? Metes and bounds What system describes property by identifying the registered lot and block on a recorded subdivision plat? Recorded plat system The most complete interest that someone can own in a parcel of real property in California is known as a: fee simple absolute. In which type of life estate, would Robert have a future interest as a remainderman? Estate in reversion A __________ has a duration that is determined by the term or frequency of the payment of rent. periodic tenancy Once an abstract of judgment is recorded, it creates an involuntary __________ lien that applies to all parcels of real property owned by the judgment debtor in the __________. general / county Which of the following does not affect the physical use or condition of the property? Profit-à-prendres Which of the following is sometimes said to "run with the land"? Appurtenant easement Which is not required for a declaration of homestead to take effect? Witnessed Which power of government allows private property to be taken for public use?