CA Broker Quiz

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An ______ is an estate that last for a specific time period fixed in advance. May be for days, weeks, months or years. The beginning and end dates are specified along with the amount in rent. Eg. Lease

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A ______   _______  ______ Estate gives owner complete control of the land without any restrictions or limitations. It is the highest form of ownership in English Law.

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Define Chattel Real.

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Define Real Property

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Define Personal Property.

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Define Land.

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Define Minerals

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A property owner owns the space….

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Water Rights

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Define Riparian Rights

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Define Littoral Rights

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Define Appropriation

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What rights does an owner have in regards to Surface Waters?

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Define Water Table.

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Define High Tide Line

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Define Percolating Waters.

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Conditions for a Flood Hazard.

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Anything affixed to the land….

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Define Fixtures.

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5 Tests to determine if an item is a fixture or not.

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Growing annual crops, industrial crops, and cultivated crops are..

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Emblements are personal property between.....

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What are the 4 requirements for Adverse Possession?

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Define Adverse Possession

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Define Demise

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Define Alienation

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Define Cloud on Title

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Define Color of Title

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A Deed is an instrument used to transfer the title.

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Define Title

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Transfer of Title to property can be transferred by adverse possession, operation of law, accession, will, intestate succession, and deed. Under early English common law, title was transferred by delivery of possession, called "livery of seizin".

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Define Tenancy in Partnership

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If the deed names the owners as husband and wife, the vesting is assumed to be community property.

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Husband or wife may dispose of his or her 1/2 interest in community property by will. Failing to do so, the surviving spouse receives all interest by ______________, and holds title in severalty.

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Husband or wife may list, or lease for _____ year(s) or less, community real property, without the other's consent.

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If a husband or wife sells community real property without the other's consent, the injured spouse has one year to void sale. It is unenforceable during that year.

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Husband or wife can sell Community Personal Property, except necessities, without the other's written consent. Neither may give away personal community property without the other's written consent.

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With Community Property a husband or wife can not buy real property without the other's consent.

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Define Community Property

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Tenancy in Common owners have a separate title to an undivided interest.

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Tenancy in Common owners can not leave the interest to heirs, if any.

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Owner must pay his/her share of the expenses in Tenancy in Common

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Tenancy in Common owners may sell,…

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Tenancy in Common may hold an unequal ownership.

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In Tenancy in Common ach owner has the right to possession of all of the property and does not need to pay rent to the other owners. This the only unity required. Any rent collected from others is divided among the owners.

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Define  Tenancy in Common

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A Joint Tenancy can be severed by voluntarily transfer or operation of law, but not by borrowing against one's interest.

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Joint Tenant owners, including husband and wife, may deed property to themselves OR themselves and others as joint tenants.

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Corporation can hold title in joint tenancy with a natural person.

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Tenant may not sell his/her interest without consent of other joint tenant in Joint Tenancy.

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Surviving joint tenant is not liable to creditors of the deceased tenant in Joint Tenancy.

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Surviving joint tenant is not liable to creditors of the deceased tenant in Joint Tenancy.

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Property is controlled by probate in Joint Tenancy.

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Interest cannot be willed in Joint Tenancy.

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What are the four unities for the creation of Joint Tenancy?

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Right of Survivorship

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Define Joint Tenancy

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Define Concurrent Estate

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Define Separate Title

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Define Title Vested

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What is the personal, revocable, and unassignable permission to do one or more acts on the land of another?

Eg, Hotel room, parking lot, theatre ticket.

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___________Cannot exceed 2 month's rent for unfurnished and 3 month's rent for furnished.

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What is consideration for the use of a property?

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What is created when a tenant conveys part of his/her interest in the property to a new tenant and the original tenant is still liable for the rent?

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Define Creation of Lease

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Define Lessor

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Define Lessee

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Define Sandwich Lease

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Define Graduated Lease

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Define Percentage Lease

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Define Net Lease

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Define Gross Lease

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Define Estate at Sufferance

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Define Estate at Will

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Define Estate for Periodic Tenancy

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Less than Freehold Estate is also known as?

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Define Estate in Remainder

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Define Estate in Reversion

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Holder of a Life Estate has..

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Define Life Estate

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Define Clear Title

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Define Fee Simple Defeasable

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Define Fee Simple Absolute Estate

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Define Fee Simple Estate

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Name 2 types of estates.

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Define Estates

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Define Appurtances

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Real Property can become…

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Define Trade Fixtures.

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Size and cost of the item or time of attachment are tests for a fixture. True or False

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When a person dies without a will, his heirs inherit by __________ succession.

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Community property passes to the surviving spouse.

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Separate property is __________

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A deed can only be used once an cannot be endorsed or assigned.

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A Deed is a _________ instrument which, when properly executed and delivered, conveys title from the grantor to grantee.

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A Grant Deed must do all except.

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Grant Deed is usually used when real property is sold. It must contain the word________

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A ___________ Deed relinquishes any interest in property which the grantor may presently have. Contains no expressed or implied covenants or warranties. Does not convey after-acquired title.

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A Gift Deed does not contain any __________, and may be set aside by creditors, if made to defraud them.

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A ________ Deed, is used to borrow money.

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Which is not a Deed?

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Which is not a essential of a valid deed.

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A forged deed is not invalid or void.

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Which of the following are true for the delivery of a valid deed

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Acceptance of deed must....

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Acknowledgement is declaration before a duly authorized officer by a person who has executed an instrument that he/she did, in fact, sign the document.

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Acknowledgement of Recording a public notary

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Recording Laws are generally permissive laws.

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A Notice can be...

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Actual Notice is when...

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Constructive notice is given by..

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The first valid deed that is recorded determines the owner, unless that person, prior to recording, had either actual or constructive notice of the rights of others.

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Priority of Trust Deeds and Mortgages are determined by......

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Priority of Mechanic's Liens are determined by the time the work improvement was commenced or materials were first furnished.

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Government Liens generally have priority over all other liens and documents. Government liens usually have equal priority with each other.

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Which is true when Recording of Deeds?

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Which is not true in regards to General Information to public records?

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An innocent third party who has taken a negotiable instrument before it was overdue, in good faith and for value, and without knowledge of any defect at the time they received it.

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__________ Instrument is written promise or order to pay money (checks, drafts, promissory notes). Negotiable instruments are freely transferable in commerce.

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A _________ provides for the deferment of some principal payments

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On renegotiable rate mortgages, the interest can fluctuate no more than ___%

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Calculation for Interest = Principal x Rate x _______

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Interest on a loan from a commercial bank is figured on a banker's year of _______ days.

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_________ Interest the rate varies based on the money market conditions.

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______ Interest is interest charged on loan balance plus accrued interest that has been added to the principal periodically.

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_________ interest is based on decreasing loan balance. Usually charged on real estate loans.

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__________ rate is the rate actually paid.

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_______ rate is the rate stated in the note.

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__________ is the conscious taking by a lender of more than the maximum amount of interest allowed by law. Some loans arranged by a real estate broker are exempt.

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___% is the legal rate , the rate set by law, if no interest is stated in the documents.

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___________ is the price or rate of premium per unit of time paid by a borrower for the use of money.

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__________ amortization is when payments do not cover the interest due.

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In a partially _______ loan, the installment payments do not fully retire the debt (balloon note).

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With a _______ note the principal is paid in maturity. The interest may be paid during the term of the note or at maturity. The final payment would be  for the entire principal plus one month's interest.

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A ___________ ____________ is an instrument which is the evidence of the debt.

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___________ Liens are trust deeds and mortgages. It is any lien placed on property by the voluntary act of the owner. When using either a trust deed or mortgage a promissory note will also be used.

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All liens are encumbrances but not all encumbrances are liens.

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___________ Liens are burdens on any and all property of the owner in the counties where they are recorded. E.g., judgement, corporation franchise tax, inheritance tax, decedent's debt, income tax

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__________ Liens are burdens on a particular parcel. E.g., trust deed, mortgage, property tax, assessment, mechanic's lien, attachment.

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A _______ is a charge imposed upon property which makes it security or collateral for the payment of a debt or performance of an act.

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________________ is the wrongful building of an improvement on the property of another, a form of trespass. If the owner of the land does not pursue his right to have the improvement removed within 3 years, he loses that right.

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Which of the following are true as to Public Restrictions:

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________  Restrictions are under the police power of the government. Most state governments have allowed cities and counties to pass zoning laws which divide land in districts according to use.

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A restriction prohibiting a _____   _____  ______ is void because it infringes on the owner's power of alienation

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C.C. & R's stands for.

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A _________ is continued ownership. If broken, title can revert to original grantor or their heirs. Usually has a forfeiture clause. Can only be created by a grant of an estate.

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________ is a promise to do or not do something. If broken, can result in dollar damages or an injunction compelling compliance.

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_________ Restrictions are created by the grantor in a deed or by written agreement. They are often placed on a subdivision by the developer. Cannot be removed by the grantee but can be removed by a quitclaim deed.  They can be in the form of a covenant or a condition. They are not a lien.

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__________ are encumbrances which limit the use of property by an owner. They are not likely on personal property. They can be beneficial to the owner.

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All easements are either appurtenant or in gross.

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Easement in __________  is an easement that is not appurtenant to any land. It belongs to a person and therefore, must be conveyed in writing.

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_____________ Easement involves at least 2 parcels of land owned by different people. It is transferred with the land by the owner of the easement. It "runs with the land". Owner cannot retain the easement if the dominant land is transferred. It does not need to be mentioned in the deed.

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An easement is terminated for excessive use or for purposes not specified.

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Easement of servient tenement is terminated if the property of the servient tenement is destroyed. This is referred to as ____________ of Servient Tenement.

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An easement cannot be terminated by adverse possession.

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Owner of a servient tenement can court action for the ____________ if easement is not used for 20 years.

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In the merger of 2 properties one person become the owner of both.

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__________  Release is a quitclaim deed by the holder of the dominant tenement.

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An easement cannot be ___________ at will by the owner of the encumbered land.

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An ________ may be created for any period of time or in perpetuity, and may be granted by a lessee, but only for the term of the lease.

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A subdivider may dedicate land to the public. (E.g., Streets)  When they do, the easement or statutory dedication, becomes effective when the map is recorded. This process is called Dedication.

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_________is when one may acquire an easement by open and notorious use which is uninterrupted for 5 consecutive years and hostile to the true owner's title under some claim of right.

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Easement may created by except:

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________means "to go out"

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_______ means "to go in"

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________ Tenement is the land that is burdened by an easement. It is subject to to the easement and encumbered by it.

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__________ Tenement is the land that is benefitted by an easement.

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An easement is non-possessory interest and not an estate in real property. The owner of the easement has the right to use, but does not own, the property encumbered by the easement.

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An ___________  is the right to enter an use another person's land with limits.

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It is common practice for a buyer to accept a __________ to previously encumbered property.

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Deed restrictions, easements, leases, and mortgages are all __________ limitations on ownership.

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Anything that affects, or limits, or burdens the title to property is an ___________. They are divided into non-money and money.

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Priority of payment for Foreclosure or Trustee's Sale

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With a Trustee's Sale the Trustor owns and possesses property until the sale and could redeem it or sell it themselves.

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Trustee conducts sale and issue's a trustee's deed to the _______ _______.

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The trustor can reinstate the loan up until ______ days before the sale.

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After _____ months, trusteed advertises "notice of sale" in a newspaper of general circulation once a week for 3 weeks and posts notice on property.

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With trustee's sale the trustee records a "notice of _________" and notifies trustor, subsequent recorded lienors an all others who have requested notice.

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Trustee's Sale the ________ notifies trustee of default.

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With Court Foreclosure a __________ deed is issued 1 year after the sale.

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In court foreclosure a ____________ has 1 year to redeem property (pay loan in full) and to remain in possession.

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In court foreclosure a certificate of ___________ is issued at time of sale to the buyer.

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For a court foreclosure the _________ brings court action and the court orders the property sold.

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If the Trust Deed is in default - breach the __________ can choose either a trustee's sale or a foreclosure through the courts.

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When a Trust Deed is paid in full the ________ and Trust Deed are sent to trustee by beneficiary, who signs a "Request for Full Reconveyance".

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Which party is not part of a Trust Deed?

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In the case of default - breach of a mortgage contract the property can usually be _________ only in the courts.

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When a mortgage contract is paid in full the __________ issues a Certificate of Discharge which is recorded to clear the lien from the public records.

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A mortgage contract has two parties, a _________ and __________.

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A __________ Deed or Mortgage Contract is an instrument used to secure payment of the promissory note. It encumbers the property.

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A Joint and ____________ note the borrowers would be committed together and individually for the repayment. It would commit all the borrowers the most for the repayment of the note.

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__________ a note is selling it for less than the face amount or the current balance.

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A ________ endorsement the holder writes "without recourse" and signs their name. This means that if the maker refuses to pay, the endorser will not be liable. The holder of the note would sue the maker or foreclose on the property for the unpaid balance.

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A __________ endorsement the holder writes "for deposit only" and signs their name.

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A _________ endorsement the holder writes " pay to the order of" and signs his name

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A _______ endorsement the holder signs his name

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A ________ Trust Deed or Mortgage is not a first trust deed or mortgage.

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When a seller carries back a trust deed form a buyer, their relationship is similar to that of a beneficiary to a trustor.

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Default on a loan would include not maintaining the property, not making payments or using the property illegally.

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The _________ consent should be obtained for boundary line changes, consolidation, consolidation agreements and restriction agreements.

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Trustees are controlled by specific state agencies.

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A purchase-money lien takes priority over any liens against the purchaser which exist at the time of the purchase.

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If a lender accepts a deed in lieu of foreclosure, they are not obligated for any junior liens.

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If a borrower defaults on a first trust deed, the ______  of the junior trust deed would likely reinstate the first and enforce their trust deed by a trustee's sale.

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The use of an existing promissory note as __________ for a loan is a pledge agreement.

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If there is a conflict between the terms of the note and the trust deed, the terms of the note will ________

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Trust Deed and mortgage are recorded. The _______  ________ usually is not.

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A trust deed or mortgage is a mere _______ of the debt.

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A deficiency judgment is not possible if the fair market value ________ the amount due on the loan.

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A ________ -money loan is where a seller extends credit to the buyer and accepts a trust deed or mortgage on the property as part of the purchase price OR for the purpose of buying 4 or less owner occupied residential units.

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A deficiency judgement is not possible if sold by the trustee's sale.

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A writ of _________ is a means of enforcing a judgement which has been issued. It is a court order ordering an official to sell property.

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_____________ Lien is the final determination of the rights of parties in a court action. When recorded, it creates general, involuntary lien upon the real property of the debtor located in that county. It is valid for 10 years.

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____________ is court order restricting a party from doing an act such as violating private restrictions.

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___________ liens the property is seized by court order and is held as security for a possible judgment in a pending court suit. It is not terminated by the death of the defendant and is valid for 3 years.

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_______ ______ is notice of pending litigation concerning real estate property. It must be recorded. When recorded, it give constructive notice. It is effective until final judgement rendered becomes final or dismissed. It may effect title, depending on the outcome of the lawsuit.

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A mechanic's lien may be filed expect:

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A project is considered complete when any of the following occur except:

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Mechanic Liens have _________ over any other liens which attach subsequent to the time the work of improvement was commenced or materials were first furnished.

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A __________ Lien any person furnishing labor  or material for the improvement of real estate may file a lien on the property, if they are not paid. The owner is responsible even if they paid the general contractor. Must be verified and recorded. It is a specific lien.

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___________ Liens are imposed without consent of the owner.

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An _______  ________ Loan contains an "add on" clause permitting borrower to borrow additional money after the loan has been reduced, without rewriting the loan documents.

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___________   ____________ Clause permits lender to charge a penalty if loan is paid before due. It benefits the lender. The lender may waive the penalty if a new loan can be made on the property at a higher interest rate. Not allowed on owner-occupied residential property of 4 units or less.

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"_____  _____" Clause permits borrower to pay an additional amount without penalty.

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A "_______ ________" Clause the borrower cannot pay off loan in advance and is not allowed on owner-occupied residential property of 4 units or less.

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A _____________ Clause the lender with the first priority agrees to take a subordinate position to subsequent liens. It may be an agreement in a junior lien which permits a first lien to be refinanced without suffering a loss in priority. It benefits the trustor and is usually used when developing property.

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An __________ Clause gives the lender right to call all sums owed to them to be immediately due and payable, if title is transferred. Buyer cannot assume the loan without the lender's permission. It is one type of acceleration clause.

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An ____________ Clause gives lender right to call all sums owed to them to be immediately due and payable upon the happening of a certain event. If lender accelerates the loan, it is "called". It does not effect the negotiability of the loan.

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A ____________ Certificate is a statement by borrower stating the unpaid principal and interest.

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A ____________ Statement is a statement by lender setting forth history and present status of loan, including the balance due.

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With Transfer of Property by Borrower occurs:

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An __________ by Lender is when a lender assigns a debt, both the note and trust deed or mortgage must  be assigned.

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____________is when a borrower does not give up use and possession of the property.

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A ________ the borrower gives up use an possession of  property which is used as security for the debt.

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A __________ Mortgage is used when personal property is the security for the debt. Has been replaced in most states by a security agreement controlled by the Uniform Commercial Code.

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A __________ Trust Deed or Mortgage is a previously recorded trust deed or mortgage which contains details applying to any subsequent related loan documents. Subsequent trust deed or mortgages refer to it.

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A ________ Mortgage is the use of both real and personal property as security for a loan.

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If a blanket mortgage has a release clause and part of the money is paid, the beneficiary will sign a request for partial reconveyance.

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With a Blanket Trust Deed or Mortgage a __________ clause allows part of the property to be conveyed when part of the loan is paid.

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A ____________ Trust Deed or Mortgage is the use of more than one parcel to secure a trust deed or mortgage.

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A _______-_________ Trust Deed is subordinate to, yet includes the lien to which it is subordinate. The beneficiary under the trust promises to make the required payments on the senior lien.

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Which is true in regards to a junior trust or junior mortgage?

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