California Real Estate - State Test Prep
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"as is"
A phrase used in sale contracts by sellers as an attempt to limit liability for the condition of the premises. If known latent defects or condition of a property is known to the seller, seller has the obligation to disclose.
1 square mile =
43560 square feet
3 years - broker documents Copies of all listings, deposit receipts, canceled checks, and trust records must be retained by a licensed real estate broker
640 acres =
1 square mile
43560 square feet =
1 square mile
abatement
An action to remove a nuisance
abstract of judgment A statement from the court of the judgment. When recorded, it becomes a general lien on all of the debtor's property in the county where recorded
abstract of title
A copy of all recorded documents dealing with a property. Attorneys give title opinions based on abstracts.
acceleration upon default
All payments become due upon default of payment. In California, the debtor can cure the default by catching up on payments prior to foreclosure.
An agreement to accept a lesser consideration than bargained for based on disagreement over performance.
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accretion
The gradual buildup of land by natural causes ( generally by action of water )
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acknowledgment
A statement made before a notary or court officer that the signing of a document was the signer's own free act.
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actual notice
notice that has been expressly given and is known to a party
ad valorum taxes Taxes based on value, such as property tax. ( Latin - according to value )
Adam E Lee
8 Ways to terminate an easement Abandonment, Destruction, Adverse
Possession, Merger, Express Agreement,
Lawsuit, Estoppel, Excessive use
ademption
administrator
A person appointed by the court to administer the estate of a deceased person.
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advance costs
Advance payments made to an agent to cover expected cash outlays in carrying out the agency. 21.
advance fee
A fee for rental information accepted in advance, or a promotional fee for a sale listing. advance fee addendum An agreement specifying activities for which the agent is to be compensated. It would include provisions for an advance payment of fees.
adverse possession A method to acquire title. It requires fiveyear, open, notorious, uninterrupted use under some claim of right, and the payment of taxes.
aesthetic zoning Zoning for beauty or appearance.
Appearance of zone may have a pattern in architecture, colors, and styles.
affirmation
A formal declaration of the truthfulness of a statement, given in lieu of a verification.
affirmative covenant A covenant under which an owner is required to do something, such as build within a stated period of time.
affirmative easement Easement that gives the dominant tenement owner the right to use the servient tenement.
afteracquired title
Title or interest acquired by the grantor after property has been conveyed.
agency
Legal relationship under which an agent represents another, or principal, in dealings with third parties.
agency by estoppel An agency created when a principal's conduct led another to believe in the existence of the agency and thereby to act to his or her detriment.
agency by ratification An agency created by a principal's approving an unauthorized act of another.
agency coupled with an interest
Agency in which an agent has a financial interest in the subject matter of the agency.
agent
One who represents another in an agency relationship. agent of the broker The Broker is the Agent of the seller. The salesperson is the
AIDA
Time tested model used in writing ads Attention, Interest, Desire, Action
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accord and satisfaction 10.
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The revocation of a specific property grant in a will by disposing of said property prior to death.
administrative agency a government agency that makes rules and regulations to carry out the law.
