California Law
Unruh Civil Rights Act
The Unruh Civil Rights Actprovides protection from discrimination by all business establishments in California, including housing and public accommodations.
Housing designated to meet the physical and social needs of senior citizens is exempt from this act.
The Unruh Act provides for remedies which could include out-of-pocket expenses, a cease and desist order, or damages for emotional distress. Court-ordered damages may include a maximum of three times the amount of actual damages, but not less than $250.
Persons who believe they have experienced discrimination may file a complaint, which must be filed within one year of the alleged discrimination.
Rumford Act
The Fair Employment and Housing Act (also known as the Rumford Fair Housing Act) prohibits:
- Discrimination in the sale, rental, lease, negotiation or financing of housing based on race, color, religion, sex, marital status, familial status, disability, national origin, ancestry, sexual orientation or source of income
- Eviction of a person in retaliation for seeking to uphold the rights under this act
- Refusal to reasonably accommodate a handicapped or disabled person
Remedies for violations could include:
- Injunctions
- Actual or punitive damages
- Civil penalties
Holden Act
Financial institutions, such as banks and credit unions, are subject to the Unruh Civil Rights Act. In addition, the Housing Financial Discrimination Act, also known as the Holden Act, prohibits financial institutions from discriminating in loan activities on the basis of race, color, religion, marital status, national origin, ancestry or sex. Financial institutions are also prohibited from discriminating based on a neighborhood’s make-up (redlining).
Violations of the Holden Act may be filed with the California Secretary of Business, Transportation and Housing, who must investigate the complaints and take remedial action as required by law.
| practice-legal-1sttue-02102011.doc |
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....FOLLOWING NEED TO INVESTIGATE
An Annual Operating Data sheet, prepared by a listing agent and handed to a prospective buyer, provides operating information on the property, including:
a) the estimated net operating income.
b) the spendable income.
c) income tax consequences the prospective buyer will likely experience during the first year of ownership.
d) all of the above.
aods
A property’s net operating income represents the annual return the property delivers to the owner which is accounted for as:
a) a return of the owner’s original capital investment, called depreciation.
b) a return on the owner’s capital investment, called a yield.
c) both a and b.
d) neither a nor b.
Yields - Return on Investment in Property
www.propertyinvestment.net.au/yelds.htm
The Yield or Yields are also known as your 'Return on Investment' or R.O.I. and is usually expressed as a percentage of the amount financed against the ...
depreciation is return OF
http://firsttuesdayjournal.com/depreciation-deductions-and-recapture/
Recoverable money losses the seller might incur as transactional expenditures include:
a) escrow and title charges.
b) lender charges for beneficiary statements.
c) both a and b.
d) neither a nor b.
Purchase agreement variations for one-to-four unit residential sales transactions include purchase agreements for:
a) negotiating the conventional financing of the purchase price.
b) negotiating a short sale.
c) negotiating for separate brokerage fees.
d) all of the above.
http://firsttuesdayjournal.com/the-purchase-agreement/
A recorded option ceases to constitute constructive notice of a buyer’s option rights when:
a) six months have run after the expiration date stated in the recorded option agreement.
b) six months have run after the option was recorded should the expiration date not be stated in the recorded option agreement.
c) both a and b.
d) neither a nor b
The use of _______________ still requires a written carryback disclosure to be delivered.
a) a land sales contract
b) a lease-option agreement
c) un-executed purchase agreement with interim occupancy
d) all of the above (WHAT IS THE ABOVEMENTIONED ITEMS?)
A seller’s net sheet includes sections regarding:
a) the encumbrances of record.
b) the expenses of a sale.
c) adjustments and prorates for unpaid or prepaid items.
d) all of the above.(AREA NEED TO BE STUDIED)
An unsuspecting buyer who acquires the ownership of real estate without actual knowledge or recorded notice of a pre-existing enforceable purchase agreement held by another buyer regarding the same property is referred to as a(n):
a) bona fide purchaser.
b) insolvent purchaser.
c) piggyback purchaser
d) none of the above
CCCC
The obligation of a buyer to deposit closing funds is subject to the seller first performing, called a:
a) condition precedent.
b) condition concurrent.
c) condition subsequent.
d) none of the above.
CON-DITION CON-TRACT CON-CURRENT CON-VERSION CON-??? con-scionable. CON-TINGENCY CON-SIDeration
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CONTACT QUESTIONS EASY
A _______________ returns the buyer and seller to their respective positions prior to entering into the purchase agreement, as though they had never agreed to the transaction.
a) cancellation
b) rescission
c) release
d) breach
To form a contract, the agreement must include:
a) an offer and acceptance.
b) consideration.
c) capable parties and a lawful purpose.
d) all of the above.
Offers made by buyers in real estate purchase agreements signed and submitted to the owners of the described properties form:
a) bilateral contracts when accepted.
b) bilateral contracts until accepted.
c) unilateral contracts when accepted.
d) none of the above.
An offer is considered revoked:
a) by the lapse of time for acceptance stated in the offer.
b) if no time limit exists, by the lapse of a reasonable time without communication of an acceptance.
c) both a and b.
d) neither a nor b.
A seller’s counter to an unacceptable purchase agreement offer can be written up by the listing agent and submitted to the buyer using:
a) a new purchase agreement.
b) a counteroffer form.
c) both a and b.
d) neither a nor b.
Listing agents sometime delete terms or provisions in a signed purchase agreement they have received by lining them out with a pen or covering them with white-out, called:
a) interlineation
b) rearrangement
c) forgery
d) defacing
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Legally, oil and gas are referred to as being ________, since they are transitory.
a) an incorporeal hereditament
b) a profit a prendre
c) fugacious matter
d) a right of appropriation
The purpose of a(n) ________, like an easement and a lease, is to grant the right to use property owned by another person.
a) encumbrance
b) personal privilege
c) unlawful detainer
d) license
A(n) _______ is an individual who has the oral authority of the grantor to sign a grant deed by his own hand on behalf of the grantor.
a) real estate agent
b) property appraiser
c) unlicensed attorney
d) amanuensis
If a title condition, covenant or restriction (CC&R) is agreed to in the purchase agreement but is erroneously omitted when escrow prepares the grant deed, the grant deed can be ordered corrected to include the covenant, a legal process called:
a) merger.
b) seisin.
c) reformation.
d) inchoate.
In addition to the minimum franchise tax, an LLC with over _______ in annual gross income is assessed an annual gross income fee by the Franchise Tax Board (FTB).
a) $100,000
b) $250,000
c) $400,000
d) $425,000
Money paid to even a distribution on partition of co-owned real estate is legally called:
a) owelty
b) restitution
c) reimbursement
d) restoration
__________ is the excess of the buyer's payments over the money losses incurred by the seller due to the buyer's breach of a land sales contract.
a) Reformation
b) Owelty
c) Restitution
d) Ernest money
_____ is an obligation imposed on one individual, such as a broker, and owned to another individual, such as a seller, to pay a loss incurred by a third person, such as a buyer.
a) A hold harmless arrangement
b) A good-faith settlement
c) Indemnity
d) Proportional liability
The prevailing party, determined when the court enters its final judgment in the case, is the individual who:
a) receives the greater money damages award.
b) receives the requested equitable relief.
c) successfully defends against the plaintiff's claim and the plaintiff obtains no relief.
d) any of the above
The limited liability protection for the members of an LLC is the same as for:
a) a nonpublic partnership.
b) the shareholders in a corporation.
c) a general partnership.
d) a limited partnership.
Although title to an income-producing property held by co-owners for profit is vested in the names of all the co-owners, each co-owner actually holds title as a(n) _______ on behalf of all the tenant in-common co-owners, collectively called a(n) ________.
a) tenant-in-common; partnership
b) sole owner; trust
c) trustee; partnership (NEED MORE EXPLANATION?? PLEASE ASK?)
d) partnership; tenancy in partnership
A(n) _________ is any corporation or bank which is authorized to engage in the activities of a trust business.
a) trust business
b) foreign corportation
c) trust company
d) Massachusetts trust
For a written declaration to express an intent to transmute property from a community asset to a separate asset of one spouse, the declaration signed must:
a) contain an explicit statement confirming the spouse conveys and terminates the community property interest held in the property.
b) include the word "transmutation."
c) include consideration.
d) both b and c
what is transmutation?? first
________ cover losses incurred due to violations of conditions, covenants and restrictions (CC&Rs), damage from extraction of water or minerals, mechanic's liens, encroachments and the effects of inflation.
a) Exclusions
b) Endorsements
c) Written commitment to issue
d) Plain language policies
Which of the following is considered a voidable deed:
a) a deed signed and delivered by a seller under the age of 18.
b) a deed materially altered without the grantor's consent.
c) a forged deed. (DURESS, UNDUE INFLUENCE FRAUD FORGERY MENACE ...)
d) a deed from a grantor of unsound mind, but not entirely without understanding, made before the grantor's incompetency to convey has been adjudicated. (OTHER IS VOID)
A grant deed given to provide a creditor with the property as security or collateral is a(n):
a) mortgage-in-fact. (WHAOO....LIKE ATTORNEY IN FACT / FINDING OF FACT )
b) disguised lien.
c) invalid security device.
d) constructive delivery.
A personal restrictive covenant is enforceable only against the persons agreeing to it, not future owners of the property, called:
a) remote grantees. (ONLY PERSONAL TO THIS AND NOT FUTURE)
b) successors.
c) material grantees.
d) harmless successors.
Ownership of possessory interests in real estate include:
a) a life estate
b) an easement
c) a license
d) both a and b
___________ is based on an interference with possession since it affects the real estate. A(n) ______ is an interference with the enjoyment of property since it affects the senses.
a) Nuisance; easement
b) Trespass; nuisance (SO GOOD TO KNOW)
c) Trespass; encroachment
d) Nuisance; trespass
A(n) ___________ is any activity specifically declared by statute to be a nuisance.
a) statutorily immune annoyance
b) nuisance per se
c) both a and b
d) neither a nor b
_________ determines the physical location of the court which has jurisdiction and is the correct forum to hear the matter.
A form of payment which is uncollectible, unredeemable and with no present value is:
a) usurious.
b) unconscionable.
c) excessive.
d) all of the above.
a) Venue
b) Jurisdiction
c) An equitable remedy
d) Both a and c
The federal government has the right to regulate all commercial enterprises which affect:
a) California commerce.
b) the real estate industry.
c) interstate commerce.
d) Arizona commerce.
Under the common law, legal disputes were decided ________ before a judge.
a) by establishing elaborate statutes to address the issue
b) on a case-by-case basis
c) by a sheriff
d) none of the above
Legally, oil and gas are referred to as being ________, since they are transitory.
a) an incorporeal hereditament
b) a profit a prendre
c) fugacious matter
d) a right of appropriation
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EASY ENCROACHMENT QUESTIONS:
A tree's ownership is determined by the location of its:
a) underlying root structure.
b) trunk.
c) northern most branch.
d) fallen leaves.
An encroachment is:
a) a fence built for security and privacy purposes.
b) an improvement on real estate, such as a building, fence, driveway or tree, which extends onto real estate belonging to another person without his consent.
c) a doctrine used by property owners to establish boundary lines.
d) an exclusive right-to-use easement.
Once an encroachment has been determined, the remedies available to the owner include:
a) money damages for the diminished value of the property subject to the encroachment.
b) an injuction ordering the removal of the encroaching structure.
c) both a and b
d) neither a nor b
A neighbor subjected to a continuous tree encroachment may resort to self-help by:
a) killing the tree.
b) cutting the offending branches and roots back to the boundary line.
c) enter onto the neighbor's property to remove the branches without the neighbor's permission.
d) cut off the overhanging branches at the tree trunk and poisoning only the roots which extend beyond the property line.
The enlarged ownership interest of a surviving joint tenant, clear of the deceased’s interest, is documented by recording an affidavit, signed by _______________, declaring the death of the joint tenant.
a) the surviving joint tenant
b) the deceased tenant’s attorney
c) the deceased tenant’s executor
d) any of the above
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An escrow officer _______________ of any suspicious fact or circumstances detected by the officer before close of escrow.
a) has no obligation to notify the parties
b) has no obligation, unless the fact affects closing, to notify the parties
c) owes a duty to the buyer and seller to notify the parties
d) owes a duty to the listing agent to notify him
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uncollectible, unredeemable and with no present value is
http://firsttuesdayjournal.com/form-156-the-equity-purchase-agreement/
