Michael Lustig - Real Estate Principles in California

Copyright 2011 Real Estate License Services,Inc.

Smashwords Edition

4th Edition

Contributing Editors:
Denise Iona and Charles Jackson

Course byCorrespondence.
For Qualification For a California
Real Estate Sales and/or Broker License
(D.R.E. Approval #1118-89)

REAL ESTATE LICENSE SERVICES
5059 Newport Avenue, #209
San Diego, CA 92107
(619) 222-2425

Includes Student Instructions, QuizQuestions and Answers, and Page References for the Quiz Questionsfor the Course Real Estate Principles. Please Read and follow thecomplete Student Instructions just after this page.

Copyright 2011, 2003, 2000, 1991, 1990,1989, 1988, 1987, 1983 Real Estate License Services, Inc. Copyrightregistered. All rights reserved. No part of this material may bereprinted, reproduced, transmitted, stored in a retrieval system,placed in a computer or on the Internet, or otherwise utilized, inany form or by any means electronic or mechanical, includingphotocopying or recording, now existing or hereinafter invented,nor may any part of this course be used for teaching withoutpermission from the copyright holder.

The California Department of Real EstateDOES NOT REQUIRE COMPLETION OF QUIZZES OR ESSAYS PRIOR TO YOURFINAL EXAM. Study the "Written Assignment" questions based on thechapter readings as well as the answers with page references thatare on the following page. YOU DO NOT NEED TO SEND IN ANY "WRITTENASSIGNMENT" ANSWERS. To complete this course, just study thepractice questions and answers, take the final exam online or onpaper and, if on paper, make sure the final exam question sheetsand completed Scantron answer forms are returned to us along withthe completed "Certification of Test Administrator." THE FINAL EXAMIS OPEN BOOK. If you have any questions, please call (619)222-2421.

1) This course consists of text reading anda final examination.

2) Practice questions ("WrittenAssignments") covering most of the chapters in the book are basedon the text reading in each chapter. Answers to those practicequestions (with page references) are included for your convenienceand may be found on the page after this page. The "WrittenAssignments" are for your practice only. NO QUIZ QUESTIONS AREREQUIRED PRIOR TO YOUR FINAL EXAM.

3) The minimum time limit to complete onecourse is 20 days from the date of enrollment. The maximum timelimit to complete one course is six (6) months from the date ofenrollment. Two three (3) month extensions may be obtained (seesection below on Extensions and Re-enrollments). Under nocircumstances can your enrollment last beyond twelve (12)months.

FINAL EXAMINATION: When you are ready totake the final test, please fill out the form "Request To TakeFinal Exam." You may mail it to Real Estate License Services, 5059Newport Ave., #209, San Diego, California 92107, or fax to (619)222-8593. Real Estate License Services will arrange for your finalexamination online or with a test administrator. If your final examis not online, you may suggest who your test administrator will be.The examination consists of 100 multiple choice questions and youmust complete it within 150 minutes (2.5 hours). When you finishthe test, If your final exam is not online, turn it in to the testadministrator, who will mail it to Real Estate License Services.The questions used for the final exam must be mailed to Real EstateLicense Services along with the answers.

GRADING OF THE FINAL EXAM AND ISSUING OFCERTIFICATES: A passing grade is based on a minimum passing scoreof 60% on the final examination. Only the final examination gradeis used in determining the student's overall grade. Students willbe assigned a letter grade, but the grading system reflects the 60%passing requirements.

% OF POINTS = GRADE
100% - 90% = A
89% - 80% = B
79% - 70% = C
69% - 60% = D
59% - 0% = Fail. In this case the course would have to be repeatedand passed in order to receive credit.

An official certificate of your course gradewill be mailed to you within two weeks after receipt of yourcompleted final examination if taken with a test administrator.Additional certificates are $15.00 each.

REFUNDS: Students may apply in writing toREAL ESTATE LICENSE SERVICES, mailing address, 5059 Newport Ave.,#209, San Diego, California 92107 within 15 days from the date ofenrollment and cancel and receive a refund for the full tuition.All REAL ESTATE LICENSE SERVICES materials must be returned in goodcondition at the time of cancellation; the materials should not besoiled, torn or marked upon. Refunds are not allowed if any workhas been submitted.

EXTENSIONS AND RE-ENROLLMENTS: If the coursehas not been completed within six (6) months of enrollment, thestudent may receive an extension of three (3) months by paying anextension fee of $35.00. If at the end of that three monthextension the student still has not completed the course, a secondthree (3) month extension may be obtained by paying an additionalfee of $30.00. IN NO CASE MAY THE PERIOD OF ENROLLMENT EXTENDBEYOND TWELVE (12) MONTHS. If the student has not completed thecourse within 12 months from the original date of enrollment, theenrollment expires and no further extensions are allowed. Thestudent must re-enroll and begin the course over again in order tocomplete the course. The student may re-enroll under suchcircumstances for a discounted re-enrollment of $40.00 percourse.

TRANSFERS: Courses may be transferred toanother person by paying a transfer fee of $30.00 per course.Transfers are not allowed if any work has already beensubmitted.

To finish this course, you need to do thefollowing:

1. Quizzes are NOT required. Includedbelow are the answers to the questions at the end of each chapter.Page references for topics in each question and answer are alsolisted. Read the book and study the questions and answers. You maytake your final exam 18 days after having possession of thetextbook.

2. When you are ready to take the finalexam, please fill out the form "Request To Take Final Exam," andfax to (619) 222-8593 or mail to: Real Estate License Services,5059 Newport Ave, #209, San Diego, CA 92107. Real Estate LicenseServices will arrange for your final exam online or with a testadministrator.

Answers with Page References to PracticeQuestions at the end of Each Chapter in the Textbook:

CHAPTER ONE
INTRODUCTION TO THE STUDY OF REALESTATE

OUTLINE OF CHAPTER ONE

1.1 TERMS USED IN THIS CHAPTER

1.2 INTRODUCTION

1.3 BACKGROUND OF REAL ESTATE OWNERSHIP IN CALIFORNIA

1.3.1 THE SPANISH PERIOD: 1513 - 1822

1.3.2 THE MEXICAN PERIOD: 1822 - 1846

1.3.3 THE AMERICAN PERIOD: 1846 TO THE PRESENT

1.4 DEVELOPMENT OF OWNERSHIP RIGHTS

1.4.1 FEUDAL SYSTEM