California Real Estate Practice Exam

A waiver is defined as a:

1. bilateral act that voluntarily relinquishes a known right or privilege

2. release from an attachment

3. release from an injunction

4. all of the above

The correct answer is: bilateral act that voluntarily relinquishes a known right or privilege

A waiver is specifically defined as a voluntary relinquishment of a known right or privilege, which aligns with the essence of option A. In real estate and legal contexts, waivers often occur when a party gives up a specific legal right, acknowledging that they are doing so knowingly and intentionally. This could be in relation to rights in contracts, or protections afforded to them under the law. The other options, while they may pertain to various forms of legal releases or relinquishments, do not capture the fundamental definition of a waiver. For instance, a release from an attachment or an injunction pertains to different legal processes that do not directly involve the voluntary giving up of rights, and thus they do not define a waiver as clearly as the first choice. The correct option succinctly encapsulates the definition and function of a waiver within legal proceedings, making it the most accurate choice in this context.