prop management / transfer of property

The measurement of a township is:

36 square miles -A township is divided into 36 sections - each measuring one mile by one mile (or 36 square miles).

Proration of taxes, insurance, and interest are based on a:

360 days

If the lessee agrees to pay property taxes as well as rent, this would indicate a(n):

A net lease is on business property, whereby the tenant agrees to pay the rent and the taxes and insurance on the property.

In a standard title policy, what is not considered as one of the normal procedures?

A survey of the property

Wills play a very important part in the transfer of title to real property. Which of the following would not be a party to a will?

Administrator

Which of the following answers is incorrect in regard to a metes and bounds description?

An advantage of a metes and bounds description is its simplicity

Which of the following is a correct statement regarding a deed?

An exception in a deed is the withholding of rights in the property from the grantee. -An exception, such as retaining mineral rights, would transfer ownership of the property to the grantee, but retain the mineral rights for the grantor. The granting clause demonstrates the intent to transfer the property.

The seizing of property by the sheriff to be held as a security for a legal action is known as a(n):

Attachment.

Which of the following statements of fact best matches the term patent?

Contract of conveyance

In a buyer's closing statement

Credit the buyer with everything he has coming. Debit the buyer with everything he owes.

Which of the following is necessary to create a valid deed?

Description of the physical property

How many years does a taxpayer have to pay delinquent taxes before losing title to his or her property?

FIVE

Which of the following is not covered by an ALTA owner's extended policy of title insurance?

Governmental regulations concerning occupancy and use

The kind of deed given by the government on the original transfer of government land to the original grantee is called:

PATENT -A patent is an instrument that conveys real property from the state or federal government to an individual.

Several homes in a tract were sold and title was conveyed by a grant deed. Under the normal procedure, what type of deed would have been requested of the beneficiary if the property had been burdened by a deed of trust?

Partial reconveyance deed -This instrument would partially reconvey the title to the trustor in return for a proportionate partial payment on the trust note balance, thus releasing a specified lot or lots from under the blanket.

Which of the following would be least likely to include a legal description of a parcel of real estate?

Property tax bill -Property tax bills use an assessor parcel number, not a legal description. The other documents will contain a legal description.

The NW 1/4 of the SE 1/4 of Section 16, T4N, R4W, SBBM, is an example of what kind of land description?

Public Land Survey System

The buyer of a business, in order to avoid "successor's liability," must receive a clearance from the:

State Board of Equalization.

A grant deed, to be effective, must be recorded. To record a deed, it must be acknowledged by the grantor.

The first statement is false and the second statement is true

A percentage lease is a lease in which the tenant pays a percentage of gross monthly receipts in addition to a base rent. Which statement is correct regarding percentage leases?

The higher the gross receipts, the lower the percentage rate. -

Which of the following would have the most influence in establishing fire insurance rates?

The location of the property

Who normally pays for an ALTA Loan Policy of title insurance when a buyer purchases a home?

Trustor -Most lenders in California demand the protection of a policy of title insurance and make the borrower (trustor) pay for the policy.

The selling price of a home would appear on the closing statement as:

a debit to the buyer and a credit to the seller.

The added protection of an ALTA title insurance policy over a CLTA policy is in guarding against:

a dispute over property lines which would be disclosed by a survey.

A notary public may legally notarize a document if it is:

a document being executed by a corporation of which he or she is an employee but he or she has no personal interest in the transaction. -cannot notarize anything in which he has an interest in

As relating to real estate, a patent is:

a sovereign grant.

To record a deed it must be:

acknowledged AND state on its face the name and address of the person to whom the tax statement is to be mailed.

Which of the following is not essential to a valid deed?

acknowledgement

A written summary of that chain of title prepared by a title insurance company is called:

an abstract of title. abstract=summary

The acknowledgment of a deed can be taken by:

an employee of a corporation buying property. -An employee of a corporation which is buying real estate may take an acknowledgment from the grantor, so long as the employee is a notary and does not have a personal interest in the transaction.

An on-site analysis for a policy of title insurance would be required for:

an extended coverage policy.

The opposite of alienate is:

aquisition Alienate--transfer; acquisition--receive.

A title plant refers to the records of property in a:

county. -

Another name for a sheriff's deed is a(n):

deed of conveyance.

A gift of real property by will is a:

devise -A gift of REAL property by will is a devise, while a gift of money or personal property by will is a bequest or legacy.

Loss of title results from:

erosion -Erosion results in loss of title. Accretion is the addition of land by depositing, due to action of water. Certiorari is a writ from superior court, calling for records. Prescription is a method of obtaining an easement, not title.

A trustee's sale is related to:

foreclosure

A grant deed:

implies title has not been previously conveyed. -A grant deed transfers title to real property. It has two implied warranties. Answer (c) is one and the other is it implies there are no encumbrances other than those revealed.

The California Code of Civil Procedure provides that persons furnishing labor or material for the improvement of real estate may file liens upon the property affected if they are not compensated. Such liens are referred to as mechanic's liens. All of the following are correct statements concerning mechanic's liens except:

in a foreclosure sale, the priority of a holder of a mechanic's lien over a holder of a trust deed or mortgage lien would be established by the date and time of recording of the respective liens.

The NW 1/4 of the SW 1/4 of Sec. 8, T1N, R2E, SBBM:

is a 40-acre parcel. is a 1/16 of a section. is 1,320 feet on each side. ALL ARE CORRECT

Personal property left by will is called:

legacy

Unlawful Detainer action is for the offended:

lessor

Recording a deed:

presumes delivery -(gives constructive notice)

When an insurance company cancels a policy, the refund is based on:

pro rata.

The main purpose of a deed is to:

provide evidence of the change of title or transfer of interest.

All of the following would be found in the credit column of a buyer's closing statement except:

purchase price

If a land contract is in default, the best legal action involved would be:

quiet title action.

A standard policy insures against:

recorded deed that was not properly delivered and accepted.

The recording system was established to show the sequence of transfers or other actions affecting property. All of the following are correct statements concerning recordation except:

recording a deed imparts actual notice to all future purchasers.

When the size of beach property increases because of the permanent withdrawal of the sea, this is:

reliction. -Reliction refers to a recession of water from the usual watermark or waterline causing an increase of the land. Land which was once covered by water becomes uncovered.

The Rebate Law:

requires a title insurance company not only to charge for a report, but also to make a sincere effort to collect.

The Real Estate Law being exact and specific includes legal aspects. In legal aspects:

the receiver of title is called the grantee.

The legal seizure of property for debt before judgment is:

writ of attachment.

A court order to sell property after the final judgment in a lawsuit has been rendered is called a:

writ of execution.

An ALTA title insurance policy guards against all of the following except:

zoning

CLTA and ALTA policies of title insurance holders are not insured against:

zoning