Real Estate Course 5-8

The statute of limitations for breach of an oral contract in California is...?

2 years

Express or implied knowledge of a fact is known as...?

Actual Notice

Separation from debt is also known as this type of bankruptcy...?

Chapter 7

A/an .......... is terminated when the easement is no longer a necessity for ingress and egress from the landlocked property?

Easement by Necessity

This property type is exempt from a deficiency judgment...?

Owner occupied, 1-4 family

A vendor is also known as the...?

Seller

Adverse possession results in the...?

Transfer of title

This is a form of involuntary alienation of title...?

Adverse Possession

Which of the following can serve as escrow in a transaction...?

All of the above

A perfect escrow is another term for a...?

Completed Escrow

Money is an example of which of the following...?

Consideration

Valid contracts must have which of the following...?

Consideration

This is a written instrument which when properly executed and delivered conveys title to real property from one person (grantor) to another (grantee)...?

Deed

A swimming pool built across a property line is an example of a/an...?

Encroachment

To pledge a thing as security without the necessity of giving up possession of it is known as...?

Hypothecate

An agreement that has not been put into words, but is implied by the actions of the parties is known as a/an...?

Implied Contract

The sale of property due to foreclosure is an example of...?

Involuntary Alienation

A mechanic's lien is an example of a/an...?

Involuntary Lien

Bankruptcy is initiated by a...?

Petition

A state law requiring certain contracts to be in writing and signed before they will be enforceable at law is known as...?

Statute of Frauds

Which of the following is an example of a defense for non-performance...?

Statute of limitation Discharge of an obligation Mutual mistake D All of the above

A grant deed includes two warranties, first that the grantor has not previously conveyed title to another grantee, and second, the property is not burdened by encumbrances at the conveyance of title...?

T (True)

A tax deed conveys to the purchaser only such title as the defaulting taxpayer had...?

T (True)

Alienation of a property can be voluntary or involuntary...?

T (True)

The following is a third party under a deed of trust...?

Trustee

Recordation is an example of...?

Constructive Notice

An agreement to do or not to do a certain thing is also referred to as a...?

Contract

Legal title equals...?

Control

Warranties in a warranty deed are...?

Express

The official proving of a will is known as...?

Probate

An easement by prescription results in the...?

Right of use

This type of lien takes first priority in the priority of liens...?

Senior Lien

The land encumbered by an easement is referred to as the...?

Servient Tenement

This type of insurance is used to protect a real property owner or lender up to a specified amount against certain types of loss, such as defective or unmarketable title...?

Title Insurance

Encumbrances can be monetary or non-monetary...?

True

This type of title insurance covers unrecorded liens, unrecorded easements, encroachments, and items covered by a survey...?

ALTA

A general lien is also called a...?

Blanket Encumbrance

A valid contract must have consideration and consent...?

TRUE

In the deed of trust system, the lender is called the beneficiary...?

True

How long is the redemption period if the loan amount is satisfied at a foreclosure auction...?

3 months

A quitclaim deed can be used in which of the following...?

Any of the above

A contract in which each party promises to do something is known as a/an...?

Bilateral Contract

The vendee refers to the...?

Buyer

This type of title insurance covers matters of record, forgery and fraud, ownership of the property, accessibility to the property, and marketable interest...?

CLTA

Reorganization of debt is also known as this type of bankruptcy...?

Chapter 13

This is a judgment given by a court when the value of security pledged for a loan is insufficient to pay off the debt of the defaulting borrower...?

Deficiency Judgment

The land benefiting from an easement appurtenant is referred to as the...?

Dominant Tenement

The right to use the property of another generally for ingress and egress is known as a/an...?

Easement

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement is known as a/an...?

Easement Appurtenance

This exists when a landowner has no access to roads and is landlocked...?

Easement by Necessity

This is obtained by use of the land of another for the legally prescribed length of time...?

Easement by Prescription

This occurs when a grantor conveys the right to use the grantor's land to a grantee for the purpose of ingress and egress...?

Easement by Voluntary Grant

Anything which affects or limits the fee simple title to, or value of property, is known as a...?

Encumbrance

Escrow is required in all single family transactions...?

FALSE

A lien on all the property of a debtor is known as a...?

General Lien

A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property is known as...?

Mechanic's Lien

A deed to relinquish any interest in property which the grantor may have, without interference of possession is known as a...?

Quitclaim Deed

An easement by voluntary grant can be terminated by the signing of a...?

Quitclaim Deed

An agreement to convey title to real property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract is known as...?

Real Property Sales Contract

The legally justified cancellation and/or revocation of a contract and the return of the parties back to their original position is known as...?

Rescission

A lien that attaches to one specific property only is known as a...?

Specific Lien

An easement in gross is also known as a utility easement...?

TRUE

Contracts that cannot be performed within 1 year of acceptance must be in-writing...?

TRUE

The wrongful entry on to the land on another, either in person or by instrumentality, is referred to as...?

Trespass

There are two types of rescission, mutual and unilateral...?

True

One who holds property in trust for another to secure the performance of an obligation is known as a...?

Trustee

Which of the following contracts must be in writing...?

All of the above The sale of personal property valued over $500 Agreement to answer for the debt of another Transfer of interest in real property

A right of use in the land of another without the requirement that the holder of the right own adjoining land is known as...?

Easement in Gross

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation is known as a...?

Lien

The effective date of a mechanic's lien is the date the work began or the date the materials were provided...?

T (True)

An unlawful intrusion onto another's adjacent property by improvements to real property is known as a...?

Encroachment

Escrow agents have these, which include loyalty, reasonable care, and good faith...?

Fiduciary Duties

A .......... includes a binding contract between a buyer and a seller, and a conditional delivery of something of value to the escrow holder?

Valid Escrow

Equitable title equals...?

Benefit

Title insurance is the same as homeowner's insurance...?

False

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner is known as a...?

Voluntary Lien

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the unlawful claims of third persons is known as a...?

Warranty Deed

This is a legal proceeding by an individual or company who are no longer able to pay their respective debts...?

Bankruptcy

A contract for sale of real property does NOT have to be in writing...?

TRUE

The sale of property after a period of nonpayment of taxes is known as a...?

Tax Sale

The ability to sue for the enforcement of the contract is known as...?

Enforceability

A contract that has been put into words, either spoken or written is known as a/an...?

Express Contract

A lien is an example of a non-monetary encumbrance...?

F (False)

These types of liens always take priority over other liens...?

Government Liens

The use of a warranty deed has been largely supplanted by this deed in California...?

Grant Deed

This is the most widely used deed in California...?

Grant Deed

The statutory period for adverse possession in California is .......... and the payment of property taxes?

5 years

A quitclaim deed includes warranties and representations...?

F (False)

An easement by prescription is terminated by non-use for a period of at least...?

5 years

The quitclaim deed is signed by the dominant tenement owner in favor of the...?

Servient Tenement

The transferring of property to another is also referred to as...?

Alienation

A valid deed requires which of the following...?

All of the Above

Which of the following is an example of a deed...?

All of the Above

A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender is known as...?

Deed in Lieu of Foreclosure

The sale of property from a willing seller to a qualified buyer is an example of...?

Voluntary Alienation

Which of the following is the governing law of bankruptcy...?

Federal Law

In this type of contract, one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract is formed only if the other party does perform the requested act...?

Unilateral Contract

Anticipatory repudiation is also known as...?

Anticipatory breach

A formal declaration made before an authorized person (ex: a notary public) by a person who has executed an instrument stating that the execution was his or her free act is known as...?

Acknowledgement

The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract is known as...?

Escrow