TRANSFER OF PROPERTY
Starting at the SW corner of the SE 1/4 of Section 16, thence to a point 1,210 feet directly east, thence 900 feet directly north, thence 1,210 feet directly west, thence south to the point of beginning. This description contains:
25 acres. the area described is a rectangle 1,210 feet by 900 feet. The total area equals 1,089,00 square ft. divided by 43,560 (an acre) equals 25 acres.
The number of square feet contained in a township can be determined by multiplying":
43,560 square feet by 36 sections by 640 acres. There are 43,560 square feet in one acre. There are 640 acres in one section. There are 36 sections in one township.
Which of the following is larger than a section? 1/36 of a township 27,000,000 square feet 5,280 feet times 5,280 feet 5,000 times 6,000 feet.
5,000 times 6,000 feet. Section equals 640 times 43,560, which equales 27,878,400 square feet. 5,000 times 6,000 equals 30,000,000 square feet.
A loan may be made current (reinstated) up to __________ business days prior to the foreclosure sale:
5. During the time between recording the notice of default and the trustee sale, (a minimum three months and 21 days, the trustor may bring current, reinstate, the loan up to five business days prior to the trustee's sale.
In which of the following situations would a deed be invalid or void?
a forged deed in the hands of a bonafide purchaser. if a deed is forged it is void no matter who possesses it.
A grant deed requires which of the following in order to be valid?
a granting clause. A granting clause is one of the requirements of a valid deed.
As relating to real estate, a patent is:
a sovereign grant. A sovereign grant refers to the government patent deed which transfers title to government land.
In a standard title policy, whit is not considered as one of the normal procedures? the determination of the amount of insurance coverage. investigation of title. a survey of the property. a review of prior deeds.
a survey of the property. A survey of the property is not one of the normal procedures when issuing a standard coverage policy.
Certiorari
a writ or order by which a higher court reviews a decision of a lower court
A written summary of the chain of title prepared by a title insurance company is called:
an abstract of title. A summary of the chain of title is called an abstract of title.
During an open escrow, when must the termite report be delivered?
at least 5 days before closing of escrow.
The Real Estate Law being exact and specific includes legal aspects, In legal aspects:
the receiver of title is called the grantee. The person who receives the title in real estate law is called the grantee.
When considering the purchase of a policy of title insurance, a buyer should be aware that:
the standard policy does not cover encroachments or parties in possession with an unrecorded claim to the title. The standard policy insures him against defects in the chain of title. the extended coverage insures him against unrecorded risks with an exception of governmental regulations concerning occupancy and use.
A property was sold on these terms: Selling price $35,000, $10,000 cash down payment, buyer to deposit proceeds of an $15,000 loan secured by a first trust deed and note, buyer to execute a note in favor of the seller for $10,000 secured by a second deed of trust. What amount of revenue stamps must be purchased prior to the recording of the deed?
$27.50. He must pay transfer tax on the selling price of the house less any old loans assumed. There is no loans assumed; therefore the tax is on the full selling price. $25,000 @ $1.10 per $1,000 = $27.50.
The opposite of alienate is:
acquisition. alienate-transfer;acquisition-receive.
Mr. Red passed away intestate. His property can only be sold, if it is sold by the administrator of the estate:
after the court has approved the terms of sale and the price. According to the laws of probate court proceedings, the court must approve of the purchase price and terms of sale before the sale can be completed.
Mr. redwine passed away intestate. his property can only be sold by the administrator of the estate:
after the court has approved the terms of sale and the price. according to the laws of probate court proceedings, the court must approve of the purchase price and terms of sale before the sale can be completed.
Referring to land descriptions: public land survey system, recorded track map or lot and block system and metes and bounds are all considered legal descriptions. a metes and bounds description is not a measurement of land. there are three intersections of base and meridian lines in california. all of the above are correct.
all of the above are correct. all are statements of fact. metes and bounds is a method of land description, not measurement. The three intersections in the state of california are humboldt, mt. diable and san bernadino.
Which of the following would represent a distinction between a grant deed and a quit claim deed? after acquired title. the word "grant". implied warranties. all of the above.
all of the above. The requirements of a valid grant deed include: after acquired title, any benefits that come to the property after a sale must follow the sale and accrue to the new owner. Words of granting such as grant or convey must be withing the deed, and have two implied warranties by the grantor. a. The grantor has not already conveyed title to any other person and 2. the estate is free from encumbrances other than those disclosed by the grantor. A quitclaim deed contains no warranties and transfers any interest the grantor may have at the time the deed is signed.
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.
A property was bought by Charlie and Rose. After the close of escrow, they discovered they were responsible for:
an increase in property taxes as a result of the sale, as well as the supplemental tax bill. Upon the sale of real property, the taxes will be changed to 1 to 1.5% of the new purchase price. If the escrow closes between the time the seller has paid the taxes and new taxes are assessed, the buyer will receive a supplementary tax bill for the increase.
A legal procedure used to terminate the rights and title of the trustor in real property by selling the encumbered property and using the sale proceeds to pay off creditors.
foreclosure.
Prescription is a method of acquiring an easement and adverse possession is a method of acquiring title. Which of the following statements are correct? Dedication of land for use by the public could result in creating an easement by prescription. In a claim of title by adverse possession, establishing residence on the property would be a necessary element. Granting grazing rights in excess of five years on agricultural land could result in prescriptive rights to an easement.
none are correct. Dedication of land for use by the public could result in creating an easement by prescription would be an easement by statutory dedication. Adverse possession is not necessary to establish residence, only to hold and occupy the land continuously for five years. An easement by prescription is where the user of the property must be hostile to the owner. But if you are granting grazing rights then the owner is giving permission to use the property.
A house is to be sold in probate. The bid submitted to court for confirmation is $200,000. The first minimum overbid would be:
$210,500. The first minimum overnbid must exceed the bid submitted for confirmation by 10% on the first $10,000 and 5% of the remainder. $10,000 times 0.10 equals $1000. $190,000 times 0.05 equals $9,500. $200,000 + $1,000 + $9,500 = $210,500.
If a man died intestate, his separate property would go to:
1/3 to his wife and 2/3 divided among his children, share and share alike if he had more than one child. If there were only one child the separate property would be divided half and half. With more than one child it is divided 1/3 to the spouse and 2/3 to the children, share and share alike.
In absence of a will, the separate property of the decedent is divided:
1/3 to surviving spouse and 2/3 to the children. It would be divided 1/2 to surviving spouse and 1/2 to one child. If there is more than one child it is divided 1/3 to surviving spouse and 2/3 to children.
How many townships are in a ranch which is 36 miles square?
36. 36 miles aquare means a square that is 36 miles on each side. Since a township is 6 miles on each side, there would be 6 townships on each side of the ranch. 6 times six equals 36 townships.
Which of the following defines a partition action?
A court proceeding to sever a joint ownership. The term action indicates a court proceeding. Partition is the division of an undivided interest in common among the individual owners.
Which of the following is not necessary to a valid deed? capacity to convey and pass title, in writing, granting clause, acknowledgment.
Acknowledgement is not necessary to a valid deed. The first three choices are requirements. Acknowledgment is necessary for recording but not for validity.
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.
Which of the following is permitted to use the county recorder's office and records without the presence of the recorder's office? Savings bank employees, members of tax assessors office, title company employees.
Any of theses. the records of the county recorder's office are open to the public and any party listed here is permitted to inspect the records.
The rebate law:
Requires title insurance companies to charge for preliminary reports and to make sincere efforts to collect for them. The rebate law requires title insurance companies to charge for preliminary reports and to make sincere efforts to collect for the charges.
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. Since a valid and effective deed need merely be delivered but not recorded, the first statement is false. Since a deed is a document that must be acknowledged by the grantor to be recorded, the second statement is true.
Recording a deed presumes delivery. True/false
True. Recording does not make a deed valid, but creates the legal presumption that it has been delivered.
The selling price is shown on a buyer's closing statement as:
a debit buyer. Selling price on buyer's closing statement is debit buyer. It would be credited to the seller on the seller's closing statement.
The selling price of a home would appear on the closing statement as:
a debit to the buyer and a credit to the seller. A closing statement is a detailed cash accounting of a real estate transaction...showing all cash received, all
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.
prescription
a method of obtaining an easement, not title.
Escheat results from
an estate with no will and an estate with no heirs. Escheat is a legal process in which property reverts to the state because the deceased owner left no will and has no legal heirs. An heir is a person who is directly related to the deceased.
A property was bought by Charlie and Liz. After the close of escrow, they discovered they were responsible for:
an increase in property taxes as a result of the sale, as well as the supplemental tax bill. Because of proposition 13, when property is sold, new taxes are assessed at 1% of the market value, which usually is the purchase price. In addition, cities and counties add local property taxes. Therefore, taxes are usually calculated at 1.25% to 1.5% of the new purchase price. If the escrow closes during the time for which the seller has already paid the taxes, the new owner will receive a supplemental tax bill.
How is title perfected when property is acquired by adverse possession?
by quiet title action. A person acquiring property by adverse possession must get a quiet title action in the court to obtain clear title to the property.
Title to real property can be transferred in all the following ways, except:
by sufferance. Real property may be acquired or conveyed in the following ways; will, succession, accession, occupancy and transfer of deed.
Usually an escrow officer is authorized to:
call for the funding of buyer's loan. Typical escrow instructions authorize escrow officers to call for the funding of the buyer's loan in order to close escrow. Escrow officers are not authorized to do the other choices.
If you were called upon to list a property that was owned by an unincorporated association, you would:
check the by-laws or governing documents. Unincorporated associations may have a board of directors and governing documents, such as a charter, constitution, articles of association or bylaws. Therefore, before listing property owned by a nonprofit or unincorporated association, be sure to check the bylaws or governing documents to determine who has the authority to sell real or personal property.
Recordation of a deed provide which of the following? liens shown against property. constructive notice. guarantees ownership. guarantees possessory ownership in the property.
constructive notice. recording gives constructive notice.
What kind of notice does recording give?
constructive. The only way to give actual notice is to notify each person individually.
Which of the following statements of fact best matches the term patent?
contract of conveyance. A patent is the document used by the government to transfer or convey title to land instead of using a deed.
A government patent is:
conveyance a government patent is a deed that conveys title.
All of the following items are normally prorated at the closing, except: homeowners insurance, property taxes and assessments, delinquent interest on unsecured loans, or interest and impounds.
delinquent interest on unsecured loans. Interest on unsecured loans will not be prorated at closing.
Scott executes a deed to Bob and records it. Later, Scott seeks to void the sale, claiming that there had been no delivery to Bob. Why will Scott lose?
delivery is presumed with recording. Recording a deed creates a legal presumption of delivery and acceptance. Scott will lose the argument unless he can overcome this presumption.
Gable conveys title to his son by grant deed. He gives the deed to his friend Laker to be held until Gable's death. Upon Gable's death there would most likely be a question concerning:
delivery. Delivery must be done during the grantor's lifetime.
Which of the following is necessary to create a valid deed? recording, recording and acknowledgment, date and statement of considerations, description of the physical property
description of the physical property. the others are not necessary to make a deed valid. Description of the property is necessary to make a deed valid.
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.
A landowner is advised that a railroad company plans to cross his property with a railroad line. If the landowner refuses, the railroad company can proceed by the use of:
eminent domain. The law delegates the right to eminent domain to public utility companies.
Loss of title result from:
erosion. Erosion results in loss of title. Accretion is the addition of land by depositing, due to action of water.
The opposite of alluvium is:
erosion. Alluvium is the deposit of sand or soil by accretion. Erosion is the gradual wearing away of soil through the action of running water.
Who is named in a will to deal with the distribution of an estate?
executrix/executor An administrator is named by the court if there is no will or no executor/executrix is names.
In regards to escrow procedures, the purpose of escrow is to have the escrow officer act as an arbitrator of disputes between the buyer and seller. t/f
false
In regards to escrow procedures, when the escrow holder receives signed instructions, it is said to be a complete escrow. t/f
false
Recording makes a deed valid. t/f
false
delivery is not controlled by the intention of the grantor. t/f
false
In regards to escrow procedures, a broker can never escrow a transaction. t/f
false.
recording a deed imparts actual notice to all future purchasers. t/f
false. recording a deed imparts constructive notice, not actual notice.
Concerning mechanic's liens, 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 or recording of the respective liens. t/f
false. 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 showing the contractor had begun his work prior to the recording of the trust deed or mortgage lien.
a grantor need not have legal capacity. t/f
false. a grantor must have legal capacity.
When title to real property, which is encumbered by a deed of trust, is transferred as the result of a sale, it is always necessary to:
have the grantor deliver a deed. Encumbered property may be conveyed and this is useally done with a grant deed.
What are the two implied warranties of a grant deed?
implies title has not been previously conveyed. Implies there are no encumbrances other than those revealed. A grant deed transfers title to real property.
Mia is owner of a home which she has agreed to sell to Peter. A preliminary title report which was prepared during escrow shows: • exact same information as found in Peter's future standard title policy. • information about a deed of trust with Mia as trustor. • the new trust deed with Peter as trustor. • title vested in Peter.
information about a deed of trust with Mia as trustor. A preliminary title report will show the existing loan with Mia as trustor.
The california code of civil procedure provided that persons furnishing labor or material for the improvement of real estate may file liens upon the property affected if they are not compensated. what are these kind of liens referred to as?
mechanic liens.
The law that requires all real property transactions to be closed through escrow is:
not California or federal law. Using the escrow process to close real estate transactions is not a legal requirement, with some exceptions, but rather a well-established practice
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? Grant deed. Quitclaim deed. Reconveyance deed. Partial reconveyance deed.
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.
On a seller's closing statement, which of the items mentioned below must appear as a debit?
prepaid rent. Since rent was prepaid in advance, the buyer must be given credit for this amount, hence, "debit the seller." Although it is common occurrence that seller pays for termite inspection there is no law to that effect and therefore it is not a must that seller pays for termite inspection. This is strictly an agreement between the buyer and seller.
When an insurance company cancels a policy, the refund is based on:
pro rata. When the company cancels the refund is prorated. When the insured cancels the refund it short rated.
Which of the following would be least likely to include a legal description of a parcel of real estate? grant deed. property tax bill. escrow instructions. preliminary title report.
property tax bill. Property tax bills use an assessor parcel number, not a legal description. The other documents will contain a legal description.
Upon foreclosure sale by way of trustee sale, a trustee must wait at least three months before:
publishing the notice of trustee sale. The trustee must wait at least three months after recording the notice of default before she can publish the notice of trustee sale.
The item that would appear as a debit side on the buyer's closing statement is the:
purchase price. The purchase price is a debit on the buyers closing statement.
Implied covenants are not normally included in a:
quitclaim deed. The quitclaim deed contains no implied covenants.
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 does not affect its legality. public records may be inspected by anyone without an employee of the recorder's office being present. recording a deed imparts actual notice to all future purchasers. a deed to real property that is recorded in a county other than that in which the property is located, does not provide constructive notice.
recording a deed imparts actual notice to all future purchasers is not a correct statement concerning recordation. Recording a deed imparts constructive notice, not actual notice.
Constructive notice of the transfer of ownership of real property is given by means of:
recording the deed. By definition, recording an instrument gives constructive notice.
In order to avoid "successor's liability," the buyer of a business must receive a clearance from the:
state board of equalization. It is necessary to have a certificate of clearance from the state board of equalization to be sure the sales taxes have been paid.
Where are the termite inspection and clearance reports filed?
structural pest control board. Anyone can get a copy of the pest control report by requesting it from the structural pest control board and by paying a fee.
A grant deed, to be effective, must be recorded. To record a deed, it must be acknowledged by the grantor. true or false?
the first statement is false. A grant deed does not have to be recorded to be effective. The second statement is true. To record a deed it must be acknowledged by the grantor. Since a valid and effective deed need merely be delivered but not recorded, the first statement is false. Since a deed is a document that must be acknowledged by the grantor to be recorded, the second statement is true.
who signs a quitclaim deed?
the grantor. anyone who signs a deed can be called a grantor.
foreclosure
the legal procedure used by lenders to terminate all rights, title and interest of the borrower, trustor, in real property by selling the property and using the proceeds to satisfy the liens of creditors.
The item that would appear on the debit side of the buyer's closing statement is:
the purchase price. The purchase price is a debit on the buyers closing statement.
In a court foreclosure sale on a deed of trust:
the trustor has a redemption period. The trustor (borrower) in a court foreclosure on a deed of trust has a limited right of redemption after the property is sold.
Of the following, short rate refers to:
title insurance. In title insurance, the term "short rate" refers to the purchase of a new title insurance policy on a property that has been sold or insured withing the last two years. Title insurance companies usually give a discount (short rate) if the title has been searched with the past year or two.
Recording a deed does not affect it's legality. t/f
true
a deed to real property that is recorded in a county other than that in which the property is located does not provide constructive notice. t/f
true
public records may be inspected by anyone without an employee of the recorder's office being present. t/f
true
Concerning mechanic's liens, a mechanics lien must be recorded to be legally effective. t/f
true.
The demolition of an old structure on a lot prepatory to building a new structure on the same lot often establishes the priority of mechanic's liens. t/f
true.
the owner of real property could be financially responsible for payment of mechanic's liens even though he has paid the general contractor in full. t/f
true.
In regards to escrow procedures, when the escrow requirements have been met, the escrow agency changes from a dual agency to a separate agency. t/f
true. Escrow agents are dual agents for both buyer and seller until the close of escrow. After close, they become the separate agent of either party.
A court order to sell property after the final judgment in a lawsuit has been rendered is called a:
writ of execution. A writ of execution is the court order to sell property after final judgment in a lawsuit has been made.
CLTA and ALTA policies of title insurance holders are not insured against:
zoning limitations. No policy of title insurance insures against zoning.
