White Book Exam 6
In a probate sale, the initial offer was $25,000. The first overbid would have to be at least:
$26,750. (First overbid 10% of first 10,000 & 5% of the balance more than the initial offer.)
A rectangular parcel of ground 220 feet in width & 330 feet in depth contains:
1 2/3 acres.
The number of square miles in a Section is:
1.
If the owner of an apartment building does not reside in the premises, he is required to have a resident manager or responsible person on the premises where the # of units is:
16 or more.
A parcel of land measuring 1/2 mile by 1/2 mile contains:
160 acres.
1/2 of a township contains:
18 square miles.
How many years is an attachment lien good for:
3 years.
CA has how many principle base lines & meridian lines?
3.
A parcel 36 miles square contains:
36 townships.
The following is the largest parcel of land:
4 square miles.
A parcel having dimensions of 220 yards by 110 yards contains the following # of acres:
5. *Check math
A valid deed must contain:
A Granting/Action Clause.
To transfer interest of trade fixtures upon the expiration of a lease, the lessee would use:
A bill of sale.
Recorded title to a parcel of real property was vested in Mary Wilson, a single woman. After her marriage to John Roberts, she executed a deed to the property only in the name of Mary Roberts, a married woman. The discrepancy in the grantors name is:
A defect which may cause a cloud on the title.
Which of the following would prevent the real estate commissioner from proceeding w/ a formal action against the license of a real estate broker:
A lapse of 3 years from the occurrence of the grounds of the complaint.
An instrument that transfers possession of real property, but not title, is known as:
A lease.
An owner who conveys a portion of his fee estate, for a term that is less than his own creates for the recipient:
A leasehold estate.
Which of the following is a personal property interest:
A mortgage securing a promissory note.
When rent is computed on the gross sales of a business occupying real property, the lease is correctly termed:
A percentage lease.
A homestead recorded under CA law may be invalidated by:
A prior homestead on another property.
Which of the following statements about real estate financing is incorrect:
A promissory note is security for a mortgage.
An easement on real property can be terminated by:
A release signed by the holder of the dominant tenement.
Which of the following is personal property:
A sublease.
Although a title insurance policy does cover the risk of loss for many reasons, which of the following risks would not be covered:
A zoning ordinance, regulation, or plan.
Personal property provides difficulties for real estate brokers b/c:
All of the above. (could become real property, can be hypothecated, can be alienated.)
Regarding a mortgage on personal property, what can one do with it?
All of the above; Alienate, hypothecate, assess.
Which of the following notices could be important to the filing of a mechanic's lien:
All of the above; notice of non responsibility, notice of cessation, notice of completion.
In making which of the following type of loans would the beneficiary least likely have to take action to foreclose on a trust deed loan:
Amortized loan.
When the public records have been examined in order to determine the chain of title to a parcel of real property, & written summary of that chain of title is known as:
An abstract of title.
A commercial acre is:
An acre less the amount of land dedicated for public improvements (streets, sidewalks and curbs,alleys, etc.)
A lease is to a lessee as:
An agreement of sale is to an equitable owner.
A lessee rents a building from May 1st to July 1st. His interest in the property is:
An estate for years.
A man contracts to lease a house at a beach community from July 1 through August 31. This is an example of:
An estate for years.
Which of the following is considered personal property:
An existing mortgage.
A judgement that has been recorded would be:
An involuntary lien.
A policy manual used in a real estate broker's office is primarily:
An outline of the procedures under which an office will operate.
A property is deeded to John Jones, et ux. The Latin phrase "et ux." As so used, means:
And wife.
From the lender's point of view, the most significant feature of a purchase-money mortgage is that it takes priority over:
Any liens against purchaser which exists at the time of purchase.
Johnson agreed to purchase smith's property. He wanted to use the existing conventional loan of record on the property as part of the purchase price. Johnson agreed to take primary liability for the loan. The loan balance was $14,000 & was payable @ $131 or more per month, including interest at 9% per annum. Which of the following is the correct insertion on lines 47 & 48 of the deposit receipt which reads, "other terms & conditions. Set forth any terms/conditions of a factual nature applicable to this sale such as financing, prior sale of other property, the matter of structural pest control inspection, repairs & personal property to be included in the sale. " Buyer agrees to:
Assume the existing first trust deed.
A lien is an:
Attachment.
A person delegated in an instrument to act legally for another, in his stead, is known as which of the following:
Attorney in fact.
Baker sold 640 acres of land to Garcia by agreement & deed which provided, "seller retains right to all minerals & materials of the earth under this land." Shortly thereafter, while Garcia was preparing his land for cultivation, Baker appeared with oil drilling equipment. Garcia refused to allow him on the land. Baker sued Garcia. Based on the foregoing information, the judge's decision should be:
Baker has the right to enter on Garcia's land to drill for oil.
The following is real property, a:
Bearing wall in a single-family dwelling.
The ownership of personal property is transferred by using a:
Bill of sale.
Mr. Long purchased a mobile home new from a dealer two months ago. It is now located in a mobile home park. Broker Sam has taken a listing to sell it. Which of the following is true:
Broker Sam cannot sell it, b/c it has not been registered w/ the DMV for a period of one year.
All of the following are factors generally considered when determining whether any item of personal property has become real property, except:
Cost of the article.
The following is not a test for a fixture:
Cost of the item.
Which of the following statements concerning acknowledgment is true:
Deeds drawn & acknowledged out of state are valid.
The beneficiary of a second trust deed sold his interest in the property for less than the unpaid balance of the note. This is most commonly described as:
Discounting.
"A" owns a farm. "B" bought the property behind the farm a year ago. "B" uses "A" farm to drive across, for ingress & egress. "A" chained off these roads for 3 days. This is related to:
Easement.
Which of the following is the party usually required to report the sale of a single family residence to the Internal Revenue Service:
Escrow. (RESPA settlement agent)
Another name for an estate of inheritance is:
Estate is fee.
When legal title is transferred as the result of the sale of real estate encumbered by a deed of trust, it is always necessary:
For the grantor to deliver a deed.
A distinguishing feature of a fee simple estate is that it is:
Freely transferable.
In a typical percentage lease rent is calculated as a percentage of:
Gross sales of the lessee's business.
Betty is beneficiary of a $15,000 deed of trust on a single-family home located in Long Beach, CA. Trustor Milo made $2,000 in payments, then defaulted. At a trustee's sale, the property sold for $10,000, resulting in a $3,000 deficiency. In California, a deficiency judgement cannot be obtained:
In any of the above situations.
A fixture would be defined as something:
Incorporated into the land.
Able added some cabinets to the home he owns. The cabinets are permanently attached to the home. The cabinets have become real property b/c able has:
Incorporated the cabinets into the land.
Stock in a mutual water company:
Is appurtenant to the land and thus automatically transfers to the buyer.
The following is not classified as real property:
Leasehold estate in residential property.
The following is a less-than-freehold estate:
Leasehold estate.
An unlawful detainer action is used by the:
Lessor.
The remedy of unlawful detainer action is used by offended:
Lessors.
In making new real estate loans, institutional lenders often charge a fee for expenses incurred for such items as document preparation and related work. The fee charged is often a percentage of the face amount of the loan, and is referred to on the borrower's closing statement as a:
Loan origination fee.
An easement differs from a license in that a license:
May be revoked.
The primary purpose of city & county building codes is to establish:
Minimum standards for public health, safety, moral, & general welfare.
The principal difference between real property & personal property is:
Mobility.
In order for a deed of trust to be valid & enforceable, it must contain a clause requiring the trustor to:
None of the above show validity.
Deed restrictions on a piece of land are not permissible
None of the above.
A clause in a mortgage stating that the rights of the mortgagee shall be secondary to a subsequent mortgage is called:
None of the above. (Subordination clause)
A township is:
None of the above. A township is 6 miles square, or 36 square miles.
A parcel of real property is purchased using personal property to secure a loan
Note, security agreement, & UCCI Financing statement.
The following is real property:
Planted trees.
In CA the use of an abstract of title has been superseded almost entirely by the:
Policy of title insurance.
The covenant of quiet enjoyment most directly relates to:
Possession of real property.
Which of the following deeds would least likely contain implied covenants by the grantor:
Quitclaim deed.
The recording of a deed:
Raises a presumption of delivery.
The members of the national association of real estate brokers (predominantly black) are known as:
Realtists. NAR= REALTORS.
A lien takes priority when a trust deed is:
Recorded.
A voluntary lien on real property generally takes priority when it is:
Recorded.
Priority of liens is generally established by the:
Recording dates of the liens.
Which of the following is not covered by the standard policy of title insurance.
Rights of parties in possession.
If a man has a freehold estate, which of the following would result in his having a less-than-freehold estate:
Sale and leaseback.
The instrument to secure a loan on personal property is called a:
Security agreement.
On September 30, 1983, Daniels offered to buy Barnes's home the offer was accepted & escrow opened. Barnes had purchased the home 1978, financing it by an FHA loan, on which he then currently is making payments. A preliminary title report dated September 30, 1983 will:
Show the particulars of a deed of trust with Barnes as trustor.
Which of the following is a personal property interest:
Sub-lease.
When unpaid property taxes are liened, they are:
Superior to a prior recorded trust deed.
A buyer agrees not to sell alcoholic beverages on the property being acquired. This fact is noted in the deed granting buyer title to the property. The buy has:
Taken fee simple defeasible title to the property.
Able owned a farm property on which he had a growing corn crop. Before harvest, he sold the property to baker. It was his intention to harvest the crop after the sale even though this was not stated in the sales agreement. The following would be true regarding the corn crop.
The crop would go with the land, as it is real property.
Sherman gives a quitclaim deed to Warner for a parcel of real property. Warner does not record the deed. In this situation:
The deed is valid as between Sherman & Warner, but invalid as to subsequent recorded interests without notice.
The legitimacy of zoning laws rest upon:
The established right of police power of government.
Fee Simple Estate refers to:
The greatest interest a person can own in land.
A brother & sister purchased property as joint tenants. Later, the sister married & deeded her interest to her self & her husband;
The joint tenancy is terminated.
Of the following situations, which would be exempt from the discrimination in housing provisions of the gov't:
The leasing of a room to one person in an owner-occupied single-family home that is unencumbered.
Legally and technically property is defined as:
The rights or interests which a person has in the thing owned.
Which of the following is generally not recognized as a test for a fixture:
The time when it was installed on the property.
Of the following which statement explains why warranty deeds are rarely used in CA. Although they're common in other part's of the country:
Title insurance, with its recourse against the title company, has largely supplanted the warranty deed with its recourse against the grantor.
Recording the following creates a lien on real property.
Trust deed.
A person who held a life estate leased the property for five years and then died one month after signing the lease. The new owners ordered the lessee to move out. The lease was:
Valid until the man died.
Able made full payments on a note secured by a deed of trust on his property, & he demanded the beneficiary clear the records. The beneficiary must move for a reconveyance.
Within 30 days.
