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Real Estate

Quiz 9

admin 2019.05.11 23:20 Views : 77144

1 of 25 - What does California law require the delivery of, before the transfer of title, on homes built before January 1, 1960, that are one-to-four units?
 
A Lead-based Paint Disclosure
Notice Regarding the Availability of Title Insurance
 
A Homeowner's Guide to Earthquake Safety
A Disclosure of Death on Property
You answered incorrectly
California law requires the delivery of the Homeowner’s Guide to Earthquake Safety before the transfer of title on homes built before January 1, 1960 that are one-to-four units. This is in addition to the mandatory disclosures on the Natural Hazards Disclosure Statement.
2 of 25 - What is a court proceeding that generally settles a descendant's estate, whether the person has died testate or intestate?
 
Probate
Deposition
Codicil
Action
You answered correctly
3 of 25 - What term describes knowledge of a fact that a person could have or should have obtained?
Hindsight
Occurrence
 
Realization
 
Constructive notice
You answered incorrectly
Constructive notice, or legal notice, is knowledge of a fact that a person could have or should have obtained.
4 of 25 - How many days does a buyer have to conduct a lead-based paint inspection in a sales transaction?
 
3
15
 
10
30
You answered incorrectly
In a sales transaction, a buyer has 10 days to conduct a lead-based paint inspection or risk assessment. The buyer has the option to waive this right. The parties can also negotiate the allotted time allowed to obtain the inspection or assessment.
5 of 25 - What is the most common type of will used in California and is a formally written document usually prepared by an attorney?
A holographic will
 
An approved will
 
A witnessed will
A nuncupative will
You answered incorrectly
A witnessed will is the most common will used in California. It is a formal written document usually prepared by an attorney.
6 of 25 - California law outlines the distribution of real property through a process called
lis pendens.
life estate.
 
intestate succession.
quiet title.
You answered correctly
7 of 25 - Various government and public entities can transfer private property to the public sphere by the power of
escheat.
 
eminent domain.
riparian rights.
encumbrance.
You answered correctly
8 of 25 - What prevents a person from claiming a right or interest that is inconsistent with the person's previous statements or acts?
Title
Entitlement
Conveyance
 
Estoppel
You answered correctly
9 of 25 - What is a form that describes the physical condition of a property, including the presence and working condition of appliances and other features, any defects or issues with the physical property, and any possible encroachments and easements?
A Home Inspection Form
 
A Real Estate Transfer Disclosure Statement (TDS)
A Property Inspection Report
A survey
You answered correctly
10 of 25 - What is a legal written instrument used by an owner to transfer title to real estate voluntarily to another party?
A declaration
Fee simple
 
A deed
An easement
You answered correctly
11 of 25 - What is a map, drawn to scale, of the division of land?
A survey
 
A plat
A chart
A plan
You answered correctly
12 of 25 - What requires certain documents to be in writing to be enforceable?
The Statute of Limitations
 
The Law of Documentation
 
The Statute of Frauds
Habeas Corpus
You answered incorrectly
The Statute of Frauds requires certain documents to be in writing to be enforceable.
13 of 25 - If a decedent died with a valid will, he or she is said to have died
habendum.
intestate.
with heirs.
 
testate.
You answered correctly
14 of 25 - What describes a transfer of title to real property without the owner's consent?
Indemnity
conveyance.
Chain of title
 
Involuntary alienation
You answered correctly
15 of 25 - What written disclosure is required when a property is located within one mile of an area previously used for military training?
A Live Ammunition Disclosure
 
A Military Ordinance Location Disclosure
A Service Training Disclosure
A Governmental Risk Disclosure
You answered correctly
16 of 25 - What percentage of the gross sales price must a buyer withhold and send to the IRS if the seller of real property is a "foreign person"?
15%
 
20%
12%
 
10%
You answered incorrectly
Federal law requires if the seller of real property is a “foreign person”, the buyer must withhold and send to the Internal Revenue Service (IRS) 10% of the gross sales price.
17 of 25 - What results when a grantee has obtained defective title, or received title by defective means, but occupies the property as if he or she were the legal owner?
Succession of title
Acquisition
 
Color of title
Exclusive access
You answered correctly
18 of 25 - What must a seller or listing agent complete if there is actual knowledge of a property being in a natural hazard zone?
An Energy Conservation Disclosure
A Right to Home Inspection Disclosure
An Environmental Disclosure Statement
 
A Natural Hazards Disclosure Statement
You answered correctly
19 of 25 - What describes someone who enters, occupies, and uses another's property without the knowledge or consent of the owner, or with the knowledge of an owner who fails to take any action over a statutory period of time?
A settler
 
An adverse possessor
A squatter
An illegal tenant
You answered correctly
20 of 25 - In what type of deed does the grantor warrant only against title defects or encumbrances not noted on the deed that may have occurred during the grantor's period of ownership or trusteeship?
An ownership deed
 
A special warranty deed
A quitclaim deed
A special purpose deed
You answered correctly
21 of 25 - When the transfer of title to real estate uses a written instrument, the transfer is called
acknowledgement.
 
conveyance.
consideration.
habendum.
You answered correctly
22 of 25 - When a licensee completes a TDS, the three main areas he or she will visually inspect includes the exterior of the property, the interior of the property and
the land.
utility markings.
 
environmental hazards.
encroachments.
You answered correctly
23 of 25 - What type of deed transfers real and potential interests in a property, whether an interest is known to exist or not?
 
A limited deed
A special warranty deed
A fiduciary deed
 
A quitclaim deed
You answered incorrectly
A quitclaim deed transfers real and potential interests in a property, whether an interest is known to exist or not. The grantor makes no claim to any interest in the property being conveyed and offers no warrants to protect the grantee.
24 of 25 - What type of deed offers the greatest protection of any deed?
A grant deed
A special warranty deed
 
A full covenant and warranty deed
A quitclaim deed
You answered correctly
25 of 25 - What describes an unforced transfer of title by sale or gift from an owner to another party?
Constructive notice
Chain of title
Act of acceptance
 
Voluntary alienation
You answered correctly

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