Real Estate

Quiz 3

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1 of 25 - How does a cooperative differ from condominiums?
The costs are relatively higher in cooperatives.
 
In cooperatives, a person owns shares in a corporation as opposed to having a mortgage.
The cooperative has less potential problems than condominiums.
In cooperatives, the owner owns the land associated with their unit.
You answered correctly
2 of 25 - Escheat occurs when
the local government changes zoning.
 
property of a deceased person with no heir is given to the state.
a public utility company takes private property for public use.
private property is seized by the state for non-payment.
You answered correctly
3 of 25 - Which of the following is a kind of tenancy not recognized in California?
Joint Tenancy
Tenancy in Common
 
Tenancy by the Entirety
Tenancy in Severalty
You answered correctly
4 of 25 - What is the purpose of forming a syndicate?
To create an LLC
 
To pool financial resources for a certain investment
To be protected from taxes
To test out a business idea
You answered correctly
5 of 25 - Which of the following lien types is subject to the homestead law?
Child Support Debts
 
Extensions of Credit on the Homestead
 
Signature Loan Debts
Tax Debts on the Homestead
You answered incorrectly
Signature Loan Debts are subject to homestead law.
6 of 25 - An easement may be created by all of the following EXCEPT
by prescription.
voluntary.
 
in gross.
necessity.
You answered correctly
7 of 25 - Interests are individually owned in tenancy in common. What does that mean?
 
Tenants decide what percentage of the property each will own.
 
Tenants have distinct and separable ownership of their interests.
One of the tenants is a beneficiary.
Tenants have tenancy in severalty.
You answered incorrectly
"The tenancy in common, also known as the estate in common, is the most common form of co-ownership when the owners are not married. The defining characteristics are: two or more owners, identical rights, interests individually owned, electable ownership shares, no survivorship, and no unity of time."
8 of 25 - What is the main difference between condominiums and planned unit developments (PUD)?
 
PUD owners own the land where the unit is, not just the airspace around it.
PUD's cannot be owned jointly, while condominiums can be.
PUD owners are not individually taxed as condominium owners are.
PUD's can be individually sold by owners, while condominiums cannot.
You answered correctly
9 of 25 - Which of the following is NOT a superior lien?
Special Assessment
Federal and State Inheritance Tax
 
Federal Income Tax
Real Estate Tax
You answered correctly
10 of 25 - Which of these is considered separate property in a marriage?
A $5000.00 check given as a wedding gift
A home purchased after a couple marries
 
A vehicle owned by one spouse prior to marriage
A business purchased during a marriage
You answered correctly
11 of 25 - What does a writ of attachment do?
 
It stops a debtor from selling or concealing property.
It forces the sale of a property.
It protects certain property from being sold.
It determines the sale price of a property.
You answered correctly
12 of 25 - Many states have enacted their own homestead laws that specify
foreclosure timeframe.
 
exemption amounts for individuals and families.
minimum sale price.
payment for selling costs.
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13 of 25 - A life estate is a freehold estate that is
passed to an heir.
given to the state upon the owner's death.
transferred to another person for permanent ownership.
 
limited in duration to the life of the owner or other named person.
You answered correctly
14 of 25 - A common interest development, or CID, is a development characterized by the individual ownership of either a housing unit or parcel coupled with
its relative size.
its proximity to other units.
the potential value.
 
the right to use shared common areas and facilities.
You answered correctly
15 of 25 - What is the elective share statute?
 
A statute that enables a surviving spouse to make a minimum claim to the deceased spouse's property in lieu of provisions in a will
 
A statute that assures a wife's life estate interest in the husband's property
A statue that protects family members against losing their homes to general creditors attempting to collect on debts
A statute that allows surviving spouses definitive rights to all family property after a spouse's death
You answered incorrectly
Elective share is a state-level statute enabling a surviving spouse to make a minimum claim to the deceased spouse's real and personal property in place of the provisions for such property in the decedent's will.
16 of 25 - What is a sole proprietorship?
When two people own a business together
 
When the business is a separate legal entity under state law
 
When a single person owns the whole business
When two people own the business, but it has limited liability.
You answered incorrectly
In a sole proprietorship, one person owns the whole business and reports all the profits and losses on his or her personal income tax return.
17 of 25 - Jennifer and Mark's home has had a lien placed on it by the state for failure to pay state income tax shortfalls. What kind of lien is it?
General Involuntary
Specific Voluntary
General Voluntary
 
Specific Involuntary
You answered correctly
18 of 25 - A lien is put on a property by
 
creditors.
owners.
lessees.
sellers.
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19 of 25 - If a couple has a one year lease that changes over to a month to month lease after the one year term expires, the property is what kind of leasehold estate?
Estate at Will
 
Estate from Period to Period
Estate for Years
Estate at Sufferance
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20 of 25 - Government entities can create easements through the exercise of eminent domain, which is
when government agents reside in properties of their choice.
 
when the government condemns a portion of a property and causes it to be sold "for the greater good.
when easements reach the 5 year statutory period.
when the government helps owners keep their property.
You answered correctly
21 of 25 - What is undivided interest?
 
Interest in a property where there is a single owner
Interest determined by possession of the property
 
Interest in a property where two or more parties share ownership
Interest determined by intended use of the property
You answered incorrectly
An undivided interest is an owner's interest in a property in which two or more parties share ownership. The terms "undivided" and "indivisible" signify that the owner's interest is in a fractional part of the entire estate, not in a physical portion of the real property itself.
22 of 25 - Which type of estate is the most desirable?
Determinable
Fee excusatory interest
 
Fee simple absolute
Condition subsequent
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23 of 25 - What does it mean for a corporation to be closely held?
 
It has only a few shareholders.
It is not a public corporation.
The shareholders plan for it to stay a small company.
It doesn't pay taxes.
You answered correctly
24 of 25 - Which if the following is NOT a way a property may be held?
In Co-ownership
In Trust
 
In Severalty
 
In Agreement
You answered incorrectly
"Property may be held in severalty – held by only one owner; in co-ownership – held by two or more people; or in trust – held by a third party for the benefit of someone else."
25 of 25 - An encumbrance is
a law that assures a property owner's rights.
a way of zoning residential property.
a type of estate.
 
a right of another to use or take possession of a legal owner's property or limit the owner's rights.
You answered correctly
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