Học Thi Real Estate License ở California: Legal Descriptions, Methods of Acquiring Title, Deeds, Estates, and Methods of Holding Title (Part 3) 1. A deed in California is made out to a husband and wife but does not specify how title is to be take. Title would be: as community property in severalty as tenants in common in joint tenancy None 2. Some maps show topographical lines. These lines show: contours boundaries rivers soil conditions None Hint 3. Which of the following cannot be owned in fee simple? none of these a house owned as community property a house owned in joint tenancy a house owned in severalty None Hint 4. John gives property to Paul for the life of Albert. Paul dies. What happens? the property goes to John the property goes to Albert the property goes to Paul's heirs none of these is true None Hint 5. An S corporation differs from other corporations in that: both the stockholders and the corporation pay taxes on the income there is a limit as to number of investors stockholders have no personal liability the death of a principal does not dissolve the corporation None 6. A property was sold by an executor but no other bids were allowed. The reason for not allowing open bidding in court was: the purchaser was one of the heirs the property was valued at less than $10,000 the executor certified the price was reasonable the Independent Administration of Estates Act None Hint 7. A joint tenancy: applies only to residential property is an inheritable interest is a divided interest is a single estate None Hint 8. A limited partner may: request an accounting from the partnership make management decisions serve as an advisor use his or her name in the partnership None Hint 9. An elderly husband and wife (no children) with total savings of $25,000 are buying a $150,000 home through a real estate office. They ask the broker how they should take title. The broker should tell them. as joint tenants to see an attorney as tenants in common as community property None Hint 10. 320 rods equal one: mile township chain section None 11. A user with only three years adverse use was able to obtain title by adverse possession because: of the 4 unities of possession of tacking on he was a minor None Hint 12. A proper legal description is least likely to be obtained from a: preliminary title report deed property tax bill policy of title insurance None Hint 13. A limited partner is: limited as to liability for debts limited as to the hours he or she can work treated the same as an active partner liable without limits None Hint 14. A married man owns a lot by himself as his separate property. He most likely owns the lot: as a tenant in common in severalty as community property as a joint tenant None 15. Which of the following would be constructive notice of an interest in a property? both a and b recording a deed to a party occupancy by a party knowing there is an unrecorded deed to another None 16. In California, life estates are not created by: gift grant action of law will None Hint 17. A life estate: can exist with another estate cannot exceed 99 years can be leased by a life tenant beyond his or her life is illegal in California because of the rule against perpetuities None Hint 18. Normally in California, a buyer wants a(n): grant deed coupled with title insurance warranty deed abstract deed quitclaim deed None 19. A grant deed that contains no limitations would grant: a nonfreehold estate possessory interest only a fee simple a license None 20. Most urban property would have what type of legal description? tax assessor's number metes and bounds government survey recorded lot, block, and tract None 21. Which of the following does not describe a fee simple interest? without time limit free of encumbrances inheritance transferable None Hint 22. An S corporation: all of these is taxed as a partnership passes tax liability to shareholders is limited as to shareholders None 23. Three buyers take title to a property as joint tenants. There would be: separate one-third ownerships no right of survivorship only one deed three deeds None 24. A corporation buys property and takes title in the corporate name. They would hold title: in tenancy in common in joint tenancy in severalty as limited partners None Hint 25. A recorded deed was not acknowledged. The deed: is treated in the same manner as an alteration is void none of the above would only provide constructive notice after one year None 26. Which of the following groupings gives the greatest and most complete interest in real estate? estate for years, defeasible estate estate for years, nonfreehold estate estate at will, estate on condition subsequent freehold, fee simple, life estate None Hint 27. The term "inchoate interest" could refer to: unperfected interests invalid claims minors a wild deed None Hint 28. All the stock of the XYZ corporation was owned by 14 family members who together ran the Corporation. XYZ would be regarded as a: trust close corporation LLC joint venture None Hint 29. An undivided interest without the right of survivorship constitutes: tenancy in severalty none of these tenancy in common joint tenancy None 30. A husband cannot legally object if his wife does which of the following without his consent? buys an apartment building using community property funds sells community property none of these leases community property for more than one year None Hint 31. A husband and wife owned property together that could not be transferred by will. They owned the property: as community property with right of survivorship without the right of possession as community property as tenants in common None 32. If one joint tenant borrowed on her interest: both a and b are true the loan terminated the joint tenancy neither a nor b is true the tenancy is now a tenancy in common None Hint 33. Partition action refers to: none of these a subdivision a court proceeding to break up a joint tenancy a construction project None Hint 34. Creditors can access your personal assets for the debts of: a limited partnership a general partnership a corporation all of these None Hint 35. Which of the following is an estate of inheritance? joint tenancy life estate all of the above fee simple None Hint 36. The holder of a life estate cannot: borrow against it will it sell it lease it None Hint 37. Pur autre vie refers to: an estate of inheritance water quality the life of another person personal property None Hint 38. The owner of a paramount legal title alienated property but retained a future right based on an contingency. What did she vonvey? a nonfreehold interest fee simple defeasible fee simple absolute estate for years None Hint 39. Property is held by X and Y as domestic partners. X dies without a will. Who gets X's property interest? The state by escheat Y X's heirs 1/2 to heirs, 1/2 to Y None Hint 40. The four unities of joint tenancy are: time, title, interest, and possession time, interest, possession, and liability title, interest, possession, and liability title, time, ownership, and liability None 41. Being subject to double taxation describes a(n): LLC joint venture partnership corporation None 42. Jones has a life estate in a farm, and Smith desires an easement over a private road crossing the farm. As to the easement: Jones can grant it since no one has a fee simple interest, an easement cannot be given an easement may only be granted by Jones giving Smith a quitclaim deed only the owner of the reversionary interest can grant it. None Hint 43. As to a fee estate, which of the following is false? none of these it can be freely transferred it is of definite duration it can be inherited None Hint 44. Every investor in a business is able to escape personal liability. What form is the business? LLC joint venture limited partnership general partnership None Hint 45. S corporations differ from other corporations as to: personal liability of investor taxation on corporate earnings all of the above transferability of interests None Hint 46. A grantor conveys less than her fee estate. The interest she retains would be a(n): reversionary interest remainder interest easement leasehold None Hint 47. A deed used the word "sans," which means: the deed was recorded the deed had an exclusion the grantor could not sign their names there was more than one grantee None Hint 48. Alienation refers to: transfer of an estate giving possession but keeping title using a property as security for a loan angering another None 49. A deed that would convey after-acquired property would be a: quitclaim deed tax deed bargain-and-sale deed grant deed None 50. A purchased property from B. He did not get title since B had previously sold the property to C who had recorded the deed. The effect of the prior recording was: constructive notice to insure C's title is free of encumbrances to establish homestead rights to prevent later fraud None