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