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