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