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