Custom Quick CHapter 3 Flashcards Preview

CA Real Estate > Custom Quick CHapter 3 > Flashcards

Flashcards in Custom Quick CHapter 3 Deck (122)
Loading flashcards...
91

Local zoning ordinances determining use of land and building may also determine
A) all of these.
B) setbacks.
C) size.
D) location of buildings.

A) all of these.

92

A zoning designation that allowed multiple dwellings was changed. What effect would this have on an existing apartment building in the area?
A) It would be a nonconforming use.
B) It would be in violation of the zoning law.
C) It would be violation of the zoning law with regard to municipal and local ordinances.
D) It would be a variance.

A) It would be a nonconforming use.
This change in zoning would cause the existing apartment building to become a nonconforming use. The structure may be maintained but enlarging or rebuilding is generally disallowed.

93

A husband and wife hold title to some real property as community property. They wish to change their title to a mode that will provide the right of survivorship. To achieve this objective they could deed the property to themselves to hold in
A) severalty.
B) joint tenancy.
C) either community property with right of survivorship or joint tenancy.
D) community property with right of survivorship.

C) either community property with right of survivorship or joint tenancy.
California has two ways of holding title as community property. One has the right of survivorship and the other does not. If you select community property with the right of survivorship, you waive the right to will your share and it automatically passes to the other tenant at death. Joint tenancy also has the right of survivorship, but does not require the parties to be married to hold title this way, although married people may select it. The way you hold title has significant tax and legal consequences so legal advice is suggested before you change vesting.

94

Which is NOT a type of soil or soil condition?
A) Alkaline
B) Deciduous
C) Adobe
D) Expansive

B) Deciduous
Deciduous is the term used to identify the type of tree that sheds its leaves annually. The other three choices refer to types of soil or soil condition.

95

Which is NOT a characteristic of a fee simple estate?
A) Can be transferred with or without consideration
B) Generally free of all encumbrances
C) Indefinite duration
D) Transferable by will or intestacy

B) Generally free of all encumbrances

96

An owner believes that his property has been overassessed. He can appeal the assessment to the
A) county tax collector's office.
B) Assessor's Appeals Board.
C) Board of Supervisors.
D) Bureau of Real Estate.

B) Assessor's Appeals Board.

97

An easement on real property may be terminated by the owner of the dominant tenement by filing a
A) deed of reconveyance.
B) quitclaim deed.
C) defeasance clause.
D) statement of nonresponsibility.

B) quitclaim deed.
A quitclaim deed releases any present interest held by the grantor. This would include the right to use the real property of another.

98

A corporation cannot hold title to real property as a joint tenant because
A) it is difficult to list all stockholders in the deed.
B) it is a violation of the Securities Act.
C) of its perpetual existence.
D) a corporation cannot convey title to real property.

C) of its perpetual existence.
Since a corporation does not die, there can never be a right of survivorship. Because of this, the law does not permit a corporation to hold title in joint tenancy.

99

The most common way for local planners to designate zoning for multiple residential units is
A) M-3.
B) C-3.
C) A-3.
D) R-3.

D) R-3.
The R-3 designation generally means residential property with more than one unit (e.g., a duplex is zoned R-3).

100

An easement could be terminated by
A) prescription.
B) abandonment.
C) both abandonment and nonuse.
D) nonuse.

C) both abandonment and nonuse.

101

Which would NEVER be a way an individual could acquire an interest or estate in real property?
A) Accession
B) Prescription
C) Escheat
D) Succession

C) Escheat

102

A man who owned a large tract of land wanted to subdivide it. Into how many interests would he have to divide the land before the subdivision comes under the Subdivision Map Act?
A) One
B) Five
C) Three
D) Two

D) Two
The Subdivision Map Act applies to subdivisions of two or more parcels or units.

103

Andrew purchased Bliss's ranch on May 1, 2006. The real property taxes for 2006-2007 are
A) added to the purchase price for Andrew.
B) a personal obligation of Bliss.
C) a personal obligation of Andrew.
D) a lien on the ranch.

D) a lien on the ranch.
Taxes become a lien on real property on January 1 prior to the beginning of the fiscal tax year (July 1 to June 30). Property taxes are liens on property, not personal obligations.

104

Jones is using Smith's swimming pool and suffers an injury. If Jones instituted court action and obtained a judgment against Smith for $2,500, it would be a(n)
A) voluntary lien.
B) specific lien.
C) abstract lien.
D) general lien.

D) general lien.

105

With what type of estate is the phrase "of indefinite duration" most usually associated?
A) Estate for years
B) Estate of inheritance
C) Less-than-freehold estate
D) Estate from period-to-period

B) Estate of inheritance

106

With regard to local building codes (for example in Los Angeles) versus the Federal Uniform Building Code, which would prevail?
A) Local building codes always take precedence over the Federal Uniform Building Code.
B) Federal codes always take precedence.
C) The Federal Uniform Building Code applies only to general codes while local codes are more specific.
D) Whichever has the higher standards of health and safety will prevail.

D) Whichever has the higher standards of health and safety will prevail.

107

With regard to a limited partnership, which statement is NOT correct?
A) A limited partner's liability is limited to the debts of the partnership.
B) It must consist of one or more limited partners and one or more general partners.
C) A limited partner can lose all she invested in the partnership.
D) A limited partner cannot make decisions affecting management policies.

A) A limited partner's liability is limited to the debts of the partnership.
The first option is the false statement. The liability of a limited partner is the amount of the limited partner's investment paid in or pledged. It may or may not go as high as the debts of the partnership.

108

A document deposited with the county recorder to indicate pending litigation is a
A) trust deed.
B) pending deed.
C) promissory note.
D) lis pendens.

D) lis pendens.

109

Zoning regulations are legally enforceable because
A) of the ease of enforcement.
B) of local planning agencies.
C) of the police power of government.
D) they do not affect interstate commerce.

C) of the police power of government.

110

John Jones is a proprietary lessee in a stock cooperative apartment and makes monthly payments that include principal, interest, taxes, insurance, maintenance, and association fees. Which statement is correct?
A) If other lessees fail to make payments, the owner can lose his equity through a foreclosure sale.
B) The tax collector will always issue a separate tax bill to each owner.
C) The city will divide the cost of an assessment bond against the property among the owners.
D) The owner may not deduct the amount of his property tax on his income tax return.

A) If other lessees fail to make payments, the owner can lose his equity through a foreclosure sale.
Cooperative ownership of an apartment unit means that the owner has purchased shares in the corporation that holds title to the entire apartment building. With his stock in the corporation, the owner receives a proprietary lease entitling him to occupancy of a specific unit in the building. If other owners default on mortgage or tax payments, the other shareholders must cure the default or risk having the entire project sold for taxes or foreclosed. By special arrangement, the tax collector may issue a separate tax bill to each owner, but will not do so unless specifically requested.

111

Which constitutes a lien?
A) Easement
B) Mortgage
C) All of these
D) Homestead

B) Mortgage

112

Items that a landlord-owned apartment building and a condominium project would have in common would be
A) separate tax bills sent to each tenant.
B) occupants of both have estates in real property.
C) occupants of both have a fee interest.
D) after development of five units both would come under the subdivision law.

B) occupants of both have estates in real property.
An "estate" in real property is a possessory interest. The tenants in apartment buildings have leasehold estates, regardless of the ownership of the buildings.

113

An appurtenant easement involves two parcels of land. The owner of the dominant tenement may
A) not retain easement rights with the transfer of the parcel.
B) retain the benefits and the burdens of the easement.
C) transfer the interest independently of the land.
D) have ingress and egress only.

A) not retain easement rights with the transfer of the parcel.
With an appurtenant easement the easement goes with the property, not the individual that receives the benefit of the easement, and transfers with the property.

114

An order by a court directing an officer to sell real property to satisfy a judgment is a(n)
A) writ of execution.
B) injunction.
C) abstract of judgment.
D) deficiency judgment.

A) writ of execution.

115

Which does NOT constitute an estate in real property?
A) Reversion
B) Leasehold
C) Deed of trust
D) Remainder

C) Deed of trust

116

Which type of estate represents the greatest interest a person can have in real property?
A) Less-than-freehold estate
B) Fee simple estate
C) Easement
D) Life estate

B) Fee simple estate

117

With regard to general and specific liens, which group of words does NOT contain any general liens?
A) Judgment, trust deed, attachment, taxes
B) Inheritance taxes, mortgages, assessment, mechanic's lien
C) Mortgage, attachment, judgment, corporation tax lien
D) Attachment, mechanic's lien, mortgage, property taxes

D) Attachment, mechanic's lien, mortgage, property taxes
Attachment, mechanic's lien, mortgage, and property taxes are all specific liens. A judgment lien would be a general lien, as would inheritance taxes. Specific liens are attached to a specific property, and general liens are attached to a person's name.

118

Mr. Jones owned two pieces of property and sold the front property to Mr. Smith, reserving an easement in the deed for access to the rear property. Jones was gone for 31 years. When he returned, Smith claimed Jones no longer had an easement because of nonuse. The easement is
A) invalid because of nonuse for over 30 years.
B) invalid because of nonuse for over 20 years.
C) valid because easements created by deed do not terminate.
D) invalid because an owner cannot grant himself an easement.

C) valid because easements created by deed do not terminate.

119

The highest member of the frame in a conventionally constructed home is the
A) girder.
B) rafter.
C) ridge board.
D) collar beam.

C) ridge board.

120

A property in which the owner was delinquent in the real estate taxes will become a tax defaulted property as of
A) April 10.
B) January 1.
C) July 1.
D) December 10.

C) July 1.
Property for which taxes remain unpaid at 12:01 AM on July 1 becomes tax-defaulted land. Property that is tax-defaulted after five years becomes subject to the county tax collector's power to sell that property in order to satisfy the defaulted taxes. This five-year period is called a period of redemption.