Midterm 1

1

Which of the following sources would be the least satisfactory for obtaining a legal description of a parcel of real property?

1

The land description method that makes reference to sections, townships, and ranges is the

1

A ranch is 36 miles square. What is the number of townships contained in the ranch?

1

Which of the following is not considered to be appurtenant to land?

1

When a title company issues an ALTA policy, it will extend the risk beyond that which is covered by a standard policy, to include all of the following, except:

1

The right to use and enjoy another person's property that falls short of an estate is a/an:

1

A seller accepted a proper offer in writing to purchase his property. He then refused to complete the transaction. If the buyer were to bring suit for failure to perform the contract, under the statute of limitations he would need to do so within:

1

A city passes a bond issue to improve streets in a particular neighborhood. The properties in that area will be burdened:

1

Al willed his property to his three children (Barry, Chris, and Dara) as joint tenants. Barry then died, leaving behind a will stating that his share of the property would pass to his daughter Mary. Dara then sold her portion of the property to her friend Vera. At this point, how is the property owned?

1

A person was judicially declared incompetent and then was willed a parcel of real property by his brother. Can he take title to this property?

1

Which of the following statements concerning estates is correct?

1

How many acres are in a property that is described as the "S 1/2 of the NW 1/4 of the NE 1/4 of the NE 1/4 of Section 23"?

1

A buyer consented to purchase a property, but his consent was induced by fraudulent statements made by the seller's broker. The buyer's purchase agreement would be:
A. valid

1

A reversionary interest would be held by a:

1

A minor who owns property asks a broker to assist in the sale of the property. The broker may not accept a listing from the minor because:

1

Which of the following is not a consideration in determining whether or not an item is a fixture?

1

If the owner of a large parcel of property plans to subdivide it, what is the minimum number of parcels that would make the project subject to the Subdivided Lands Law?

1

A lessee has all of the following, except:

1

What document would be used to convey possessory rights without conveying ownership rights?

1

A broker misrepresented his principal's property when showing it to a buyer. The actions of the broker may subject his principal to:

1

A salesperson working for a listing broker:

1

A neighborhood that was originally zoned to allow multiple-unit dwellings was rezoned to allow only single-family dwellings. What effect would this have on an already existing apartment building in the neighborhood?

1

A corporation may not hold title to a property as a joint tenant because:

1

Which of the following persons would be responsible to her employer for results only?

1

Adam leased a property from Casey for a five-year term. Casey died, at which point Adam found out that Casey had only a life estate in the property, with Casey's life as the measuring life. The lease is:

1

Cities and counties regulate land use by limiting building size, lot size, and setbacks through:

1

Chen gave his son a power of attorney to sell his house. Which of the following statements is false?

1

Which of the following is a type of lien?

1

A builder submitted plans that included several minor deviations from the building standards required by local building codes. If the local building department decided this inconsistency did not constitute a health or safety hazard and permitted construction to continue, it would be known as a/an:

1

Ownership rights to a property are determined through which of the following legal actions?

1

Of the following, which is a means by which a person might gain title to real property?

1

Delia died leaving no known heirs. In her will, she left her real property to her friend Ed. However, at the time of Delia's death, Flora was in possession of the property under the terms of a one-year lease. The probate court then found that Delia's will had not been properly witnessed and was invalid. What happens to Delia's real property?

1

Proper acknowledgment of a deed may be taken by a notary public who is:

1

When a document concerning title to real property is recorded, it gives all of the following except:

1

Tim has been judicially declared incompetent. His best friend then deeds him a parcel of real property. The deed is:

1

Which would a court disregard in deciding whether an item of personal property has become real property?

1

Which of the following is not a necessary element in the formation of a contract?

1

A lis pendens action is effective:

1

Most real estate syndicates in California are organized as:

1

A tenant wants to sublease or assign a leased property. If the lease is silent on this issue, then the:

1

Which of the following statements regarding options is correct?

1

A broker took a listing that did not expressly authorize him to accept a deposit. When the broker found a prospective buyer, the buyer gave him a personal check as the deposit on the property. With regard to the deposit, the broker would be:

1

Jaime sold his landlocked property, which had an easement appurtenant for access to the road. The deed he gave the buyer gave an adequate legal description of the property but did not mention the easement. The buyer:

1

Which of the following easements runs with the land and is binding on all subsequent owners?

1

Which of the following would be important in the process of filing a mechanic's lien?

1

A broker takes a listing. The seller accepts an offer from a buyer who's being represented by a salesperson who works for the listing broker. The broker is now classified as a:

1

A prospective buyer submitted an offer to Broker Randolph that met the asking price. As Randolph was on his way out of the office to present the offer to the seller, one of Randolph's salespersons brought in another offer on the same property that was $5,000 less. Randolph should:

1

When industrial space is rented, the landlord customarily promises that:

1

The Alquist-Priolo Special Studies Zone Act requires a subdivider to disclose to potential purchasers:

1

Basic responsibility for zoning decisions lies with the:

1

A vacant lot sold for $50,000, with the buyer assuming an existing $30,000 loan as part of this selling price. The documentary transfer tax rate is 55 cents per $500. How much would the documentary transfer tax on this transaction be?

1

Which of the following is not a way through which an individual can acquire an interest in real property?

1

A grant deed is executed if it has been:

1

Which of the following statements regarding the power of eminent domain is true?

1

The government has the authority to enact zoning ordinances because these ordinances:

1

Who is generally responsible for the installation of the curbs, streets, and public utilities in a new subdivision?

1

A mechanic's lien against real property may be filed by:

1

The police power is the power of the state to:

1

The Real Estate Commissioner has primary authority regarding new subdivisions that includes:

1

A possessory ownership right or interest in real property is a/an:

1

Which of the following instances would not terminate an offer to purchase real property?

1

Which of the following would not be considered real property?

1

When a counteroffer is made:

1

Alienation is most nearly the opposite of:

1

A contract that is executory is a:

1

In some bilateral contracts, the parties exchange a promise for a promise. Each promise would be:

1

How is the maximum commission rate a broker may charge established?

1

On Thursday, Angie decided to accept Harry's counteroffer for the purchase of his house, signed the purchase agreement, and placed it in the mail. On Friday, Harry decided that he had asked too low a price for the house, and faxed Angie stating that the offer was withdrawn. On Saturday, Harry received her acceptance in the mail. Under the mailbox rule, which of the following is true?

1

Before the seller's acceptance of an offer has been communicated to a buyer, the buyer may withdraw the offer:

1

An attachment lien is good for:

1

In which of the following circumstances would a deed always be void?

1

A broker sells a used mobile home that is subject to registration requirements. The Department of Housing and Community Development must be notified within:

1

Which of the following organizations is considered to be an artificial person?

1

Title will be delivered on a different day than the day the buyer plans to take possession on. The parties should use a/an:

1

A broker is working under an open listing. When prospective buyers are shown the property, the broker should:

1

A seller accepted an offer on a property and communicated her acceptance to the buyer. However, before the deal went to escrow, the seller received a second, all-cash offer. The seller rescinded the first acceptance in order to accept the second offer. A court would find that:

1

If a broker is authorized through an agency agreement to negotiate a sale of property, but the seller strikes the portion of the listing form that provides for the authority to accept a buyer's deposit, then the broker:

1

Which of the following is a requirement for a tenancy in common relationship to exist?

1

A land contract was recorded by the seller. The buyer defaulted on the payments. If a quitclaim deed were to be used in order to clear the cloud from the title, it would be executed by:

1

The payment of a commission to a real estate broker based only on an oral listing is:

1

A seller's agent owes which of the following duties to the buyer?

1

With a purchase agreement, the date of formation of the contract is:

1

A buyer and seller of a house initialed a liquidated damages provision in a standard residential purchase agreement. The buyer defaulted. The damages money will usually be:

1

Which of the following methods would create an easement that would be easiest to terminate for nonuse?

1

Broker Stevens listed a property. Broker Yamasaki located a buyer for the property. Under a unilateral offer of subagency, Yamasaki would be a/an:

1

What is the most common way for a corporation to generate additional funds?

1

How do riparian rights differ from littoral rights?

1

Who would be in the weakest position to protect himself against a loss of property to another claimant?

1

Leo purchased a mobile home, which is now located in a mobile home park and properly registered. He wants to hire a broker to list the home. Which of the following is true?

1

An appurtenant easement is:

1

On March 1, Craig paid $100 for a 60-day option to purchase a property. The option stated, "Upon exercise of option, optionee is to purchase within 30 days." On March 15, he sold and assigned the option to Sharon for $10,000. On April 20, Sharon informed the seller that she intended to purchase the property on May 15. What is the status of the option?

1

A buyer's agent has a fiduciary duty to:

1

A farm was sold where a field of corn was growing; there was no discussion between buyer and seller as to who would own the corn. If there was a dispute as to who could harvest the corn, a court would find:

1

The Springers hired a contractor to build a swimming pool for their house. If the Springers did not pay for the construction and the contractor filed a lien, the resulting encumbrance would be a:

1

Barry hired Broker Teri to find a warehouse to lease. Carrie hired Teri to find a lessee for her warehouse. Each party agreed to pay Teri a commission. Teri negotiated a lease between the two parties. Barry knew Teri also represented Carrie, but Carrie didn't know that Teri represented Barry. Which of the following is correct?

1

How can a homestead recorded under California law be invalidated?

1

Broker Arbogast had an open listing on a residential property. He verbally agreed to pay one-half of any commission to Broker Bates if Bates found a buyer. Bates succeeded in arranging a sale of the property, but Arbogast refused to pay half of his commission to Bates. How would a court decide this case?

1

An agent fails to do a visual inspection of a house as required by law. How many years after occupying the property can the buyer bring an action against the agent for failure to inspect the property?

1

If an owner obtains riparian rights to a property:

1

In which of the following ways are joint tenancy and community property similar?

Mid Term FIN 365 Test sobre Midterm 1, creado por nvelazco el 04/03/2016.

Midterm 1

Which of the following sources would be the least satisfactory for obtaining a legal description of a parcel of real property?

The land description method that makes reference to sections, townships, and ranges is the

A ranch is 36 miles square. What is the number of townships contained in the ranch?

Which of the following is not considered to be appurtenant to land?

When a title company issues an ALTA policy, it will extend the risk beyond that which is covered by a standard policy, to include all of the following, except:

The right to use and enjoy another person's property that falls short of an estate is a/an:

A seller accepted a proper offer in writing to purchase his property. He then refused to complete the transaction. If the buyer were to bring suit for failure to perform the contract, under the statute of limitations he would need to do so within:

A city passes a bond issue to improve streets in a particular neighborhood. The properties in that area will be burdened:

A person was judicially declared incompetent and then was willed a parcel of real property by his brother. Can he take title to this property?

Which of the following statements concerning estates is correct?

How many acres are in a property that is described as the "S 1/2 of the NW 1/4 of the NE 1/4 of the NE 1/4 of Section 23"?

A buyer consented to purchase a property, but his consent was induced by fraudulent statements made by the seller's broker. The buyer's purchase agreement would be: A. valid

A reversionary interest would be held by a:

A minor who owns property asks a broker to assist in the sale of the property. The broker may not accept a listing from the minor because:

Which of the following is not a consideration in determining whether or not an item is a fixture?

If the owner of a large parcel of property plans to subdivide it, what is the minimum number of parcels that would make the project subject to the Subdivided Lands Law?

A lessee has all of the following, except:

What document would be used to convey possessory rights without conveying ownership rights?

A broker misrepresented his principal's property when showing it to a buyer. The actions of the broker may subject his principal to:

A buyer consented to purchase a property, but his consent was induced by fraudulent statements made by the seller's broker. The buyer's purchase agreement would be:
A. valid