Chapter 13 Flashcards
A joint tenancy is legally called a severalty ownership.
a. True
b. False
B
Both spouses or domestic partners need to consent to the lease for more than one year of community property vested as joint tenants.
a. True
b. False
A
When the co-ownership of property is vested as tenants in common, the death of a co-owner automatically extinguishes the deceased co-owner’s interest in the property.
a. True
b. False
B
A preliminary title report is:
a. a representation of the condition of title.
b. an abstract of title.
c. an offer to issue a title policy.
d. None of the above.
C
Encumbrances on title include:
a. covenants, conditions and restrictions.
b. covenants, conditions and restrictions.
c. assessments and bonds.
d. All of the above.
D
Losses due to eminent domain are excluded from all title insurance coverage.
a. True
b. False
A
Which title insurance policy provides the most coverage?
a. ALTA-R
b. CLTA
c. ALTA homeowner’s
d. ALTA owner’s
C
Licensed real estate brokers who represent sellers in real estate transactions where the broker will act as escrow are exempt from escrow licensing requirements.
a. True
b. False
A
Escrow officers are required to notify a buyer and seller of any suspicious fact or circumstance when it affects escrows ability to close.
a. True
b. False
A
Escrow has a duty to advise a buyer in writing of the Franchise Tax Board (FTB) requirements for withholding ______ of the price paid the seller.
a. 1%
b. 2%
c. 3 1/3%
d. 10%
C
