Legal Aspects of Real Estate: Q13/Chp 32-34

Question 1

Membership in a limited liability company (LLC) is:

a. real estate.
b. personal property.
c. livestock.
d. unlawful in California

Answer 1

b. personal property.

Question 2

2) A money judgment against a member of a limited liability company (LLC) which does not also name the LLC as a judgment debtor can be satisfied by:
a. foreclosing on the member’s ownership interest in the LLC.
b. foreclosing on any property owned by the LLC.
c. incarcerating the LLC member judgment debtor.
d. All of the above.

Answer 2

a. foreclosing on the member’s ownership interest in the LLC.

Question 3

3) A creditor uses a _______ to place lien on a limited liability company (LLC) member’s ownership interest in the LLC to satisfy a judgment.
a. grant deed
b. vesting
c. charging order.
d. asset statement

Answer 3

c. charging order.

Question 4

4) A _______ is recorded.
a. declared homestead
b. automatic homestead
c. Both a. and b.
d. None of the above

Answer 4

a. declared homestead

Question 5

5) Liens with priority over the homestead exemptions include:
a. trust deeds
b. mechanic’s liens
c. Internal Revenue Service (IRS) tax liens
d. All of the above

Answer 5

d. All of the above

Question 6

6) A ________, coupled with a quiet title action, allows a homeowner to remove judgment liens attached to their title.
a. automatic homestead
b. declared homestead
c. Both a. and b.
d. None of the above

Answer 6

b. declared homestead

Question 7

7) A recorded declaration of homestead lasts:
a. 10 years.
b. until the homeowner abandons their home or records a new declaration of
homestead on another residence.
c. until the homeowner dies.
d. perpetually

Answer 7

b. until the homeowner abandons their home or records a new declaration of homestead on another residence.

Question 8

8) To constitute slander of title, the oral or written statement must cause money losses and:
a. be published.
b. be untrue and disparaging to the owner’s property interest.
c. be made without privilege.
d. All of the above.

Answer 8

d. All of the above.

Question 9

9) A statement made about a real estate interest as part of a(n) _________ does not subject the person making the statements to liability for slander of title.
a. unprivileged publication
b. privileged publication
c. published publication
d. None of the above

Answer 9

b. privileged publication

Question 10

10) An owner can recover _______ if they can show slanderous statements were made about their property with actual malice.
a. punitive damages
b. double any award of attorney fees
c. a tax credit
d. All of the above.

Answer 10

a. punitive damages