Quiz Ch. 49-54

Question 1

All property acquired jointly by a married couple during the marriage, no matter how vested, is presumed to be:

Answer 1

community property.

Question 2

A __________ vesting is characterized by an ownership interest in property concurrently received by two or more individuals who share equally and have the right of survivorship.

Answer 2

joint tenancy

Question 3

Lis pendens means:

Answer 3

Notice of Pending Action.

Question 4

To properly record a lis pendens, the lis pendens is required to identify the parties to the lawsuit and:

Answer 4

give an adequate description of the real estate.

Question 5

An _________ is a written statement which presents an accurate, factual representation of title to the property being acquired, encumbered or leased.

Answer 5

abstract of title

Question 6

The ________ insures against all encumbrances affecting title which can be discovered by a search of public records prior to issuance of the policy, but does not cover against unrecorded encumbrances.

Answer 6

California Land Title Association (CLTA) standard policy

Question 7

A ________ is the dollar amount of the equity in a homeowner’s dwelling that the homeowner qualifies to hold which has priority on title over most judgment liens and soe government liens.

Answer 7

homestead

Question 8

The submission of a ___________ to a private or institutional lender is the catalyst which sets the machinery of the morgage industry in motion.

Answer 8

mortgage application

Question 9

A ________ is an estimate of the buyer’s settlement charges and mortgage terms delivered to the buyer within three business days following the lender’s reciept of the mortgage application.

Answer 9

Loan Estimate

Question 10

The __________ program assists qualified veterans or their surviving spouses to buy a home with a zero down payment.

Answer 10

U.S. Department of Veterans Affairs (CalVet)