Real Estate Practice: Q 13/Chp 56-59

Question 1

1) A joint tenancy is legally called a severalty ownership.
True
False

Answer 1

False (pg 589)

Question 2

2) Both spouses or domestic partners need to consent to the lease for more than one year of community property vested as joint tenants.
True
False

Answer 2

True (pg 594)

Question 3

3) When the co-ownership of property is vested as tenants in common, the death of a coowner automatically extinguishes the deceased co-owner’s interest in the property.
True
False

Answer 3

False (pg 598)

Question 4

4) 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.

Answer 4

c. an offer to issue a title policy (pg 604)

Question 5

5) Encumbrances on title include:
a. covenants, conditions and restrictions.
b. easements.
c. assessments and bonds.
d. All of the above.

Answer 5

d. All of the above (pg 603)

Question 6

6) Losses due to eminent domain are excluded from all title insurance coverage.
True
False

Answer 6

True (pg 611)

Question 7

7) Which title insurance policy provides the most coverage?
a. ALTA-R
b. CLTA
c. ALTA homeowner’s
d. ALTA owner’s

Answer 7

c. ALTA homeowner’s (pg 616)

Question 8

8) Licensed real estate brokers who represent sellers in real estate transactions where the broker will act as escrow are exempt from escrow licensing requirements.
True
False

Answer 8

True (pg 624)

Question 9

9) Escrow officers are required to notify a buyer and seller of any suspicious fact or circumstance when it affects escrows ability to close.
True
False

Answer 9

True (pg 628)

Question 10

10) 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%

Answer 10

c. 3-1/3% (pg 635)