Real Estate Principles: Q10/Chp 49-54

Question 1

1) All property acquired jointly by a married couple during the marriage, no matter how vested, is presumed to be:
A) community property
B) separate property
C) public property
D) joint property

Answer 1

A) community property

Question 2

2) A(n) __________ 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.
A) tenancy in common
B) joint tenancy
C) community property
D) community property with right of survivorship

Answer 2

B) joint tenancy

Question 3

3) Lis pendens means:
A) Notice of Pending Action
B) Notice of Prior Litigation
C) Notice of Nonesponsibility
D) Notice of Expungement

Answer 3

A) Notice of Pending Action

Question 4

4) To properly record a lis pendens, the lis pendens is required to identify the parties to the lawsuit and:
A) provide reasonable compensation for the real estate
B) post a notice of the pending legal action on the property
C) give an adequate description of the real estate
D) be published in a newspaper in general circulation in the city where the property is located

Answer 4

C) give an adequate description of the real estate

Question 5

5) A(n) \_\_\_\_\_\_\_\_ is a written statement which presents an accurate, factual representation of title to the property being acquired, encumbered or leased
A) preliminary title report
B) property profile
C) abstract of title
D) balance sheet

Answer 5

C) abstract of title

Question 6

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
A) California Land Title Association (CLTA) standard policy
B) American Land Title Association (ALTA) policy
C) property profile
D) homestead exemption

Answer 6

A) California Land Title Association (CLTA) standard policy

Question 7

7) A(n) \_\_\_\_\_\_\_\_\_ 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 some government liens.
A) overriding lien
B) homestead
C) interest deduction
D) negative equity

Answer 7

B) homestead

Question 8

8) The submission of a(n) \_\_\_\_\_\_\_\_\_\_ to a private or institutional lender is the catalyst which sets the machinery of the mortgage industry in motion.
A) Letter of Intent (LOI)
B) appraisal report
C) Option to Purchase
D) mortgage application

Answer 8

D) mortgage application

Question 9

9) A(n) \_\_\_\_\_\_\_\_\_\_\_ is an estimate of the buyer's settlement charges and mortgage terms delivered to the buyer within three business days following the lender's receipt of the mortgage application.
A) Good Faith Estimate (GFE)
B) Loan Estimate
C) HUD-1 or HUD-1A Closing Statement 
D) Uniform Residential Loan Application

Answer 9

B) Loan Estimate

Question 10

10) The _______ program assists qualified veterans or their surviving spouses to buy a home with a zero down payment.
A) California Housing Finance Agency (CalHFA)
B) California Department of Veterans Affairs (CalVet)
C) US Department of Veterans Affairs (VA) mortgage guarantee
D) Federal Housing Administration (FHA)-insured mortgage

Answer 10

C) US Department of Veterans Affairs (VA) mortgage guarantee