Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Exam > Transfer Of Property > Flashcards

Transfer Of Property Flashcards

1
Q

Most common way to transfer title?

A

Grant deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Primary purpose of a grant deed?

A

Convey title from grantor to grantee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Where is the grant deed recorded in county?

A

Where the property is situated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is true about a grant deed?

A

Does not have to be recorded

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A constructive notice is given by which actions?

A

Possession or recording

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A grant deed must be?

A

Delivered and accepted

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A deed is executed when?

A

Signed by grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the opposite of alienation?

A

Acquisition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What’s the term when you want to alienate?

A

Convey

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

How do you remove a cloud and get perfect title?

A

Quiet title action or quitclaim deed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Et ux means?

A

And wife

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Escrow is authorized to do what with a loan

A

Call for funding of loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Escrow law is found in?

A

Financial code

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

When a house is sold, Parties use escrow to?

A

Make sure terms are met

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Seller delivers deed to?

A

Escrow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does escrow call impounding account items?

A

Recurring costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Escrow credits the seller with?

A

Prepaid taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Escrow debits the buyer for?

A

Purchase price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is the most concern in a title insurance?

A

Documents that appear within a chain of title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is an abstract of title?

A

Written summary of documents in a chain of title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Preliminary title report shows who

A

Seller/owner as trustor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What does the standard policy (CLTA) in a title insurance do?

A

Protects against forgery and improper delivery, no survey

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What does the extended policy (ALTA) in a title insurance do?

A

Covers improvements on adjoining land. They do a survey

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What type of title insurance policy covers everything?

A

None

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Most buyers obtain which title insurance policy?

A

Standard policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

For an extra fee, the extended title insurance policy covers?

A

Survey issues, water rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

If two people bought the same house, who takes priority of the house?

A

Whoever took possession or recorded first

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Single woman married

A

Cloud on title

29
Q

Quitclaim deed conveys rights of?

A

Grantor

30
Q

Which deed includes no warranties or covenants?

A

Quitclaim deed

31
Q

An instrument that transfer possession but not ownership?

A

Sublease

32
Q

During a two termite report, the escrow company would?

A

Get written instructions

33
Q

Abstract of title addresses?

A

Marketability

34
Q

What is accretion?

A

When an owner acquires land by natural causes

35
Q

What is eminent domain?

A

Government takes property for public use

36
Q

Two requirements of eminent domain?

A

Necessary public use, just compensation

37
Q

How can an owner sue the city?

A

Inverse condemnation

38
Q

What is an intestate succession?

A

Owner dies with no will but has heirs

39
Q

What can you do if you are concerned about final inspection?

A

Get a formal survey

40
Q

What is adverse possession?

A

Acquire title if you lived 5 years and paid property taxes

41
Q

What happens in a probate proceeding?

A

Commission set by court

42
Q

In a tax sale, buyer receives?

A

Tax deed

43
Q

What does the FIRPTA (foreign investment in real property tax act) do?

A

Buyers withholds 15% of sales price and sends to IRS

44
Q

Documentary transfer tax is based on?

A

Consideration given

45
Q

When do Real property taxes become a lien?

A

Jan 1 before fiscal tax year

46
Q

When is the fiscal tax year in California?

A

July 1 to June 30

47
Q

When is the fiscal tax year in California?

A

July 1 to June 30

48
Q

Ad valorem means?

A

According to value

49
Q

When is Property reassessed?

A

When sold

50
Q

What can you do when a property is over-assessed?

A

Assessment appeals board

51
Q

When is the second installment of property taxes due?

A

Feb 1, April 10

52
Q

What happens when a property is sold to state with delinquent taxes?

A

5 years to stay and redeem

53
Q

Tax delinquent property not redeemed is deeded to?

A

The county

54
Q

With federal income tax, the basis is?

A

The cost

55
Q

To arrive at adjusted cost basis do not

A

Do not add mortgage payments

56
Q

What deductions can you make on a personal residence?

A

Mortgage interest, property taxes

57
Q

On income property, capital expenditures are added to

A

Added to cost basis and depreciation

58
Q

In a sales leaseback what do you deduct

A

Deduct 100% of future rent paid

59
Q

Four unities of joint tenancy? (T-TIP)

A

Time, title, interest, possession (T-Tip)

60
Q

Single joint tenant cannot will because of which right

A

Right of survivorship

61
Q

Surviving joint tenant owns property free of

A

Free of unsecured debt

62
Q

Tenancy in common can hold what type of interest and cannot do what with it? When can tenancy in common happen and how can it be equal?

A

Hold unequal interest
Can will interest
Come on different times
Must have right of possession to be equal

63
Q

Deed in name of husband and wife is called?

A

Community property

64
Q

Which document do you get if you purchase property from the government?

A

Receive patent

65
Q

First installment of property taxes due?

A

November 1 and December 10

66
Q

Mello Roos assessment funds public improvements and services except?

A

Commercial strip mall

67
Q

When mello roos assessment is encumbering a property, who is responsible to disclose to buyer?

A

Seller

68
Q

Owning real property in severalty means

A

Individual

Real Estate Exam (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions