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11 Cards in this Set
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1. Two friends hold title as joint tenants. One borrowed money and executed a note deed of trust against the home. In terms of affecting title, this action could: A. Destroy one of the four unities of joint tenants B. Place the beneficiary in a precarious position should the borrower die before the debt is paid C. Invalidate the note since a lien can be attached only to the undivided interest of all joint tenants D. Create a security interest in all other real property in which the borrower may have an interest |
B. Place the beneficiary in a precarious position should the borrower die before the debt is paid |
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2. Joint tenant estate held by two joint tenants is severed and ended by the following: A. By the execution of a mortgage or deed of trust by one joint tenant creating a lien against his interest B. A foreclosure by one of the joint tenants C. One of the joint tenants transfers his interest to a third party D. One of the joint tenants selling his interest |
A. By the execution of a mortgage or deed of trust by one joint tenant creating a lien against his interest |
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4. All of the following are acts of one joint tenant terminating a joint tenancy, except when the joint tenant: A. Sells his share B. Transfers his share C. Mortgages his share D. Deeds his share to a co-owner |
C. Mortgages his share |
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5. A conflict in a contract btwn buyer and seller and also in the instructions to return the deposit from the trust account. The broker was unable to resolve the problem and refers it to a third person by: A. Interpleader action B. Court action C. Judicial action D. Attorney |
A. Interpleader action |
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6. A contingency in a contract is: A. Nature of the contingency B. Duration of the contingency C. Method of how to remove the contingency D. All of the above |
D. All of the above Contingency = A requirement that if something occurs before the goal of the contract, the property sale can occur. |
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7. Under real estate law, if an agent is found guilty of discrimination, the real estate commissioner will: A. Revoke or suspend the agent's license B. Cancel the license for 150 days C. Suspend the license for 3 months D. Suspend the license for 1 year |
A. Revoke or suspend the agent's license |
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10. The purpose of a deed is: A. To transfer title B. To be acknowledged C. The evidence in change of title or an interest D. To be recorded in the county recorders office |
C. The evidence in change of title or an interest |
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11. Before his death, West had several listings. Now, West's daughter is taking over the business. In regards to listings: A. Automatically cancelled and she needs to re-list the properties for the clients B. Automatically cancelled C. May be cancelled only in writing an approved by the daughter D. Must be cancelled within 24 hours or the listings are auto transferred to the daughter |
A. Automatically cancelled and she needs to re-list the properties for the clients |
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13. An example of police power: A. Zoning B. Condemnation C. Eminent domain D. Inverse condemnation |
A. Zoning |
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20. CPI refers to: A. Listing agreements B. Purchase agreements C. Manufacturing D. Commercial leases |
D. Commercial leases |
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21. Who pays the service charge under an FHA loan? A. Seller B. Buyer C. Both buyer and seller D. Lender |
A. Seller |
