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10 Cards in this Set
- Front
- Back
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1. A joint tenancy is legally called a severalty ownership. pg 589 |
F |
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2. Both spouses or domestic partners need to consent to the lease for more than one year of community property vested as joint tenants. pg 594 |
T |
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3. When the co-ownership of property is vested as tenants in common, the death of a co- owner automatically extinguishes the deceased co-owner’s interest in the property. pg 598 |
F |
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4. A preliminary title report is: pg 604 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. |
C |
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5. Encumbrances on title include: pg 603 a. covenants, conditions and restrictions. b. easements. c. assessments and bonds. d. All of the above. |
D |
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6. Losses due to eminent domain are excluded from all title insurance coverage. pg 611 |
T |
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7. Which title insurance policy provides the most coverage? pg 616 a. ALTA-R b. CLTA c. ALTA homeowner’s d. ALTA owner’s |
B |
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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. pg 624 |
T |
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9. Escrow officers are required to notify a buyer and seller of any suspicious fact or circumstance when it affects escrows ability to close. pg 628 |
T |
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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. pg 635 a. 1% b. 2 % c. 3 1/3 % d. 10% |
C |
