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10 Cards in this Set
- Front
- Back
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1. All property acquired jointly by a married couple during the marriage, no matter how vested, is presumed to be: pg 324 a. community property. b. separate property. c. public property. d. joint property. |
a. community property. |
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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. pg 325 a. tenancy in common b. joint tenancy c. community property d. community property with right of survivorship |
b. joint tenancy |
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3. Lis pendens means: pg 333 a. Notice of Pending Action. b. Notice of Prior Litigation. c. Notice of Nonresponsibility. d. Notice of Expungement. |
a. Notice of Pending Action. |
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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. pg 335 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. |
c. give an adequate description of the real estate. |
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5. A(n) ________ is a written statement which presents an accurate, factual representation of title to the property being acquired, encumbered or leased. pg 335 a. preliminary title report b. property profile c. abstract of title d. balance sheet |
c. abstract of title |
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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. pg 345 a. California Land Title Association (CLTA) standard policy b. American Land Title Association (ALTA) policy c. property profile d. homestead exemption |
a. California Land Title Association (CLTA) standard policy |
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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. pg 353 a. overriding lien b. homestead c. interest deduction d. negative equity |
b. homestead |
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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. pg 359 a. Letter of Intent (LOI) b. appraisal report c. Option to Purchase d. mortgage application |
d. mortgage application |
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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. pg 361 a. Good Faith Estimate (GFE) b. Loan Estimate c. HUD-1 or HUD-1A Closing Statement d. Uniform Residential Loan Application |
b. Loan Estimate |
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10. The __________ program assists qualified veterans or their surviving spouses to buy a home with pg 362 a zero down payment. a. California Housing Finance Agency (CalHFA) b. California Department of Veterans Affairs (CalVet) c. U.S. Department of Veterans Affairs (VA) mortgage guarantee d. Federal Housing Administration (FHA)-insured mortgage |
c. U.S. Department of Veterans Affairs (VA) mortgage guarantee |
