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19 Cards in this Set

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1 PLACIDO HAS SET AN ASKING PRICE OF $78,200 FOR HIS 9 ACRES OF LAND. HIS FRIEND, LUCIANI. WANTLS TO BUY A PORTION OF THIS LAND MEASURING 100' BY 142.2,. ASSUMING LUCIANO PAYS PLACIDI'S ASKING PRICE ON A SQUARE FOOT BASIS, HOW MUCH WILL LUCIANO PAY?
C. 9 X 43,560 = SQUARE FEET. $78,200 DIVIDED BY 392,040 SQUARE FEET = $.20 PER SQUARE FOOT ASKING PRICE. 100' X 145.2' = 14,520 SQUARE FEET. $.20 X 14,520 SQUARE FEET = $2,904
2.MORTGAGES AND TRUST DEEDS ARE CONSIDRED
B. PERSONAL PROPERTY
A CHATTELS REAL IS A LEASE
3 RIPARIAN RIGHTS ARE
D NONE OF THE ABOVE
RIPARIAN RIGHTS ARE THOUSE RIGHTS THE LANDOWNER HAS TO THE REASONABLE USE OF THE WATER ADJOINING OR ABUTTING HIS LAND, RUNNING THROUGH HIS LAND AND RUNNING UNDER HIS LAND IN KNOWN UNDERGROUND CHANNELS. PERCOLATIION WATERS ARE UNKNOWN UNDERGROUND CHANNELS.
4 A PURCHASE MONEY LOAN IS
C A LOAN MADE AT TIME OF THE SALE WHOSE PROCEEDS GO TO THE SELLER
5 BOB HAS A LOAN FOR $16,000 WITH INTEREST TO BE PAID AT THE END RATE OF $200 QUARTERLY. WHAT IS THE INTEREST RATE ON THE LOAN?
C. 5% BUT LESS THAN 6%
200 X 4 = 800 DIVIDED BY 16,000 = 0.05 (5%)
6 THE MOST COMMONLY ACCEPETED PRCEDURE FOR THE ENFORCEMENT OF ", C & R'S" IS BY
C. INJUCTION
7 REGARDING BROKER'S TRUST ACCOUNTS, WHICH IS NOT A REQUIREMENT?
D MUST MAINTAIN A MINIMUN BALANCE
8 WHICH OF THE FOLLOWING TRANSFERS AUTOMATICALLY WITH THE LAND?
B MINERAL RIGHTS
WATER RIGHTS, RIGHTS TO REASONABLE USE OF AIRSPACE AND MINERAL RIGHTS ARE ALL PART OF REAL PROPERTY AND GO WITH THE SALE OF THE LAND
9. ASSUME YOU ARE IN NEED OF MONEY AND ASK BROKER JOHN JONES TO NEGOTIATE A SECOUND TRUST DEED LOAN FOR YOU. YOU EXPECT WHICH OF THE FOLLOWING TO BE THE BROKER'S RESPONSIBILITY?
D SEE TO IT THAT THE TRUST DEED IS RECORDED AND NAMES THE LENDER AS THE BENEFICIARY
ANCWERS A, B AND C ARE NOT THE BROKER'S RESPONSIBILITY ACCORDING TO THE REAL ESTATE LAW. HOWEVER, ANSWER D. IS THE BROKER'S RESPONSIBILITY,
10 WHICH OF THE FOLLOWING ELEMENTS OF A SUBDIVISION LAW ARE ADMINISTERED BY THE REAL ESTATE COMMISSIONER?
B ADEQUATE FINANCIAL ARRANGEMENTS TO ENSURE COMPLETION OF COMMUNITY RECREATIONAL FACILITIES
ANSWER A. COMES UNDER REAL PROPERTY SECURITIES LAW. ANCWERS C AND D COME UNDER CONTROL OF THE LOCAL GOVERNING BODY.
11 A LEASE IS OR MAY BE
D ALL OF THE ABOVE
A LEASE FOR EVEN ONE MONTH IS STILL CONSIDERED AN ESTATE FOR YEARS. A LEASE IS AN ESTATE IN REAL PROPERTY AND, SINCE YOU DO NOT HOLD TITLE UNDER A LEASE, IT IS A LESS-THAN-FREEHOLD ESTATE
12 IN WHICH OF THE FOLLOWING WOULD "PRIVITY" MOST LIKELY EXIST?
C
CONTRACTUAL RELATIONSHIP
THE DEFINITION OF THE WORD "PRIVITY" IS A CONTRACTUAL RELATIONSHIP BETWEEN TWO PARTIES THAT MAY HAVE THE SAME RIGHTS TO A PIECE OF PROPERTY. AN EXAMPLE WOULD BE THE RELATIONSHIP BETWEEN LESSOR-LESSEE, IN REGARDS TO POSSESSION RIGHTS OF THE PROPERTY.
13 IN WHAT DOCUMENT IS A "SAFETY CLAUSE" FOUND?
D LISTING
14 FOLLOWING A TRUSTEE SALE, THE MONEY IS DISPERSED IN THE FOLLOWING MANNER
B
COST AND EXPENSES OF SALE, FIRST TRUST DEED, SECOND TRUST DEED, BALANCE OT THE TRUSTOR
15 HOW MUCH MONEY WOULD HAVE TO BE INVESTED AT 6% INTRREST TO PROVIDE IN INCOME OF $125.00 PER MONTH?
B
$25,000
$125 X12 = $1500 PER YEAR. $1500 DIVIDED BY 6% = $25,000
16 WHICH OF THE FOLLOWING BEST DESCRIBES A LESS THAN FREEHOLD ESTATE?
C AN ESTATE FOR YEARS
AN ESTATE FOR YEARS IS A LEASEHOLD ESTATE WHICH IS A LESS THAN FREEHOLD ESTATE
17 IN SEARCHING THE FILES OF THE COUNTRY RECORDER'S OFFICE, YOU COULD MOST LIKELY TELL A FIRST TRUST DEED FROM A SECOUND TRUST DEED BY:
D TIME AND DATE OF RECORDING
MOST LIKELY, THE EXCEPTION WOULD BE IF IT HAD BEEN SUBORDINATED,
18 A PROPERTY IS IN THE PROCESS OF FORECLOSURE. IF SELLING UNDER THE POWER OF SALE CLAUSE OF A TRUST DEED, THE TRUSTEE MUST WAIT 3 MONTHS BEFORE
A PUBLISHING A NOTICE OF INTENTION TO SELL THE PROPERTY
19 ESCROW COMPANIES ACT AS THE AGENTS FOR:
D ANY OF THE ABOVE