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300 Cards in this Set
- Front
- Back
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The procedure by which the Court may join an outside party to a dissolution is a(n):
a) Joinder b) Amended petition c) Order to joint action d) Order of contempt |
a) Joinder
f-law |
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The earliest date the judgment can be final and the dissolution of marriage is:
a) Six months from the filing of the original petition b) Upon execution of the marital settlement agreement c) Six months and one day from service of the summons and petition upon respondent or the date of appearance of respondent |
c) Six months and one day from service of the summons and petition upon respondent or the date of appearance of respondent
f-law |
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Which of the following is not a voidable California marriage?
a) The former spouse of a party is living, also believed to be dead b) Either party was of unsound mind, unless such party, after coming to reason freely cohabitated with the other c) A bigamous/polygamist marriage d) Under age of consent |
c) A bigamous/polygamist marriage (void marriage)
f-law |
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True or False?
A nullity proceeding is brought to obtain a court order that determines no valid marriage ever existed. |
True
f-law |
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True or False?
A void marriage can become valid. |
False
f-law |
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A void marriage:
a) Is where the former spouse of the party was living, also believed to have been dead b) Is wholly void from the beginning c) Is where the consent was obtained by fraud d) Can be made valid |
b) Is wholly void from the beginning
f-law |
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If either party to a marriage is unsound mind, the marriage is:
a) Illegal b) Void c) Voidable d) Valid |
c) Voidable
f-law |
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What are the only grounds for a dissolution of marriage?
a) Irreconcilable differences b) Irreconcilable differences/incurable insanity c) Irreconcilable differences/incurable insanity/fraud d) Cheating spouse |
b) Irreconcilable differences/incurable insanity
f-law |
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Which of the following is a void marriage?
a) Consent party obtained by force b) Incestuous marriage c) Former spouse of a party was living d) Either party was of unsound mind |
b) Incestuous marriage
f-law |
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Arbitration of family law matters may be ordered by the court. The total value of the property in controversy may not exceed:
a) $25,000 b) $50,000 c) $75,000 d) None of the above |
b) $50,000
The decision of the court as to value for arbitration is not a appealable. f-law |
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The purpose of forming a corporation is:
a) To provide a means for owners to work out their problems legally b) To provide a liability shield for its owners and managers c) To provide a company to place assets into d) To make money and live carefree |
b) To provide a liability shield for its owners and managers
corp-law |
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Generally, a corporation hierarchy looks like:
a) Promoters, Officers, Directors b) Corporate Officers, Shareholders, Directors c) Shareholders, Directors, Corporate Officers d) Directors, Shareholders, Corporate Officers |
c) Shareholders, Directors, Corporate Officers
corp-law |
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Persons signing the Articles of Incorporation who are not one of initial directors are called:
a) Shareholders b) Incorporators c) Directors d) Owners |
b) Incorporators
corp-law |
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A corporation formed under the California Corporations Code is:
a) A foreign corporation b) A stock corporation c) A domestic corporation d) A progressive Corporation |
c) A domestic corporation
corp-law |
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Stock corporations:
a) are formed under the laws of a state other than California b) issue shares of stock to their owners and are organized to make a profit c) are formed for any lawful purpose, but its assets must be a rueful complete dedicated to public purposes d) are formed only to play the stock market |
b) issue shares of stock to their owners and are organized to make a profit
corp-law |
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Professional corporations:
a) are only for law firms b) must have a S Corporation election c) are formed for professional business purposes only d) are for specific professions for individuals who are licensed in that profession |
d) are for specific professions for individuals who are licensed in that profession
corp-law |
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Stock Corporation - S Corporation Election means that it:
a) does not pay federal income tax on corporate income and may not have more than 75 shareholders b) does not pay state income tax on corporate income and may not have more than 75 shareholders c) does not pay any tax and anyone can be a shareholder d) none of the above |
a) does not pay federal income tax on corporate income and may not have more than 75 shareholders
corp-law |
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Bylaw are:
a) guidelines on how to run your business b) the rules for organizational meetings c) a statement of the directors d) the rules for conducting the internal affairs of the corporation |
d) the rules for conducting the internal affairs of the corporation
corp-law |
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A nonprofit mutual benefit corporation:
a) serves the interest of charitable organizations b) serves the interests of its members c) serves the interest of nonprofit health organizations d) none of the above |
b) serves the interests of its members
corp-law |
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If a corporation has 5 shareholders, it must have at least how many directors?
a) 1 b) 3 c) 4 d) 5 |
b) 3
corp-law |
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Which of the following are not grounds for an involuntary dissolution?
a) Corporation has abandoned its business b) petition by shareholders c) directors are evenly divided and cannot operate d) internal dissension |
b) petition by shareholders
corp-law |
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When dissolving a corporation, the corporation must file a:
a) Certificate of Election to Windup and Dissolve b) Cessation of Business c) Notice to Creditors d) Petition to Windup and Dissove |
a) Certificate of Election to Windup and Dissolve
corp-law |
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True or false?
Bylaws are the rules which govern the corporation. |
True
corp-law |
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True or false?
On the death of the principal shareholder of a corporation, the corporation ceases to exist. |
False
corp-law |
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True or false?
There are two classes of corporations: domestic and foreign. |
True
corp-law |
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True or false?
Shareholders are the governing body of the corporation. |
False.
Shareholders are the owners. The Board Of Directors is the governing body. corp-law |
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True or false?
The Articles of Incorporation is the document which begins a corporation. |
True
corp-law |
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True or false?
If the agent for service of process has both a post office box and a physical address, this information should be contained in the Articles of Incorporation |
False
[LOPM L-15. Corp Code section 1502, subd. (b)] corp-law |
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True or false?
It does not matter when the first meeting of the incorporators and directors is held since the most important thing is to get the Articles of Incorporation filed. |
False.
corp-law |
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True or false?
That incorporator is the person who signs the Articles of Incorporation. |
True
corp-law |
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True or false?
The Statement of Domestic Stock Corporation must be filed with the Secretary of State within 90 days of incorporation. |
True
corp-law |
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True or false?
The Directors are the owners of the corporation. |
False
The shareholders are the owners. corp-law |
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True or false?
The officers run the day-to-day operations of the corporation. |
True
corp-law |
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True or false?
No one person may hold more than one office in a corporation. |
False
corp-law |
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True or false?
Corporate resolutions are the means by which the Board of Directors empowers the officers to transact business. |
True
corp-law |
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True or false?
The existence of the limited liability company begins by filing the Articles of Organization with the Department of Corporations. |
False.
The Articles are filed with the Secretary of State. corp-law |
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True or false?
A limited liability company (LLC) is a new form of business created under the Beverly-Killea Limited Liability Company Asked. |
True
corp-law |
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True or false?
The operating agreement of an LLC must be in writing. |
False
corp-law |
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True or false?
Members of an LLC vote in proportion to their interest in the current profits of the LLC. |
True
(LOPM L-33) corp-law |
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True or false?
The Statement of Domestic Stock Corporation must be filed with the Secretary Of State within 90 days of incorporation. |
True
corp-law |
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When is a corporation required to file a fictitious business name statement?
a) upon filing of the Articles of Incorporation b) when the corporation does business under another name c) upon dissolution d) never |
b) when the corporation does business under another name
corp-law |
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A corporation's existence begins:
a) once the name has been reserved b) once the Articles of Incorporation are filed c) upon payment of fees to the Secretary of State d) once an agent for service has been designated |
b) once the Articles of Incorporation are filed
corp-law |
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A corporation must have a minimum of two directors when there are two shareholders. If there are more than two shareholders, the corporation must have a minimum of how many directors?
a) one b) two c) three d) four |
c) three
corp-law |
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The individual or group of individuals or entities who come together to plan and carry out the initial organization of the corporation are called.
a) incorporators b) initiators c) promoters d) shareholders |
c) promoters
corp-law |
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All of these actions must be specifically authorized by the Board Of Directors except:
a) Notice of Special Meeting b) salaries and bonuses to officers c) dividends to shareholders d) loan transactions between the corporation and an officer or director |
a) Notice of Special Meeting
corp-law |
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Every new corporation must file a Statement of Information within how many days after incorporation?
a) 30 b) 60 c) 90 d) 120 |
c) 90
corp-law |
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The voluntary dissolution of the corporation may be accomplished by all of the following except:
a) vote or written consent of shareholders or members representing 50% or more of the voting power b) vote or written consent of the Board of Directors representing 50% or more of the voting power c) resolution of the Board of Directors of the corporation which has disposed of all of its assets and has not conducted any business for a period of five years d) term for which corporation was organized expires without renewal or extension thereof |
b) vote or written consent of the Board of Directors representing 50% or more of the voting power
corp-law |
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The members of a limited liability company are required to enter into an operating agreement:
a) before filing the articles of organization b) after filing the articles of organization c) either a or b above d) neither a or b above |
c) either a or b above
corp-law |
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On the winding up of the limited liability company, the assets must be distributed as follows EXCEPT:
a) to creditors, including members for creditors to satisfy the debts of the partnership b) to members to satisfy liabilities for distributional declared but not paid c) to all members in the proportions in which those members share and distribution d) to the Franchise Tax Board |
d) to the Franchise Tax Board
corp-law |
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In a limited liability company dissolution, the managers or members who filed the certificate of dissolution must file:
a) Certificate of Termination b) Certificate of Cancellation c) Certificate of Discontinuation d) both a and b |
b) Certificate of Cancellation
corp-law |
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In a Short Form merger, California Corporations Code section 1110 allows the merger of the subsidiary corporation into the parent corporation by a simple procedure if the parent owns what percent of the outstanding shares of the subsidiary?
a) 50% b) 55% c) 75% d) 100% |
d) 100%
corp-law |
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There are two types of partnerships:
a) unlimited and limited b) general and limited c) limited and specific d) all of the above |
b) general and limited
corp-law |
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The Corporations Code provides that a limited partnership is to dissolved and its affairs wound up upon which of the following events?
a) The expiration of the term, or occurrence of the event, established in the partnership agreement as causing dissolution. b) The written consent of all general partners and the majority in interest of the limited partners, unless otherwise provided in the partnership agreement, within six months after the last remaining general partner has ceased to be a general partner c) the general partner's ceasing to be a general partner, pursuant to section 15642 (incompetency, death, or inability to perform), unless the partners otherwise agree d) any one of a, b, or c above |
d) any on e of a, b, or c above
corp-law |
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A meeting of the partners may be called by any of the general partners or by how much of the interest of the limited partners?
a) 5% b) 10% c) 25% d) 50% |
b) 10%
corp-law |
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What document is not among the initial documents prepared to form a new corporation in the State of California?
a) Articles of Incorporation b) Minutes of First Meeting c) Operating Agreement d) Statement of Information |
c) Operating Agreement
corp-law |
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If a corporation is a "close corporation," its name must contain which word in its title?
a) Corporation b) Incorporated c) Inc. d) any of the above |
d) any of the above
corp-law |
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The notice filed under Corporations Code section 25102(f) is the largest exemption available and pertains to securities sold to not more than how many persons?
a) 10 b) 25 c) 35 d) 50 |
c) 35
corp-law |
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A Notice of Issuance of Shares must be filed with or mailed for filing to the Commissioner of Corporations not later than how many business days after receipt of consideration for the securities of the issuer?
a) 10 b) 5 c) 20 d) 30 |
a) 10
corp-law |
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A Statement of Information contains:
a) names of shareholders b) names of directors c) number of shares d) names of incorporator |
b) names of directors
corp-law |
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Each LLC shall file with the Secretary of State a statement of information giving current information about the LLC.
a) annually b) biennially c) semi-annually d) quarterly |
b) biennially
corp-law |
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In the formation of a general partnership, which of the following is to be filed with the Secretary of State?
a) Certificate of Limited Partnership b) Statement of Partnership Authority c) Operating Agreement d) Certificate of Partnership Authority |
b) Statement of Partnership Authority
corp-law |
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A limited liability company that has filed a Certificate of Dissolution may file a Certificate of Continuation with the Secretary of State in the following circumstances:
a) the remaining members unanimously vote to continue the business b) each member who consented to the dissolution has agreed in writing to revoke his/her vote in favor of or consent to the dissolution c) the limited liability company was not in fact dissolved d) All of the above |
d) All of the above
corp-law |
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Bylaws may include the following provisions:
a) proxies b) officers and their duties c) notice of meeting dates d) all of the above |
d) all of the above
corp-law |
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Officers are elected by the:
a) shareholders b) directors c) members d) incorporators |
b) directors
corp-law |
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True or false?
A person admitted to a limited partnership as a partner need not make any contribution in money, property, or services or other obligation to contribute money or property or to render services in order to acquire a partnership interest. |
True
corp-law |
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True or false?
Section 15632 of the Corporations Code provides that limited partner is not liable for any obligation of a limited partnership unless named as a general partner in the certificate of limited partnership, or, in addition to the exercise of rights and powers as a limited partner, the limited partner participates in the control of the business. |
True
corp-law |
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True or false?
Name availability may be checked with the Corporation Name Availability Section of the Secretary of State's office in Sacramento by mail or through a private service. Name availability may also be checked at the Secretary Of State website. |
True
corp-law |
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True or false?
If initial directors are named in the Articles of Incorporation, the names and addresses of the persons appointed must be included in a separate numbered article provision, and each initial director must sign and acknowledge Articles of Corporation. |
True
corp-law |
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True or false?
A professional corporation renders its professional services only through individuals who are duly licensed in the particular profession involved. |
True
corp-law |
|
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True or false?
There are three major categories of nonprofit corporations: mutual benefit, public benefit, and religious. |
True
corp-law |
|
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True or false?
The bylaws of a corporation determine how its internal business structure will be established and its purpose carried out |
True
corp-law |
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True or false?
If no other place is stated or fixed in the bylaws, the shareholder meetings are to be held at the principal executive office of the corporation. |
True
|
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True or false?
An interest in a limited partnership's personal property, and a partner has an interest in specific partnership property. |
False
corp-law |
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True or false?
The words of bank, trust, or trustee may be used as a part of the corporate name of a regular corporation. |
False
corp-law |
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True or false?
In the selection of a corporate name, the use of the word Olympic or Olympiad could be considered a violation of federal law. |
True
corp-law |
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After the Articles of Incorporation are filed, the incorporator should:
a) adopt the bylaws b) execute a Statement of Incorporator c) elected the initial directors d) |
b) execute a Statement of Incorporator
corp-law |
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Which of the following is not a category of nonprofit corporations?
a) nonprofit public benefit corporation b) nonprofit religious corporation c) nonprofit mutual benefit corporation d) nonprofit domestic benefit corporation |
d) nonprofit domestic benefit corporation
corp-law |
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Unless a waiver of notice is executed, a special meeting of the Directors shall require how much notice?
a) 24 hours b) 3 days c) 4 days by mail |
c) 4 days by mail
corp-law |
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The two classes of the corporation are:
a) domestic and foreign b) foreign and regular c) profit and nonprofit |
a) domestic and foreign
corp-law |
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True or false?
The initial directors of the corporation must be named in the Articles of Incorporation. |
False
corp-law |
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Nonprofit corporations are organized:
a) exclusively for charitable, religious, educational, social or recreational purposes b) to make a profit c) exclusively for any religious purpose |
a) exclusively for charitable, religious, educational, social or recreational purposes
corp-law |
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A corporate name that includes an individual's name:
a) does not need any other words in the name b) must include another word or words to show that it is a corporation and not an individual |
b) must include another word or words to show that it is a corporation and not an individual
corp-law |
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Prior to filing Articles of Incorporation you should:
a) file for a business license b) check the availability of the name with that Corporation Name Availability Section of the Secretary of State c) do a web search to see if that name is already being used by another corporation |
b) check the availability of the name with that Corporation Name Availability Section of the Secretary of State
corp-law |
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The minimum requirements of the Articles of Incorporation for domestic stock corporations include:
a) name of corporation, structure of shares, appointment for an agent for service of process, and the signatures of the directors or the incorporator b) name of corporation, purpose of corporation, number of shares authorized, the bylaws, and the statement of the incorporator c) name of corporation, purpose of corporation, structure of shares, number of shares authorized, appointment of an agent for service of process, and signatures of the directors or the incorporator |
c) name of corporation, purpose of corporation, structure of shares, number of shares authorized, appointment of an agent for service of process, and signatures of the directors or the incorporator
corp-law |
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In the first quarter of each accounting period, the Corporation:
a) needs to estimate the tax requirements for the Franchise Tax Board b) does not need to pay taxes c) must pay minimum franchise tax to Franchise Tax Board of $800 |
c) must pay minimum franchise tax to Franchise Tax Board of $800
corp-law |
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The instrument that serves as conclusive evidence of having formed an LLC is:
a) Articles of Incorporation b) Articles of Organization c) Bylaws |
b) Articles of Organization
corp-law |
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Which of the following is not required for domestic stock corporation Articles of Incorporation?
a) purpose of the Corporation b) number of shares authorized c) officers of the corporation |
c) officers of the corporation
corp-law |
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The required Federal Employer Identification Number is obtained from the IRS. Which of the following is the form the application is made on?
a) CF-1 b) DE-1 c) SS-4 |
c) SS-4
corp-law |
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True or false?
Articles of Incorporation must be prepared before a proposed name can be acquired. |
False
corp-law |
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If the Secretary of State reserves the name for Smith's Automotive on June 1, the reservation will expire on:
a) June 10 b) June 30 c) July 15 d) July 31 |
d) July 31
corp-law |
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What is the fee paid to the Secretary of State for dissolving a corporation?
a) $100 b) $30 c) no fee d) $25 |
c) no fee
corp-law |
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True or false?
It is mandatory that a corporation adopt a set of bylaws. |
False
corp-law |
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As soon as possible after the annual meeting of the shareholders, the newly elected directors hold their regular annual meeting for the purpose of:
a) purchasing a corporate seal b) paying bills c) electing officers |
c) electing officers
corp-law |
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A close corporation must state that its issued shares of all classes of stock may not be held of record by more than a specified number of persons, not to exceed:
a) 50 b) 35 c) 45 |
b) 35
corp-law |
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True or false?
The three phases of a corporation's life are formation, daily operations, and termination. |
True
corp-law |
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When forming a general partnership, the statement of partnership authority must be executed by how many partners?
a) majority b) two c) one |
b) two
corp-law |
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A what allows the merger of the subsidiary corporation into a parent corporation if the parent corporation owns 100% of the outstanding shares of the subsidiary.
a) interspecies merger b) merger by agreement c) short form merger |
c) short form merger
|
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Under the Corporations Code section 25102(f) exemption, securities are sold to not more than how many persons?
a) 10 b) 25 c) 35 |
c) 35
corp-law |
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Officers manage the day-to-day operations of the corporation. Which of the following officers is not necessary?
a) President b) Chief financial officer c) Secretary d) Vice president |
d) Vice president
corp-law |
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|
True or false?
Professional corporations are governed by the Moscone-Knox Professional Operations Act. |
True
corp-law |
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True or false?
Law corporations and medical corporations are types of professional corporations. |
True
corp-law |
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True or false?
Subchapter C corporations are subject to double taxation. The corporations are subject to income tax and the shareholders are subject to income tax on dividends. |
True
corp-law |
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Which of the following is true for S corporations:
a) It must not have more than 75 shareholders b) It may not have nonresident aliens or entities as shareholders c) It can only have one class of stock d) All of the above |
d) All of the above
corp-law |
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True or false?
If electing to become an S corporation, the election form requires signatures of all shareholders and their spouses. |
True
corp-law |
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True or false?
The deadline for a new corporation to file for S status is _____ months and ____ days AFTER the earliest of: 1. The data Corporation first had shareholders 2. The data Corporation first had assets 3. The data Corporation began doing business |
2 months and 15 days
corp-law |
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True or false?
Nonprofit status is a concept of income tax law and tax exempt status is a concept of state corporation law. |
False.
It is the opposite. Tax exempt status is a concept of income tax law and nonprofit status is a concept of state corporation law. corp-law |
|
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True or false?
Nonprofit corporations may apply for tax exemption only from the IRS (Federal) and not from the California Franchise Tax Board. |
False
Nonprofit corporations may apply for tax consumption from the IRS and the California Franchise Tax Board. corp-law |
|
|
True or false?
The California Commissioner of Financial Institutions must approve any corporate name that contains bank, trust, or trustee. |
True
corp-law |
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You may reserve and available corporate name by mail for $____ or over-the-counter for $____.
|
You may reserve and available corporate name by mail for $10 or over-the-counter for $40.
corp-law |
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Filing fees for that Articles of Incorporation are $____ for stock corporations and $____ for nonprofit corporations. If filing over the counter, an additional $____ is due (separate check).
|
Filing fees for that Articles of Incorporation are $100 for stock corporations and $30 for nonprofit corporations. If filing over the counter, an additional $15 is due (separate check).
corp-law |
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The filing fee for Articles of Incorporation includes two certified copies. Additional copies are available for $___ each.
|
The filing fee for Articles of Incorporation includes two certified copies. Additional copies are available for $8 each.
corp-law |
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All corporations must pay a minimum franchise tax of $____ to the California Franchise Tax Board in the ____ quarter of each accounting period, whether active or not.
|
All corporations must pay a minimum franchise tax of $800 to the California Franchise Tax Board in the FIRST quarter of each accounting period, whether active or not.
corp-law |
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Once the Articles of Incorporation are filed, the incorporator(s) should execute a Statement of __________ in which the incorporator adopts the ______ and elects the initial _________ of the corporation.
|
Once the Articles of Incorporation are filed, the incorporator(s) should execute a Statement of INCORPORATOR in which the incorporator adopts the BYLAWS and elects the initial DIRECTORS of the corporation.
|
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True or false?
Directors can, without a meeting, take all necessary action by unanimous written consent to avoid the inconvenience of coordinating the Organizational Meeting. |
True
corp-law |
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A corporation may have as few as __ director before shares are issued.
If the corporation issues stock to 2 shareholders, it must have at least __ directors. If the corporation issues stock to 3 or more shareholders, it must have at least __ directors. |
A corporation may have as few as 1 director before shares are issued.
If the corporation issues stock to 2 shareholders, it must have at least 2 directors. If the corporation issues stock to 3 or more shareholders, it must have at least 3 directors. corp-law |
|
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True or false?
Securities (stock, bond, promissory note, or other evidence of indebtedness issued by a business) must be in writing. |
False
corp-law |
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Which corporate officers a sign the stock certificates?
|
The President and the Secretary sign the stock certificates.
corp-law |
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If a corporation does not meet exemption criteria for the sale of securities, it is deemed qualified and must file an Application for _________ by __________ with a ____________________.
|
If a corporation does not meet exemption criteria for the sale of securities, it is deemed qualified and must file an Application for Qualification by Permit with a Commissioner of Corporations.
corp-law |
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A written notice of a special meeting of the shareholders must be given not less than ___ days or more than ___ days before the date of the meeting. The notice must be given to each shareholder entitled to vote.
|
A written notice of a special meeting of the shareholders must be given not less than 10 days or more than 60 days before the date of the meeting. The notice must be given to each shareholder entitled to vote.
corp-law |
|
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When eligible shareholders request in writing a special meeting, the corporation must notify all shareholders entitled to vote not less than ___ days nor more than ___ days after receipt.
|
When eligible shareholders request in writing a special meeting, the corporation must notify all shareholders entitled to vote not less than 35 days nor more than 60 days after receipt.
corp-law |
|
|
True or false?
Unless otherwise noted in the Articles of Incorporation or the Bylaws, a majority of shares entitled to vote constitute a quorum. |
True
corp-law |
|
|
True or false?
Once you have a quorum at a meeting of shareholders, you can do business. If in the process, a shareholder leave the meeting leaving less than a quorum, the meeting must stop and no more business can be transacted. |
False
The meeting may continue. corp-law |
|
|
True or false?
Regular meetings of the Board of Directors may be held during the year without notice of time and place if they are fixed in advance by the Bylaws or the Board of Directors. |
True
corp-law |
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Special meetings of the Board of Directors may be held on __ days' notice by mail or __ hours' notice delivered personally or by other means.
|
Special meetings of the Board of Directors may be held on 4 days' notice by mail or 48 hours' notice delivered personally or by other means.
corp-law |
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Any corporation can wind up and dissolve by it least ___% or more of the shareholders' voting power.
|
Any corporation can wind up and dissolve by it least 50% or more of the shareholders' voting power.
corp-law |
|
|
The existence of a corporation and when it has filed a Certificate of ________ with the Secretary of State.
|
The existence of a corporation and when it has filed a Certificate of DISSOLUTION with the Secretary of State.
corp-law |
|
|
True or false?
An LLC may have officers but is not required to. |
True
corp-law |
|
|
A name for an LLC may be reserved before filing for a period of ___ days.
|
A name for an LLC may be reserved before filing for a period of 60 days.
corp-law |
|
|
True or false?
The person executing and filing the Articles of Organization must be a member of the LLC. |
False.
corp-law |
|
|
True or false?
California law permits professional LLCs. |
False
corp-law |
|
|
True or false?
The adoption of bylaws is optional since the matters usually included in the bylaws are covered in the Corporations Code. |
True.
However, virtually all corporations adopt bylaws. If the number of directors of a corporation is not stated in the Articles of Incorporation, bylaws are mandatory must specify the number of directors. corp-law |
|
|
True or false?
The incorporation process is not complete until the first meeting has been held by the directors and shares of the corporation's stock have been issued to shareholders. |
True according to the Corporations handout dated 2/9/2008 from the CCLS workshop
corp-law |
|
|
If a corporation has or has had one or more employees and paid wages for employment in excess of $___ during any calendar quarter, they are required to register with the state of California Employment Development Department within ___ days of paying the wages.
|
If a corporation has or has had one or more employees and paid wages for employment in excess of $100 during any calendar quarter, they are required to register with the state of California Employment Development Department within 15 days of paying the wages.
corp-law |
|
|
True or false?
It is unlawful for stock to be sold in California by a corporation, unless the sale has been "qualified," (approved by the Department of Corporations) or "exempt" from the need to qualify. |
True
corp-law |
|
|
And Inventory and Appraisal must be filed by the personal representative within how many months after the date of appointment?
a) 3 1/2 months b) 9 months c) 6 months d) 4 months |
d) 4 months
Failure or refusal can revoke the Letters and the personal representative is liabl on his or her bond for injury to the estate or any person interested in it. probate-law |
|
|
True or false?
A probate referee appraises cash, money accounts, and insurance proceeds. |
False
A probate referee appraises all other property other than cash, money accounts, and insurance proceeds. probate-law |
|
|
True or false?
Eight months after the date of death, United States and California Estate Tax Returns must be filed. |
False.
The correct answer is 9 months. probate-law |
|
|
The computation of statutory commissions and fees in probate matters is determined without reference to:
a) amount fixed by the Probate Code b) gains over the appraised value on sales c) value of the estate d) encumbrances and other obligations on a state property |
d) encumbrances and other obligations on a state property
(J-20) probate-law |
|
|
True or false?
After an original Will has been stapled, it can be unstapled to make adequate copies. |
False
The original Will should not be unstabled for any purpose. probate-law |
|
|
In a testate proceeding the Notice of Peition to Administer Estate must be published in a newspaper:
a) in a city or area the decedent last resided at time of death b) where the executor currently resides c) in the city and county where the courthouse is located when filing probate d) any newspaper of general circulation in the state were decedent died |
a) in a city or area the decedent last resided at time of death
(J-12) probate-law |
|
|
In a probate matter, title to real property is conveyed by obtaining a certified copy of the order or judgment and then:
a) mailing a copy to the named beneficiary b) filing the proper discharge and order c) completing a change in ownership form d) recorded in each county in which real property is located |
d) recording it in each county in which real property is located
(J-20) probate-law |
|
|
A holographic Will must be submitted along with:
a) proof of the decedent's handwriting written by decedent within the last five years b) 5 photocopies of the purported document c) a typewritten counterpart setting forth the Will in its entirety d) a videotape or audiotape, if any, to which the decedent refers |
c) a typewritten counterpart setting forth the Will in its entirety
probate-law |
|
|
When must be original Will and any codicils be filed?
a) within 60 days after the death of the decedent b) within 90 days after the death of the decedent c) within 30 days after the death of the decedent d) there is no statutory requirement |
c) within 30 days after the death of the decedent
probate-law |
|
|
If the court sets apart a probate homestead for a minor child, what is the limited period of time for the set apart?
a) the minor child's majority plus one year b) one year from the set aside c) until a sale of the property can be completed d) cannot extend beyond the child's majority |
d) cannot extend beyond the child's majority
probate-law |
|
|
When must the Inventory and Appraisal be filed?
a) 4 months after issuance of Letters b) six months after filing of the Petition for Probate c) 60 days after issuance of Letters d) 90 days after issuance of Letters |
a) 4 months after issuance of Letters
probate-law |
|
|
If an interested person wishes to contest a Will, he or she must do so within:
a) 60 days after the court admits the Will b) 90 days after Notice of Probate c) 180 days after Notice of Probate d) 120 days after the date the court admits the Will to Probate |
d) 120 days after the date the court admits the Will to Probate
|
|
|
Under Probate Code section 13151, real property may be passed by filing a Petition to Determine Succession to Real Property if the value is less than:
a) $50,000 b) $75,000 c) $100,000 d) $150,000 |
c) $100,000
You must still attach an Inventory and Appraisal, which is completed by a court-appointed referee. probate-law |
|
|
The estate may be closed if 4 months have elapsed since the issuance of Letters and:
a) all required reports have been filed b) creditor's claims period has expired c) Inventory and Appraisal has been filed d) report and First Accounting has been filed with the court |
b) creditor's claims period has expired
probate-law |
|
|
A statement of all assets of an estate with their officially determined values is known as:
a) Letters Testamentary b) Final Account and Report c) Inventory and Appraisal d) Inheritance Tax Declaration |
c) Inventory and Appraisal
probate-law |
|
|
The personal representative of a decedent's estate for which a federal estate tax return is not required, must file a petition for final distribution or a verified report of the administration status within what time frame after Letters are issued?
a) 1 year b) in a reasonable time c) 90 days d) 120 days |
a) 1 year
probate-law |
|
|
A "testamentary trust" is a trust created in a Will and becomes effective upon:
a) execution of the Will b) death of the testator c) judgment of distribution |
b) death of the testator
probate-law |
|
|
Actions requiring Notice of Proposed Action are:
a) allowance of personal representative compensation b) settlement of accounts c) leasing real property for a term in excess of one year |
c) leasing real property for a term in excess of one year
probate-law |
|
|
If the decedent received health care under Welfare and Institutions Code section 14000, notice of the death and a copy of the death certificate must be mailed to the Director of Health Services at the Sacramento office no later than how many days after the date Letters are issued?
a) 60 days b) 90 days c) 120 days |
b) 90 days
The Director shall have 4 months after such notice within which to file a claim. probate-law |
|
|
If a personal representative has rejected a creditor's claim, the creditor has how many month(s) after service of notice of rejection to bring suit?
a) three months b) two months c) one month |
a) three months
probate-law |
|
|
Preliminary distribution of a portion of the estate is permitted when how many month(s) have elapsed after the first issuance of letters.
a) 1 month b) 2 months c) 3 months |
b) 2 months
probate-law |
|
|
On a petition for appointment of guardian, at least 30 days before the hearing, a copy of the petition and the notice must be mailed or personally served on the director of the regional center in which the following conditions exist:
a) the proposed guardian has developmental disabilities b) the proposed guardian is the natural parent of the proposed ward c) the proposed guardian is a public entity |
b) the proposed guardian is the natural parent of the proposed ward
(This has to do with a developmentally disabled minor living in a facility.) probate-law |
|
|
There are how many types of the conservatorships?
a) three b) one c) two |
a) three
(According to K-9, there are 7 types.) probate-law |
|
|
The selection of a conservator is at the discretion of the court. The court's preference shall be in the following order:
a) spouse or domestic partner; parent; sibling b) spouse or domestic partner; adult child; parent c) adult child; parent; spouse or domestic partner |
b) spouse or domestic partner; adult child; parent
(K-10) probate-law |
|
|
The temporary guardian or conservator or of the estate shall file with the court an Inventory and Appraisal within how many days after the date of appointment?
a) 60 days b) 120 days c) 90 days |
c) 90 days
probate-law |
|
|
Within how many days after the Inventory and Appraisal is filed, the guardian or conservator or any creditor may file written objections to any or all of the appraisals?
a) 30 days b) 60 days c) 90 days |
a) 30 days
probate-law |
|
|
True or false?
If there are two or more personal representatives, the compensation shall be apportioned among them by the court. |
True
probate-law |
|
|
True or false?
One of the conditions to be satisfied for court confirmation of a private sale of real property is that the real property has been appraised within 9 months prior to the date of the confirmation hearing. |
False.
Within 1 year. probate-law |
|
|
True or false?
Two or more joint guardians or conservators of the person or estate, or both, may be appointed in the court's discretion. |
True
probate-law |
|
|
True or false?
If the decedent is survived by a spouse, dependent children, or dependent parent(s), a family allowance is available. |
True
probate-law |
|
|
True or false?
The personal representative should file a change of address with the post office to have the decedent's mail forwarded to the personal representative or the attorney for the estate. |
True
probate-law |
|
|
Pursuant to Probate Code section 13100, after ____ days from the death of a married person, the surviving spouse or personal representative has full powers to sell, convey, lease, mortgage, or otherwise deal with property of a decedent.
|
30 days
probate-law |
|
|
At any time after ___ months from issuance of Letters, the personal representative and the attorney may petition the court for allowance of commissions for services rendered up to that time.
|
4 months
probate-law |
|
|
True or false?
The personal representative is required to render an account when all persons entitled to distribution of the estate have executed and filed a written Waiver of Accounting. |
False
probate-law |
|
|
True or false?
A single petition may be used for a request to appoint a guardian(s) for several minors who are siblings. |
True
probate-law |
|
|
True or false?
A conservatorship continues until terminated by the death of the conservatee or by order of the court. |
True
probate-law |
|
|
True or false?
In preparing the Inventory and Appraisal, a statement should be included as to whether the items are community, quasi-community, or separate property. |
True
probate-law |
|
|
True or false?
The estate must apply for a taxpayer identification number. |
True
probate-law |
|
|
Real property valued at $______ or less may be passed to the beneficiaries by filing a Affidavit re Real Property of Small Value.
|
$20,000
Must attach an Inventory and Appraisal completed by a court appointed referee. probate-law |
|
|
You must filed the original Will and any codicils within ___ days of having knowledge of the death of a testator.
|
30 days
probate-law |
|
|
Prepare and file an Inventory and Appraisal within ___ months after the issuance of the Letters.
|
4 months
(J-8) probate-law |
|
|
Each creditor is to receive a Notice of Administration of the Estate/Notice to Creditors.
A creditor has the later of ___ months from the date Letters are first issued or ___ days from the date the Notice is mailed to such creditor in which to file a claim. |
A creditor has the later of 4 months from the date Letters are first issued or 60 days from the date the Notice is mailed to such creditor in which to file a claim.
probate-law |
|
|
If the total of the estate warrants, a United States Tax Return (Form 706) must be filed and any taxes paid within ___ months of the date of death.
|
9 months
Taxes are subject to both interest and a penalty if not filed and paid by the deadline. If an extension is granted, interest still accrue. probate-law |
|
|
A "reappraisal for sale" is required if real property is being sold at a private sale more than ___ year(s) after death or if the court is satisfied the appraisal is too high or too low.
|
1 year
probate-law |
|
|
True or false?
The proper county for administration of a decedent's estate is the county of which decedent was a resident at the time of death, regardless of where the death occurred. |
True
probate-law |
|
|
True or false?
Joint tenancy items are treated as estate assets and are included in the Inventory and Appraisal. |
False
probate-law |
|
|
True or false?
Any person interested in an estate may file a Request for Special Notice (a Judicial Council Form). |
True
probate-law |
|
|
Under Probate Code section 13100, an affidavit or declaration may be prepared and assets transferred to te person entitled to them if the gross value of decedent's real and personal property does not exceed $_________ and ___ days have elapsed since the death of the decedent.
|
$100,000 and 40 days
probate-law |
|
|
True or false?
It is not necessary to attach a certified copy of a death certificate to an Affadavit - Death of Joint Tennant. |
False
probate-law |
|
|
True or false?
The personal representative's Letters may be revoked and is liable on his or her bond if he or she fails to file the Inventory and Appraisal with the court clerk. |
True
probate-law |
|
|
How many times does the local newspaper have to publish the Notice of Petition to Administer Estate?
a) 5 times b) 1 time c) 3 times d) none of the above |
c) 3 times
probate-law |
|
|
In a testate proceeding, what is the first step that a legal secretary should do before commencing proceeding?
a) photocopy the Will b) order certified copies of the death certificate c) open the safe deposit box d) all of the above |
b) order certified copies of the death certificate
probate-law |
|
|
The safe deposit box may be opened:
a) before the probate hearing b) for the sole purpose of locating the decedent's Will c) all of the above |
c) all of the above
probate-law |
|
|
In a probate matter, how many days before the hearing must the first publication of been Notice being made?
a) 10 days b) 5 days c) 15 days d) 3 days |
c) 15 days
probate-law |
|
|
Who appoints the Administrator with Will Annexed?
a) the personal representative b) the court c) the probate referee d) none of the above |
b) the court
probate-law |
|
|
The Order for Probate must include a warning that the appointment is not effective until:
a) Letters have been issued b) all creditors have been notified c) all of the above d) none of the above |
a) Letters have been issued
probate-law |
|
|
The estate may be closed if:
a) 4 months have elapsed since the date of the first issuance of the Letters and the creditor's claim period has expired b) no suits are pending against the estate c) estate taxes have been determined and paid d) all of the above |
d) all of the above
probate-law |
|
|
True or false?
In a probate matter with real estate involved, it is not necessary to notify the county assessor. |
False
Before filing the Inventory and Appraisal, the executor must notify the assessor. A Change in Ownership Statement (Death of Real Property Owner) form must be filed. probate-law |
|
|
If the executor believes that the decedent had an heir or a devisee who is in jail, the executor must notifiy:
a) Director of the Department of Corrections b) the local County Sheriff c) the Department of Corrections d) the Director of the California Victim Compensation and Government Claims Board |
d) the Director of the California Victim Compensation and Government Claims Board
Notice must be no later than 90 days after the date Letters are first issued. They have 4 months after such notice to file a claim. probate-law |
|
|
True or false?
Estate taxes must be paid before closing an estate. |
True
|
|
|
True or false?
If the executor named in the Will is unable to act and no alternative executor is named, a person to act as Administrator with Will Annexed must be appointed and furnish a bond. |
True
probate-law |
|
|
When filing a probate notice, a hearing must be obtained. The hearing date must not be less than ___ days nor more than ___ days after the date of filing the Petition.
|
When filing a probate notice, a hearing must be obtained. The hearing date must not be less than 15 days nor more than 30 days after the date of filing the Petition.
probate-law |
|
|
The Notice of Petition to Administer Estate must be published in the newspaper at least ___ times, with that least ___ days between the first and the last publication dates. The first publication must be made at least ___ days before the hearing date.
|
The Notice of Petition to Administer Estate must be published in the newspaper at least 3 times, with that least 5 days between the first and the last publication dates. The first publication must be made at least 15 days before the hearing date.
probate-law |
|
|
True or false?
A self-proving Will is a Will that has a witness attestation clause that says that it was signed under penalty of perjury. |
True
probate-law |
|
|
If they will does not have a witness attestation clause, then you must obtain a Proof of ___________.
|
If they will does not have a witness attestation clause, then you must obtain a Proof of Subscribing Witness.
probate-law |
|
|
In 2009, preparation of the Federal Estate Tax Return was required only for estates valued at $___________ or more.
|
In 2009, preparation of the Federal Estate Tax Return was required only for estates valued at $3,500,000 or more.
probate-law |
|
|
By ___________ (Month and day) of the year following the date of death, final individual tax returns for the decedent's last calendar year must be filed in any taxes paid.
|
By April 15 of the year following the date of death, final individual tax returns for the decedent's last calendar year must be filed in any taxes paid.
probate-law |
|
|
No later than April 15 of the year following the date of death or ____ months after the close of the year (if on a fiscal year), fiduciary income tax returns must be filed and taxes paid if the estate's gross income exceeds $______.
|
No later than April 15 of the year following the date of death or 4.5 months after the close of the year (if on a fiscal year), fiduciary income tax returns must be filed and taxes paid if the estate's gross income exceeds $600.
probate-law |
|
|
A Notice of Proposed Action must be served at least ___ days prior to selling assets of the estate by the executor.
|
A Notice of Proposed Action must be served at least 15 days prior to selling assets of the estate by the executor.
probate-law |
|
|
If a federal estate tax return is required and filed, the Status Report is due ___ months after Letters are issued.
|
If a federal estate tax return is required and filed, the Status Report is due 18 months after Letters are issued.
probate-law |
|
|
True or false?
In a probate matter, Notice to File or Present Claim must be given to the following agencies: - State Board of Equalization - Franchise Tax Board - Employment Development Department - State Department of Mental Health - Director of Health Services (Medi-Cal programs) |
True
probate-law |
|
|
No later than ___ year after the date of death, fiduciary income tax returns must be filed and taxes paid if the state's income exceeds its expenses.
|
No later than 1 year after the date of death, fiduciary income tax returns must be filed and taxes paid if the state's income exceeds its expenses.
If the probate is more than one year and income continues to exceed the expenses, fiduciary income taxes must be filed and paid. probate-law |
|
|
True or false?
Is a voidable marriage is not declared a nullity within the time specified under the statutes, it becomes valid. |
True
f-law |
|
|
In order to file for dissolution of marriage, a party is required to have resided in the state of California for a minimum of___ months and in the county where the dissolution is filed for a minimum of ___ months before filing the action.
|
In order to file for dissolution of marriage, a party is required to have resided in the state of California for 6 months and in the county where the dissolution is filed for 3 months before filing the action.
f-law |
|
|
True or false?
The discovery procedures used in family law are similar to the discovery procedures in civil litigation. |
True
f-law |
|
|
True or false?
The grounds for filing a legal separation are the same as a dissolution of marriage, but residency requirements are not applicable. |
True
f-law |
|
|
True or false?
A summary dissolution may be filed by just one party if all of the conditions are met. |
False. Both parties must agree.
f-law |
|
|
True or false?
The consent of both parties is necessary for a judgment of legal separation, unless one party has not made a general appearance. |
True
f-law |
|
|
True or false?
In a summary dissolution, either party may revoke the petition and terminate the proceedings. |
True
f-law |
|
|
True or false?
A party who is alleged to be in default of support payments may not move to quash the earnings assignment order. |
False
f-law |
|
|
True or false?
If the clients stipulate to a child support amount less than that of the established guidelines, no change of circumstances needs to be shown to obtain a modification of child support. |
True
f-law |
|
|
Prior to any agreement to divide property (or no later than 45 days prior to the trial date) the parties must serve on each other:
a) all discovery b) a Schedule of Assets and Debts c) a Declaration of Disclosure |
c) a Declaration of Disclosure
f-law |
|
|
Which of the following is not a condition in which allows a party to obtain a summary dissolution?
a) there is no real property owned by the couple b) the total value of any separate property owned by either party may not exceed $40,000 c) the unpaid obligations incurred during the marriage, excluding car purchase balances, are less than $5,000 |
b) the total value of any separate property owned by either party may not exceed $40,000
f-law |
|
|
True or false?
A legal separation proceeding determines child custody, support, and property rights of a husband and wife after they separate, but leaves the parties still married. |
True
f-law |
|
|
A Declaration Under Uniform Child Custody Jurisdiction and Enforcement Act form must be filed:
a) when the parents reside in different states b) in every matter in which minor children are involved c) when custody is contested |
b) in every matter in which minor children are involved
f-law |
|
|
Within 30 days after service of a request for joinder, the employee pension benefit plan must file and serve:
a) answer to request for joinder b) notice of appearance and response of employee pension benefit plan c) acknowledgment of request and accounting |
b) notice of appearance and response of employee pension benefit plan
f-law |
|
|
In order for a minor to be emancipated, who must file the petition?
a) the minor b) one of the minor's parents c) the minor child and his/her parents |
a) the minor
f-law |
|
|
And emergency protective order expires at the earliest of:
a) the close of judicial business on the fifth court day or seventh calendar days following issuance b) 5 days after issuance c) 10th calendar day following the issuance |
a) the close of judicial business on the fifth court day or seventh calendar days following issuance
f-law |
|
|
The consent of both parties is necessary for a judgment of legal separation unless:
a) one party files a notice of non-opposition b) the marriage lasted less than one year c) one party has not made a general appearance |
c) one party has not made a general appearance
f-law |
|
|
How many days after judgment was served, does a Child Support Registry Form have to be filed?
a) 30 days b) 10 days c) 15 days |
b) 10 days
f-law |
|
|
What else must be provided with a completed Preliminary Declaration of Disclosure unless it has been previously provided?
a) completed income and expense declarations b) income tax records c) wage verification |
a) completed income and expense declarations
f-law |
|
|
Within how many days after service of the petition must the parties served the Preliminary Declaration of Disclosure?
a) 45 days b) 30 days c) concurrently |
c) concurrently
f-law |
|
|
Earnings assignment orders are binding upon any existing and future employers. Within how many days must an obligor notify the obligee of a change of employment and the name and address of the new employer?
a) forthwith b) 10 days c) 15 days |
b) 10 days
f-law |
|
|
Family law matters are governed by:
a) Civil Code b) Family Code and Civil Code c) Family Code d) Family Code and Rules of Court |
d) Family Code and Rules of Court
f-law |
|
|
True or false?
A blank response is served on the respondent at the time the summons and petition are served. |
True
f-law |
|
|
Once a summons and petition for dissolution of marriage have been served on the respondent, he or she has ___ days to file a response.
|
30 days
f-law |
|
|
True or false?
Marriages are valid, void, or voidable. |
True
f-law |
|
|
A Preliminary Declaration of Disclosure is not necessary if they Request to Enter Default is entered.
|
False
f-law |
|
|
True or false?
A family law proceeding becomes contested when the respondent files a response. |
True
f-law |
|
|
True or false?
One party may use the Simplified Financial Statement even if the other party does not qualify to use the simplified form. |
False
f-law |
|
|
In California, a valid marriage can only be dissolved by two things. What are they?
|
1. Death
2. Judgment of dissolution of marriage f-law |
|
|
There are only two grounds for a dissolution of marriage. What are they?
|
1. Irreconcilable differences
2. Incurable insanity |
|
|
True or false?
The validity of the marriage is determined by the law of the state or county where it was contracted. |
True
f-law |
|
|
A valid marriage can only be dissolved by death or judgment; however it can be __________ as if it never existed.
|
however it can be nullified as if it never existed.
f-law |
|
|
In California, what 2 marriages can be voided?
|
1. Incestuous marriage
2. Bigamous/polygamous marriage f-law |
|
|
What are the 6 voidable marriages in California?
|
1. Under the age of consent
2. Former spouse was living although believed to have been dead 3. Unsound mind 4. Consent to marry was obtained by fraud 5. Consent of party was obtained by force 6. A physical incapacity at the time of marriage continues and appears to be incurable f-law |
|
|
Defaults in marriage dissolution cases arise in 2 situations. What are they?
|
1. No response has been filed and no settlement has been reached.
2. No response has been filed but the settlement agreement has been reached. f-law |
|
|
True or false?
In a marriage dissolution case, an uncontested proceeding exists when the respondent has filed a response to a petition with the court (or made a general appearance) and the parties have subsequently resolve all issues prior to trial and stipulates precede uncontested. |
True
f-law |
|
|
True or false?
Parties in dissolution, legal separation, and nullity proceedings are required to fully disclose to each other all financial and property information from the time of separation until the distribution of community property (final). |
True
f-law |
|
|
What 2 disclosure documents in a marriage dissoution must be filed with the court?
|
1. Income and Expense Declaration
2. Declaration regarding Service of the Declaration of Disclosure f-law |
|
|
At in a dissolution of marriage case, when can you use a Simplified Financial Statement?
|
1. Neither party is asking for spousal support or modification of the same
2. Neither party is asking for the other party to pay that party's attorney fees 3. Neither party receives income from any source other than welfare, etc. f-law |
|
|
In a family law action, when child or spousal support is at issue, what is discoverable that is normally not discoverable.
|
State and federal income tax returns.
f-law |
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In a marriage dissolution case, a hearing must be held for bifurcation. Service of the Request for Separate Trial on opposing party is at least ___ days before the date set for hearing of the motion. Opposition to the motion must be filed and served no later than ___ days before the hearing. Reply to the opposition to the motion must be made in writing no later than ___ days before the hearing.
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30 days
10 days 5 days f-law |
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In a marriage dissolution case, an Order to Show Cause may be filed and served under what circumstances?
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1. Temporary order is sought for support, attorney fees, custody, visitation, etc.
2. Modification is sought recently, custody, visitation, etc. 3. Contempt order or an enforcement is sought regarding attorney fees, visitation, support, etc. f-law |
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True or false?
A marital settlement agreement would be filed with the court in a contested dissolution proceeding. |
False
f-law |
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True or false?
A petition is the document utilized to begin the marriage dissolution proceedings. |
True
f-law |
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True or false?
The plaintiff is the person initiating the dissolution proceedings. |
False
The "petitioner" is the person initiating the dissolution proceedings. f-law |
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True or false?
The only manner of service of the summons and petition allowed upon the respondent in a marriage dissolution case is personal service. |
False
f-law |
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True or false?
Standard restraining orders are found on the back of the summons. |
True
f-law |
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True or false?
In a marriage dissolution case, a property declaration contains a list of the assets and liabilities. |
True
f-law |
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True or false?
A summary dissolution proceeding may be utilized if there are minor children of the marriage. |
False
f-law |
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True or fase?
Upon application of the injured party, the court can issue an order to show cause and declaration for contempt if its orders are not being followed. |
True
f-law |
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True or false?
Real property is defined as all property that is not land, buildings, or fixtures permanently affixed to land. |
False
r.estate |
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The way(s) in which real property may be owned by individuals is/are:
a) joint tenancy and tenancy in common b) absolute ownership c) community property and qualified d) all of the above |
d) all of the above
r.estate |
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True or false?
The person or entity who was buying the real property is called the grantor. |
False
The buyer is the grantee. r.estate |
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Name three types of deeds.
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Grant deed
warranty deed quitclaim deed r.estate |
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What document is used to verify that the seller has clear title to the real property and no liens or encumbrances exist against the real property?
a) preliminary title report b) deed of trust c) documentary transfer tax form d) rconveyance |
a) preliminary title report
r.estate |
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Personal property is defined as:
a) the land and all buildings and fixture is permanently attached to the land and intended to be part of the land b) all property which is not land, buildings, or fixtures permanently affixed to land |
b) all property which is not land, buildings, or fixtures permanently affixed to land
r.estate |
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When you have a long legal description of real property, you should:
a) always be type it into the body of the deed b) cut and paste the description from one document to another c) attach it as an exhibit to the deed, but type the first line of the description on the deed form d) retype it into the document, but checked carefully for typos |
c) attach it as an exhibit to the deed, but type the first line of the description on the deed form
r.estate |
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Stocks, bonds, furniture, jewelry, and automobiles would all be considered:
a) real property b) personalty c) escrow d) encumbrances |
b) personalty
r.estate |
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True or false?
The recorder will not accept any documents for filing batter on colored paper. |
True
r.estate |
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All deeds:
a) must have the tax statement mailing address shown at the bottom of the first page b) must specify the address of any one trustor or mortgagor c) shall contain a request by the trustor or mortgagor that a copy of any notice of default and a copy of any notice of sale shall be mailed to the designated trustor or mortgagor d) all of the above |
d) all of the above
r.estate |
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True or false?
Real property may not be owned by more than one person. |
false
r.estate |
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True or false?
There are four classifications of property. |
false
r.estate |
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True or false?
A corporation or limited liability company may own real property. |
True
r.estate |
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True or false?
The most common method of transfer of title to real property is transferred by deed. |
True
r.estate |
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A deed is:
a) a verbal agreement to transfer title to real property b) a written instrument transferring title to personal property c) a document that sets up escrow for real property d) a written instrument transferring title to real property |
d) a written instrument transferring title to real property
r.estate |
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Which fingerprint of the grantor must be taken by the notary for all notarized transactions involving transfer of real property?
a) right index finger b) both left and right index finger c) right thumb d) left thumb |
c) right thumb
r.estate |
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Which type of deed implies covenants of the grantor at the grantor has not transferred the same estate to anyone other than the grantee and that the property is free of encumbrances placed on the property or suffered by the grantor, unless such are expressly accepted?
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grant deed
r.estate |
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Which type of deed is derived from the common law release and transfers only whatever interests of the grantor has at the time of execution, without any implied covenants concerning title or encumbrances?
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quitclaim deed
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Which type indeed contains express covenants, such as covenant against encumbrances and of quiet enjoyment?
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warranty deed
r.estate |
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In a commercial real estate transaction, what document usually begins the transactional process?
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Letter of Intent
r.estate |
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Name four items that a non-commercial real estate purchase contract contains.
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-Name of the buyer and seller
-location and description of real property -purchase price and method of financing -date of closing r.estate |
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When parties deposit items of value into escrow, the parties:
a) receive a promissory note b) cannot give instructions about what must happen before escrow can close c) can give instructions about what must happen before escrow can close d) received a letter of intent |
c) can give instructions about what must happen before escrow can close
r.estate |
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In a promissory note/deed of trust for the purchase of real property, the lender is referred to as the:
a) trustor b) trustee c) beneficiary d) none of the above |
c) beneficiary
r.estate |
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In a promissory note/deed of trust for the purchase of real property, the buyer is referred to as the:
a) trustor b) trustee c) beneficiary d) none of the above |
a) trustor
r.estate |
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In a promissory note/deed of trust for the purchase of real property, the entity that holds the title of the real property for the benefit of the creditor is referred to as the:
a) trustor b) trustee c) beneficiary d) none of the above |
b) trustee
r.estate |
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True or false?
Sellers are generally not obligated to disclose natural hazards such as an earthquake fault or seismic hazard zone which the seller is aware of. |
False
r.estate |
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True or false?
A buyer may file a Declaration of Transfer Tax which keeps the amount of tax paid confidential. |
True
r.estate |
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If the value of property conveyed exceeds $100, the documentary transfer tax is assessed at the maximum allowable tax rate of ____ the value of the property transferred.
a) $.80 per $500 b) $1.10 per $10,000 c) $ per $1000 d) $1.10 per $1000 |
d) $1.10 per $1000
r.estate |
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What document must be completed and filed with the county recorder concurrently with the recordation of any document effecting a change of ownership?
a) Claim for Reassessment Form b) Preliminary Title Report c) Preliminary Change of Ownership Report d) Deed of Trust |
c) Preliminary Change of Ownership Report
r.estate |
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A Deed of Full Reonveyance is used:
a) to give right to exclusive possession of the property to the owner at the end of the term of the lease. b) primarily in estate planning to avoid reassessment c) in conjunction with a Deed of Trust to clear the title of the lean created by fat Deed of Trust d) none of the above |
c) in conjunction with a Deed of Trust to clear the title of the lean created by fat Deed of Trust
r.estate |
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When an obligation secured by any deed of trust has been satisfied, the lender, within ____ calendar days after the obligation has been satisfied, must execute and deliver to the trustee the original note, deed of trust, request for a full reconveyance, and other documents as may be necessary to reconvey the deed of trust.
a) 21 b) 30 c) 45 d) none of the above |
b) 30
r.estate |
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Upon receipt of the necessary documents from the lender, the trustee has ____ calendar days to execute and record the deed of full reconveyance.
a) 21 b) 30 c) 45 d) none of the above |
a) 21
r.estate |
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After the trustee has recorded the deed of full reconveyance, the trustee must deliver a copy of the _______ to the lender.
a) original note b) reconveyance c) promissory note d) none of the above |
b) reconveyance
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Non-commercial real estate transactions usually begin with ___________.
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An offer to buy
r.estate |
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True or false?
Unlawful detainers take precedence on the calendar over ordinary civil actions. |
True
r.estate |
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True or false?
Cross-complaints are permissible in unlawful detainer cases. |
False
They are generally not permissible. r.estate |
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True or false?
An unlawful detainer action cannot start until the tenant's rights to possession of the premises have terminated. |
True
r.estate |
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True or false?
An unlawful detainer cases, you can only demanded the exact amount of unpaid rent, no late charges, utility charges, or security deposit charges. |
True
r.estate |
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In adoption cases, out-of-state petitioners can file adoption petitions:
a) in the county where the child resides b) in the county where the child was born c) in the county where the adoption agency is located |
b) in the county where the child was born
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True or false?
Adoption petitions are generally filed in the county in which the petitioner resides or the minor has been freed for adoption by the juvenile court. |
True
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What are the four categories of adoptions of unmarried minors in California?
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1. Independent adoption
2. Step parent adoption 3. Agency adoption 4. Intercountry adoption |
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True or false?
In step parent adoptions, the child is allowed to inherit from the parent who placed the child for adoption if that parent and the child ever lived together as parent and child. |
True
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True or false?
The Social Security Administration has ruled that adoption terminates a child's right to collect Social Security benefits based on the death of a biological parent. |
False
The adoption does NOT terminate a child's right to collect Social Security benefits based on the death of the biological parent. |
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Prospective adoptive parents shall be at least ___ years older than the child.
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10 years
However exceptions are made. |
