Deck 7 Flashcards
After the court renders an order of judgment, the next instrument to be recorded to create a lien is:
Abstract of Judgment.
A judgment by the court is the final determination of the rights of parties in a lawsuit. A judgment does not automatically create a lien. A summary of the court decision, known as an abstract of judgment, must be recorded with the county recorder to create a general lien.
In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial Code, the buyer is likely to be:
The most injured
: In the event that a seller does not comply with the bulk sales law, the buyer would be the most injured. The laws allow a creditor to obtain rights to the property to sell and satisfy a debt, but the buyer has no such recourse if a seller does not comply.
In California, which of the following statements is true of a tenancy in common?
Unless another form of ownership is described in the deed, co-owners who are not spouses of each other are presumed to be tenants in common.
A “no cash-out refinance” is also sometimes referred to as a
Rate and term refinance
In California, if a court orders a specific lien against a particular debtor, this means that:
The lien is against one particular property of the debtor
A general lien is a lien against all the properties that are owned by the debtor. A specific lien is a lien against a particular property of the debtor.
How long must a real estate salesperson keep a copy of his employment contract with a broker, after quitting the office?
3 years
The Residential Lead-Based Paint Hazard Reduction Act rule states that a seller or lessor of a residential dwelling unit built before 1978 must:
Fully disclose any knowledge the seller has about whether lead-based paint was used in the dwelling
A credit arrangement which allows a customer to borrow against a pre-approved line of credit when purchasing goods and services is called:
Revolving debt
The task of the appraiser is to:
estimate market value.
A bequest is when:
…personal property is transferred by will.
Historically the term bequest is for personal property and devise is for real property. In modern times, the two terms are used interchangeably on most occasions.
What does mortgage life insurance cover?
Mortgage life insurance covers the amount of the loan in the event of the borrower’s death.
An oral agreement between a lessor and lessee is legally:
a valid tenancy at will.
An oral lease for one year or less is enforceable and creates a tenancy at will.
In real estate, the offer to perform on the terms agreed is called:
Tender
A real estate licensee under Federal law should not take restrictive listings or advertise dwellings which suggest discrimination because of the:
Title VIII of the Civil Rights Act of 1968.
A grant deed conveys….
all after-acquired interests in the title
Records at the county recorder’s office are open for public inspection. Which of the following does not have to be accompanied by an employee of the county recorder’s office when examining these public records?
Anyone can examine the public records of the County Recorder’s office without being accompanied by a County Recorder’s Office employee.
An appurtenance is:
stock in a mutual water company.
Transfers with the land. Stock in a mutual water company would be the water rights of the land and must transfer with the land.
Another term for a title search is:
Due diligence
In California, if a corporation owns several properties that were recently listed with a local broker and the officers suddenly were to perish in a plane crash, the listings:
Are valid
Since corporations are entities that do not die, the listings automatically continue to be valid as is
The provision that states all prospective buyers are to be given the same opportunity to select available houses in their price range without restrictions because of race, color, religion, or national origin is found in which law?
The Federal Fair Housing Law
