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Real Estate Exam > Transfer Of Property > Flashcards

Transfer Of Property Flashcards

(68 cards)

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1
Q

Most common way to transfer title?

A

Grant deed

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2
Q

Primary purpose of a grant deed?

A

Convey title from grantor to grantee

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3
Q

Where is the grant deed recorded in county?

A

Where the property is situated

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4
Q

What is true about a grant deed?

A

Does not have to be recorded

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5
Q

A constructive notice is given by which actions?

A

Possession or recording

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6
Q

A grant deed must be?

A

Delivered and accepted

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7
Q

A deed is executed when?

A

Signed by grantor

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8
Q

What is the opposite of alienation?

A

Acquisition

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9
Q

What’s the term when you want to alienate?

A

Convey

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10
Q

How do you remove a cloud and get perfect title?

A

Quiet title action or quitclaim deed

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11
Q

Et ux means?

A

And wife

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12
Q

Escrow is authorized to do what with a loan

A

Call for funding of loan

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13
Q

Escrow law is found in?

A

Financial code

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14
Q

When a house is sold, Parties use escrow to?

A

Make sure terms are met

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15
Q

Seller delivers deed to?

A

Escrow

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16
Q

What does escrow call impounding account items?

A

Recurring costs

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17
Q

Escrow credits the seller with?

A

Prepaid taxes

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18
Q

Escrow debits the buyer for?

A

Purchase price

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19
Q

What is the most concern in a title insurance?

A

Documents that appear within a chain of title

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20
Q

What is an abstract of title?

A

Written summary of documents in a chain of title

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21
Q

Preliminary title report shows who

A

Seller/owner as trustor

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22
Q

What does the standard policy (CLTA) in a title insurance do?

A

Protects against forgery and improper delivery, no survey

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23
Q

What does the extended policy (ALTA) in a title insurance do?

A

Covers improvements on adjoining land. They do a survey

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24
Q

What type of title insurance policy covers everything?

A

None

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25
Most buyers obtain which title insurance policy?
Standard policy
26
For an extra fee, the extended title insurance policy covers?
Survey issues, water rights
27
If two people bought the same house, who takes priority of the house?
Whoever took possession or recorded first
28
Single woman married
Cloud on title
29
Quitclaim deed conveys rights of?
Grantor
30
Which deed includes no warranties or covenants?
Quitclaim deed
31
An instrument that transfer possession but not ownership?
Sublease
32
During a two termite report, the escrow company would?
Get written instructions
33
Abstract of title addresses?
Marketability
34
What is accretion?
When an owner acquires land by natural causes
35
What is eminent domain?
Government takes property for public use
36
Two requirements of eminent domain?
Necessary public use, just compensation
37
How can an owner sue the city?
Inverse condemnation
38
What is an intestate succession?
Owner dies with no will but has heirs
39
What can you do if you are concerned about final inspection?
Get a formal survey
40
What is adverse possession?
Acquire title if you lived 5 years and paid property taxes
41
What happens in a probate proceeding?
Commission set by court
42
In a tax sale, buyer receives?
Tax deed
43
What does the FIRPTA (foreign investment in real property tax act) do?
Buyers withholds 15% of sales price and sends to IRS
44
Documentary transfer tax is based on?
Consideration given
45
When do Real property taxes become a lien?
Jan 1 before fiscal tax year
46
When is the fiscal tax year in California?
July 1 to June 30
47
When is the fiscal tax year in California?
July 1 to June 30
48
Ad valorem means?
According to value
49
When is Property reassessed?
When sold
50
What can you do when a property is over-assessed?
Assessment appeals board
51
When is the second installment of property taxes due?
Feb 1, April 10
52
What happens when a property is sold to state with delinquent taxes?
5 years to stay and redeem
53
Tax delinquent property not redeemed is deeded to?
The county
54
With federal income tax, the basis is?
The cost
55
To arrive at adjusted cost basis do not
Do not add mortgage payments
56
What deductions can you make on a personal residence?
Mortgage interest, property taxes
57
On income property, capital expenditures are added to
Added to cost basis and depreciation
58
In a sales leaseback what do you deduct
Deduct 100% of future rent paid
59
Four unities of joint tenancy? (T-TIP)
Time, title, interest, possession (T-Tip)
60
Single joint tenant cannot will because of which right
Right of survivorship
61
Surviving joint tenant owns property free of
Free of unsecured debt
62
Tenancy in common can hold what type of interest and cannot do what with it? When can tenancy in common happen and how can it be equal?
Hold unequal interest Can will interest Come on different times Must have right of possession to be equal
63
Deed in name of husband and wife is called?
Community property
64
Which document do you get if you purchase property from the government?
Receive patent
65
First installment of property taxes due?
November 1 and December 10
66
Mello Roos assessment funds public improvements and services except?
Commercial strip mall
67
When mello roos assessment is encumbering a property, who is responsible to disclose to buyer?
Seller
68
Owning real property in severalty means
Individual

Real Estate Exam (8 decks)

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