Transfer of Property

When a valid grant deed is prepared, title passes when:

Which of the following represents one of the essentials of a Grant Deed?

To be recorded, a deed must have:

The recording of an instrument gives:

The most important element of proper and effective delivery of a deed is:

A deed has a provision regarding racial and religious discrimination.The deed may be changed:

A deed is presumed to be delivered when:

A deed is recorded and indexed:

An exception in a grant deed:

A quitclaim deed conveys only the present right, title and interest of the:

The doctrine of “first in time, first in right” refers to:

A valid deed must contain:

A recorded deed:

A reservation in a deed:

An exception in a grant deed:

When using a grant deed, title transfers at the time of:

Which of the following is NOT necessary to establish title by adverse possession?

The legal seizure of property for sidewalks by the government is referred to as:

An interest in real property acquired by prescription is:

What usually happens to a person’s property who died intestate?

When a person dies intestate and no heirs claim his/her property, it reverts to the state by:

A will written in the testator’s own handwriting is called a:

Holographic wills cannot be:

A will is said to be ambulatory because it can be:

A man appointed by the court to settle the estate of a person who has died intestate is called a(n):

By Proposition 13, the annual real estate tax on a parcel of property in California is limited to:

Personal income taxes are structured using rates that are:

The California sales tax is a(n):

Ad valorem is best defined as:

Which of the following is considered an ad valorem tax?

If a property owner believes that the assessed value on his or her property has been set too high, the owner could file a request to seek a reduction from the:

Property taxes are assessed:

The second property tax installment is due and delinquent on:

Real property taxes become a lien on:

How would a taxpayer adjust the tax basis of his/her personal residence for Federal tax purposes?

Susan owns an apartment house and deducted $10,000 from the gross income for depreciation on her federal income tax return. For income tax purposes, the basis of the property is:

When a real estate broker speaks of “tax shelter” he/she is referring to:

The Street Improvements Act of 1911 allows the issuance of bonds to raise funds for subdivision improvements on:

A property owner builds a swimming pool at his apartment building in order to attract more tenants. For tax purposes, he can:

A federal income tax advantage can be realized by:

Which of the following is most likely to pay property taxes?

For tax purposes, points paid by the seller would:

Which of the following can a property owner expect after sewer lines are installed in front of his/her property?

To adjust for any increase in tax liability due to a reassessment after the property was purchased, the tax authority would issue a:

A home was purchased on February 1st with the understanding that property taxes had been paid for the fiscal tax year. The buyer received a tax bill anyway known as a:

The redemption period for unpaid real property taxes is:

Tax delinquent real property not redeemed by the owner during the five year statutory redemption period is deeded to the:

The document issued to a person as a receipt for paying delinquent taxes on a property owned by another is called a:

The marginal tax rate is the tax rate:

An owner occupied residence qualifies for a homeowner’s exemption of:

Which of the following dates represent the final date the property owner may file for the State Homeowner’s Property Tax Exemption?

Which of the following is required for a couple to qualify for the universal exclusion?

Mr. Johnson sells his personal residence for $800,000 that he purchased only 12 months ago for $900,000. For tax purposes he has:

Mr. Jones, a single man age 50, sells his personal residence for $600,000. He originally purchased it 9 years ago for $550,000. If Mr. Jones does not purchase a new home after selling this one, what portion of the sales price is taxable?

Who is responsible for reporting a sale to the IRS?

Which of the following may NOT engage in the escrow business?

A broker can, without being licensed as an escrow, handle the escrow on transactions where he or she:

During escrow, if an unresolved dispute should arise between the seller and buyer preventing the close of escrow, the escrow holder may legally:

Which of the following is TRUE with respect to reserves in an escrow?

Escrow instructions should be:

The signed escrow instructions disagree with the purchase contract. As to the disagreement, which of the following is TRUE?

A Standard Policy of Title Insurance covers all of the following EXCEPT:

An ALTA policy of title insurance protects the:

Homebuyers are most likely to purchase:

A standard policy of title insurance covers all of the following EXCEPT:

Which of the following would protect a buyer against a right of a party in possession?

What type of title insurance policy covers all risks?

A title officer of a title insurance company is familiar with an “Abstract of Title” and would know that it is:

How much of a broker’s personal funds may be contributed to a client’s trust fund bank account to offset any bank service charges?

When a real estate licensee accepts trust funds from his/her client in connection with the purchase of real property, the licensee must place these funds in: 1) a neutral escrow depository; 2) the hands of the offeree or owner; or 3) a trust account. The licensee must place these funds into one of the these three authorized places:

How often should a trust fund account be reconciled?

An escrow prorates based on a:

All of the following will terminate an escrow EXCEPT?

Buyer’s and seller’s closing statements are:

During a sales escrow, the escrow officer receives two structural pest control reports. The escrow officer should:

Owner Bob owns an apartment complex which is managed by Broker X. Owner Bob wants to sell his apartments and Broker X is the listing broker. Who distributes the security deposit?

With reference to an escrow, recurring costs mean:

The term impounds refers to:

Money in an impound account belongs to the:

A lender uses an impound account to protect against non-payment of all of the following, EXCEPT:

The term title plant refers to:

A document that describes the property and any existing encumbrances is called a:

An exact history of conveyances and encumbrances affecting the title of a property is called a(n):

Which of the following is required for the existence of a valid escrow?

All escrow companies must be incorporated and licensed by the:

An escrow agent discovers there is no specified date of closing. In this case escrow should close:

Shortly after a valid escrow is established, both the buyer and seller die. What should the escrow agent do?

Which of the following automatically terminates an escrow?

Without any agreement on a specific date, physical possession should be given:

When there is a substantial discrepancy between the dates for close of escrow and the new owners occupying the property, the agent must prepare a(n):

The buyer and seller agree on a 60-day escrow. As the closing date approaches, it becomes obvious that it will not close on time. Which of the following is TRUE?

When does the broker’s commission get paid?

What does the term “short rate” refer to?

When is the title insurance premium paid?

Pest control reports which contain information concerning wood destroying insects are kept on file with the:

A broker is acting as the agent of the seller in a transaction in which the seller carried back a second trust deed. The broker must cause the deed of trust to be recorded or advise the seller to record the trust deed:

Baker sells a property to Davis and executes a grant deed in favor of Davis. Davis then takes the deed and places it in a safety deposit box. Baker then sells the same property to Charles who subsequently records it. Which of the following is correct:

Deed restrictions are valid:

The Office of Interstate Land Sales Registration (OILSR) applies to:

Which of the following describes a “perfect escrow?”