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Transfer of Property Progress Exam 1
Terms in this set (36)
Which instrument requires a listing or inventory of buildings on real property that are to be sold, conveyed, or insured?
none of the above
Land contracts, grant deeds, and title insurance policies do not require a listing of the buildings or improvements. Usually a legal description is all that is required.
how is title cleared when a recorded land contract has been forfeited
quiet title action
in a nonjudicial foreclosure, how long must trustees wait after recording the notice of default before advertising the trustee's sale
at least 3 months
a court order to sell property after the final judgment in a lawsuit has been rendered is called a
writ of execution
in a court foreclosure sale on a deed of trust
the trustor has a redemption period
the buyer of a business, in order to avoid "successor's liability" must receive a clearance from the
State Board of Equalization
which is the least satisfactory in providing a legal description
a property tax bill for real property
which of the following would be least likely to include a legal description of a parcel of RE
property tax bill
property tax bills use an assessor parcel number
who signs a quitclaim deed
Mr. Furney is delinquent on his 2006-2007 real property taxes. The "sale to the state" took place on his property at the time prescribed by the law. Mr. Furney took steps in 2008 to pay his delinquent taxes. What is the proper procedure for Mr. Furney to redeem his property?
make his pmt, then receive and record a "comptroller's receipt" because the redemption period still applies
While the property is in a tax-defaulted status, the owner does not actually lose title and keeps possession for five years. If the taxes are not paid within that five-year redemption period a tax sale takes place, and the property may be sold at public auction to the highest bidder for cash.
what is the most expedient way to foreclose when a trustor defaults on a RE loan
a trustee sale
A legal procedure used to terminate the rights and title of the trustor in real property by selling the encumbered property and using the sale proceeds to pay off creditors:
A loan may be made current (reinstated) up to______ business days prior to the foreclosure sale:
when tenants in common do not agree on matters pertaining to the property which of the following is a remedy
a partition action
what is a partition action
it is a court proceeding to settle a dispute between co-owners about dividing their interest in real property
Several homes in a tract were sold and title was conveyed by a grant deed. Under the normal procedure, what type of deed would have been requested of the beneficiary if the property had been burdened by a deed of trust?
partial reconveyance deed
a property is in the process of foreclosure. if selling under the power of sale clause of a trust deed, the trustee must wait 3 months before
publishing a notice of intention to sell the property
in absence of a will, the separate property of the decedent is divided
1/3 to surviving spouse and 2/3 to the children
It would be divided 1/2 to surviving spouse and 1/2 to one child. If there is more than one child, it is divided 1/3 to surviving spouse and 2/3 to children.
When a legal description begins with the phrase, "Beginning at a point on the southerly edge of J Street 200 feet easterly of the SE corner of the intersection of J and Main Street, and running thence ...," which of the following methods of land description is being used?
metes and bounds
This is the language of a metes and bounds description, which utilizes accurate survey techniques to describe the perimeter of a parcel.
the measurement of a township is
36 sq miles
a township is divided into 36 sections - each measuring one mile by one mile (or 36 sq miles)
an abstract of title is
a written summary of the chain of title
short rate refers to
it refers to the purchase of a new title insurance policy on a property that has been sold or insured within the last 2 yrs. title insurance co's usually give a discount (short rate) if the title has been searched with the past yr or 2
implied covenants are not normally included in a
which of the following is a requirement of a valid deed
regarding a foreclosure on a trust deed, which is a correct statement
if a trustor pays off the entire loan while under foreclosure proceedings, he is entitled to a reconveyance deed from the trustee
Assume you are a buyer and want to be protected against unrecorded encumbrances in the purchase of real property. You would:
obtain an extended coverage policy
The extended coverage policy covers the same items that an A.L.T.A. policy covers, but the extended coverage policy insures the buyer.
a property was bought by Charlie and Rose. after the close of escrow, they discovered they were responsible for
an increase in property taxes as a result of the sale, as well as the supplemental tax bill
the following words, ambulatory, legatee, and codicil would refer to which of the following
Ambulatory means alterable. A legatee receives under a will. Codicil is an amendment to a will.
the legal seizure of property for debt before judgement is
writ of execution
which of the following qualifies as artificial monuments
streets and canal
Which of the following is permitted to use the county recorder's office and records without the presence of the recorder's officer?
any of these
savings bank employees
members of tax assessor's office
title co. employees
an old land registration system used in CA was called
Torrens Title Insurance
an executrix is appointed by the
An executor is the man and the executrix is the woman named in the will of the deceased to handle the affairs of the deceased. If none is named or if there is no will, the court appoints an administrator.
when land is acquired by accretion it is known as
recording a deed gives
if a land contract is in default the best legal action involved would be
quiet title action
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