CA Real Estate Principles Course » 2021 » Section 3 Unit 3 Exam

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Question #1
To what type of estate does pur autre vie apply?
A.   Fee simple
B.   Leasehold
C.   Homestead
D.   Life estate
Question #2
Lewis and Elliot started a real estate investment business together. After much discussion with their attorney, they decided to incorporate, but in such a way that they are treated like a partnership and don’t have to pay corporate taxes. What form of business do they have?
A.   Limited liability partnership
B.   Subchapter S corporation
C.   Double proprietorship
D.   Subchapter C corporation
Question #3
Debbie and Chris are a married couple in California. When they purchase their first home together, they want to make sure that if one of them dies, the other will inherit ownership of the property. How should their ownership be recorded on the deed?
A.   Tenants in common with right of survivorship
B.   Tenants by the entirety
C.   Community property with right of survivorship
D.   Community property
Question #4
Dan and Rita are a married couple in California. Which of these items will NOT become community property for them?
A.   The ruby slippers Rita inherits from her Auntie Em.
B.   The 10-bedroom, 10-bath home they purchase together.
C.   The Maserati Dan buys with income from his investments.
D.   The horse Rita buys with income from her paycheck.
Question #5
Which one of the following statements about community property rights and property ownership is true?
A.   Any property purchased before the marriage or legal union must have the spouse as the beneficiary.
B.   Property owned separately before the marriage or legal union is separate from the community property, but property purchased during the marriage is owned equally.
C.   All property purchased before and during the marriage or legal union automatically becomes community property.
D.   All property purchased separately before the marriage or legal union must be sold and the profits divided equally between the partners.
Question #6
Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out of state, she sold her interest to Midge. Two years later, Ken died. How is the interest in the property divided?
A.   Barbie owns two-thirds, and Midge owns one-third.
B.   Barbie and Skipper each own 50%.
C.   Barbie and Midge each own 50%.
D.   Barbie, Midge, and Ken's heirs each own one-third.
Question #7
Sherman, who owns property in a life estate, neglects the property, significantly diminishing its value. This is called ______.
A.   An act of waste
B.   A possessional prerogative
C.   A lease option
D.   An estate at sufferance
Question #8
Which of the following is a life estate in property held by a widow?
A.   Homestead
B.   Dower
C.   Estate at will
D.   Curtesy

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