CA Real Estate Principles Course » 2021 » Section 9 Unit 1 Exam

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Question #1
When property changes hands, the deed is recorded. There’s a fee for recording. What is the benefit to the grantee of having the deed recorded?
A.   It impacts who owns the property.
B.   It protects against foreclosure.
C.   It puts the public on notice regarding ownership.
D.   It's required by law.
Question #2
What type of involuntary lien is placed on a person’s estate after their death if there are unpaid debts to creditors?
A.   Real property tax lien
B.   Mechanic's lien
C.   Estate/ inheritance tax lien
D.   Deceased person's debt lien
Question #3
How is priority determined in cases where more than one judgment lien is filed against a property?
A.   The government has priority, followed by whoever is owed the most next.
B.   Whoever is owed the most money has priority.
C.   Whoever paid to receive priority service at the county clerk's office.
D.   Whoever filed their claim first receives priority.
Question #4
Which of the following defines the term 'lis pendens'?
A.   A legal notice that a lawsuit is pending that affects the title of a property
B.   A public listing and notice of foreclosure of a property.
C.   A notice that notifies potential buyers of a pending lease
D.   A legal term that means "it depends" and requires a certain minimum sales price of the property.
Question #5
Daisy and her kids loved their new pool, but Daisy wasn’t so happy when she received notice that the general contractor who poured the concrete had placed a lien on her home. Daisy went through her records and discovered that she had never paid the general contractor. What’s true about this situation?
A.   The lien is illegal.
B.   This is a legal judgment lien.
C.   This is a legal mechanic's lien.
D.   Daisy can now place a lien on the general contractor's property.
Question #6
What makes an income tax lien different from a property tax lien?
A.   An income tax lien is placed by the federal government and a property tax lien is placed by the state.
B.   An income tax lien is a general lien and a property tax lien is a specific lien.
C.   An income tax lien is voluntary and a property tax lien is involuntary.
D.   An income tax lien has priority over a property tax lien and will be paid first upon foreclosure.
Question #7
Dorcas and Ralph were married for 15 years. Ralph, an accountant, always took care of the bills and other financial matters for the couple. Then Dorcas discovered that Ralph had failed to pay the property tax on their property for the last three years. Which of these is likely to happen?
A.   The state will place a tax lien on their property so it can't be transferred without satisfying the debt.
B.   The state will place a mortgage lien on their home for the amount of property tax owed.
C.   The state will place a condemnation order on their property so they can't transfer their property until the debt is satisfied.
D.   Dorcas and Ralph will be required to sell their home to the state for the amount of property tax owed.
Question #8
Which of the following is true about ownership or title to a property?
A.   The seller is responsible for paying for owner's and lender's title insurance.
B.   The last to record has priority.
C.   Constructive notice to the public of real property ownership occurs when the deed is recorded.
D.   Title isn't finalized until the deed has been recorded.

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