California: Real Estate Principles - Chapter 6 Question and answers verified to pass
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Course
LSTD 2106
Institution
LSTD 2106
California: Real Estate Principles - Chapter 6 Question and answers verified to pass
1 of 10 - Patrice and Michael are in the process of refinancing their townhouse. The mortgage company calls and gives the couple the news they have a lien on their home for non-payment of the previous year's pro...
California: Real Estate Principles -
Chapter 6 Question and answers verified
to pass
1 of 10 - Patrice and Michael are in the process of refinancing their
townhouse. The mortgage company calls and gives the couple the news they
have a lien on their home for non-payment of the previous year's property
taxes. What type of lien is on their property? What do they need to do to
remedy their situation?
A. Patrice and Michael have an involuntary lien placed on their home for
delinquent property taxes. The couple needs to pay the taxes, any interest
and/or late fees, and have the lien removed.
B. Patrice and Michael have a voluntary lien placed on their home for
delinquent property taxes. The couple must pay the back taxes to have the
lien removed
C. Patrice and Michael have an equitable lien placed on their home for
delinquent property taxes. The couple must pay the back taxes to have the
lien removed.
D. Patrice and Michael have a judgment lien placed on their home for
delinquent property taxes. The coupl - correct answer ✔A. Patrice and
Michael have an involuntary lien placed on their home for delinquent property
taxes. The couple needs to pay the taxes, any interest and/or late fees, and
have the lien removed.
2 of 10 - Suzette is leasing a condo from the Garcias. She has been renting
the condo for over three years. She renews the lease each year and, because
of her loyalty and exemplarily rental history, the Garcia's allow her to make
any décor changes she wishes. Which of the following statements is true
about the relationship between the Garcias and Suzette?
A. The Garcias own the condo in leasehold but rent it to Suzette in freehold.
, B. The Garcias have entered into a Pur Autre Vie lease relationship with
Suzette.
C. The Garcias own the condo in freehold but rent it to Suzette in leasehold.
D. The Garcias and Suzette have a tenants in common relationship. - correct
answer ✔C. The Garcias own the condo in freehold but rent it to Suzette in
leasehold.
3 of 10 - Which of the following is not considered one of the six distinct forms
of ownership in California?
A. Tenancy in Common
B. Severalty
C. Joint Tenancy
D. Voluntary Tenancy - correct answer ✔D. Voluntary Tenancy
4 of 10 - All property in the United States falls under which system of land
ownership?
A. Feudal System
B. Allodial System
C. Freehold System
D. Dower System - correct answer ✔B. Allodial System
5 of 10 - TBH, Inc. owns land for development adjacent to their corporate
headquarters. TBH, Inc. is the sole owner of the property. The land will be
developed as a shopping and restaurant area. Which form of ownership does
this property fall under?
A. Severalty
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