Transfer of Property Exam
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Questions and Answers

Ralph sold his house to Oscar, who did not record the deed, but took residency there. Ralph then sold the same property to Larry, who reviewed the county recorder's records, but did not examine the property. Ralph gave Larry a deed, which Larry recorded. Which of the following would be true concerning title to the property?

  • Oscar maintains title. (correct)
  • Larry and Oscar are co-owners of the property.
  • Larry now owns the property, because he recorded his deed first.
  • Larry has recourse against Oscar for failure to record.
  • What is a will written and executed entirely in the handwriting of the testator (person creating the will)?

  • a holographic will (correct)
  • an invalid will
  • an intestate will
  • an inviolable will
  • A riparian owner owns land which borders on:

  • any body of water
  • a lake
  • a stream (correct)
  • the ocean
  • A project that is "turn key" is said to be:

    <p>ready for occupancy</p> Signup and view all the answers

    In order to avoid successor liability in the buying of a business, which of the following should be filed?

    <p>certificate of clearance</p> Signup and view all the answers

    In which of the following situations would property always be reassessed?

    <p>when sold</p> Signup and view all the answers

    Property taxes are described as "ad valorem" taxes. "Ad valorem" most nearly means:

    <p>according to value</p> Signup and view all the answers

    Which of the following would be an example of "boot," for income tax purposes?

    <p>debt relief from a mortgage in a 1031 exchange</p> Signup and view all the answers

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