Chapter 4 Quiz - California Real Estate Instructor Materials PDF

Principles of California Real Estate Instructor Materials Chapter 4 Quiz   $VXEFRQWUDFWRULQVWDOOHGKDUGZRRGÀRRUVLQ   7KHSULQFLSDOGL൵HUHQFHEHWZHHQDPHFKDQLF¶V DQHZKRPHEXWWKHRZQHUUHIXVHGWRSD\IRU OLHQDQGDMXGJPHQWOLHQLVWKDW...

Principles of California Real Estate Instructor Materials Chapter 4 Quiz   $VXEFRQWUDFWRULQVWDOOHGKDUGZRRGÀRRUVLQ   7KHSULQFLSDOGL൵HUHQFHEHWZHHQDPHFKDQLF¶V DQHZKRPHEXWWKHRZQHUUHIXVHGWRSD\IRU OLHQDQGDMXGJPHQWOLHQLVWKDW WKHZRUN,IWKHFRQWUDFWRU¿OHGDPHFKDQLF¶V  $ PHFKDQLF¶VOLHQVDUHFUHDWHGE\VWDWXWH OLHQWKHGDWHRIWKHOLHQZRXOGEHWKHGDWH  % PHFKDQLF¶VOLHQVPD\WDNHSULRULW\HDUOLHU  $ ZRUNRQWKHKRXVHZDVEHJXQ WKDQWKHGDWHWKH\DUHUHFRUGHG B. the house was completed  & RQO\MXGJPHQWOLHQVDUHQRWH൵HFWLYHXQWLO  & ZRUNRQWKHÀRRUEHJDQ recorded  ' ZRUNRQWKHÀRRUZDVFRPSOHWHG  ' RQO\MXGJPHQWOLHQVDUHLQYROXQWDU\OLHQV 2. Which of the following statements about ease-   ,IDSURSHUW\RZQHUZLVKHVWREULQJDFRXUWDF- ments is incorrect? WLRQWRUHPRYHDQHQFURDFKPHQWKHPXVWGR A. An easement in gross burdens one parcel VRZLWKLQ RIODQGIRUWKHEHQH¿WRIDQRWKHUSDUFHORI  $ WZR\HDUV land  % WKUHH\HDUV  % $SURSHUW\RZQHUPD\QRWKDYHDQHDVHPHQW  & IRXU\HDUV across her own land  ' ¿YH\HDUV  & $QHDVHPHQWLVDQRQSRVVHVVRU\LQWHUHVW  ' $ODQGRZQHUPD\EHUHVWULFWHGLQWKHXVHRI   7KH 6SULQJHUV KLUHG D FRQWUDFWRU WR EXLOG D KLVRZQODQGE\DQRWKHUSHUVRQ¶VHDVHPHQW VZLPPLQJSRROIRUWKHLUKRXVH,IWKH6SULQJHUV in gross GLGQRWSD\IRUWKHFRQVWUXFWLRQDQGWKHFRQ- WUDFWRU¿OHGDOLHQWKHUHVXOWLQJHQFXPEUDQFH   $OLVSHQGHQV ZRXOGEHD  $ GRHV QRW D൵HFW WLWOH WR UHDO SURSHUW\ EH- A. general lien ORQJLQJWRDSHUVRQZKRLVQRWDSDUW\WRD  % VSHFL¿FOLHQ lawsuit  & YROXQWDU\OLHQ  % PD\EHUHFRUGHGLQUHODWLRQWRDQ\W\SHRI  ' 1RQHRIWKHDERYH lawsuit  & PD\ PDNH LW GL൶FXOW WR FRQYH\ WLWOH WR   ³$FKDUJHLPSRVHGXSRQVSHFL¿FUHDOSURSHUW\ SURSHUW\ GHSHQGLQJ RQ WKH RXWFRPH RI D DVVHFXULW\IRUDVSHFL¿FDFW´LVDGH¿QLWLRQRI lawsuit DDQ  ' PD\EHUHPRYHGIURPWKHUHFRUGHU¶VR൶FH UHFRUGVRQO\E\FRXUWRUGHU  $ UHVWULFWLYHFRYHQDQW B. lien  & HDVHPHQW   $QHDVHPHQWPD\EHWHUPLQDWHGE\DOORIWKH D encumbrance IROORZLQJH[FHSW  $ PHUJHURIWKHGRPLQDQWDQGVHUYLHQWWHQH- ments  % SUHVFULSWLRQE\WKHRZQHURIWKHVHUYLHQW tenement  & UHOHDVHE\WKHRZQHURIWKHGRPLQDQWWHQH- ment  ' UHYRFDWLRQ E\ WKH RZQHU RI WKH VHUYLHQW tenement 8  Chapter 4: Encumbrances 9. Which of the following statements about lien  7KH 6KDSLURV RZQHG D KRXVH WRJHWKHU DV SULRULW\LVLQFRUUHFW" FRPPXQLW\ SURSHUW\ 0UV 6KDSLUR ZLWKRXW A. If a person who purchased a house using KHU KXVEDQG¶V NQRZOHGJH KRPHVWHDGHG WKH a deed of trust becomes delinquent on SURSHUW\7KHSURSHUW\ZDVZRUWK SURSHUW\ WD[ SD\PHQWV LW LV FRQVLGHUHG D and there was a loan against it for $260,000. A GHIDXOW DQG WKH WUXVWHH PD\ IRUHFORVH RQ creditor then obtained a judgment against the WKHSURSHUW\ 6KDSLURV,IWKHFUHGLWRUUHFRUGVDQDEVWUDFWRI  % $Q\OLHQFUHDWHGE\DFRQWUDFWLVLQIHULRUWR WKHMXGJPHQWLQWKHFRXQW\ZKHUHWKHSURSHUW\ DUHDOSURSHUW\WD[OLHQ LVORFDWHGWKHKRXVHZLOO  & ,IDSURSHUW\LVVROGE\WKHVWDWHEHFDXVHRI  $ EH VROG WR SD\ WKH MXGJPHQW EHFDXVH WKH GHOLQTXHQWSURSHUW\WD[HVWKHQHZRZQHU H[HPSWLRQH[FHHGVWKHHTXLW\ UHFHLYHVWKHSURSHUW\IUHHDQGFOHDURIDQ\  % QRW EH VROG EHFDXVH WKHUH LV LQVX൶FLHQW deed of trust lien HTXLW\  ' $OLHQIRUUHDOSURSHUW\WD[HVDOZD\VWDNHV  & EHVROGEHFDXVHWKHKRPHVWHDGLVLQYDOLGDV SUHFHGHQFHRYHUDOLHQIRUDVSHFLDODV- RQO\RQHVSRXVH¿OHGLW sessment  ' EHVROGEHFDXVHRQO\WKHZLIH¶VKRPHVWHDG H[HPSWLRQ DSSOLHV ZKLFK LV ZRUWK RQO\ $10,000 10. Glen has an easement that entitles him to use )UHG¶VSURSHUW\,I*OHQLVQRWDSURSHUW\RZQHU KLVHDVHPHQWLVDDQ 13. Which of the following is considered to be a A. restricted easement lien?  % QRQSRVVHVVRU\HQFURDFKPHQW  $ (DVHPHQW  & HDVHPHQWLQJURVV B. Mortgage D. easement appurtenant  & +RPHVWHDG  ' $OORIWKHDERYH  :KLFKRIWKHIROORZLQJLVDSURSHUGH¿QLWLRQ of an easement appurtenant?  2I WKH YDULRXV QRQPRQHWDU\ HQFXPEUDQFHV  $ $ SRVVHVVRU\ LQWHUHVW LQ ODQG FDSDEOH RI SULYDWHUHVWULFWLRQV separate transfer  $ DUH PRVW OLNHO\ WR PDNH WKH SURSHUW\ XQ-  % $SRVVHVVRU\LQWHUHVWLQODQGLQFDSDEOHRI PDUNHWDEOH separate transfer  % KDYH QR H൵HFW RQ WKH SURSHUW\¶V PDUNHW-  & $QRQSRVVHVVRU\LQWHUHVWLQODQGFDSDEOHRI DELOLW\ separate transfer  & DUHOHDVWOLNHO\WRPDNHWKHSURSHUW\XQPDU-  ' $QRQSRVVHVVRU\LQWHUHVWLQODQGLQFDSDEOH NHWDEOH of separate transfer  ' DUH QRW UHODWHG WR WKH SURSHUW\¶V PDUNHW- DELOLW\ 15. Which of the following methods would create an easement that would be easiest to terminate for non-use?  $ ([SUHVVUHVHUYDWLRQ B. Implication  & 3UHVFULSWLRQ  ' 4XLWFODLPGHHG 9  Principles of California Real Estate Instructor Materials Answer Key 1. A. For a mechanic’s lien, the date of the  % $OLHQLVD¿QDQFLDOHQFXPEUDQFHLP- OLHQLVWKHGDWHDQ\ZRUNRQWKHSURMHFW SRVHGDJDLQVWDSURSHUW\LQZKLFKWKH EHJDQ7KLVLVWUXHHYHQIRUVXEFRQ- SURSHUW\LVVHFXULW\IRUDGHEWRURWKHU WUDFWRUVDQGSURYLGHUVRIPDWHULDOV obligation. 2. A. An easement in gross burdens a par-  ' %RWKOLHQVIRUUHDOSURSHUW\WD[HVDQG FHORIODQGIRUWKHEHQH¿WRIDSHUVRQ VSHFLDODVVHVVPHQWVKDYHSULRULW\RYHU rather than for another parcel of land. DOORWKHUOLHQV$FRQÀLFWEHWZHHQD SURSHUW\WD[OLHQDQGDVSHFLDODVVHVV-  & :KHQDOLVSHQGHQVLVUHFRUGHGLW PHQWOLHQZRXOGEHGHFLGHGE\ZKLFK QRWL¿HVSRWHQWLDOSXUFKDVHUVRIDSURS- OLHQZDVFUHDWHG¿UVW HUW\WKDWDODZVXLWLVSHQGLQJDQGDQ\ IXWXUHRZQHURIWKHSURSHUW\ZLOOWDNH & $QHDVHPHQWLQJURVVEHQH¿WVDSHUVRQ title subject to the judgment creditor’s rather than a parcel of land. It burdens OLHQ$OLVSHQGHQVPD\EH¿OHGRQO\LI DVHUYLHQWWHQHPHQWIRUWKHEHQH¿WRID WKHUHVXOWVRIDODZVXLWPD\D൵HFWWLWOH dominant tenant. WRUHDOSURSHUW\ ' $QHDVHPHQWLVDQRQSRVVHVVRU\  ' 7KHRZQHURIDGRPLQDQWWHQHPHQW LQWHUHVWLWRQO\DOORZVWKHXVHDQGHQ- PD\XQLODWHUDOO\WHUPLQDWHDQHDVHPHQW MR\PHQWRIDQRWKHUSHUVRQ¶VSURSHUW\ E\UHOHDVHEXWWKHRZQHURIDVHUYLHQW An easement appurtenant runs with WHQHPHQWPD\QRWXQLODWHUDOO\UHYRNH WKHODQGDQGFDQQRWEHVROGVHSDUDWHO\ an easement. from the land.  % 0HFKDQLF¶VOLHQVWDNHSULRULW\DF- % 7KHQHWHTXLW\LQWKHKRXVHLV FRUGLQJWRWKHGDWHZRUNEHJLQVRQD OHVV 6LQFH SURMHFWQRWWKHGDWHWKH\DUHUHFRUGHG $70,000 is less than the homestead -XGJPHQWOLHQVKRZHYHUWDNHSULRULW\ H[HPSWLRQDPRXQW DWOHDVW DFFRUGLQJWRWKHGDWHZKHQWKH\DUH WKURXJKRXW&DOLIRUQLDDQGKLJKHULQ recorded. PDQ\FRXQWLHV WKHFUHGLWRUFDQ¶W force the house to be sold in order to  % 7KHVWDWXWHRIOLPLWDWLRQVUHTXLUHV VDWLVI\WKHMXGJPHQW2QO\RQHVSRXVH WKDWDQHMHFWPHQWDFWLRQPXVWEH¿OHG PXVW¿OHDGHFODUDWLRQRIKRPHVWHDG ZLWKLQWKUHH\HDUV IRUDIDPLO\XQLWHYHQLIWKHKRXVHLV RZQHGDVFRPPXQLW\SURSHUW\ 1RWH  % $PHFKDQLF¶VOLHQZLOODWWDFKRQO\WR 5HFRUGLQJRQO\FDXVHVWKHMXGJPHQW WKHSURSHUW\IRUZKLFKODERURUPDWHUL- OLHQWRDWWDFKWRWKHSURSHUW\WKHUH DOVZHUHSURYLGHGVRLWLVDVSHFL¿F would not be a forced sale unless the lien. A mechanic’s lien would be con- MXGJPHQWFUHGLWRUWRRNOHJDODFWLRQWR VLGHUHGDQLQYROXQWDU\OLHQUDWKHUWKDQ IRUHFORVHRQKLVOLHQ DYROXQWDU\OLHQ 10  Chapter 4: Encumbrances % $PRUWJDJHLVD¿QDQFLDOHQFXPEUDQFH RQDVSHFL¿FSURSHUW\VRWKHUHIRUHLWLV a lien. & 3ULYDWHUHVWULFWLRQVDUHQRWOLNHO\WR PDNHDSURSHUW\XQPDUNHWDEOHLQ IDFWWKHLUSXUSRVHLVXVXDOO\WRSURWHFW SURSHUW\YDOXHVE\HQFRXUDJLQJFRQ- IRUPLW\ZLWKLQDVXEGLYLVLRQ & $QHDVHPHQWFUHDWHGE\SUHVFULSWLRQ FDQEHWHUPLQDWHGLIWKHVHUYLHQWWHQDQW EULQJVVXLWDIWHUD¿YH\HDUSHULRGRI non-use. 11