2025 REAL ESTATE TRANSFER OF PROPERTY
LATEST EDITION VERIFIED QUESTIONS AND
ANSWERS GUARANTEED PASS
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? - ANS-Oscar maintains title. First to possess or record gets the
property.
What is a will written and executed entirely in the handwriting of the testator? -
ANS-A holographic will is a written will and executed entirely in the *handwriting*
of the testator. A written will is usually typed.
A riparian owner owns land which borders on: - ANS-A stream
When a project is "turn key" is said to be: - ANS-Ready for occupancy.
In order to avoid successors liability in the buying of a business which of the
following should be filed? - ANS-Certificate of clearance
In which of the following situations would property be reassessed? - ANS-When
Sold
, Which of the following would be an example of "boot," for income tax purposes: -
ANS-Debt relief from a mortgage in the exchange. Boot refers to cash, or other
dissimilar property that is utilized to balance out the equities of the properties
being exchanged.
According to income tax laws, which of the following is true about depreciation of
land? - ANS-land is not depreciated
When a real estate broker speaks of "tax shelter" he/she is referring to: - ANS-
income tax
In order for an agreement for a transfer of real property to be binding on the
buyer and seller it must: - ANS-Contain an offer and acceptance
Which of the following deeds contains no expressed or implied warranties? - ANS-
a quitclaim deed
Mrs. Johnson owned an income property with an adjusted cost basis of $150,000
and a fair market value of $200,000. She exchanged the property for another
income property which had a fair market value of $210,000. Both properties had
no loans against them and no adjustments were made for the differences in
value. For federal income tax purposes, the new property will have a basis for
Mrs. Johnson of - ANS-$150,000 the Cost Basis of the old property being sold will
be the same as Cost Basis of the new property being acquired.
What is the meaning of a quiet title action: - ANS-Court action to remove a cloud
on the title
LATEST EDITION VERIFIED QUESTIONS AND
ANSWERS GUARANTEED PASS
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? - ANS-Oscar maintains title. First to possess or record gets the
property.
What is a will written and executed entirely in the handwriting of the testator? -
ANS-A holographic will is a written will and executed entirely in the *handwriting*
of the testator. A written will is usually typed.
A riparian owner owns land which borders on: - ANS-A stream
When a project is "turn key" is said to be: - ANS-Ready for occupancy.
In order to avoid successors liability in the buying of a business which of the
following should be filed? - ANS-Certificate of clearance
In which of the following situations would property be reassessed? - ANS-When
Sold
, Which of the following would be an example of "boot," for income tax purposes: -
ANS-Debt relief from a mortgage in the exchange. Boot refers to cash, or other
dissimilar property that is utilized to balance out the equities of the properties
being exchanged.
According to income tax laws, which of the following is true about depreciation of
land? - ANS-land is not depreciated
When a real estate broker speaks of "tax shelter" he/she is referring to: - ANS-
income tax
In order for an agreement for a transfer of real property to be binding on the
buyer and seller it must: - ANS-Contain an offer and acceptance
Which of the following deeds contains no expressed or implied warranties? - ANS-
a quitclaim deed
Mrs. Johnson owned an income property with an adjusted cost basis of $150,000
and a fair market value of $200,000. She exchanged the property for another
income property which had a fair market value of $210,000. Both properties had
no loans against them and no adjustments were made for the differences in
value. For federal income tax purposes, the new property will have a basis for
Mrs. Johnson of - ANS-$150,000 the Cost Basis of the old property being sold will
be the same as Cost Basis of the new property being acquired.
What is the meaning of a quiet title action: - ANS-Court action to remove a cloud
on the title
