An easement allows someone, other than the owner of real property, to use a certain portion of the real property of the owner. T F 2. With respect to land, escrow is the process whereby a non-interested third-party facilitates the process of a real property transaction between the seller and the buyer. T F 3. When a buyer of real property requests the seller of real property to reduce the price of the land being sold this is called a counteroffer. T F 4. When a property owner cannot reach his/her or its land due to no access (e.g., a road) to his land, the owners property is considered: a. worthless b. landlocked c. screwed d. a bad land 5. A party that has used a road going over someone elses real property for at least _____years (i.e., continuous use), and the use was open, notorious, and adverse (i.e., without the permission of the landowner) - if the property owner for which the road lies, tries to stop the user from using the said road, the user of the road can bring a lawsuit for a prescriptive easement. a. 15 b. 25 c. 1 d. 5 Name: ______________________ 6. The term of a deposit, whereby the buyer puts money into escrow as a down payment for the purchase of real property is called: a. a layaway payment b. a placeholder c. a goodwill payment d. earnest money 7. A buyer and seller under an installment contract are referred to as the: a. offeror and offeree b. giver and taker c. vendor and vendee d. mover and shaker 8. An installment contract to purchase real property may be beneficial to a buyer if: a. the buyer has poor credit. b. the buyer cannot afford a traditional-sized down payment required by many financial lenders. c. the buyer desires smaller monthly payments in order to save money for one large balloon payment due at the end of the contractual term. d. All of the above 9. In California, what is generally referred to as a mortgage, consists of a: a. down payment and IOU. b. pledge of other owned real property as collateral for a loan. c. credit card number to secure all payments are made. d. promissory note secured by a deed of trust. 10. In an installment contract, the title of the real property being sold remains with and in the name of the _________ until the contract is fully performed: a. the bank b. the vendor c. the university d. the credit union Name: ______________________ 11.The meaning of installment, in an installment contract, means the vendee makes: a. payments to the vendor towards the purchase of real property. b. payments to the bank towards the purchase of real property. c. payments to a credit card company towards the purchase of real property. d. payments to the city towards the purchase of real property. 12.An interest in land that terminates at the death of a designated individual is called: a. A mother-in-law deal. b. A good Samaritan offer. c. A life estate. d. A fee simple absolute. 13.An easement may be terminated by: a. non-use of easement. b. mutual agreement of the relevant parties to terminate an easement. c. a material change, not originally allowed, in the use of an existing easement. d. All of the above 14. When two or more parties have an ownership interest in land, and when one party dies, and the remaining owner automatically receives the deceased partys interest in the land, title to the land is held in: a. tenancy in common b. partnership c. community property d. joint tenancy 15.When an owner transfers his/her or its believed interest in real property by deed, with no guarantee and with no warranty as to his/her or its actual interests or rights in the particular land - this is called a: a. quitclaim deed b. grant deed c. homeowners deed d. trustees deed Name: ______________________ 16.When foreclosing on land, the holder of a deed of trust can use a: a. clearance sale b. non-judicial foreclosure c. judicial foreclosure d. self-help e. All of the above f. b and c only 17.Prior to foreclosing on real property, under a deed of trust, the holder of a deed of trust must first issue and record, with the county Recorders Office, a: a. warning letter b. notice of default c. credit letter d. statement of account 18.If a lender desires to seek a judgment for monies remaining due and owing s/he or it after real property is sold at a trustees sale, the creditor must bring a nonjudicial foreclosure action with the court. T F 19.The Williamson Act provides California-based tax incentives to real property owners that forgo building large infrastructure projects (such as large residential housing developments, car dealerships or shopping centers) on a farmers soil that can otherwise be used for farming. T F 20.Holding title in land as a tenant in common generally allows a joint owner, or a partner on title, of land to give his/her or its share of the land to whomever or whatever a tenant in common party desires upon that partys death. T F