Chapter 4 Quiz

Title to fixtures, shelves, counters, and merchandise is transferred or conveyed by:

A) A deed
B) A bill of sale
C) A security agreement
D) An escrow

The stock and fixtures that are to be transferred with the sale of a business are usually enumerated in

A) A contract of sale
B) An inventory
C) A deed
D) An appraisal

The number of times a given inventory sells within a one year period is known as:

A) Turnover
B) Net worth
C) Assets
D) Short-rate

The California Law which is designed to regulate secured transactions in personal property and to warn transferor's creditors of a bulk transfer is known as the:

A) Business and Professions Code
B) Uniform Commercial Code
C) Uniform Corporate Code
D) Civil Procedure Code

A Financing statement may be released from the records by 

A) Payment in full
B) A reconveyance
C) Filing a release statement
D) Death of the mortgagor

The instrument used to secure a loan on personal property is called a:

A) Bill of sale
B) trust deed
C) Security agreement
D) Bill of exchange

When a retail business is sold, the state agency that is most concerned with protecting the the purchaser against "successor's liability" is the:

A) Alcoholic Beverage Control Board
B) Secretary of State
C) Division of Corporations
D) State Board of Equalization

When a retail business is sold, it is necessary to pay state sales tax on:

A) Furniture and fixtures
B) Good will
C) Stock in trade transferred
D) None of the preceding

A sales tax permit must be obtained from the State Board of Equalization:

A) By persons only when engaged in a retail business
B) By persons engaged in a wholesale or retail business
C) By everyone and is valid for only three years
D) Only if the business operates as a franchise

The california state agency that governs the issuance of liquor licenses is the:

A) State Board of Equalization
B) State Franchise Tax Board
C) Board of Supervisors
D) Department of Alcoholic Beverage Control

All of the following are considered as ways to legally describe property except

A) U.S. Government Survey
B) Topographical Survey
C) Metes and Bounds
D) Lot and Block System

When a metes and bounds description uses angles for direction, the angles are taken from:

A) North or South Points
B) East or West Points
C) North and East Points
D) South and west points

Which of the following statements is incorrect with regard to a property description using a metes and bounds description?

A) It is often used for properties on which no tract map has been recorded
B) It is brief and simple to understand and interpret
C) It is not the only type of legal description
D) It is often used to describe irregularly-shaped properties

Section 36 is located in which corner of a township

A) Southeast
B) Northwest
C) Northeast
D) Southwest

The distance between the Southeast corner of section 4 and the Northwest corner of section 34 in a given township is:

A) 4 miles
B) 8 miles
C) 10 miles
D) 12 miles

In what direction does the Humboldt Meridian Line run?

A) East and West
B) Southwest
C) Northwest
D) North and South

Which of the following would not make a good point of reference in a metes and bounds description?

A) A neighboring property line
B) A Corner of a township
C) A neighbor's fence
D) A corner of a section

Which of the following is not a Base and Meridian Line in California

A) Mt. Wilson
B) Mt. Diablo
C) Humboldt
D) San Bernardino

The North half or the est half of a section of land contains:

A) 320 Acres
B) 640 Acres
C) 480 Acres
D) 420 Acres

The N half of the North Half of a section contains:

A) 160 Acres
B) 320 Acres
C) 640 Acres
D) 420 Acres