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21 Cards in this Set

  • Front
  • Back
What is a lease that ends on a specified date without the requirement of a notice?
The answer is ESTATE FOR YEARS. An estate for years is an interest for a certain, exact period of time in property leased for a specified consideration.
Which of the following is FALSE about easements?
The answer is AN EASEMENT CAN BE REVOKED. An easement must be in writing and is often paid for, and an easement in gross only has a servient party.
Which of the following statements is TRUE about a condominium unit?
The answer is EACH OWNER OWNS AND FINANCES THEIR INDIVIDUAL UNIT. Condominium owners own and can finance their own unit. Taxes are based on the value of each unit plus each owner's share of common elements. Association insurance covers the common elements and not each unit's contents. A proprietary lease is part of cooperative ownership where there is not ownership of the individual unit.
A lessee has the greatest protection with a(n)
The answer is ESTATE FOR YEARS. An estate for years locks the holder into the lease for a specific period of time, which cannot be terminated without cause, even if the property is sold.
Which of the following is TRUE about earnest money?
The answer is IT MAY BECOME THE SELLER'S IF THE BUYER DEFAULTS. Earnest money is not consideration, and it is used in case the buyer defaults on the contract; therefore, it is not a required part of a purchase contract. In a leasehold estate like tenancy/estate for years, typically, a security deposit would be collected.
A seller may keep the buyer's earnest money as liquidated damages if
The answer is THE BUYER DEFAULTS AND THE CONTRACT REMEDY IS LIQUIDATED DAMAGES. Per the purchase agreement, if the buyer defaults, the seller can sue (specific performance) or keep the earnest money (liquidated damages). Buyers always receive specific performance because they don't have anything from the seller to liquidate.
Which of the following is an example of involuntary alienation?
The answer is ADVERSE POSSESSION. Involuntary alienation means a property owner is forced to give ownership to all or a portion of the property involuntarily. Of the answer choices, only adverse possession represents such a case. When another individual meets the adverse possession criteria for the required length of time, the individual can go to court and obtain title to the property.
In the absence of a notice to terminate, a lease that continues automatically is a
The answer is PERIODIC TENANCY. Periodic tenancy is an automatically renewing lease unless one party terminates
New home warranties cover everything EXCEPT
The answer is STRUCTURAL DAMAGE. Structural damage, which is created by outside forces, is not covered, while structural defects from poor workmanship or material failing would be covered.
All of the following are variances EXCEPT
The answer is A RETAIL STORE IN A RESIDENTIAL NEIGHBORHOOD. A retail store in a residential neighborhood is a nonconforming use. Fences built beyond six feet high and building into a setback or over height limits are all examples of variances.
A landowner subdivides her acreage. After her broker sells some of the lots, she refuses to pay the broker a commission. What can the broker do?
The answer is NOTHING. Unless the broker has been employed by the seller under a valid contract, the broker is not entitled to a commission.
Lisa granted an estate to Terri for the duration of Terri's lifetime. Upon Terri's death, the estate will pass back to Lisa. During Terri's lifetime, Lisa's interest is referred to as
The answer is REVERSIONARY INTEREST. Terri is the life tenant and holds a life estate. Lisa, the grantor under the life estate, retains a reversionary right so when Terri dies, Lisa's estate will return to fee simple absolute
The sales price of a property is $100,000, with a commission of 6 percent to the listing brokerage firm. The firm will pay the buyer's broker 55 percent of the brokerage commission. How much will the listing broker receive?
The answer is $2,700. The listing firm will receive $6,000, of which $3,300 or 55 percent will go to the buyer's broker with the balance of 45 percent or $2,700 to the listing broker.
When parties own property as tenants in common, each owner
The answer is HAS OWNERSHIP OF NO SPECIFIC PART OF THE PROPERTY. Tenants in common have an undivided interest in the entire property. Survivorship and unity of time and title apply to joint tenants.
All of the following are essential elements of a contract EXCEPT
The answer is WORDS OF CONVEYANCE. The essential elements of a valid contract are competent parties, mutual agreement, lawful objective, consideration, and in writing. Words of conveyance are required in deeds.
A shop owner has operated a neighborhood grocery store for the last 30 years. His store is the only retail property in the area zoned as residential. What is the store an example of?
The answer is NONCONFORMING USE. If a lot or an improvement does not conform to the zoning use because it existed before the enactment of the ordinance, it may be allowed to continue legally under certain restrictions.
A licensee who is asked to manage a property will need to have the broker sign what document to accept the job?
The answer is MANAGEMENT AGREEMENT. The broker must sign the management agreement and establish trust accounts if needed.
What is the principal difference between an estate for years and an estate from period to period?
The answer is ESTATE FROM PERIOD TO PERIOD HAS NO EXPIRATION DATE. An estate from period to period, or periodic tenancy, does not have a specific expiration date. An estate (tenancy) for years has specific beginning and end dates.
The tenant who remains in possession after the lease expires
The answer is IS A TENANT AT SUFFERANCE. One way to remember this term is that when tenants stay past their lease expiration date and refuse to pay rent, the landlord suffers.
On a buyer's closing statement, the buyer is debited for
The answer is THE SALES PRICE. The sales price is always a buyer's debit (charge). All of the others help pay for the property and are credits to the buyer.
A homeowner applies to the municipality for permission to open an adult daycare facility in his neighborhood. What may he be granted that would allow him to do this?
The answer is CONDITIONAL-USE PERMIT. A conditional-use permit is usually granted to a property owner to allow a special use of property that is defined as an allowable conditional use within that zone.