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40 Cards in this Set

  • Front
  • Back
All of the items are personal property EXCEPT:
A. Trade Fixtures
B. A Privacy Fence
C. Patio Furniture
D. Portable Dishwasher
Several legal steps must sometimes be taken before a creditor can have an outstanding debt satisfied through the sales of a debtor's property. Which of the following may be required?
A. Judgement
B. Attachment
C. Writ of Execution
D. All of the above
If there is no indication in a deed as to how co-owners are taking title, the law presumes the parties intended to own the property as:
A. Tenants in Common
B. Joint Tenants
C. General Partners
D. Severalty Partners
Priority of interest in real estate is usually determined by:
A. Date of the document
B. Date of recordation
C. Actual Knowledge
D. Reference to Statue of Frauds
Under police power, Which of the following CANNOT be done?
A. Property can be condemned as unit for occupancy
B. Property can be zoned
C. Property can be taken away for public purpose, provided fair compensation is given
D. Subdivision regulations can be enacted
The Law will act to end a listing agreement::
A. If the owner declares bankruptcy
B. By Supervening illegality
C. If the home is destroyed
D. All of above
If a purchaser breaches a valid and enforceable sales contract, the seller may at his/her option:
A. Declare the contract forfeited and retain as liquidated damages any payments received from buyer.
B. Rescind the contract and return any payments received from the buyer
C. Sue for specific performance
D. All of the above
Which of the following is INCORRECT about leasehold improvements?
A. Leasehold improvements are made by the tenant
B. Leasehold improvements belong to the landlord at the end of the lease unless agreed otherwise by the parties.
C. Leasehold improvements are made by the landlord, because of one's implied duty to keep the premises habitable
A seller wishes to remove certain shrubs planted in the front yard and not include them in the sales price of the home
A. the shrubs must be left and included in the sales price of the home.
B. The shrubs can be removed unless they are valuable
C. If the seller planted the shrubs, they can be removed
D. The seller may do so only if permission for the removal is specifically stated in the contract
Concerning liens, which of the following is INCORRECT ?
A. Liens are always encumbrances
B. Liens are either equitable or statutory
C. Liens increase the value of property
D. Liens are either specific or general
Ownership of real estate for such things as schools, roads, parks, and military installations is?
A.. Prescriptive ownership
B. Private ownership
C. Possessive ownership
D. Public Ownership
Which of the Following statements are INCORRECT?
A. A deed conveys a present in real estate
B. A will conveys no interest in real estate until after the death of the testator
C. A deed conveys a future interest in real estate if so specified by the grantee
D. A will conveys no interest in real estate until it is probated.
When may a salesperson legally refuse to show a house to an Asian prospect?
A. When the seller has indicated a desire not to have an asian own the property.
B. When the seller prohibits an Asian from physically coming on to the property
C. When the seller says the property is not to be shown while the seller is out of town
D. Never
A Broker whose negligence in preparing a sales contract allows the purchaser to void the agreement breaches his/her duty of:
A. Personal performance
B. Obedience
C. Accountability
D. Due care
All of following are examples of how a contract may be discharged except:
A. Expiration of time according to the statue of limitations
B. Unilateral rescission by a defrauded purchaser
C. Novation
D. Supervening Illegality
Which of the following may be used to guard the landlord against the hazards of inflation?
A. Index lease
B. Escalator lease
C. Reappraisal lease
D. All of the above
A permanent addition to a building is:
A. real property
B. Personal property
C. A chattel real
D. Trade fixtures
An easement created for the purpose of giving an owner ingress and egress to his/her landlocked property is:
A. An easement in gross
B. An easement by subscription
C. An easement appurtenant
D. An easement by abandonment
A condominium maybe used for which of the following?
A. Parking garage
B. Shopping center
C. Office building
D. All of the above
The covenant in which a grantor promises that the owner owns the property and has the right to convey title to it is the:
A. Covenant of warranty forever
B. Covenant of seizin
C. Covenant of quiet enjoyment
D. Covenant of further assistance
A developer purchased a parcel of land 10 years ago, at which time the current zoning would have permitted the construction of 80 houses. Now he is ready to build a recent rezoning now restricts him to 40 houses. Is he entitled to some compensation for the down-zoning.
A. Yes, because it is right under eminent domain
B. Yes, because the property is grandfathered
C. No, an exercise of police power does not require compensation
D. No, because he should have improved the property when he bought it.
The un authorized withdrawal of any portion of an earnest deposit from a broker's trust account before the sale is consummated or otherwise terminated, regardless of the intended use, is considered:
A. Constructive fraud
B. Commingling
C. Negligent misrepresentation
D. None of the above
Frances an elderly lady,entered into a contract to sell her home when her un scrupulous nephew Bruce took unfair advantage of his relationship with her. Frances:
A. Will have to sell if the purchase is an innocent third party
B. May rescind the contract if she chooses
C. Will not have to sell because the contract is void due to fraud
D. Will have to sell but has legal recourse against Bruce
A leasing arrangement used by a business property owner to generate capital is called:
A. A sandwich lease
B. A ground lease
C. A sale leaseback
D. An occupancy agreement
Transfer of land ownership automatically includes:
A. Emblements
B Fixtures
C. Chattels real
D. Trade fixtures
Jones owned fifty (50) acres with frontage on Slater Mill Road. Jones sold the front thirty (30) acres to Smith but reserved an easement for the right of access to the back twenty (20) acres. Which of the following is INCORRECT?
A. Jones has a dominant estate
B. Smith has a servant estate
C. Smith's estate is subject to Jone's interest
D. Jones estate in the twenty (20) acres is subject to Smith's interest
Husband and wife who own property as tenants by the entirety:
A. Must both consent to sell
B. May individually
C. Must both sign for any debt secured by the property
D. Both A & C
When performing a title examination, the attorney locates the book and page number where a particular deed is recorded by looking in alphabetical listing. The subject property is located in a county which uses an index system of recording called:
A. Torrens index
B. Tract index
C. Alpha index
D. Grantor - grantee index
Zoning ordinances and subdivision regulations, as examples of the enactment of police power, usually cover such matters as:
A. Baselines
B. Set-back lines
C. Deed restrictions
D. Encumbrances
According to Georgia law, a listing agent must voluntarily disclose to a buyer customer:
A. The fact that a suicide has taken place on the property
B. The fact that a previous occupant had AIDS
C. Latent defects
D. Patent defects
A novation can be any of the following EXCEPT:
A. Substitution of a new contract for an existing contract
B. Substitution of one party to another
C. Substitution of a new obligation to discharge a former obligation
D. Substitution of a new agreement by one party against the wishes of the other party
A lease may be terminated by all of the following EXCEPT:
A. Condemnation
B. Assignment
C. Eviction
D. Merger
Water rights along a large, navigable lake or ocean are known as:
A. Tidal rights
B. Shore rights
C. Correlative rights
D. Littorial rights
A private deed restriction can be made ineffective by which of the following?
A A ground lease
B. Conveyance of the property
C. Voluntary cancellation by at least two of the affected property owners
D. A conflict with zoning laws
A tenancy in common form of ownership entities each co-tenant to:
A. The right of survivorship
B. An equal interest in the land
C. Take title free and clear
D. an undivided interest in land
Title to real property is conveyed by deed when:
A. Signed by the grantor
B. Recorded by the grantor
C. Delivered and accepted
D. Signed by the grantee
Concerning the Federal Fair Housing law, which of the following is correct with respect to the definition of a minority?
A. Any group or members of a group that can be identified by race, color religion, sex, familial st
B. Any group or member of a group that can be identified by any other characteristic on the basis of which discrimination is prohibited by a federal state , or local Fair Housing Law
C. Has nothing to do with numbers
D. All of the above
Mario is showing a buyer client houses in a residential subdivision. he knows that there is a parcel of vacant land 3500 feet to the north of theses homes where an owner recently received permission to operate a waste disposal facility. Must Mario disclose this fact to a prospective purchaser?
A. No, because the disposal site is not close enough to be of concern
B. No, because the site has not yet been developed
C. Yes, this would be considered a ministerial duty
D. Yes, because Mario owes absolute duty to the buyer
An executory contract is one where:
A. Something remains to be done by one or both parties
B. The contract has been properly signed
C. Contract time limit has expired
D. One of the parties has died before closing , and the decedent's executor must act on behalf of the deceased
If a seller allows a prospective purchaser to take possession before closing the sale, problems of regaining possession can be minimized if the sale does not close by having the parties sign:
A. An occupancy agreement
B. A ground lease
C. A sale - leaseback
D. A reappraisal lease