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10 Cards in this Set
- Front
- Back
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Woman held fee simple title to vacant lot adjacent to a buisness. She was persuaded to make the lot available to the buisness. She had her attorney prepare a deed that conveyed ownership of the lot to the buisness so long as it is used for commercial purposes. after completion of the gift the buisness will own a A- Life Estate B- Determinable Fee Estate C- Tenancy For Years D- Periodic Tenancy |
Which 2 of the following is an example of legal life estateS ? A- Homestead Estate B- Estate conveyed by one party to a second party for the life of the second party C- Use of a will to convey property D- Estate conveyed to a second party subject to a condition |
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All of the following are subject to real property ownership rights EXCEPT A- Buildings located on the land B- Air space above the land C- Easements running with the land D- Navigable rivers running through the land |
In a land trust which of the following is false? A- Benificial interest can be transfered by assignment B- Beneificiary is usually the trustor C- Public Records list all the benefiiciaries D- The property can be pledged as security for a loan without a mortgage |
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A general liean arises as a result of A- A judgment B- Estate or inheritance taxes C- Decedents debts D- All of these |
All of the following are generall exempt from paying real estate taxes EXCEPT A- For Profit assisted living B- Muncipal Government C- Charitable Hospital D- Private not for profit school |
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When grantors do NOT wish to convey certain property rights, they A- Must note the exceptions in a seperate document B- May not do so because the deed conveys the entire premises C- May note the exceptions in the deed of conveyenace D- Must convey the entire premises and have the grantee reconvey the rights to be retained by the grantor |
In a general warranty deed, A- Very little protection is provided to the buyer B- Grantor defends title for only grantor C- Grantee defends title against the grantee and all those who previously had title D- Grantor defends title back to its begining |
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Having a piece of land sold for deliquent taxes is an example of ? A- Voluntary Alienation B- Involuntary Alienation C- Revocation D- Remainder |
Under the ------------ The title passes when the grantees application for registration has been approved and the real estate has been registered |
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The type of real estate ownership that is MOST all-inclusive is a A- Life Estate B- Fee simple Estate C- Conditional Fee Estate D- Reversionary Interest |
Document that protects against hidden risk such as forgeries and loss due to defects in the title, subject to specific exceptions, is called A- Chain of title B- Title Insurance Policy C- Abstract of title D- Certificate of title |
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Under the terms of a trust established by a will, the trustee is recquired to sell the real estate the trust holds. The deed that will be delivered at settlements of such a sale is ? A- Deed of release B- Warranty Deed C- Trustees Deed D- Trustor Deed |
General real estate taxes are also called A- Ad valorem taxes B- Special assesssments C- Appropriation funds D- General, Voluntary liens |
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3 Brothers bought a farm together, the deed listed each of their names. What form of ownership are they persumed to have taken ? A- Tenancy by entirety B- Joint tenancy with right of survivorship C- Tenancy in common D- In severalty |
Which of these is a general, statutory and involuntary lien on both real an personal property ? A- Federal Tax Lien B- Mechanics Lien C- Special Assessment D- Consumer loan Lien |
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Rights or privileges that are connected with real property are A- Appurtenances B- Improvements C- Not conveyed with real estate D- Restricted to air and water rights |
Which of the following is not a test to identify a fixture ? A- size of the item B- Intent of the parties C- Method of attachment of the item D- Adaptation of the item to the real estate |
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The process by which the governement can acquire ownership of private land for public use is ? A- Condemnation B- Escheat C- Eminent Domain D- Doctorine of public acquisition |
A tax lien on the property can hinder the sale of a property because it is ? A- A monetary charge that the purchaser must satisfy B- An appurtenance that doe not affect the tittle C- An encroachment D- An encumbrance |
