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54 Cards in this Set
- Front
- Back
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What concept carried over from Spanish law into modern day property
ownership? A. Civil law B. Common law C. Community property D. None of the above |
C. Community property
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By law, all documents affecting the title to real property must be
A. Acknowledged B. Recorded C. Both A and B D. Neither A nor B |
A. Acknowledged
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Which of the following may own property in severalty?
A. Corporations B. Trusts C. Individuals D. All of the above |
D. All of the above
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Which of the following is NOT considered an encumbrance on real property?
A. Lien B. Encroachment C. Homestead D. Easement |
C. Homestead
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What is the maximum homestead exemption a person 65 years of age or older can
declare on their residence? A. $150,000 B. $75,000 C. $50,000 D. $85,000 |
A. $150,000
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A certificate of title will tell what about a property?
A. Vesting B. Encumbrances C. Neither A nor B D. Both A and B |
D. Both A and B
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A standard title insurance policy will guard against all of the following except
A. Federal tax liens B. Forgery C. Water Rights D. Fraud |
C. Water Rights
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What concept carried over from Spanish law into modern day property ownership?
A. Civil law B. Common law C. Community property D. None of the above |
C. Community property
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By law, all documents affecting the title to real property must be (A):
A. Acknowledged B. Recorded C. Both A and B D. Neither A nor B |
A. Acknowledged
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Which of the following officials is NOT considered a public official who may take an
acknowledgment? A. Judge B. County Clerk C. County Treasurer D. Notary Public |
C. County Treasurer
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Which of the following may own property in severalty?
A. Corporations B. Trusts C. Individuals D. All of the above. |
D. All of the above.
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Which of the following is not a type of concurrent ownership?
A. Co-ownership B. Joint tenancy C. Tenancy in common D. Community Property |
A. Co-ownership
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Which of the following is a characteristic of Tenancy in Common?
A. Right of survivorship B. Equal, undivided interest C. Equal right of possession D. All parties must take title to the property at the same time. |
C. Equal right of possession
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Parties in a joint tenancy may dispose of their property in which of the following ways?
A. Will B. Right of survivorship C. Sale D. Both B and C |
D. Both B and C
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Which one of the following is not one of the four unities of a Joint Tenancy?
A. Unity of Time B. Unity of Survivorship C. Unity of Title D. Unity of Interest |
B. Unity of Survivorship
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Which of the following is true regarding community property?
A. Community property may be sold with only one spouse’s consent. B. Community property may be encumbered with only one spouse’s consent. C. Community property may be purchased with only one spouse’s consent. D. Separate property may be purchased with money earned from wages. |
C. Community property may be purchased with only one spouse’s consent.
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Which of the following is correct regarding community property?
A. With no will in place, the surviving spouse inherits all of the deceased spouse’s interest. B. Property cannot be willed to living heirs C. With no will in place, the surviving children inherit the deceased’s interest half of the property D. None of the above is correct. |
A. With no will in place, the surviving spouse inherits all of the deceased spouse’s interest.
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Which of the following is NOT considered an encumbrance on real property?
A. Liens B. Encroachments C. Homestead D. Easement |
C. Homestead
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Which of the following is considered a money-restricted encumbrance?
A. Encroachment B. Judgment C. Easement D. None of the above. |
B. Judgment
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Which of the following steps is not necessary to initiate a valid mechanics lien?
A. Preliminary Notice B. Starting Time C. Completion Notice D. Adverse Possession |
D. Adverse Possession
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In a foreclosure situation, which of the following determines the order of lien
payment? A. The date each lien was recorded always determines the order of reimbursement. B. The amount of money owed (with the most expensive lien taking priority and the least expensive lien as the last to be paid). C. The date each lien was recorded (from the first recorded to the most recent recorded) ,with the exception of mechanics liens, which are always paid first. D. The most recent lien recorded will be the first lien to be paid from a judgment to the oldest recorded lien to be paid last. |
C. The date each lien was recorded (from the first recorded to the most recent
recorded) ,with the exception of mechanics liens, which are always paid first. |
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The continuous, notorious use of another persons land for a period of five or more
years is an example of what kind of easement? A. Prescription B. Express Grant C. Contract D. Necessity |
A. Prescription
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All of the following are examples of encroachments EXCEPT
A. Buildings B. Easements C. Fences and walls D. Hedges, trees or other vegetation crossing boundary lines |
B. Easements
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What is the maximum homestead exemption a person 65 years of age or older
can declare on their residence? A. $150,000 B. $75,000 C. $50,000 D. $85,000 |
A. $150,000
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A certificate of title will reveal what about a property?
A. Vesting B. Encumbrances C. Neither A nor B D. Both A and B |
D. Both A and B
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A standard title insurance policy will guard against all of the following EXCEPT
A. Federal tax liens B. Forgery C. Water rights D. Fraud |
C. Water rights
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The American Land Title Association (A.T.L.A.) provides an extended title insurance
policy which guards against which of the following? A. Water rights B. Mining claims C. Unrecorded liens D. All of the above |
D. All of the above
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Failure to perform a contract is also known as:
A. A rescission B. A breach C. A novation D. A reformation |
B. A breach
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How long is the Statute of Limitations for an action based on a written real estate
contract? A. Unlimited B. Two years C. Four years D. Twenty years |
C. Four years
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A well-drafted real estate purchase contract will include which of the following
provisions?: A. The buyer’s possession of the property B. The financing terms C. Proration of property expenses D. All of the above |
D. All of the above
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According to the Statute of Frauds, all contracts for the sale of real estate must be :
A. Originated by a real estate broker B. On preprinted forms C. Made in writing D. Accompanied by earnest money deposits |
C. Made in writing
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Which of the following parties is bound by an option to purchase?
A. Buyer only B. Seller only C. Neither buyer nor seller D. Both buyer and seller |
B. Seller only
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A contract that has not been performed is called a (n)
A. Executory contract B. Executed contract C. Unilateral contract D. Bilateral contract |
A. Executory contract
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Which of the following are basic elements of a valid contract?
A. Sufficient consideration B. Lawful purpose C. Competent parties D. All of the above |
D. All of the above
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An option to purchase a specific vacant lot:
a. Can never be assigned b. Can always be assigned c. Can be assigned if purchased for cash d. Can be assigned unless prohibited by contract |
c. Can be assigned if purchased for cash
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A broker must maintain listing agreement copies for:
a. Two years b. Three years c. Four years d. Six years |
b. Three years
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To be entitled to a commission, a broker must show that they were the procuring
cause of the sale or lease of a property under all of the following types of listings EXCEPT: a. Exclusive agency b. Exclusive right to sell c. Open listing d. Nonexclusive listing |
a. Exclusive agency
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In her capacity as an agent, a real estate licensee is liable to third parties for:
a. Her own torts b. A tort committed by her principal c. A written contract made in the name of her principal d. Actions committed by a duly appointed sub-agent |
a. Her own torts
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An exclusive right to sell listing:
a. Must contain a termination date b. Must be in writing if the broker wants to be successful in suing for a commission c. Must be kept by the broker for at least three years d. All of the above are correct statements |
d. All of the above are correct statements
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A voidable contract is a contract that:
a. Contains all of the legal essentials required for its existence b. Has no legal effect because it is not an actual contract c. Is valid and enforceable on its face, but may be rejected by one of the parties d. Was valid at the time that it was signed, but for some reason cannot be proven or sued upon by either or both parties |
c. Is valid and enforceable on its face, but may be rejected by one of the parties
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Under the Statute of Frauds, all contracts for the sale of real estate must be in
writing. The principal reason for this statute is to: a. Protect the public from fraud resulting from unrecorded deeds b. Prevent the buyer from defrauding the seller c. Protect the buyer’s rights d. Prevent fraudulent proof of a fictitious oral contract |
d. Prevent fraudulent proof of a fictitious oral contract
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The broker who most qualifies for a commission is the one who:
a. Gave the offer to the seller b. Received the offer from the buyer c. Received the acceptance of an offer d. Communicated the acceptance to the buyer |
d. Communicated the acceptance to the buyer
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An offer to fully perform a purchase contract is known as:
a. A condition b. A deposit c. A tender d. A covenant |
c. A tender
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A remedy in court compelling a vendor to execute a deed in pursuance of a valid
written contract is known as:) a. Specific performance b. Foreclosure c. Execution d. Equity of redemption |
a. Specific performance
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Failure to perform a contract is also known as:
a. A rescission b. A breach c. A notation d. A reformation |
b. A breach
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How long is the Statute of Limitations for an action based on a written real estate
contract? a. Unlimited b. Two years c. Four years d. Twenty years |
c. Four years
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A well-drafted real estate purchase contract will include which of the following
provisions? a. The buyer’s possession of the property b. The financing terms c. Proration of property expenses d. All of the above |
d. All of the above
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According to the Statute of Frauds, all contracts for the sale of real estate must be :
a. Originated by a real estate broker b. On preprinted forms c. Made in writing d. Accompanied by earnest money deposits |
c. Made in writing
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Which of the following parties is bound by an option to purchase?
a. Buyer only b. Seller only c. Neither buyer nor seller d. Both buyer and seller |
b. Seller only
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A contract that has not been performed is called a(n)
a. Executory contract b. Executed contract c. Unilateral contract d. Bilateral contract |
a. Executory contract
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Which of the following are basic elements of a valid contract?
a. Sufficient consideration b. Lawful purpose c. Competent parties D. All of the above |
D. All of the above
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Due diligence is the promise a broker makes to whom?
a. The salesperson working for the broker. b. The principal c. The third party d. None of the above. |
b. The principal
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All of the following are types of listing agreements EXCEPT
a. Open listing b. Net listing c. Private listing d. Exclusive agency listing |
c. Private listing
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A broker may be accused of fraud or misrepresentation when which of the following
occurs? a. Silence regarding known defects or problems with the property. b. Knowingly passing on false information regarding the property c. Recklessly making assumptions, and then passing them on as fact d. All of the above. |
d. All of the above.
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