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30 Cards in this Set
- Front
- Back
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An estate from period-to-will continue as long as |
The tenant makes, and the land lord accepts, regular rent payments. |
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If a tenant occupies a leased property without the consent of the landlord after a lease expires, the type of a state that results is called |
An estate at sufferance |
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Homestead, dower and curtesy, and elective share are examples of |
A legal life estate |
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To convey clear title in an dower and curtesy state, |
Both spouses must sign the conveyance |
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States that do not have dower and curtesy usually have either community property laws or |
An elective share |
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An interest in real estate that does not include the right to possess is considered |
An encumbrance |
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Which of the following rights is conveyed with a leasehold estate |
The right to use and possess the premises |
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The right to own land and the right to acquire ownership of land by eminent domain are both examples of |
A public interest |
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The distinguishing feature of a leasehold estate is |
Duration limited by a lease term |
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Which of the following is a freehold tenant |
The owner of a freehold estate |
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An interest in real estate that includes the right to possess is considered |
An estate in land |
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An estate at will |
Terminates on the death of lessor or lessee |
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If a tenant occupies a leased property without the consent of the landlord after lease expires the type of a state that results is called |
An estate at sufferance |
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Two people own a house, each having an undivided equal interest. Which of the following best describes what they own? |
Each owns 50% of the estate represented by the real property, but no physical portion of the real property. |
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For each principal Meridian there is one? |
A base parallel |
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What is the area in acres of the area marked G? |
20 acres |
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What is the legal description of the area marked G? |
The W 2 of the NW1/4 of the NW 1/4 of the section. |
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What portion of a section is 10 acres? |
1/64 |
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A legal description in the rectangular survey system will also include a metes and bounds or lot and block description if the property? |
Is an irregular shape |
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In a suit for damages by reason of default, the damaged party may claim liquidated damages if? |
The contract stated a specific amount due to a damaged party. |
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True or false, the broker may have a claim for damages if a home seller signs a listing agreement with a broker and the next week decides not to sell and revokes the listing. |
True |
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The act of nullifying a contract is called? |
A rescission. |
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True or false, a contract for the sale of a house can be assigned to another party |
True |
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An implied contract may be deemed to exist if? |
The parties act as if there is a contract |
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A buyer submits an offer to a seller and then dies in a car accident. Before learning of the buyer's death, the seller accepts the offer. Does the buyera death terminate the contract? |
Yes the termination of a contract can come through acceptance, rejection, revocation, lapse of time, counter offer, or death or insanity of either party. |
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Brokerage services means? |
Services provided by a broker to a party in a transaction |
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Which of the following professionals activities is a real estate broker agent most likely to be directly involved in |
Transferring real estate ownership |
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What is the distinguishing feature of a commercial property |
It has the potential to generate income from its used by a business |
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In addition to specifying who must obtain a real estate license and requirements for obtaining one, license laws also define? |
How licensees must handle escrow deposits, funds, and fees |
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What is included in surface rights? |
Water rights |
