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50 Cards in this Set
- Front
- Back
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A statutory right that a family has in its residence is called |
D) homestead |
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A person who has complete control of a parcel of real estate is said to own a
A) leasehold estate B) fee simple estate C) life estate D) defeasible fee estate |
B) fee simple estate |
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A portion of building was inadvertently built on someone else's land. This caused an
A) accretion B) avulsion C) encroachment D) easement |
C) encroachment
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Many states determine the order of water rights according to which users of the water hold recorded beneficial use permits. This allocation of water rights is controlled by
A) accretion B) riparian theory C) littoral theory D) the doctrine of prior appropriation |
D) the doctrine of prior appropriation
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The purchase of a ticket for a professional sporting event gives the bearer
A) an easement right to park his or her car B) A license to enter and claim a seat for the duration of the game C) and easement in gross interest in the professional sporting team D) A license to sell goods and beverages at the sporting event |
B) A license to enter and claim a seat for the duration of the game |
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Which of the following has an indeterminable duration?
A) Freehold estate B) Less-than-freehold estate C) Estate for years D) License |
A) Freehold estate
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If the owner of the dominant tenement becomes the owner of the servient tenement and merges the two properties, the
A) easement becomes dormant B) easement is unaffected C) easement is terminated D) properties retain their former status |
C) easement is terminated
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A descendent left a will giving his neighbor the right to use a well on the descendants land as long as the neighbor lived. The neighbors interest in the property is properly called a(n)
A) license B) easement in gross C) easement appurtenant D) life estate |
B) easement in gross
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Shelley and Nadine bought a store building and took title as joint tenants. Nadine died testate, and Shelley now owns the store
A) as a joint tenant with the right of survivorship B) in severalty C) as a tenant in common with Nadine's heirs D) in trust |
B) in severalty
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Which of the following would be considered community property?
A) Gift of property to a wife during her marriage B) A motorhome bought during the marriage C) Property inherited by a husband during marriage D) Rental property owned by either husband or wife prior to the marriage |
B) A motorhome bought during the marriage
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A Trust is a legal arrangement in which title to property is held for the benefit of the third-party by a(n)
A) beneficiary B) trustor C) trustee D) attorney-in-fact |
C) trustee
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A woman lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, she owns stock in the corporation and has a lease to her apartment. This type of ownership is called a
A) condominium B) planned unit development C) time-share D) cooperative |
D) cooperative
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Victor and Norman are co-owners in fee simple of a small office building. Norman dies intestate and leaves nothing to be distributed to his heirs. Victor is neither related to Norman nor his creditor. Which of the following would explain why Victor acquired Normans interest?
A) Adverse possession B) Reversionary rights C) Joint tenancy D) Foreclosure |
C) Joint tenancy
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An ownership interest that is based on annual occupancy intervals is a
A) leasehold B) time-share C) condominium D) cooperative |
B) time-share
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Jamall, Morton, and Herb are joint tenants in a parcel of land. Herb conveys his interest to his long-time friend Walid. After the conveyance, Jamall and Morton
A) become tenants in common B) continue to be joint tenants with Herb C) become joint tenants with Walid D) remain joint tenants owning 2/3 interest |
D) remain joint tenants owning 2/3 interest
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Kyle and Ursula owned a combination apartment building and restaurant. They shared their profits and losses on the venture equally, but they did not have any written partnership agreement. One day, Ursula died of a heart attack. If, after her death, Kyle continued to only own the same undivided interest in the real estate as he did before, then
A) they were joint tenants B) they were tenants in common C) they were shareholders in their own corporation D) Ursula died intestate |
B) they were tenants in common
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The numbering of sections in a township begins in the
A) Northeast corner then runs Easterly B) Northwest corner and then runs Easterly C) Northeast corner and then runs Westerly D) Northwest corner and then runs Westerly |
C) Northeast corner and then runs Westerly
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The following legal description contains how many acres: the S-1/2 of the SE-1/4 of the NW-1/4 of the NE-1/4 of Section 7?
A) 2.5 B) 5 C) 10 D) 20 |
B) 5
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A township contains
A) six square miles B) 640 acres C) 23,040 sq feet D) 36 sections |
D) 36 sections
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Strips of land that run north and south are called
A) tiers B) ranges C) latitudes D) longitudes |
D) longitudes
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A metes-and-bounds legal description
A) can be made only in areas excluded from the rectangular survey system B) is not acceptable in court in most jurisdictions C) must commence and finish at the same identifiable point D) is used to complete areas omitted from recorded subdivision plats |
C) must commence and finish at the same identifiable point
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How many lots, each measuring 72.5 feet wide by 100 feet deep, could be made from a two-acre parcel of land?
A) 6 B) 7 C) 12 D) 14 |
C) 12
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When properly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n)
A) voluntary lien B) involuntary lien C) specific lien D) statutory lien |
B) involuntary lien
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When a company furnishes materials for the construction of the house and is subsequently not paid, it may file a(n)
A) deficiency judgement B) lis pendens C) estoppel certificate D) mechanics lien |
D) mechanics lien
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A lien against a parcel of real estate may result from a lawsuit currently before the court. On examining the public records, you would look for
A) the chain of title B) a lis pendens C) a suit to quiet title D) a judgement lien |
B) a lis pendens
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A mechanics lien would be properly classified as a(n)
A) equitable lien B) voluntary lien C) general lien D) specific lien |
D) specific lien
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The current market value of a property is $35,000. For tax purposes, it is assessed at 40% of the market value. The tax rate is four dollars per $100 of assessed value. What is the amount of the tax due?
A) $560 B) $625 C) $705 D) $740 |
A) $560
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Under which of the following types of liens can both the real property and personal property of the debtor be sold to pay the debt?
A) Real estate tax lien B) Mechanics lien C) Judgement lien D) Assessment lien |
C) Judgement lien
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A void contract is one that was
A) not in writing B) never legally enforceable C) rescindable by agreement D) voidable by only one of the parties |
B) never legally enforceable
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The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of the contract is known as
A) an injunction B) a lis pendens C) an attachment D) specific performance |
D) specific performance
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The essential elements of a contract include all of the following EXCEPT
A) offer and acceptance B) signatures of the parties C) competent parties D) consideration |
B) signatures of the parties
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If upon receipt of an offer to purchase subject to certain conditions the seller makes a counter offer, the prospective buyer is
A) bound by his/her original offer B) bound to accept the counteroffer C) bound by whichever offer is lower D) relieved of his/her original offer |
D) relieved of his/her original offer |
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The amount of earnest money deposit is determined by
A) real estate licensing statutes B) agreement between the parties C) the listing brokers office policy on such matters D) meeting the acceptable minimum of 5% of the purchase price |
B) agreement between the parties |
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If the buyer defaulted sometime ago on a written contract to purchase a sellers real estate, the seller can still sue for damages if he is not prohibited from doing so by the
A) statute of frauds B) law of agency C) statute of limitations D) broker-attorney record |
C) statute of limitations |
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Which of the following BEST describes a voidable contract?
A) Contract that has no legal effect and never had any B) Oral contract with no witnesses to the agreement C) Contract that maybe either enforced or declared void by one of the parties D) Contract that has been accepted but the acceptance has not been communicated to the offer |
C) Contract that maybe either enforced or declared void by one of the parties |
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Which of the following gives the BEST evidence of the buyer's intention to carry out the terms of the real estate purchase contract?
A) "Subject" to clause B) Agreement to seek mortgage financing C) Earnest money deposit D) Provision that "Time is of the essence" |
C) Earnest money deposit |
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The title to real estate passes when a valid deed is
A) signed and recorded B) delivered and accepted C) filed and microfilmed D) executed and mail |
B) delivered and accepted
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The primary purpose of a deed is to
A) prove ownership B) transfer title rights C) give constructive notice D) prevent adverse possession |
B) transfer title rights |
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A Special Warranty deed differs from a General Warranty deed in that the grantors covenant in the Special Warranty deed
A) applies only to a definite limited time B) covers the time back to the original title C) is implied and is not written in full D) protects all subsequent owners of the property |
A) applies only to a definite limited time
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The severalty owner of a parcel of land sells it to a buyer. The buyer insists that the owners wife join in signing the deed. The purpose of obtaining the wife's signature is to
A) waive any marital or homestead rights B) defeat any curtsey rights C) provide evidence that the owner is married D) satisfy the parole evidence rule |
A) waive any marital or homestead rights |
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In a real estate transaction, transfer taxes that are due are charged
A) to the buyer unless this is forbidden by statute or regulation B) according to local custom unless the parties are from different jurisdictions C) to the parties as agreed in the contract of sale D) to the closing agent and real estate broker if the contract does not specify who pays |
C) to the parties as agreed in the contract of sale |
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Real estate that is inherited from the person who died testate is referred to as a
A) legacy B) bequest C) devise D) demise |
C) devise |
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All of the following are required for a deed to be valid EXCEPT the
A) date B) legal description C) name of the grantee D) signature of the grantee |
D) signature of the grantee |
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The reversion of real estate to the state because of the lack of heirs or other people legally entitled to own the property is called
A) eminent domain B) escheat C) attachment D) estoppel |
B) escheat |
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Which of the following is acceptable evidence of marketable title?
A) Trust deed B) Warrantee deed C) Title insurance policy D) Affadavit |
C) Title insurance policy |
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Which of the following would be used to clear a defect from the title records?
A) Lis pendens B) Estoppel certificate C) Suit to quiet title D) Writ of attachment |
C) Suit to quiet title |
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The part of the title insurance policy that sets forth all of the encumbrances and defects that it will NOT be insured against is called the
A) schedule of defects B) citation clause C) non-exclusionary clause D) exclusions |
D) exclusions |
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An abstract of title does NOT provide evidence of title unless it is accompanied by a(n)
A) copy of the title insurance policy B) letter of insurance coverage C) letter of warranty D) attorneys opinion of title |
D) attorneys opinion of title |
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All of the following liens need to be recorded to be valid EXCEPT a
A) mortgage lien B) real estate tax lien C) judgment lien D) mechanics lien |
B) real estate tax lien |
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A written summary of the history of all conveyances and legal proceedings affecting a specific parcel of real estate is called a(n)
A) affidavit of title B) certificate of title C) abstract of title D) title insurance policy |
C) abstract of title |
