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23 Cards in this Set
- Front
- Back
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Personal property includes all of the following EXCEPT:
A) chattels. B) fructus industriales. C) emblements. D) fixtures. |
D) fixtures.
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Homeowner Ginny acquired the ownership of land that was deposited by a river running through her property by:
A) reliction. B) succession. C) avulsion. D) accretion. |
D) accretion.
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The rights of the owner of property located along the banks of a river are called:
A) littoral rights. B) prior appropriation rights. C) riparian rights. D) hereditament. |
C) riparian rights.
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The local utility company dug up Frank's garden to install a natural gas line. The company claimed it had a valid easement and proved it through the county records. Frank claimed the easement was not valid because he did not know about it. The easement:
A) Was valid even though the owner did not know about it. B) Was an appurtenant easement owned by the utility company. C) Was not valid because it had not been used during the entire time that Frank owned the property. D) Was not valid because Frank was not informed of its existence when he purchased the property. |
A) Was valid even though the owner did not know about it.
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Your neighbors use your driveway to reach their garage on their property. Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtenant giving them the driveway right. Your property is the:
A) leasehold interest. B) dominant tenement. C) servient tenement. D) license property. |
C) servient tenement.
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Ginny owns 50 acres of land with 500 feet of frontage on a desirable recreational lake. She wishes to subdivide the parcel into salable lots, but she wants to retain control over the lake frontage while allowing lot owners to have access to the lake. Which of the following types of access rights would provide the greatest protection for a prospective purchaser?
A) an easement in gross B) an appurtenant easement C) an easement by necessity D) a license |
B) an appurtenant easement
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Sam and Nancy bought a store building and took title as joint tenants. Nancy died testate. Sam now owns the store:
A) as a joint tenant with rights of survivorship. B) in severalty. C) as a tenant in common with Nancy's heirs. D) in trust. |
B) in severalty
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Evan lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, Evan owns stock in the corporation and has a lease on his apartment. This type of ownership is called a(n):
A) condominium. B) planned unit development. C) time-share. D) cooperative. |
D) cooperative.
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Tom leases store space to Kim for a restaurant, and Kim installs her ovens, booths, counters, and other equipment. When do these items become real property?
A) when they are installed B) when Kim defaults on her rental payments C) when the lease takes effect D) when the lease expires, if the items are not taken by the tenant |
D) when the lease expires, if the items are not taken by the tenant
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In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivided 40 percent interest. The two owners hold their interests as what?
A) cooperative owners B) joint tenants C) community property owners D) tenants in common |
D) tenants in common
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To create a joint tenancy relationship in the ownership of real estate, there must be unities of:
A) grantees, ownership, claim of right, and possession. B) title, interest, encumbrance, and survivorship. C) possession, time, interest, and title. D) ownership, possession, heirs, and title. |
C) possession, time, interest, and title.
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Which of the following liens does not need to be recorded to be valid?
A) materialman's lien B) real estate tax lien C) judgment lien D) mechanic's lien |
B) real estate tax lien
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The system of ownership of real property in the United States is what?
A) incorporeal B) allodial C) inchoate D) feudal |
B) allodial
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A mechanic's lien would be properly classified as a(n):
A) equitable lien. B) voluntary lien. C) general lien. D) statutory lien. |
A) equitable lien.
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Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt?
A) real estate tax lien B) mechanic's lien C) judgment lien D) assessment lien |
C) judgment lien
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A homeowner owned a house on a lot. The front ten feet of the lot were taken by eminent domain for a sidewalk. Would the homeowner be entitled to compensation?
.A) Yes. The land was taken for public use by eminent domain B) Yes. He must be paid for the use of the sidewalk. C) No. He still had use of the house and lot. D) No. Compensation is not given on land taken for public use. |
.A) Yes. The land was taken for public use by eminent domain
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The covenant in a deed which states that the grantor is the owner and has the right to convey the title is called:
A) covenant of further assurance. B) covenant of warranty forever. C) covenant of seisin. D) covenant against encumbrances. |
C) covenant of seisin.
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The recording of a deed:
A) Is all that is required to transfer the title to real estate. B) Gives constructive notice of the ownership of real property. C) Insures the interest in a parcel of real estate. D) Warrants the title to real property. |
B) Gives constructive notice of the ownership of real property.
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Which of the following instruments proves a marketable title?
A) certificate of title B) title insurance C) abstract of title D) general warranty deed |
D) general warranty deed
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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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All of the following situations EXCEPT which one may cause the real estate commission to suspend or revoke the salesperson's license?
A) Marla did not tell the prospective buyers that the previous owner of the house electrocuted herself while in the bathtub. B) Pedro did not respond within 30 days to the commission's request for information regarding a complaint filed by a previous client. C) Taylor convinced the Wertons to buy a property by guaranteeing them they will see a huge profit when they get ready to sell. D) Anton deposited his clients' down payment into his own bank account. |
A) Marla did not tell the prospective buyers that the previous owner of the house electrocuted herself while in the bathtub.
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Is it legal for a broker to assist a buyer in obtaining a loan by giving the prospective lender an inflated value for sales price on a property?
A) Yes, as long as the inflated value is based on an actual projection of the increase in property value for the following year. B) Yes, because the inflated value will allow the loan to cover closing costs, title fees, and other fees that the buyers will incur in addition to the sale price of the property. C) No, because brokers can't be parties to dual contracts. D) No, because misrepresenting the actual price of the property will result in a higher mortgage amount for the buyers. |
C) No, because brokers can't be parties to dual contracts
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What information must a real estate salesperson include in any advertisement that specifies a specialty in residential property?
A) The sponsoring broker's name B) The street address of the real estate salesperson's firm C) The term of the salesperson's license D) The number of the licensee's salesperson's license |
A) The sponsoring broker's name
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