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Practice quiz Flashcards

1
Q

Which of the following items would not be an appurtenance?

a. Right
b. Privilege
c. Improvement

A

d. Reversion

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2
Q

Which of the following statements BEST describes the effect on mineral rights when the land is sold?

a. They always pass with the sale of the land
b. Mineral rights cannot be sold separately from the land
c. They pass to the grantee unless specifically noted
d. They belong to the federal government

A

c. They pass to the grantee unless specifically noted

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3
Q

A buyer made an offer on a house and the seller accepted the offer as written. The buyer wanted some of the seller’s personal property to remain with the house. The personal property would transfer to the buyer under which of the following conditions?

a. If it fits into a particular spot in the house
b. If it was included in the contract
c. If it was verbally stated by the listing broker
d. If it was verbally agreed to between the seller and buyer.

A

b. If it was included in the contract

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4
Q

A commercial tenant installed some display cases for fish in a leased space. Which of the following statements BEST describes what happens to the cases upon the expiration of the lease?

a. The tenant would be able to take the cases only if the tenant paid the owner for the fair market value of the cases.
b. The tenant would be able to take the cases as they were installed by the tenant.
c. The owner would be able to keep the cases, as once the cases were installed, they became real property.
d. The owner would be able to keep the cases, as they would be considered emblements.

A

b. The tenant would be able to take the cases as they were installed by the tenant.

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5
Q

Which of the following is NOT a fixture?

a. Claw foot bathtub.
b. Chandelier.
c. Built-in dishwasher
d. Above ground pool.

A

d. Above ground pool.

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6
Q

The “quantity, nature and extent of a person’s interest in real estate” BEST defines which of the following terms? a. Equity. b. Estate c. Estoppel d. Easement

A

b. Estate

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7
Q

The process of taking private land for public use is:

a. Eminent domain
b. Condemnation.
c. Escheat
d. Police power

A

b. Condemnation.

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8
Q

Which of the following rights would NOT have a limiting effect on one’s ownership rights in real estate?

a. Taxation.
b. Police power
c. Title insurance.
d. Escheat.

A

c. Title insurance.

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9
Q

A city ordinance stated that any commercial building needed to have adequate off street parking. This is accomplished under which government right?

a. Police power.
b. Escheat.
c. Eminent domain.
d. Taxation.

A

a. Police power.

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10
Q

The government, in taking private property to build a highway, is exercising which of the following rights?

a. Police power
b. Escheat
c. Eminent domain
d. Taxation.

A

b. Escheat

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11
Q

The zoning commission has the authority to zone under which government right?

a. Escheat.
b. Condemnation.
c. Police power
d. Eminent domain.

A

c. Police power

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12
Q

Which of the following terms BEST describes an estate where the title does not pass back to the grantor?

a. Reversion.
b. Remainder
c. Tenants in common
d. Severalty

A

b. Remainder

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13
Q

Owner J gave J’s housekeeper a life estate in a property. J also stipulated that the property go to J’s child when the housekeeper died. J died prior to the housekeeper. J’s child is refereed to as the:

a. Life tenant.
b. Remainderman.
c. Grantor
d. Pur autre vie

A

b. Remainderman.

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14
Q 
Which of the following types of ownership specifically refers to a married couple with the right of survivorship? 
a. Joint tenants. 
b. Tenants by the entirety.
c. Tenants in common d
. Severalty.
A

b. Tenants by the entirety.

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15
Q

In order to have joint tenancy, there must be the unities of title, interest, possession and:

a. Right of survivorship.
b. Curtesy rights.
c. Time of acquisition.
d. Equal financing.

A

c. Time of acquisition.

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16
Q

Ownership in severalty is best described as:

a. One person owns the property.
b. Several people own the property.
c. Property held by co-owners.
d. Owning more than one piece of property.

A

a. One person owns the property.

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17
Q

Which of the following is NOT a leasehold estate?

a. Estate for years.
b. Periodic tenancy
c. Tenancy at will
d. Life estate.

A

d. Life estate.

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18
Q

What is use to describe the right of the lessor to reclaim a property once a lease expires?

a. Redemption.
b. Reversion
c. Repossession
d. Reverse annuity

A

b. Reversion

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19
Q

Which of the following estates is the lowest form of estate?

a. Conditional fee
b. Tenancy at sufferance
c. Estate at will
d. Periodic tenancy

A

b. Tenancy at sufferance

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20
Q

A person owned a condominium and leased it to K for one year. What did this create?

a. A leasehold estate.
b. A time share
c. A tenancy by the entireties
d. A conditional fee estate

A

a. A leasehold estate.

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21
Q

Which is a voluntary lien against a person’s property?

a. Mortgage lien
b. Mechanic’s lien
c. Judgment lien
d. Property tax lien.

A

a. Mortgage lien

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22
Q

Mr. X bought a house in an area that restricted fences. He then bought a dog and began constructing a fence. What remedies do the neighbors have?

a. Eminent domain.
b. Police power
c. File a private suit in court.
d. Building code enforcement.

A

c. File a private suit in court.

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23
Q

A trespass of an improvement is which of the following? a. Encroachment. b. Easement c. License. d. Lien.

A

a. Encroachment.

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24
Q

Which of the following items restricts the physical condition and specific use of a property?
a. Mortgage b. Easement c. Deed of trust d. Title

A

b. Easement

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25
Q

A neighbor had encroached on a property but the owner did not complain within the legally specified time period. The neighbor would obtain rights to the land by:

a. License.
b. Easement by necessity.
c. Easement by prescription.
d. Easement in gross.

A

c. Easement by prescription.

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26
Q

An easement giving a person the right of ingress and egress would be BEST classified as an:

a. Appurtenance.
b. Emblements
c. License
d. Encroachment

A

a. Appurtenance.

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27
Q

T gave a neighbor the right to cross over T’s property. T’s propertywould be referred to as:

a. A licensed property
b. An encroached upon property
c. The servient tenement
d. The dominant tenement

A

c. The servient tenement

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28
Q 
A person owned a property next to 
a stream. The owner’s rights to use the stream are referred to as: 
a. Dower
b.  Curtesy 
c. Riparian 
d. Navigations.
A

c. Riparian

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29
Q

What is the greatest type of interest an owner can receive in a condominium?

a. Fee simple.
b. Leasehold
c. Right of free use
d. Stock.

A

a. Fee simple.

30
Q

Persons who buy into a cooperative receive which of the following items?

a. Shares of stock.
b. Deed to the common areas.
c. Real estate tax bill.
d. Deed to the complex.

A

a. Shares of stock.

31
Q

Which of the following would NOT be classified as a free hold estate?

a. Cooperative
b. Condominium
c. Fee simple
d. Life estate

A

a. Cooperative

32
Q

If a grantor desired to transfer title but only guarantee it against claims occurring during the grantor’s ownership period, the grantor should sign which of the following deeds?

a. General warranty.
b. Special warranty
c. Bargain and sale
d. Quitclaim

A

b. Special warranty

33
Q

A warranty deed was issued with a name misspelled. Which of the following deeds would most likely be issued to correct it?

a. Quitclaim
b. Bargain and sale
c. Grant
d. Special warranty.

A

a. Quitclaim

34
Q

The type of deed which gives the greatest liability to the grantor is:

a. Quitclaim deed
b. Special warranty deed
c. General warranty deed
d. Bargain and sale deed.

A

c. General warranty deed

35
Q

A person who obtains property through a deed is called a:

a. Grantor. b. Grantee. c. Beneficiary d. Trustee.

A

b. Grantee

36
Q

The purpose of the encumbrances clause in a general warranty deed is to protect against:

a. Recorded easements.
b. Unrecorded liens that may affect the value of property.
c. Recorded tax liens
d. Recorded covenants.

A

b. Unrecorded liens that may affect the value of property.

37
Q

A person conveys a property to another whereby there are no warranties given by the seller. The type of deed most likely used to accomplish this would be a:

a. General warranty deed.
b. Special warranty deed
c. Quitclaim deed
d. Bargain and sale deed

A

c. Quitclaim deed

38
Q

Existing easements, restrictions, liens and taxes are listed in which of the following clauses in a warranty deed?

a. Habendum
b. Reservations.
c. Granting
d. Conservation

A

b. Reservations.

39
Q

Title is transferred when a deed is:

a. Recorded
b. Delivered and accepted.
c. Signed
d. Acknowledged

A

b. Delivered and accepted.

40
Q

Which of the following must be contained in a deed in order for the deed to be valid?

a. Words of conveyance
b. Signature of the grantee
c. Recordation
d. Description of the personal property included in the sale.

A

a. Words of conveyance

41
Q

Unless specified otherwise, when a property is sold, when would possession of the property normally be given?

a. Upon proof of the lender’s approval on the buyer’s loan.
b. Upon the signing of the contract by both seller and buyer.
c. At the time of the title commitment being given by the title company
d. Upon the deed being delivered and accepted by the buyer.

A

d. Upon the deed being delivered and accepted by the buyer.

42
Q

Documents are recorded to provide:

a. Constructive knowledge
b. Actual knowledge
c. Practical knowledge
d. Official knowledge

A

a. Constructive knowledge

43
Q

The purpose of recording the deed is to protect the:

a. Grantor
b. Grantee
c. Optionor
d. Optionee

A

b. Grantee

44
Q

Acquiring property through open, continuous and notorious use is called:

a. Eminent domain
b. Adverse possession
c. Escheat
d. Easement in gross.

A

b. Adverse possession

45
Q

Which of the following is NOT a way for transfer of title to real estate to take place?

a. Inheritance
b. Deed
c. Adverse possession
d. Lease.

A

d. Lease.

46
Q

A mortgagee’s title insurance policy is made to protect the:
a. Trustee b. Lender c. Buyer d. Seller

A

b. Lender

47
Q

What is a schedule of exceptions in a title policy?

a. Encumbrances
b. Tax liens
c. List of things not insured in the policy
d. Defects

A

c. List of things not insured in the policy

48
Q

Which of the following would a standard title insurance policy NOT cover?

a. Forged Deeds
b. Government regulations
c. Undisclosed heirs
d. Incompetent grantors

A

b. Government regulations

49
Q

Which of the following items would NOT place a limitation on your rights in property?

a. Taxation
b. Police power
c. Title insurance
d. Eminent domain

A

c. Title insurance

50
Q

Which of the following liens would be characterized as a specific line?

a. Judgment line
b. Inheritance tax lien
c. Income tax lien
d. Ad valorem tax line

A

d. Ad valorem tax line

51
Q

A property was assessed at $100,000 with a rate of $25.00 per $1,000. The next year, the tax rate was reduced to $20.00 per $1,000 and the assessed value went up by 25%. The taxes would :

a. Be increased
b. Be decreased
c. Stay the same
d. Be abated

A

c. Stay the same

52
Q

A property was assessed at 60% of market value. The market value was $75,000 and the taxes paid were $1,350. What was the tax rate per hundred?
a. $2.00 b. $3.00 c. $4.00 d. $5.00

A

b. $3.00

53
Q

All are methods of involuntary alienation EXCEPT:

a. Eminent domain
b. Dedication
c. Adverse possession
d. Escheat

A

b. Dedication

54
Q

Zoning laws and deed restrictions are enacted for all of the following reasons EXCEPT to:

a. Protect the public from uncontrolled growth
b. Protect the compatibility of the surrounding land
c. Provide for the health, safety and welfare of the general public
d. Provide for the highest and best use of a particular piece of property

A

d. Provide for the highest and best use of a particular piece of property

55
Q

Construction plans are submitted to municipality before a building permit is issued in order to:

a. Keep nonconforming uses apart
b. Keep others from building like properties
c. Determine if the building complies with local regulations
d. Determine if the owner has sufficient finances to complete the project

A

c. Determine if the building complies with local regulations

56
Q

An established family grocery store is in an area that has recently been zoned residential. If the grocery store were to be sold, what document would be needed to allow continued use of the grocery store?

a. Building permit
b. Special use permit
c. Non-conforming use
d. Variance

A

c. Non-conforming use

57
Q

Property used for something other than the current zoning is referred to as:

a. Illegal
b. An encroachment
c. A non-conforming use
d. An easement

A

c. A non-conforming use

58
Q

In foreclosure, after the mortgage and all other debts are paid, to whom would the excess go?

a. The owner who was foreclosed upon
b. Mortgagee
c. Court
d. Sheriff

A

a. The owner who was foreclosed upon

59
Q

Which instrument indicates involuntary alienation?

a. Grant deed
b. Deed in foreclosure
c. Quitclaim deed
d. Executor’s deed

A

b. Deed in foreclosure

60
Q

Which of the following liens would take priority over all others?

a. The lien that was recorded first
b. Judgment line
c. Mechanic’s lien
d. Real estate tax lien

A

d. Real estate tax lien

61
Q

The value of a property over and above all outstanding debts is called?

a. Net income
b. Equity
c. Net value
d. Book value

A

b. Equity

62
Q

A mortgagee foreclosed but the sale did not produce enough to pay all debts. Which of the following is the MOST likely course of action for the mortgagee to take?

a. File for a judgment lien against the borrower
b. Have the borrower sign a deed of assumption
c. Have the borrower sign a sales contract
d. The mortgagee could do nothing

A

a. File for a judgment lien against the borrower

63
Q

Which of the following is NOT contained in a note?

a. Interest rate
b. Total interest
c. Title insurance
d. Mortgage amount

A

c. Title insurance

64
Q

The right of a defaulting borrower to retain title to a property by satisfying the debt prior to the foreclosure sale is referred to as:

a. Equitable redemption
b. Statutory redemption
c. Trustee’s sale
d. Remainder rights

A

a. Equitable redemption

65
Q

Which of the following statements is true regarding security for a debt?

a. The note secures the mortgage
b. The mortgage secures the note
c. The warranty deed secures the note
d. The note secures the warranty deed

A

b. The mortgage secures the note

66
Q

A property was sold in a state using a trust deed as the form of security. Who benefits MOST from the holding of the trust deed?

a. Trustee
b. Trustor
c. Beneficiary
d. Landlord

A

c. Beneficiary

67
Q

A mortgage is recorded to protect the:

a. Mortgagor b. Mortgagee c. Trustor d. Trustee

A

b. Mortgagee

68
Q

A loan where each payment makes contributions toward principal and interest is a(n):

a. Straight loan
b. Package loan
c. Term loan
d. Amortized loan

A

d. Amortized loan

69
Q

A loan was amortized for a 30-year period. If the remaining loan balance was due at the end of 7 years, this is BEST described by which of the following terms? a. Reverse annuity

b. Term note
c. Balloon payment
d. Amortized segment.

A

c. Balloon payment

70
Q

A mortgage where the interest rate is subject to adjustments periodically is:

a. Limited reduction
b. Wrap-around
c. Graduated payment
d. Adjustable rate.

A

d. Adjustable rate.

71
Q

Which of the following best describes a term loan?

a. Reverse annuity
b. Amortized
c. Interest only
d. Interest and principal

A

c. Interest only

72
Q

The payment on a graduated payment mortgage usually has gradual increases:

a. And then returns to the original low payment for the remainder of the term
b. Over the term of the loan
c. And then levels out for the remainder of the term
d. As the index increases over the remainder of the term

A

c. And then levels out for the remainder of the term

Real Estate (16 decks)

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