Legal Aspects of Real Estate: Q11/Chp 27-28

Question 1

1) ________ is the right of surviving joint tenants or a spouse to succeed to the entire interest of the deceased co-owner.
a. Ratification
b. Prescription
c. The right of survivorship
d. Accession right

Answer 1

c. The right of survivorship

Question 2

2) A surviving spouse with an uncontested claim to sole ownership needs to wait ________ before they may clear title in their name and sell, lease or encumber the property.
a. 30 days
b. 3 days
c. 60 days
d. 40 days

Answer 2

d. 40 days

Question 3

3) The creation of a joint tenancy traditionally requires the conveyance of the four unities of:
a. title, interest, time and manner.
b. possession, method, time and title.
c. interest, title, time and possession.
d. time, method, manner and title.

Answer 3

c. interest, title, time and possession.

Question 4

4) All property acquired by a couple or by either spouse during marriage is automatically considered ______, unless otherwise specified.
a. personal property
b. community property
c. separate property
d. an easement

Answer 4

b. community property

Question 5

5) Both spouses need to consent to the ______ of community property.
a. sale
b. lease for more than one year
c. encumbrance
d. All of the above

Answer 5

d. All of the above

Question 6

6) If a spouse sells, leases or encumbers real estate without the consent of the other spouse, the nonconsenting spouse has ______ from the recording to set aside the transaction.
a. one year
b. five years
c. six months
d. 24 hours

Answer 6

a. one year

Question 7

7) A purchaser’s lien may include:
a. the amount of payments made on the purchase price.
b. punitive damages for grief and suffering.
c. Both a. and b.
d. None of the above

Answer 7

a. the amount of payments made on the purchase price.

Question 8

8) The moment a buyer enters into a purchase agreement with a seller to acquire property, the buyer has ________ the seller’s property.
a. an easement on
b. a lien against
c. a riparian right to
d. an equitable ownership interest in

Answer 8

d. an equitable ownership interest in

Question 9

9) The priority of a purchaser’s lien on title is set as of the date the buyer is given possession under the purchase agreement, called the:
a. relation back theory.
b. flash back theory.
c. valuation date.
d. signing date

Answer 9

a. relation back theory.

Question 10

10) A buyer who defaults on a purchase agreement may only obtain a purchaser’s lien if:
a. they have paid at least $1,000 to the seller.
b. their breach is excused due to wrongful actions by the seller.
c. their breach is the result of market conditions.
d. All of the above.

Answer 10

b. their breach is excused due to wrongful actions by the seller.