Skill Builder Flashcards
A property owner has decided to do some landscaping work on his yard. He has planted a tree
surrounded by some flowering shrubs. The tree and shrubs are an example of:
Improvements
A property owner has a waterfront lot on a stream. He has the right to use the water from the stream. What is this right called?
Riparian
A commercial tenant is aware that his lease will expire at the end of the month. He has begun
to disassemble his display cabinets and shelves. Which of the following statements about this is
true?
The tenant can take these as they are trade fixtures
A listing agent went to inspect a seller’s property, hoping to list it for sale. The seller told the
listing agent that his neighbor’s satellite dish trespasses on his property. This is an example of:
encroachment
A seller is attending the closing on his property. The title company has discovered an unsatisfied
M&M lien on the property. Which of the following is the most likely reason for the lien?
Plumbing work that was completed but never paid for
A father gives his son a life estate on a property. The son leases the property. The tenant dies.
What happens to the property?
It goes back to the son until he dies
A man leaves his second wife a life estate in their home, after which the property goes to his
children from his first marriage. The children are what
remaindermen
Which of the following statements about an easement is true?
An easement is a benefit to the dominant property owner
P, Q and R are joint tenants. P wants to sell the property, but Q and R do not. What can P do?
File a suit for partition
A, B, and C are joint tenants. C dies. B sells his share to D. What type of ownership do A and
D have?
Tenants in common
Upon your death, your share goes to your heirs, at probate. Unequal shares are permitted. You may sell your share without the permission
of the other owners. In the absence of any other instructions, the title company will always
assume tenancy in common with equal shares
Under what right can the government change property use from commercial to residential only?
Police Power
Ownership of the common areas of condominiums is most likely to be:
tenancy in common
What should a buyer do to ensure that he is getting the best title to real property?
Get a general warranty deed
Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property?
The covenant of quiet enjoyment
Excess money at a foreclosure sale goes to:
The borrower
After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. This is called:
right of redemption
The required distance between buildings and a federally protected endangered species wetlands,
two incompatible uses, is an example of:
A buffer zone
A couple purchased a condominium. The complex has an exercise room for all residents. The
couple does not use the exercise room and does not want to pay the monthly fee for the use of
the facility. What can they do to avoid this fee?
They must pay the fee as they have a tenancy in common interest in all common areas.
Which of the following is personal property?
A lease
A landlord leased space in his new retail property to an inexperienced business person. Based on
location and the type of business, the landlord believes it will be a great success. What type of
lease can he enter into with the tenant that will allow the landlord to benefit from the tenant’s
success?
A percentage lease
A buyer has purchased a property, and after closing, the seller will continue to occupy the property. This is an example of:
Sale and leaseback
Your clients will be able to qualify for financing for a property they wish to purchase in about
six months after they have had an opportunity to reduce their consumer debt. They have found a
property that they would like to purchase now. What type of agreement can they enter into with
a seller that will allow them to occupy the property now and purchase it within the six months?
Lease with an option to buy
Tenants have signed a 3-year lease on a property. In the second year, the owner dies, and his
heirs inherit the property. They give the tenants notice to vacate. What is true?
The tenants can stay until the end of the lease.
A developer decides to build a commercial property in the middle of a residential neighborhood.
What is required?
A variance