BARNEY FLETCHER REAL ESTATE EXAM ACTUAL EXAM 200+ QUESTIONS WITH DETAILED VERIFIED ANSWERS, Exams of Business Administration

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ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ Surface rights consist of only the right to control, occupy, and use the surface area of a parcel of real estate. T/F? - correct answer- False Mineral rights are: A. Always considered to be personal property B. Always pass with the land C. Cannot be sold separately from the land D. Pass with the land, unless otherwise specified in the deed - correct answer- D Which of the following is NOT an improvement of land? A. Building B. Sidewalk C. Corn crop D. Flower bed - correct answer- C Six months after Brady bought his home, he installed custom made storm windows and doors throughout the house. Later, when he sells his property, will these storm windows and doors automatically convey with the house? A. Yes, unless in advance of the sale, Brady clearly specifies that they will be removed. B. Yes, if he lived in the property at least a year before the sale. C. No, because they were not part of the original structure D. No, because they can be removed, if they are taken off carefully - correct answer- A David owns property along the banks of the Little Big Horn River. Scott owns property adjoining David's, and has access to the highway, but not to the river. Scott and David grant each other appurtenant easements to cross each others property to get to the road and the river respectively. The riparian rights associated with property ownership belong to: A. David because his property borders the river B. Scott, because he has an easement to cross David's land C. Both David and Scott D. Neither - correct answer- A Which of the following is NOT a test of a fixture? A. Manner of attachment

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ B. An agreement between the parties C. Time of attachment D. Manner of adaptation - correct answer- C Which of the following best describes a parcel of land? A. The surface of the earth including control of all minerals and substances beneath B. The surface of the earth extending down to the center and upward to the sky C. The earth's surface closely marked by certain boundaries D. The surface of the earth extending down a reasonable distance and up into the air a reasonable distance - correct answer- B Littoral rights is a term referring to all water rights T/F? - correct answer- False Each of the following is a test of whether or not something is a fixture, EXCEPT: A. Method of attachment B. Adaptability C. Cost D. Relationship of the parties - correct answer- C The right of one party to possess and use real property exclusive of others is: - correct answer- Ownership A prospective buyer noticed an ornate flag pole attached to the front porch of the house she wants to purchase. She wants to make certain that the flag pole is included in the sale. What should the agent do? A, Because the pole is attached and will automatically convey B. call seller and advise them the buyer wants the pole C. include the flag pole in the offer to purchase D. photograph the flag pole as evidence of its attachment - correct answer- C A couple is interested in buying a house that has an odd shaped living room. The current owners had a custom-made, free-standing bookcase built to specifically fit into one part of the room. The buyer believes this is a fixture because it is uniquely adapted to this specific room. The seller believes this is not a fixture because it is free-standing. To avoid any misunderstandings, what should the listing licensee do? A. Assure the seller there is nothing to worry about

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ B. Include a provision in the agreement of sale (and listing contract) that states whether the bookcase is included with the sale or not. C. Assure the buyer there is nothing to worry about D. File an interpleader action in court - correct answer- B Real property would include: A. Fixtures B. Each of these choices C. Air space D. Mineral rights - correct answer- B Personal property which is attached to a building and which will convey with the land is known as? - correct answer- a fixture All of the following are personal property EXCEPT: A. Trade fixtures B. a privacy fence C. patio furniture D. portable dishwasher - correct answer- B Merging two or more properties into common ownership is known as _____, while any increase in value that results is known as _____. - correct answer- assemblage; plottage Two real estate developers are working on similar but competing commercial developments. Both projects are finished at approximately the same time and are of similar quality and purpose. Which of the following would most likely characterize the reasons that one succeeds while the other fails? - correct answer- Situs When the action of water causes moves soil away from a property, that is referred to as: - correct answer- erosion Zorba leases a restaurant. He installs ovens, booths and counters. Which of the following is true? A. The ovens, booths and counters are fixtures that belong to the owner of the property and cannot be removed B. The ovens, booths and counters are trade fixtures and can be removed by Zorba at any time prior to or after the expiration of the lease.

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ C. The ovens, booths and counters are trade fixtures and can be removed only prior to the expiration of Zorba's lease D. Zorba is not responsible for any damage caused by the removal of the fixtures - correct answer- C Stocks, bonds, notes and mortgages are personal property. T/F? - correct answer- True Which of the following is NOT recognized as personal property? (2) A. a lease B. a mortgage that secures personal property C. Replacement fixtures D. Cattle and horses E. an easement - correct answer- C; E a ______ fixture can be affixed to real property without becoming legal part of the property - correct answer- trade Trade fixtures may not be removed from leased premises once they are affixed. T/F? - correct answer- False Trade fixtures do not include replacement fixtures. T/F? - correct answer- True Fructus industriales is another term for: - correct answer- emblements all property other than real property is known as _____ - correct answer- Chattel A bill of sale is to personal property as a deed is to real property. T/F? - correct answer- True The actual amount of money paid for a particular parcel of real estate is said to be that property's: - correct answer- Price In an ideal market, the forces of supply and demand are always chaotic. T/F? - correct answer- False A licensed real estate salesperson may legally accept an extra commission for a difficult sale from: - correct answer- his or her broker-employer Owner Kelly is leaving the area for a one year period. She asks salesperson Boren to manage her rental house for $45/mo while she is gone. Which of the following is true in this situation? A. Boren must work through her broker B. Boren must put the $45 in an interest bearing escrow account C. This is OK because the compensation is less than $1,

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ D. This is OK because the time element is not more than one year - correct answer- A A salesperson represents the _____ - correct answer- Broker Which of the following is required to hold a real estate license? A. A person who, for compensation, helps sell his neighbor's home B. A government employee selling land owned by the government C. A property manager leasing property in the course of his employment for the owner. D. All of these choices - correct answer- A Our free enterprise system is free from government economic controls. T/F? - correct answer- False The purpose of a state real estate regulatory board is to protect: - correct answer- the general public A mushroom farm is industrial property. T/F? - correct answer- False Special purpose properties include all of the following EXCEPT: A. Churches B. Hospitals C. Industrial park D. Nursing homes - correct answer- C Commercial property includes all but which of the following? A. horse ranch B. office buildings C. restaurants D. vacant land suitable for commercial development - correct answer- A A hospital is a commercial property. T/F? - correct answer- False An industrial park is commercial property. T/F? - correct answer- False Which of the following is not considered a legal description? A. Metes and bounds B. Lot and block C. Government method of survey

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ D. Street address, city, state and zip code - correct answer- D The least accurate method of legal description is the: - correct answer- Monuments method If a person owns a square parcel of land that is 1 mile on each side, the person owns how many acres? - correct answer- 640 The government survey method is used in the majority of states in the US. T/F? - correct answer- True In a real estate contract, the legal description of the property describes the: A. Land only B. Land and improvements C. land, improvements and all rights pertaining to the land D. Land, improvements, rights and rights of easement - correct answer- A Of the given choices, the best way to describe an irregularly shaped parcel is: A. Government survey B. Geodetic survey C. Constant survey D. Metes and bounds - correct answer- D. Metes and bounds When a developer records a plat showing property in three dimensions (length, width and height), he or she would be developing: A. an industrial park complex B. a PUD which is for single family homes only C. a multi-story condominium complex D. A large one story shopping mall - correct answer- C When a metes and bounds survey is used as the legal description of property, the word metes refers to - correct answer- the length of a property line Which of the following would provide the least accurate description of a parcel of land? A. metes and bounds B. Rectangular survey C. Lot, block, and subdivision

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ D. Tax assessor's reference number - correct answer- D Boundary markers of land, either natural or man-made, are _____ - correct answer- Monuments An adequate metes and bounds description will have all of the following EXCEPT? A. A definite point of beginning B. Four sides C. Closure D. Linear measurements and compass directions - correct answer- B Land located in a rural area of an eastern state would most likely be described by? A. Government rectangular survey B. Lot, block and subdivision C. Metes and bounds D. Reference to other documents - correct answer- C One would normally use a survey to identify all of the following except: A. legal location of the property B. Violations of the zoning set-back ordinances C. Encroachments of the property D. Liens on the property - correct answer- D Which is an example of constructive notice? A. recording documents in the land records B. telling a person that you have an easement across his land C. receipt of a building permit D. a neighbor telling you about a mineral right he has to your land - correct answer- A title to a property which is free from reasonable doubt as to who is the owner is called: - correct answer- Marketable title A condensed summary of the documents affecting a property - correct answer- An abstract of title

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ a type of land title system whereby owners receive a registered certificate of title through the court is the - correct answer- Torrens system Which of the following is not true about a title search? A. it is an examination of public records B. the purpose is to determine defects in the chain of title C. The title searcher goes back at least 100 years D. it is usually performed by a title company or title abstractor - correct answer- C Which best describes marketable title? A. reasonably free from the risk of litigation over possible defects B. the right to obtain ownership to property when title is held in another's name C. proof of ownership D. statement of opinion of the title's status - correct answer- A the legal process of "tacking" relates to an adverse possession claim under ______ - correct answer- color of title The system which provides notification of ownership rights and claims by certain creditors against real property is created by - correct answer- State recording act A cloud on title can be removed by - correct answer- either a quitclaim deed or a quiet title action Which of the following is NOT a type of title? A. bare legal title B. naked title C. full title D. equitable title - correct answer- C Inquiry notice is legal notice presumed by law - correct answer- True An acknowledgement means that you agree to what you signed - correct answer- False What is the legal process, used by the government, to acquire property from a private citizen? A. eminent domain B. escheat

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ C. condemnation D. taxation - correct answer- C An abstract of title would contain: A. The name of the original owner B. a record of all encumbrances, liens, mortgages and court actions C. a record of any transfer of title by devise D. all of these choices - correct answer- D Fred is considering purchasing a vacant lot. He inspects the property and finds a well-worn path across one side of the property. Fred would have what type of notice regarding a possible easement across the property? - correct answer- Inquiry notice Constructive notice means that an individual has seen or been given actual information or documents. T/F? - correct answer- False Each of the following entities has the power of eminent domain, EXCEPT: A. Religious schools B. Railroads C. Public utilities D. School districts - correct answer- A When the last heir of a property owner dies, absent a provision in a will devising the property, title will revert to _____ - correct answer- the state A person who died without leaving a will is said to have died ______ - correct answer- Intestate Taxes do not become liens until the due date for payment has passed. T/F? - correct answer- False. Taxes become liens when they are assessed A city zones an area for residential use. This is an example of the use of its: - correct answer- police power An easement is just another form of encroachment. T/F? - correct answer- False Which of the following are encumbrances on real property? A. easements B. liens C. deed restrictions

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ D. all of these choices - correct answer- D If a fence or wall is built on the property line between two adjoining properties, who owns the fence or wall? A. the person that paid to have it installed B. The owners of the adjoining properties own it together C. The county because it is on the line D. the neighborhood owners association - correct answer- B Restrictive covenants are not encumbrances against property - correct answer- False a subdivider puts a requirement in all of the deeds to properties in a subdivision requiring specified setback requirements stating how close the improvements can be built to each side of the property. This would be an example of a _____. - correct answer- deed restriction community property is a statutory estate. T/F? - correct answer- true After buying and settling into her new home, Joanne discovered that the fence of her neighbor, Gloria, encroached ten feet on Joanne's side of the property line. Which of the following is true? A. Joanne may sue Gloria to have the fence removed if there has not been enough time for Gloria to get an easement by prescription B. Joanne has legal recourse in the courts only if she did not inspect the property before she bought it C. Joanne has to own the property for at least three months before she may take any action on getting her land back D. Joanne really doesn't have any legal recourse since the fence was there before she bought the property - correct answer- A Property held in joint tenancy passes to the ______ upon the death of one of the owners - correct answer- surviving owners A joint tenant wants to sell his interest in a real property without the consent of the other joint tenants. Can he do this? - correct answer- Yes, because each joint tenant has separate ownership rights and can act independently of the other tenants. A tenancy in severalty exists when A. husband and wife own property together B. any related persons hold real estate together

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ C. one person owns real estate D. the tenant has the right to sublet - correct answer- C Which of the following best describes ownership in severalty? A. several persons own one piece of real property B. one person owns several pieces of real property C. one person alone owns real property D. property owned by several members of the same family - correct answer- C There are three owners of a property. They own 10%, 20% and 70% respectively. What type of ownership do they have? - correct answer- tenancy in common A married woman and an unmarried man may not own real estate as - correct answer- tenants by the entireties Which of the following forms of ownership are available only to married couples? A. tenancy by the entireties B. community property C. both tenancy by the entireties and community property D. neither tenancy by the entireties not community property - correct answer- C If one owner in a joint tenancy sells his interest, the purchaser will be a joint tenant as well. T/F? - correct answer- False. the purchaser of a joint tenant's interest will become a tenant-in- common with the remaining joint owners A mother left her house in her will to her two children. Each child to receive a 50% interest with rights of survivorship. What type of ownership will the children have? - correct answer- joint tenants Fee simple title can be held in a trust. T/F? - correct answer- True a corporation buying real property would take title under: A. joint tenancy B. tenancy in common C. tenancy in partnership D. tenancy in severalty - correct answer- D A tenancy by the entireties will be severed by divorce. T/F? - correct answer- True

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ The owner of an undivided interest in land with no right of survivorship owns it as a A. tenant-in-common B. joint tenant C. tenant in severalty D. either tenancy-in-common or tenancy in severalty - correct answer- D Several persons hold property as tenants in common. One of the owners dies. His interest in the property will: A. pass to his heirs B. pass to this remainderman C. Be equally divided among the other owners D. Be divided between the other owners in direct proportion to their ownership interest - correct answer- A The unities of time, title, interest and possession are required in order to create: A. an undivided interest in the property as a whole B. separate ownership C. concurrent ownership D. the right of survivorship - correct answer- D Three people bought a property together as joint tenants. Two of them have died. The surviving owner now owns the property: A. as sole joint tenant B. together with the heirs of the deceased owners C. in tenancy by the entireties D. as tenant in severalty - correct answer- D Two unrelated persons own a property together. These owners could will their ownership share to their heirs if title was held in: A. Joint tenancy only B. Tenancy in common only C. Both joint tenancy and tenancy in common

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ D. Neither joint tenancy nor tenancy in common - correct answer- B It is possible for the creator of the trust, the truster, and the beneficiary to be the same person. T/F? - correct answer- True Jones, Smith, and Williams own a property as joint tenants. Which of the following is true? A. If Jones dies, Smith and Williams will own property as tenants by the entireties. B. If Jones dies, Smith and Williams will own the property as tenants in common. C. If Jones and Smith die, Williams will own the property in severalty. D. If any one of the owners die, the property goes to the heirs of the deceased owner - correct answer- C What is the most common form of ownership between two or more individuals? A. Joint tenancy B. Tenancy in common C. Community property D. Tenancy by the entireties - correct answer- B Bob, Carol, Ted and Alice bought a property as joint tenants many years ago. Alice is now the sole survivor of this group. How does Alice own this property? A. As sole joint tenant B. As a tenant in common C. In severalty D. As a devisee - correct answer- C Francoise is awarded a judgment lien against Gerald. Gerald's only asset is his real property worth approximately $20,000. This property already has a tax lien, a mortgage lien and a recorded mechanic's lien. If the property is sold at a foreclosure or trustee's sale, Francoise can expect to collect on the judgment lien, before which of the following? A. The mortgage B. tax lien c. mechanic's lien d. none of above - correct answer- D

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ A landscaper has not been paid for landscaping a homeowner's yard. A friend tells him the house is for sale. What should the landscaper do? A. Sue the listing agent B. File an injunction C. File for a mechanic's lien D. Write a letter to the owners demanding immediate payment - correct answer- C An easement appurtenant can be terminated by all of the following EXCEPT A. the owner of the servient tenement, by executing a deed releasing his easement interest B. the owner of the dominant tenement, by executing a deed releasing his easement interest C. The dominant and servient tenements are merged D. The owner of the dominant tenement abandons his easement interest - correct answer- A Jones buys a lot that has no access by way of a public road. He can gain access to his land by way of his neighbor's land that has public road access A. only if the grantor of the property caused the lot to be landlocked B. only if his neighbor agrees to give him an easement C. only by establishing an easement by prescription D. Either if the grantor of the property caused the lot to be landlocked or if his neighbor agrees to give him an easement - correct answer- D All of the following are encumbrances on real property EXCEPT: A. easements B. liens C. deed restrictions D. a license - correct answer- D Which of the following statements about liens is ALWAYS true? A. a lien is an encumbrance on title B. a lien arises from a debt C. a lien creates a cloud on title when recorded D. All of these choices - correct answer- D

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ Jerry Jones buys a piece of land that has no access to a public road. He can access his land: A. Because the law guarantees all landowners egress and ingress B. only if one of his neighbors grants him an easement C. only by establishing an easement by prescription D. because of the principle of laches - correct answer- A All mortgages are? A. Due on sale B. Liens C. Recorded. D. None of these choices - correct answer- B Easements are terminated when the need for the easement no longer exists. T/F? - correct answer- True Which of the following individuals could NOT file a mechanic's lien? A. A contractor supplying tools to a gas station B. A contractor supplying lumber to build a shopping center. C. A laborer who digs the foundations for the construction of homes D. A plumbing supply company which furnishes sinks and toilets for an apartment house - correct answer- A A lien attached to one parcel of real estate A. statutory lien B. arises from a voluntary agreement C. specific lien D. federal tax lien - correct answer- C order of priority of liens - correct answer- tax, mortgage, mechanic's Amalia owns property and gladly allows her friend Sophie to use the land, reserving for herself the right to periodic inspections. In order to maintain her interest, Amalia should give Sophie: A. a license B. a right of way

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ C. an easement appurtenant D. an easement in gross - correct answer- A Judgment liens are general, statutory, involuntary liens that attach to real and personal property. T/F? - correct answer- True Fred bought a new boat. He hired a contractor to build a dock on his lake-front property. Fred did not pay the contractor. In an attempt to get paid, the contractor may file a: A. mechanic's lien against the boat B. mechanic's lien against the property C. general warranty lien against the boat D. Littoral rights lien against the property - correct answer- B How may an appurtenant easement be terminated? A. If the servient estate is sold. B. When the dominant estate owner dies C. the granting of a license D. if the easement is released by the owner of the dominant estate - correct answer- D Harry sold his riverfront property to Sally, but reserved for himself an easement whereby for the rest of his life, Harry will have the right to cross the property to fish from the river. Which of the following statements is correct about this situation? A. Sally owns the servient estate B. Harry owns the dominant estate C. Sally owns the servient estate and Harry owns the dominant estate D. Sally owns the dominant estate and Harry owns the servient estate - correct answer- A An easement by necessity is one created by operation of law. T/F? - correct answer- True Which of the following is not a specific lien? A. a recorded property tax lien B. a mechanics lien C. a judgment lien D. a mortgage lien - correct answer- C.

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ Which of the following would have priority at a foreclosure sale ordered by a court? A. 1st mortgage B. real estate tax lien C. judgment lien D. mechanics lien - correct answer- B the right or privilege that one person has to use property that belongs to another person is referred to as - correct answer- an easement An easement by implication is one created by operation of law. T/F? - correct answer- False The creation of an easement by prescription is most similar to? A. adverse possession B. unlawful detainer action C. accretion D. police power - correct answer- A Suppliers can get a mechanic's lien only if they have an express, written contract for the material supplied. T/F? - correct answer- False An appurtenant easement can be terminated in each of the following ways, EXCEPT: A. by the holder of the dominant tenement B. by the holder of the servient tenement C. by abandonment D. by court - correct answer- B An IRS lien is a general lien. T/F? - correct answer- True A lien established by the state legislature is A. a statutory lien B. a legislative lien C. an involuntary lien D. both a statutory lien and an involuntary lien - correct answer- D An easement may be accomplished by operation of law through the government's power of eminent domain in condemnation proceedings. T/F? - correct answer- True

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ A local government changed the zoning on a large parcel of property. As a result of the zoning change, the property has decreased in value. The government: A. is required to compensate the owners an amount equal to the appraised value of the property prior to the rezoning B. must pay the owners the difference between the present value and value prior to rezoning C. is not required to pay anything D. is exercising it's power of eminent domain - correct answer- C Zoning laws are created and enforced by: A. city governments only B. city and county governments only C. city, county snd state governments only D. city, county, state and federal governments - correct answer- B Zelda wants to move into a subdivision with her giraffe. Which of the following would determine whether or not she could move into a home and keep her giraffe on the property? A. Police power because police determine which pets are allowed in residential properties B. building codes C. urban planning with a restriction on regulating pets D. zoning ordinances - correct answer- D Which of the following would NOT be a proper exercise of police power by a county? A. restricting land use B. restricting occupancy to single women only C. requiring building permits D. requiring setback distances from property boundaries - correct answer- B What is the difference between a building that has a conditional use permit and a building that is a (legally) nonconforming use but has no variance or conditional use permit? A. the nature of the structure B. the size of the structures C. whether the use pre-dated a zoning change

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ D. None of these choices-there is no difference - correct answer- C The purpose of a zoning ordinance is to: A. promote the health, safety and general welfare of the public B. promote building conformity C. comply with federal regulations D. assure higher resale values - correct answer- A The zoning in a particular area requires minimum lot sizes of at least 7,500 square feet. Sally owns a vacant lot in the corner of the tract that contains only 7,000 square feet. In order to build a home on that lot, Sally would need: A. No special approval B. A variance C. A spot zoning change D. A change to the zoning ordinance which governs this entire tract - correct answer- B the purpose of city planning is to A. establish commerce in a city B. guide the future development of a city C. enact taxation laws D. create employment - correct answer- B All of the following statements are true with regard to restrictive covenants in a deed EXCEPT: A. the covenant runs with the land B. the covenant may be removed without legal action C. the covenant does not need a termination date D. the covenant might be at variance with Fair Housing laws - correct answer- D Which of the following does NOT result from local and state government legislation? A. Building codes B. housing codes C. subdivision regulations D. subdivision covenants - correct answer- D

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ Restrictive covenants are a type of private zoning. T/F? - correct answer- True Deed restrictions are imposed by _____ - correct answer- Developers A developer has been assembling parcels into a larger lot so as to build a retail center. There have been many discussions with the zoning board, which has given assurances that the zoning in the area will not be changed. Just before the developer applies for the building permit, the board changes the zoning to residential. What will the developer request from a court? - correct answer- zoning estoppel Zoning ordinances are rights of: A. the federal government B. state governments C. counties, towns, and municipalities D. private land owners - correct answer- C A zoning board could issue a permit for a hospital to be built in an area zoned residential. T/F? - correct answer- True Private restrictions cannot: A. be based on aesthetic considerations B. restrict the owner's lawful use of the land C. take precedence over zoning ordinances D. restrict the grantee's conveyance of the property - correct answer- D Which of the following is the BEST example of a buffer zone? A. an industrial park located between an area zoned residential and another zoned commercial B. an office park located between an apartment project and an area zoned for industrial use C. a recreation park located between an apartment complex and an area zoned for single family homes D. a highway that separates residential property from commercial property - correct answer- C limitations that a person places on the use of property that she or he owns are _____ - correct answer- deed restrictions private restrictions cannot A. be based on aesthetic considerations

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ B. restrict the owner's lawful use of the land C. take precedence over a zoning ordinance unless they are more restrictive than the zoning ordinance D. restrict the square footage of the improvements - correct answer- C Bulk zoning controls industrial construction. T/F? - correct answer- True The owner of a cooperative apartment unit: A. owns stock in a non-profit corporation B. Holds fee simple title that may be sold, mortgages or leased C. owns the unit in fee simple with an undivided interest in the common elements D. holds title in partnership with unit owners - correct answer- A Property taxes on cooperative units are assessed in the form of: A. individual tax bills for each unit B. a single tax bill prorated among individual units C. annual tax bills based on the type of unit D. biannual tax bills based on the type of unit - correct answer- B Which of the following best describes a condominium? A. personal property B. air lot C. stock ownership D. interval ownership - correct answer- B Which of the following does NOT describe a cooperative form of ownership? A. a corporation owns the land and improvements B. taxes are general liens against a corporation C. unit owners are stockholders D. unit owners hold a real property interest in the land and improvements - correct answer- D In terms of ownership, PUDs most clearly resemble A. leasing

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ B. cooperative ownership C. condominium ownership D. time-share ownership - correct answer- C the costs associated with routine maintenance of the common area in a condominium complex, such as mowing the lawn or snow removal, are financed through: A. payment of homeowners association dues B. payment of special assessments C. pro-rata billing among the unit owners D. none of these choices - correct answer- A Common areas are owned as tenants-in-common with other condominium owners. T/F? - correct answer- True A condominium advertises a pool and tennis court, but they have not yet been completed. Which is correct? A. this is illegal advertising B. it is allowed so long as the advertising states "not yet completed" C. this is allowed if they are labeled not yet completed and a completion date is specified D. this is allowed since the rule of caveat emptor reigns - correct answer- C The owner of a unit in a cooperative gains the right to occupy the unit through a: A. stock certificate B. proprietary lease C. rental agreement D. standard lease agreement - correct answer- B Title to a property passes when: A. the deed is signed B. the deed is notarized C. the deed is recorded D. the deed is delivered and accepted - correct answer- D Which of the following is NOT a form of involuntary transfer of property?

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ A. Dedication B. Adverse possession C. sherriffs sale D. Eminent domain - correct answer- A A quitclaim deed conveys only the interest of the - correct answer- grantor After the statutory period has elapsed, what would a person have to do to formally establish clear title through adverse possession? A. file an estoppel certificate B. file a warranty deed C. apply for a writ of attachment D. file suit for quiet title - correct answer- D A special warranty deed would include which of the following covenants? A. a covenant of warranty B. a covenant of quiet enjoyment C. a covenant against grantor's acts D. All of these choices - correct answer- C A buyer purchased a tract of land at a tax sale to satisfy the claim for delinquent taxes. if no one redeems the property during the statutory time period, the purchaser would most likely receive which of the following as evidence of ownership? A. tax deed B. sheriff's deed C. certificate of title D. statutory warrant deed - correct answer- A A deed is given and creates a joint tenancy. To be recorded the deed requires: A. signature of grantor B. signatures of the grantor and all of the joint tenants C. signatures of the grantor and one of the joint tenants

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ D. no signatures, the act of recording serves as constructive notice of ownership - correct answer- A A nuncupative will is a handwritten will. - correct answer- False. a nuncupative will is an oral will. When the grantor of a deed swears that he is conveying title of his own free will, his action is referred to as: A. Execution B. acknowledgment C. novation D. authentication - correct answer- B A quitclaim deed is generally used for which of the following? A. to convey only the fee simple title B. to remove a cloud on the title C. to convey the title to property that is transferred by the probating of a will D. to burden the grantor the liability for defective title - correct answer- B when conveying property by deed, the seller is referred to as: - correct answer- grantor. Buyer is grantee If a person has a will but no executor has been named, the court will appoint an administrator. T/F? - correct answer- True Jennings decided she will acquire title to a piece of unused land by adverse possession. In order to do this, Jennings' occupancy of the land must be: A. Hostile to the interest of the true owner B. continuous C. open and notorious D. all of these choices - correct answer- D A notary public witnesses an acknowledgment - correct answer- True A quitclaim deed may be used to: A. transfer ownership of a fee simple estate B. transfer interest in a life estate

ANSWERS (100% CORRECT ANSWER S) /ALREADY GRADED A+ C. terminate an easement D. any of the above - correct answer- D A deed is acknowledged by A. the grantor B. a notary public C. the grantee D. the clerk of the court - correct answer- A the covenant whereby one warrants that he is the possessor and owner of property being conveyed is the covenant of: A. seizen B. habendem C. possession D. further assistance - correct answer- A A deed may be recorded once it is signed by the grantor and: A. signed by the grantee B. acknowledged C. the seller has vacated the property D. all of these choices are required - correct answer- B Three people own a piece of property as tenants in common. Two of the owners want to sell the property, but the third party does not. The two owners that want to sell could file a suit, against the third, for: A. foreclosure B. partition C. detachment D. severance - correct answer- B Title by accession is involuntary alienation. T/F? - correct answer- True The act of recording a deed in the public record's office designated for that purpose, results in which of the following?