Quiz

The sale of personal property would include a:
A) Deed
B) Bill of Sale
C) Deed of Trust
D) Binder
B) Bill of Sale

What government right requires compensation to private property owners?
A) Police Power
B) Taxation
C) Escheat
D) Eminent Domain
D) Eminent Domain

If property is obtained by the state after a person dies, this is called
A) Police power
B) Escheat
C) Eminent domain
D) Taxation
B) Escheat

Transfer of real property requires a:
A) Deed
B) Note
C) Mortgage
D) Taxation
A) Deed

Which of the following would be an economic characteristic of real property?
A) Non homogeneous
B) Frozen Asset
C) Alienation
D) Governmental rights
B) Frozen Asset

Which of the following listed below would be considered personal property?
A) Easement appurtenant
B) Fixtures
C) Leasehold improvements
D) Promisory note
D) Promisory note

Which of the following would not be included in the bundle of rights of ownership?
A) Usage
B) Possession
C) Sell the property at any time
D) Refuse to sell under eminent domain
D) Refuse to sell under eminent domain

All of the following statements are true regarding discount points EXCEPT:
A) They increase the lenders yield
B) They reduce the lenders yield
C) They are usually 1% of the loan amount
D) They decrease the loan term
B) They reduce the lenders yield

Which of the following would be a fixture?
A) Annual crops
B) Free standing range
C) A storage shed attached to a slab
D) Plants in outside pots
C) A storage shed attached to a slab

If a homeowners association has additional expenses, how would they be handled?
A) Each property owner will pay a pro rata share
B) The association will pay the entire expense
C) Each property owner will pay per property value
D) The developer would be obligated to pay the entire fee
A) Each property owner will pay a pro rata share

An owner sells a property on which a farmer lives and works as a tenant. when the property is sold, who gets the crops?
A) The seller
B) The buyer
C) The farmer
D) No lessee
C) The farmer

The tenant's right to harvest crops after a lease expires is called:
A) Remainder Rights
B) Leasehold
C) Reversion Rights
D) Emblements
D) Emblements

A lessee puts in a bookcase for commercial use; at the end of the lease, the bookcase is removed. The bookcase would be considered:
A) Real property
B) Trade fixture
C) Appurtenant
D) Chattel Real
B) Trade fixture

Which of the following is personal property?
A) Lease
B) Fixtures
C) Tenements
D) Easement Appurtenant
A) Lease

Ad Valorem property taxes are based on which of the following listed below:
A) Pro Rata Share
B) Assessed Value
C) Market Value
D) Benefit
B) Assessed value

Rank the order of liens highest to lowest. Property taxes, current year; special assessments; IRS lien February of the current year; mortgage lien October of the previous year.
A) Property taxes, assessments, IRS, mortgage lien
B) Property taxes, assessments, mortgage lien, IRS
C) IRS, property taxes, assessments, mortgage lien
D) Property taxes, IRS, assessments, mortgage lien
B) Property taxes, assessments, mortgage lien, IRS

Of the following listed below, what would not be appurtenant to the real property?
A) Structures
B) Trees
C) Trade fixtures
D) Underground rights
C) Trade fixtures. Because trade fixtures would not go with the property.

When real property is conveyed, all of the following would be appurtenant EXCEPT:
A) Deed restrictions
B) Existing leases
C) Licenses
D) Easements
C) Licenses

Which of the following would not be a use of police power?
A) State laws
B) Environmental regulations
C) Condemnation of a property
D) Licensing of real estate agents
C) Condemnation of a property

Wetlands would come under which of the following controls?
A) Police power
B) Deed restrictions
C) Zoning
D) Eminent domain
C) Zoning. Because wetlands affects how you can use the land.

Rent control would least likely benefit the:
A) Property owner
B) Tenant
C) Real estate broker
D) Local municipality
A) Property owner

When a buyer buys a parcel of land, which of the followign is true regarding the mineral rights?
A) Mineral rights remain with the seller
B) Mineral rights will transfer with the buyer
C) Minteral rights remain with the state
D) Minteral rights remain with the Federal Government
B) Mineral rights will transfer with the buyer

A person dies with no will and no heirs. Which of the following is true?
A) Property will pass testate
B) Property will pass intestate through descent.
C) Property will escheat to the state
D) Property will be distributed by an executor
C) Property will escheat to the state

Zoning, set back lines, parking restrictions, building codes, and environmental law would all be examples of:
A) Deed restrictions
B) Eminent domain
C) Police power
D) Enabling legislation
C) Police power

The physical characteristics of real estate would include all of the following items EXCEPT:
A) Immobile
B) Indestructible
C) Scarcity
D) Non homogenous
C) Scarcity

When the government takes private property for public use this right is called:
A) Police power
B) Condemnation
C) Eminent domain
D) Confiscation
C) Eminent domain

All of the following relate to the legal test of fixture EXCEPT:
A) Attachment
B) Adaption
C) Intent
D) Cost
D) Cost

What is true regarding zoning?
A) Private control
B) Supersedes deed restrictions
C) Limits the use of land
D) Primarily concerned with land values
C) Limits the use of land

Counters, fixtures and display cases are conveyed by:
A) Bill of sale
B) Chattel mortgage
C) Blanket mortgage
D) Security agreement
A) Bill of sale

Water table is defined as:
A) All surface water
B) Water in relation to sea level
C) When potable water can be found
D) The level at which water will be located
D) The level at which water will be located

Which of the following would terminate a purchase contract?
A) Death of a seller
B) Death of the buyer
C) Eminent domain
D) Lack of earnest money
C) Eminent domain

All of the following would be considered appurtenant in a real estate transaction EXCEPT:
A) Mineral rights
B) Property improvements
C) Annual crops
D) Bundle of rights
C) Annual crops

Discount points are set by:
A) Federal reserve
B) Federal home loan bank
C) Federal National Mortgage Association
D) Market conditions
D) Market conditions

Homeowners Association fees are paid:
A) Annually
B) Semi annually
C) Total cost of the improvements
D) Pro rate share
D) Pro rate share

When a person has the right to use the water adjacent to his land, this is referred to as:
A) Reliction
B) Riparian
C) Avulsion
D) Surface water
B) Riparian

Under certain conditions a utility may acquire an easement by:
A) Police power
B) Eminent domain
C) Appurtenant right
D) Adverse possession
B) Eminent domain

Application for a variance would most likely show which of the following?
A) Non-conforming use
B) Hardship on the property
C) Spot zoning
D) Grandfathered use
B) Hardship on the property

The tenant installs a vent hood in a building, the vent hood would be considered:
A) Fixture
B) Appurtenant
C) Trade fixture
D) Emblement
C) Trade fixture

A property owner erected a block wall on the property. The block wall became real property by which of the following:
A) Verbal declaration
B) Easement appurtenant
C) Annexation
D) Deed restriction
C) Annexation

A party owns a parcel of real estate with mineral rights, who owns the mineral rights?
A) The state
B) Federal government
C) The original property owner
D) The property owner
D) The property owner

Which of the following would be considered real property?
A) Trade fixtures
B) Fixtures
C) Mobile home
D) Crops
B) Fixtures

An item would be considered personal property because of its:
A) Use
B) Location
C) Scarcity
D) Mobility
D) Mobility

An economic characteristic of real estate would be:
A) Mobility
B) Indestructible
C) Non homogenous
D) Modification
D) Modification

The purpose of zoning is to do which of the following:
A) Limit the number of commercial buildings
B) Restrict over population of an area
C) Promote health and safety of a community
D) Create the highest and best use of a property
C) Promote health and safety of a community.

Personal property is included in the sale; the sales person should do which of the following?
A) Prepare a deed
B) Prepare a warranty statement
C) Put a subordination clause in the contract
D) Take inventory
D) Take inventory

The city has re-zoned property on a given street and the property owner has suffered a loss in value. Which of the following is true?
A) City owes the property owner nothing
B) City is guilty of condemnation
C) A severance fee would be required
D) City must pay the property owner the loss in value
A) City owes the property owner nothing

The highest form of an estate would be:
A) Fee simple
B) Defeasible fee
C) Fee conditional
D) Estates in remainder
A) Fee simple

A tenant is living without permission on the property after the lease expires. What type of estate would the tenant most likely hold?
A) Estate for years
B) Estate at sufferance
C) Estate for period
D) Estate at will
B) Estate at sufferance

A legal action by a court to review and distribute an estate is called:
A) Escheat
B) Demise
C) Estoppel
D) Probate
D) Probate

Which of the following tenancy would allow survivorship?
A) Tenancy in common
B) Joint tenancy
C) In severalty
D) Interval ownership
B) Joint tenancy

A property is held in joint tenancy and one of the parties dies testate, which of the following is true?
A) Title would transfer according to the will
B) Divded between the spouse and children
C) Goes to the joint tenant survivor
D) Would pass to the heirs after probate
C) Goes to the joint tenant survivor

J and R own property and R dies. R's children try but can't obtain the title from J. What type of title did J and R hold?
A) Sole and separate
B) Tenancy in common
C) Joint tenancy
D) Community property
C) Joint tenancy

How would two buyers take title if they were not related
A) Sole and separate
B) Tenancy in common
C) Interval
D) Community property
B) Tenancy in common

What type of lease would the renter pay all the expenses
A) Net
B) Gross
C) Index
D) Percentage
A) Net

A husband and wife own property as tenants in common. If one dies the property would pass to the:
A) Surviving spouse
B) State by escheat
C) Estate of the deceased
D) Joint tenant
C) Estate of the deceased

Which of the following would have an interest in real estate but not an estate?
A) Lease
B) Life tenant
C) Fee conditional ownership
D) Easement
D) Easement

A lease where the lessee will pay a fixed rent plus a portion of the gross sales is called?
A) Index
B) Percentage
C) Positive leasehold
D) Graduated
B) Percentage

When a lease is assigned, all of the following are true EXCEPT:
A) The original lessee is free from responsibility
B) A new lessee is created
C) The original lessor remains the same
D) An assignment can be done without the lessor's approval
D) An assignment can be done without the lessor's approval

If at the end of a lease, the tenant is allowed to remain for an indefinite length of time, this is best described as:
A) Estate at sufferance
B) Estate at will
C) Estate for years
D) Holdover tenancy
B) Estate at will

When a business is owned by one person, it would be called:
A) Tenancy for years
B) In Severalty
C) Joint tenancy
D) Tenancy in common
B) In Severalty

What is the advantage of a sale with a leaseback?
A) The seller becomes the lessor
B) The seller frees up cash for other uses
C) The buyer of the building becomes the lessee
D) Seller can depreciate the building over 39 years
B) The seller frees up cash for other uses

J leases to R. J will pay all costs of operation plus repairs. This lease is called:
A) Net
B) Gross
C) Percentage
D) Index
B) Gross

What is the name of the third party that will receive a life interest in a property, upon the death of a life tenant?
A) Fee simple tenant
B) Life tenant
C) Reversion
D) Remainderman
D) Remainderman

How can a corporation hold title?
A) Community property
B) Joint tenancy
C) Tenant in common
D) In consortium
C) Tenant in common

Any owner of lakefront property has 50 acres and divides it into lots. Owner keeps the lots closest to the lake. How is an easement to the lake preferred by lot buyers?
A) Easement in gross
B) Easement appurtenant
C) Easemet by prescription
D) Easement by necessity
B) Easement appurtenant.
An easement appurtenant is a specific type of easement where two properties are linked together as servient and dominant estates. The servient estate is the estate that allows the easement, where the dominant estate is the one that benefits from the easement

Two sisters want to buy a property and leave it to their heirs. They should take title:
A) As joint tenants with right of survivorship
B) As tenants in common
C) As tenants in severalty
D) As community property
B) As tenants in common

Which of the following is an example of a freehold estate?
A) Leasehold
B) Chattel real
C) Fee simple estate
D) Estate in remainder
C) Fee simple estate

The right of ingress and egress is best associated with:
A) Police power
B) Appurtenant
C) Life estate
D) Habendum
B) Appurtenant