National Ownership: Quizzes

What is a short sale? A lender forces the sale of a mortgaged property without first giving notice of default. A deficiency judgment forces a defaulted borrower to sell personal property to settle a debt. A borrower sells the mortgaged property for less than what is owed on the loan balance. A foreclosed property is sold quickly at a public auction instead of through a standard sales process.

A borrower sells the mortgaged property for less that what is owed on the loan balance.

If a property sold at a court foreclosure does not sell for an amount sufficient to satisfy the outstanding mortgage loan debt, the mortgagee may sue for a judgment by default. a deficiency judgment. a satisfaction of mortgage. damages.

A deficiency judgement

A life estate is classified as which of the following? An estate in fee simple A freehold estate A defensible fee An estate for years

A freehold estate

Which is NOT a conveyance clause? A granting clause. A habanero clause. A reserving clause. A tenendum clause.

A habanero clause.

Homestead, dower and curtesy, and elective share are examples of a a conventional life estate. a legal life estate. an estate created by an owner's agreement. a fee simple absolute.

A legal life estate

The grantor of a life estate names a third party to receive the title when the life tenant dies. What will the third party hold? A less-than-freehold estate. A third party estate. A remainder estate. A pass-along estate.

A remainder estate

Which of the following is NOT a way of terminating a restrictive covenant? Allowing a specified period of effectiveness to expire. Voting by property owners to end the restrictions. A suit for partition filed by a majority of property owners in a subdivision. Failure of property owners to enforce the restrictions in a timely manner.

A suit for partition filed by a majority of property owners in a subdivision

What is a "buffer zone?" A transitional zone between a residential zone and a commercial zone. An area zoned as a public park. A temporary zone created to allow users to come into compliance with a change in zoning. A zone around the boundaries of a municipality.

A transitional zone between a residential zone and a commercial zone.

The essential criterion for an acceptable legal description is that it accurately locates and identifies the parcel. always starts at the POB and ends at the POB. contains the current post office address of the parcel. is written by a surveyor.

Accurately locates and identifies the parcel

If a life tenant purposely damages or misuses a property it is known as what? Pillage An act of contempt Vandalism An act of waste

An act of waste

An interest in real estate that does not include the right to possess is considered a leasehold interest. a fee simple estate. an encumbrance. a tenancy.

An encumbrance

What kind of interest does a lienor usually have in the liened property? A possessory interest Legal ownership of a dominant tenement A legal interest in a pro rata share of the property An equitable interest, except a mortgage lienor in a title-theory state

An equitable interest, except a mortgage lienor in a title-theory state

If a tenant occupies a leased property without the consent of the landlord after a lease expires, the type of estate that results is called an estate at sufferance. a holdover estate. an adverse leasehold. a hostile leasehold.

An estate at sufferance

Ownership of some combination of the bundle of rights defines an undivided interest. an interest in real estate. an estate in land. a private interest.

An interest in real estate

An encroachment is an easement that has not been recorded on the title of the burdened property. an unauthorized physical intrusion of one property into another. a right granted by a property owner to the owner of an adjoining property to build a structure that protrudes across the property boundary. a structure that does not comply with a zoning ordinance.

An unauthorized physical intrusion of one property into another.

Which of the following is NOT normally a basic land use consideration of master planners? Social growth Economic growth Building codes and code enforcement Infrastructure adequacy

Building codes and code enforcement

Which of the following is NOT a legal property of liens? Attaches to the property. Terminates when payment is recorded. Generally conveys an equitable interest. Can only exist one at a time against the same property.

Can only exist one at a time against the same property.

The National Environmental Policy Act of 1969 requires developers of large projects to carry out a carbon footprint analysis. conduct an environmental impact survey. establish an environmental oversight committee. hire an environmental consultant.

Conduct an environmental impact survey

Oak Hill subdivision only allows homes over 2,000 sq ft to be built. What is this an example of? Deed restriction Encroachment Prescription Zoning restriction

Deed restriction

What is "color of title?" Title that does not convey ownership Defective title, or title received by defective means Title before it has been recorded Title that is nuncupative or holographic

Defactive title, or title received by defective means

Which of the following is NOT one of the means of enforcing a lien against real estate? Operation of the law Direct takeover Court action Powers granted in the loan document

Direct takeover

If the owner of property A has a court-ordered easement to drive across property B because it is the only way for A to have access to a public road, the easement is a(n) easement by prescription. personal easement. easement by necessity. easement in gross.

Easement by necessity

A person receives defective title to a property. The grantor of the title later cures the defect and tries to reclaim the property. The doctrine that may prevent the grantor from succeeding in reclaiming the property is disavowal. embargo. notorious possession. estoppel.

Estoppel

An estate is transferred with the stipulation that alcohol will never be consumed on the premises or the seller will take back the property. This kind of estate is a fee simple absolute. pur autre vie. conventional remainder. fee simple defeasible.

Fee simple defeasible

In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the grant? Fee simple absolute Land Trust Life estate with a remainderman Fee simple defeasible

Fee simple defeasible

Once the life tenant dies, the life estate portion reverts back to whom? Grantee Life tenant Grantor Revisionary

Grantor

Which of the following is NOT an economic characteristic of land? Transferability Immobility Demand for the area Utility of the land

Immobility

Which of the following tax liens is a junior lien? Special assessment tax lien Inheritance tax lien Income tax lien Ad valorem tax lien

Income tax lien

What is characteristic of the allodial system of ownership? The government owns the land. Individuals own land directly. Land ownership is between 2 or more parties. Individuals have only temporary use of land.

Individuals own land directly.

A person who dies without a will is said to be prostrate. intestate. estateless. undevised.

Intestate

When a joint tenant dies, what happens to the tenant's interest in the estate? It passes to the decedent's heirs, who become joint tenants. It passes as a tenancy in common to the decedent's heirs. The joint tenancy terminates and becomes a tenancy in common with the decedent's heirs and the surviving tenants as co-owners. It passes to the surviving joint tenants.

It passes to the surviving joint tenants

How does Planned Unit Development zoning differ from ordinary zoning? It applies only to industrial and office parks. It incorporates a number of different zones within a single property boundary. It requires that multiple tracts of land be developed according to a single design for efficient use of space. It requires developers to obtain a separate building permit for every structure.

It requires that multiple tracts of land be developed according to a single design for efficient use of space.

Which is NOT a superior lien? Special assessment lien Real estate tax lien Federal and state inheritance tax lien Judgment lien

Judgement lien

In general terms, a person who possesses the complete bundle of rights to a property owns enforceable title. veritable title. equitable title. legal title.

Legal Title

Someone who possesses all ownership interests in real property owns equitable title to the real property. legal title to the real property. equitable and legal title to the real property. statutory title to the real property.

Legal title to the real property

The overall guideline for creating and enforcing zones, building codes, and development requirements is the enabling act. state environmental law. master plan. economic development statement.

Master plan

Which of the following is an example of a voluntary lien? Judgment lien Mortgage lien Vendor's lien Mechanic's lien

Mortgage lien

Littoral rights concern which of the following bodies of water? Lakes entirely contained within the boundaries of an owner's property. Streams and rivers. Navigable lakes, seas, and oceans. Navigable streams and rivers.

Navigable lakes, seas, and oceans.

In what type of foreclosure does a lender give a borrower a notice of default in a form prescribed by the state? Judicial foreclosure Strict foreclosure Standard foreclosure Non-judicial foreclosure

Non-judicial foreclosure

Which of the following is NOT a necessary condition for claiming title by adverse possession? Occupy the property without concealment Occupy an unpermitted structure on the property Occupy the property without permission Occupy the property for a statutory period

Occupy an unpermitted structure on the property

When does a testamentary trust take effect? At any specified time within the lifetime of the grantor. When the grantor's will is witnessed and dated. On the death of the grantor. When the beneficiary reaches legal age.

On the death of the grantor

How is a lien terminated? Payment of the debt that is the subject of the lien and recording of the satisfaction Transfer of the property that has the lien Recording of another lien that is superior Death of the lienor or lienee

Payment of the debt that is the subject of the lien and recording of the satisfaction.

All of the following are elements in the recorded plat system of description EXCEPT lot numbers. block numbers. meridian reference. point of beginning.

Point of beginning

All of the following are ways for involuntary alienation to occur EXCEPT abandonment. eminent domain. private grant. foreclosure.

Private Grant

What are riparian rights concerned with? Properties within a 3-mile radius of a seaport. Properties used for grazing livestock. Properties that are in designated drought areas. Properties adjacent to flowing bodies of water.

Properties adjacent to flowing bodies of water.

Which of the following areas in the Rectangular Survey System run north and south? Base Range Township Section

Range

Which of the following is a simple definition of real estate? Real estate is property traded between owners and buyers for money. Real estate is that it is air, water, land, and everything affixed to the land. Real estate is any building affixed to land owned by an individual. Real estate is residential property, but not commercial property.

Real estate is that it is air, water, land, and everything affixed to the land.

A real estate tax lien, a federal income tax lien, a judgment lien, and a mortgage lien are recorded against a property. Which lien will be paid first when the property is sold? Real estate tax lien Federal income tax lien Judgment lien Mortgage lien

Real estate tax lien

One limitation on deed restrictions is that they may not prohibit commercial activities. prohibit construction of buildings. require minimum setbacks. restrict ownership on the basis of race or religion.

Restrict ownership on the basis of race or religion

A tenant in common can sell, encumber or transfer his or her interest to an outside party without the consent of the other tenants in common. use his or her interest in the estate to encumber the entire estate. sell, encumber or transfer his or her interest only to the other tenants in common. sell, encumber or transfer his or her interest only with the consent of all the other tenants in common.

Sell, encumber or transfer his or her interest to an outside party without the consent of the other tenants in common.

What are the dimensions of a township? One mile per side. Six miles per side. Thirty-six miles in diameter. The north and south boundaries are one mile apart; the east and west boundaries are indeterminate.

Six Miles per side

How far apart are common parallels? Six miles One mile Twenty-four miles Thirty-six miles

Six miles

A special assessment creates a voluntary tax lien if all taxpayers in a taxing district have voted for it. the affected property owners have requested the improvement. a taxing entity initiates the assessment. the improvement to be funded is for the general good.

The affected property owners have requested the improvements

When real property is held in a land trust, who controls the property? The trustor The trustee The beneficiary The property manager appointed by the trustee

The beneficiary

When real property is held in a land trust, who controls the trustee? The trustee The beneficiary The mortgage company or bank The trustor

The beneficiary

All of the following are common consequences suffered by a mortgagor in a foreclosure procedure EXCEPT all or most equity is lost. the mortgagor is embarrassed by public knowledge of the foreclosure. the borrower's credit is damaged for a long time. the borrower is not allowed to apply for another mortgage for the rest of his or her life.

The borrower is not allowed to apply for another mortgage for the rest of his or her life.

One of the negative features of foreclosure for the borrower is the borrower's credit is damaged, making it difficult to purchase another home. the borrower loses any right to seek another mortgage for seven years. the borrower loses all equity, even if the sale yields more than the amount owed.

The borrower's credit is damaged, making it difficult to purchase another home.

Ownership of which of the following is used to define an "interest in real estate?" Deed The bundle of rights Acreage Attachment

The bundle of rights

In a cooperative, real property is owned only by the individual unit owners. the individual unit owners and the cooperative association. the cooperative developer. the corporate entity of the cooperative association.

The corporate entity of the cooperative association

The first item to be paid out of foreclosure funds is the costs of Sale - advertising, attorney fees, trustee fees, etc. the first mortgage. any properly recorded junior liens. special assessment taxes, and general taxes.

The costs of Sale - advertising, attorney fees, trustee fees, etc.

One of the major considerations in planning where to allow growth is the number of developers asking for permits. the effect of development on traffic patterns. the median age of the community. the number of housing starts reported for neighboring communities.

The effect of development on traffic patterns

In a condominium, who is responsible for maintaining the internal systems of an individual unit? The condominium association The developer The individual unit owner The management company

The individual unit owner

The period of delinquency allowed before a lender begins foreclosure proceedings is determined by statute. the secondary mortgage market. investors. the lender.

The lender

A lender's title insurance policy generally protects the seller against liability for conveying unmarketable title. the buyer against loss of equity through fraud or a disputed title. the lender against the possibility that the lender's lien cannot be enforced. the lender against liability for certifying that the title records have been searched.

The lender against the possibility that the lender's lien cannot be enforced.

If a joint tenant sells his or her interest to an outside party, the new owner becomes a joint tenant. the new owner is a tenant in common. the joint tenancy terminates and all owners become tenants in common. the joint tenancy terminates and the owners must create a new joint tenancy to include the new owner.

The new owner is a tenant in common.

A standard owner's title insurance policy generally protects the owner against loss of title in a foreclosure suit. the owner against liabilities and losses resulting from title defects. lien holders against loss of their collateral. the seller against liability for conveying title with unrecorded defects.

The owner against liabilities and losses resulting from title defects.

Private land use control is primarily exerted by the courts via placement of deed restrictions on private property. the owner of the controlled property via deed restrictions. the owner of the property via zoning ordinances. the grantee of a property via restrictive covenants.

The owner of the controlled property via deed restrictions

Who is usually responsible for site plans, subdivision plans, building permits, and ruling on zoning issues? The state legislature The planning commission The zoning board of appeals The city manager

The planning commission

Which land description method divides tracts of land into subdivisions and blocks? The recorded plat method. The rectangular survey method. The metes and bounds system. The government survey system.

The recorded plat method

Under the laws of descent, who gets a property when its owner dies without a will and no legal heirs can be found? The federal government The heirs of the previous owner of record The state or county The nearest municipality

The state or county

An estate from period-to-period will continue as long as the tenant makes, and landlord accepts, regular rent payments. the term specified in the lease. the period is less than a year. the landlord has not given notice of termination.

The tenant makes, and landlord accepts, regular rent payments.

Which of the following is TRUE of a tenancy in common? The co-owners must be married. The tenants share an indivisible interest. The tenants must acquire their interests at the same time. The tenants own equal shares of the estate.

The tenants share an indivisible interest.

A condominium owner's assessments for maintenance and operation are based on the unit's pro rata share of floor space. the unit's pro rata share of the property value as defined in the declaration. the number of shares the owner purchased in the condominium association. the assessed value of the condominium unit.

The unit's pro rata share of the property value as defined in the declaration.

Which of the following circumstances is likely to render a will invalid? The testator is only 21 years old. The devisee is under duress. The will is unsigned. The will is signed by three witnesses.

The will is unsigned.

The owner of a property creates a deed, leaving the name of the grantee blank, and puts it in a drawer, where it is forgotten for several years. One day, a visitor finds the deed, fills in his name as grantee, and attempts to record it. However, the owner will probably have no trouble disputing the validity of the deed because the grantee was not competent at the time of delivery. there was no intent to deliver it, and no consideration was given. the grantee did not sign it at the time of execution. it was not accompanied by a transfer certificate.

There was no interest to deliver it, and no consideration was given.

Two individuals can own a house as tenants by the entireties if they so elect at the time of acquiring title. they are blood relatives. they are married. they incorporate.

They are married

As a legal descriptor of land, a township area consists of nine sections. thirty-six square miles. 640 acres. one square mile.

Thirty-six miles

Why would a property owner file a quiet title suit? To force the grantor to defend the title against a third party claim To terminate a co-ownership estate when one co-owner is unwilling To keep the owner's name out of the title records To have an encumbrance removed if the lien holder cannot prove its validity

To have an encumbrance removed if the lien holder cannot prove its validity

Bill and Bob share ownership of a real property, but neither owns a physical portion of the property. The kind of interest they each own is an invisible interest. intangible interest. undivided interest. insipid interest.

Undivided interest.

A mortgage lien is a type of voluntary lien. involuntary lien. statutory lien. general lien

Voluntary lien

How long after default does the foreclosure process begin? 90 days 120 days The period set by statute Whatever length the lender customarily uses

Whatever length the lender the lender customarily uses

Which best describes a tenancy at sufferance? When the tenant has received oral permission to stay. When the tenant stays beyond her lease without consent. When the tenant has received notice to terminate a lease. When the tenant's lease has a definite termination date.

When the tenant stays beyond her lease without consent.

A condominium owner actually owns shares in a corporation and a proprietary lease in a physical unit. a tenancy in common interest in a unit and all common elements. a joint tenancy interest in a building and a tenancy in severalty in a unit. a fee simple interest in an airspace and tenancy in common interest in a share of common elements.

a fee simple interest in an airspace and tenancy in common interest in a share of common elements

To make it easier to describe elevations, surveyors refer to standard elevation points called notches. data marks. watermarks. benchmarks.

benchmarks

All of the following are accepted methods of legal description EXCEPT lot and block. metes and bounds. rectangular survey. block and tackle.

block and tackle

The level of government that actually levies real estate taxes is the federal. regional. state. county and local.

county and local.

In a sale transaction, all fixtures are included in the sale unless named as exceptions. automatically excluded from the sale. required to be removed before closing. sold separately from the real estate.

included in the sale unless named as exceptions.

The legal concept of land does NOT include the surface of the earth. minerals below the surface of the earth. trees and grass. man made improvements.

man made improvements

Unlike a determinable estate, the grantor of a condition subsequent estate has no control over how the property is used. automatically retakes ownership if restrictions are violated. may repossess the property within a limited time frame if restrictions are violated. is limited in the kind of restrictions that can be placed on the grantee.

may repossess the property within a limited time frame if restrictions are violated.

If a subdivision has a restrictive covenant, it must be adhered to by all subdivision owners. is an ordinance set by the local zoning board. means that the properties cannot be rented. supersedes public policy or law.

must be adhered to by all subdivision owners

A property owner has the right to transfer water rights if the owner has not previously separated the bundle of rights. only to the owner of an adjoining property. only if there are water rights attached to the property. without constraint.

only if there are water rights attached to the property.

The court proceeding that generally settles a decedent's estate is called testate. probate. escheat. distribution.

probate

A foreclosure finds a homeowner with the following liens: a first mortgage dated five years earlier; a second mortgage dated two years earlier; an unpaid real estate tax bill for the current year; and a mechanic's lien for work performed five years earlier. Which of these liens will be paid off first? First mortgage Second mortgage Property tax lien Mechanic's lien

property tax lien

A condominium owner can sell or mortgage the condominium unit without hindrance from individual owners of neighboring units. sell the interest in the physical unit separately from the interest in the common elements. exclude non-owners from the unit owner's pro rata portion of the common elements. exclusively possess and use those portions of the common areas structurally or functionally necessary for the operation of the unit.

sell or mortgage the condominium unit without hindrance from individual owners of neighboring units.

The owner of a unit within a cooperative actually owns shares in a corporation or association and a proprietary lease in a physical unit. a fee simple interest in a physical unit plus a tenancy in common in common elements. a tenancy in common in a physical unit and the common areas. a ground lease in the physical unit's pro rata share of land and a proprietary lease in the unit.

shares in a corporate or association and a property lease in a physical unit.

Ownership of real estate by a single party is called individual ownership. solitary possession. tenancy in severalty. simple tenancy.

tenancy in severalty

The level of government that is the primary regulator of the real estate business is the county. the state. the court system. the U.S. Congress.

the state

Who owns the land under a navigable river? Owners of properties that abut the river. No one. The state. The municipality, if the area is incorporated.

the state.

A lease is an example of a(n) transfer of a portion of the bundle of rights. encroachment on the bundle of rights. transfer of the complete bundle of rights. transfer of surface rights.

transfer of a portion of the bundle of rights

Leakage of underground storage tanks is a source of air pollution. water and soil pollution. flood hazards. ambient toxicity

water and soil pollution