NATIONAL Portion
A break in the chain of title to a property results in A. A clouded title B. A title plant C. A lien fo indeterminate ownership D. A duplicate title
A clouded title.
Which of the following life estates is created by operation of law rather than by the owner? A. Conventional life estate. B. Ordinary life estate. C. Legal life estate. D. Community property life estate.
Legal life estate.
The court proceeding that generally settles a decedent's estate is called A. Testate. B. Probate. C. Escheat. D. Distribution.
Probate.
Under landlord-tenant laws, landlords must treat tenants fairly and honestly. IN a residential leasehold, this requirement would include A. Insuring the tenant against loss of personal property B. Providing required building support and services C. Guaranteeing that a fair rent is being charged D. Insuring the property for the value of the leasehold
Providing required building support and services.
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? A. Real estate tax lien B. Federal income tax lien C.Judgment lien D. Mortgage lien
Real estate tax lien.
Which of the following would be considered a property improvement? A. An alteration to land to make it more useful. B. An increase in the value of a property. C. A chicken coop permanently attached to land. D. A parcel of land that has passed a percolation test.
A chicken coop permanently attached to land.
Which of the following is true of a cooperative? A. A cooperative may hold an owner liable for the unpaid operating expenses of other tenants. B. The owners have a fee simple interest in the airspace of their respective apartments. C. Owners may sublease their apartments even if they sell their stock in the cooperative. D. The proprietary lease is guaranteed to have a fixed rate of rent over the life of the lease term.
A cooperative may hold an owner liable for the unpaid operating expenses of other tenants.
A property owner who is selling her land wants to control how it is used in the future. She might accomplish her aim by means of A. An injunction B. A deed restriction C. An easement D. A land trust
A deed restriction.
If the duration of an owner's rights in an estate is not determinable, the owner has A. A tenancy at sufferance. B. A leased fee simple estate. C. A freehold estate. D. A leasehold estate.
A freehold estate.
Which of the following is true of a homestead? A. A homestead interest cannot be conveyed by one spouse. B. A homestead interest cannot be passed to the children of the head of household. C. A homestead interest is a form of conventional life estate. D. A homestead is a primary or secondary residence occupied by a family.
A homestead interest cannot be conveyed by one spouse.
Homestead estates are examples of A. A conventional life estate B. A legal life estate. C. An estate created by an owner's agreement D. A fee simple absolute
A legal life estate.
A property owner gives Deanna permission to cross his property as a shortcut to her kindergarten school bus. One day the property owner dies. What right was Deanna granted originally, and will it survive the owner's death? A. A personal easement in gross, which continues after the owner's death B. An easement by prescription, which continues after the owner's death C. A license, which continues after the owner's death D. A license, which terminates upon the owner's death
A license, which terminates upon the owner's death.
Which of the following accurately describes the act of foreclosure? A. A court-ordered acceleration of loan payments B. The final step in a bankruptcy filing C. A proceeding to enforce a lien by forcing the sale or transfer of a secured property D. A proceeding to take equitable title to a property that was liened as security for a mortgage loan
A proceeding to enforce a lien by forcing the sale or transfer of a secured property.
The right to control land usage by zoning and eminent domain is an example of A. A public interest B. A police interest C. An encumbrance. D. An estate in law
A public interest.
A person wishes to convey any and all interests in a property to another without assurance fo the property's marketability. This party would most likely use which of the following types of deed? A. A sheriff's deed B. A special warranty deed C. A partition deed D. A quitclaim deed
A quitclaim deed.
Which of the following describes an encumbrance? A. A third party's right to encroach upon a property without the permission of the property owner. B. A third party's right to claim the sale proceeds of a property that has been mortgaged as collateral for a loan. C. A third party's interest in a real property that limits the interest of the freehold property owner D. Another's right to acquire a freehold interest in a property against the property owner's wishes
A third party's interest in a real property that limits the interest of the freehold property owner.
Which of the following best describe the documentary stamp tax? A. A transfer tax based on the price of the property being conveyed. B. A tax a title company must pay in order to examine title records in the recorder's office C. A tax collected by attorneys and paid to the state when transfer documents are prepared D. A tax on stamps used to certify the authenticity of a conveyance
A transfer tax based on the price of the property being conveyed.
A court might grant an easement by prescription if A. A town needs to dig a trench across an owner's property to install a sewer line to a neighboring property, and the owner refuses permission B. A property owner sells the front half of a lot and wants to continue using the driveway to access the rear of the lot C. A trespasser has been using an owner's property for a certain period with the owner's knowledge but without permission D. A property owner wants to prevent the owner of an adjoining property from building a an improvement that blocks her view
A trespasser has been using an owner's property for a certain period with the owner's knowledge but without permission.
Mr. King wants to offer 100 acres of his property for sale. Since the property is landlocked, he will have to put in a driveway to the road that will run across his remaining property. What kind of easement will he have to grant? A. An easement in gross B. A commercial easement C. A personal easement D. An easement appurtenant
An easement appurtenant.
In a lien-theory state, what kind of interest does a mortgage lender have in the liened property? A. A possessory interest B. A tenancy-by-mortgagee interest C. A legal interest in a pro rata share of the property D. An equitable interest
An equitable interest.
A tenant continues to occupy an apartment after lease expiration without the consent of the landlord. A. An estate at sufferance. B. A holdover estate C. A canceled leasehold. D. A hostile leasehold.
An estate at sufferance.
A real property interest that includes the right to possess is considered A. An estate in land. B. A leasehold estate. C. A fee simple estate. D. The bund of rights.
An estate in land.
Which of the following best describes a "fixture?" A. Any item of personal property positioned within the boundaries of a parcel of real estate. B. An item of personal property that has been converted to real property. C. An item of real property temporarily placed on land for the purpose of conducting a business. D. An item of personal property that has been left in one location for a period of six months.
An item of personal property that has been converted to real property.
Ned grants his sister Alice an estate for as long as she lives. Her descendants, however, cannot inherit the estate. What kind of estate is it? A. An estate pur autre vie B. An estate for years C. An ordinary life estate. D. A legal ife estate.
An ordinary life estate.
An encroachment is A. An easement that has not been recorded on the title of the burdened property. B. An unauthorized physical intrusion of one property into another C. A right granted by a property owner to the owner of an adjoining property to build a structure that protrudes across the property boundary D. A structure that does not comply with a zoning ordinance
An unauthorized physical intrusion of one property into another.
Which of the following best describes the legal concept of personal property? A. Any item which is acquired in a fee simple sale transaction. B. Any item of property that is not definable as real property. C. Any movable property owned by an individual, partnership, or corporation. D. Any item that is not a natural item affixed to the earth.
Any item of property that is not definable as real property.
A party has just purchased a manufactured housing unit. When is this property considered real property? A. As soon as it is purchased. B. As soon as it is constructed. C. As soon as it is affixed to the ground. D. This form of property is considered personal property at all times
As soon as it is affixed to the ground.
Unlike tenants in common, joint tenants A. Own distinct portions of the physical property. B. Cannot will their interest to a party outside the tenancy. C. May own unequal shares of the property. D. Cannot encumber their interest to outside parties
Cannot will their interest to a party outside the tenancy.
When a tenant rents an apartment, he or she is usually responsible for A. Compliance with the rules and regulations of the building B. Payment for any alterations to the leased space C. Recording the lease in title records D. Occupying the premises throughout the lease term
Compliance with the rules and regulations of the building.
A drifter secretly lives in an abandoned shack on a large ranch property. After twenty years, the person makes a claim of ownership to the shack and the land immediately surrounding it that he had cleared. This claim will likely be A. Upheld through adverse possession B. Upheld because of the length of possession C. Declined through the doctrine of prior appropriation. D. Declined because possession was secretive
Declined because possession was secretive.
On two adjacent properties, there is an easement that allows property A to use the driveway that belongs to property B. here, property A is said to be which of the following in relation to property B? A. Subservient estate B. Servient tenement C. Senior tenant D. Dominant tenement
Dominant tenement.
A municipality wants to build a sewage treatment facility which will require the acquisition of several parcels of privately owned land. What legal power enables the municipality to buy the necessary properties, even against the owners' wishes? A. Estoppel B. Escheat C. Alienation. D. Eminent domain
Eminent domain.
The "bundle of rights" refers to a set of rights A. Enjoyed by the owner of a property. B. That is synonymous with the Bill of Rights C. Guaranteed to citizens by the Statute of Rights. D. Specified in a deed or land contract.
Enjoyed by the owner of a property.
Which of the following types of leasehold estate lacks a specific term? A. Estate for years B. Estate from period-to-period C. Estate at will D. Estate by the entireties
Estate at will.
A tenant without a lease has been sending the landlord monthly rent checks, and the landlord continues to accept the payments. What kind of leasehold estate exists? A. Estate for years. B. Estate from period to period. C. Estate at will. D. Estate at sufferance.
Estate from period to period.
A landowner conveys a parcel of property with the provision that the land cannot be developed for retail purposes. The new owner immediately begins to develop a retail shopping outlet, the grantor finds out and takes the property back. What kind of estate did this landowner convey? A. Fee simple absolute. B. Life estate with reversion. C. Life estate with condition subsequent. D. Fee simple defeasible
Fee simple defeasible.
Two people own a house, each having an undivided equal interest. Which of the following best describes what each party owns? A. Fifty percent of the home and the land. B. One hundred percent of the home and the land. C. Fifty percent of the estate consisting of the indivisible whole of the real property. D. Each owns one hundred percent of the estate represented by the real property and fifty percent of the physical house and the land it rests on.
Fifty percent of the estate consisting of the indivisible whole of the real property.
A property is secured by a mortgage that does not contain a "power of sale" clause. To foreclose, the lien holder will have to A. File a deficiency suit B. File a foreclosure suit C. File a suit to quiet title D. Obtain a quit claim deed
File a foreclosure suit.
A landlord generally has the right to enter the leased premises A. At any time without notice B. For specified reasonable purposes C. Provided the tenant gives prior permission D. Only thirty days prior to lease expiration
For specified reasonable purposes.
To be marketable, title must be A. Insured. B. Free of undisclosed defects and encumbrances C. Abstracted by an attorney D. Guaranteed by a title certificate
Free of undisclosed defects and encumbrances.
They type of deed that offers the grantee the fullest protection against claims to the title is the A. General warranty deed B. Special warranty deed C. Quitclaim deed D. Bargain and defend deed
General warranty deed.
Ownership of real estate can be transferred voluntarily or involuntarily. The three ways title can be transferred voluntarily are by A. Grant, deed, and will B. Escheat, deed, and covenant C. Title certificate, will, and deed D. Sale contract, deed, and warrant of seizin
Grant, deed, and will.
The only clause that is actually required in a deed is the A. Habendum clause B. Granting clause C. Reserving clause D. Tenendum clause
Granting clause.
The purpose of a deed restriction is to enable an owner to specify A. The form of ownership in which a property may be held B. How long a property must be owned before it can be legally transferred C. What groups of people are legally excluded from future ownership of a property D. How a property may be used and what improvements may be built on it
How a property may be used and what improvements may be built on it.
Under what conditions can two individuals own a property as tenants by the entireties? A. If they so elect at the time of acquiring title B. If they are blood relatives. C. If they are married. D. If they incorporate
If they are married.
Which of the following would be considered community property? A. Property acquired before marriage B. A motorcycle bought after the marriage with separate property funds C. Income derived from community property D. A mother's heirloom wedding ring gifted to the wife after her wedding
Income derived from community property.
A judge rules in favor of the creditor in a court proceeding and places a judgment lien against all the debtor's assets, including his real property. This is an example of a(n) A. Voluntary junior lien B. Involuntary superior lien C. Involuntary specific lien D. Involuntary general lien
Involuntary general lien.
What is the function of recording a deed? A. It makes the deed valid B. It causes title to pass C. It gives constructive notice of ownership D. It removes all prior recorded encumbrances
It gives constructive notice of ownership.
What distinguishes a lien from other types of encumbrance? A. It involves a monetary claim against the value of a property B. It lowers the value of a property C. It is created voluntarily by the property owner D. It attaches to the property rather than to the owner of the property
It involves monetary claim against the value of a property.
Which of the following defines constructive notice? A. It is notice published in a newspaper. B. It is knowledge one could have or should have obtained C. It is notice explicitly stated in a legal document D. It is knowledge received or imparted through direct experience
It is knowledge one could have or should have obtained.
Which of the following defines actual notice? A. It is notice published in a newspaper B. It is knowledge one could have or should have obtained C. It is notice explicitly stated in a legal document D. It is knowledge received or imparted through direct experience
It is knowledge received or imparted through direct experience.
When a tenant in common dies, what happens to the tenant's interest in the estate? A. It is divided equally among the surviving tenants in common. B. The surviving tenants must buy the interest from the deceased tenant's heirs or sell their interests to the heirs. C. It becomes a joint tenancy. D. It passes by probate to the deceased tenant's heirs.
It passes by probate to the deceased tenant's heirs.
When a joint tenant dies, what happens to the tenant's interest in the estate? A. It passes to the decedent's heirs, who become joint tenants B. It passes as a tenancy in common to the decedent's heirs. C. The joint tenancy terminates and becomes a tenancy in common with the decedent's heirs and the surviving tenants as co-owners. D. It passes to the surviving joint tenants.
It passes to the surviving joint tenants.
If an owner of real property dies intestate and has no legal heirs, what will happen to the property? A. It will escheat to the state or county B. It will transfer to the decedent's executor C. It will be divided equally among adjoining property owners D. It will become a public easement
It will escheat to the state or county.
Littoral rights apply to which of the following? A. Boatable ponds entirely contained within the boundaries of an owner's property. B. Streams and rivers. C. Navigable lakes, seas, and oceans. D. Navigable Stream and rivers.
Navigable lakes, seas, and oceans.
An adverse possessor must be able to successfully demonstrate that he or she has been A. Openly possessing and claiming the property without the owner's consent B. Occupying the property without an occupancy permit C. Using the property intermittently and without permission over a period of years D. Building a permanent structure on the property
Openly possessing and claiming the property without the owner's consent.
The "four unities" required to create a joint tenancy include which of the following conditions? A. Parties must acquire respective interests at the same time. B. Parties must be residents of the same state at the time of acquiring the interest. C. Parties must be family members. D. Parties must have joint financial responsibility.
Parties must acquire respective interests at the same time.
Jennifer owns a one-half interest in a condominium as a tenant in common with her business partner. If Jennifer has several heirs and dies without a will, the property will A. Pass to the heirs by the laws of descent and distribution B. Escheat to the state C. Pass to the surviving spouse based on homestead law D. Pass to the surviving heirs according to the provisions of the will
Pass to the heirs by the laws of descent and distribution.
How is a lien terminated? A. Payment of the debt that is the subject of the lien and recording of the satisfaction B. Transfer of the property that has the lien C. Recording of another lien that is superior D. Death of the lienor or lienee
Payment of the debt that is the subject of the lien and recording of the satisfaction.
The right to encumber a property means that the owner can A. Sell the property to an encumbered party. B. Pledge the property as collateral for debt. C. Lease the property. D. Assign the bundle of rights to another.
Pledge the property as collateral for debt.
Carissa and Robert acquire a condominium as tenants in common. In this circumstance, Carissa can A. Sell her interest to a third party without the consent of Robert B. Use her interest in the estate to mortgage the entire estate. C. Sell her interest only to Robert. D. Sell encumber or transfer her interest only with the consent of Robert.
Sell her interest to a third party without the consent of Robert.
Tanya buys a 4-bedroom condominium. As the new owner, she has the right to A. Sell or mortgage the unit without impediment from individual owners of neighboring units B. Sell the interest in the physical unit separately from the interest in the common elements. C. Prevent non-owners from using the unit owner's portion of the common elements. D. Exclusively possess and use those portions of the common areas structurally or functionally necessary for the operation of the unit
Sell or mortgage the unit without impediment from individual owners of neighboring units.
A tenant in common can A. Sell or transfer his interest without the consent of the other tenants in common. B. Use his or her interest in the estate to encumber the entire estate. C. Sell, encumber or transfer his or her interest only to the other tenants in common. D. Sell, encumber or transfer his or her interest only with the consent of all the other tenants in common.
Sell or transfer his interest without the consent of the other tenants in common.
By contrast to a condominium, the owner of a cooperative owns A. Shares in a corporation or association and a proprietary lease in a physical unit B. A fee simple interest in a physical unit plus a tenancy in common in common elements C. A tenancy in common in a physical unit and the common areas. D. A ground lease in the physical unit's pro rata share of land and a proprietary lease in the unit.
Shares in a corporation or association and a proprietary lease in a physical unit.
Wayne and Leota obtain an insurance policy that protects them from liabilities and losses resulting from title defects. The kind of policy they bought is a A. Homeowner's insurance policy B. Standard owner's title insurance policy C. Lender's title insurance policy D. Private mortgage insurance policy
Standard owner's title insurance policy.
Riparian rights concern which of the following bodies of water? A. Lakes. B. Seas and oceans. C. Streams and rivers. D. Navigable lakes.
Streams and rivers.
A homeowner defaults on his mortgage loan. In the subsequent foreclosure action, the lender takes title to the liened property directly instead of initiating a court-ordered public sale. This is an example of A. Strict foreclosure B. Judicial foreclosure C. Non-judicial foreclosure D. Deed in lieu of foreclosure
Strict foreclosure.
A lien holder can change the lien priority of a junior lien by agreeing to A. Change the date of recording B. Lower the amount of the claim C. Cancel the lien D. Subordinate the lien
Subordinate the lien.
Six people have identical rights in a property and enjoy an indivisible interest. However any of the owners may sell or transfer his/her interest without consent of the others. This form of ownership is a A. Joint tenancy. B. Homestead ownership. C. Tenancy in common. D. Estate in severalty.
Tenancy in common.
A fee or life estate is held by an individual. This form of estate is referred to as a(n) A. Tenancy in severalty. B. Tenancy by the entireties. C. Absolute fee simple. D. Legal fee simple.
Tenancy in severalty.
An estate at will A. Cannot be terminated. B. Is terminated only if so stated in the lessee's last will and testament. C. Terminates on the death of lessor or lessee. D. Terminates on the date specified in the lease agreement.
Terminates on the death of lessor or lessee.
In a community property state, John marries Patricia. Prior to the marriage John owned an SUV. During the marriage, John bought a Buick, John and Patricia bought a second property with money earned from Patricia's job, and each individual received a motorcycle from Patricia's uncle as a gift. What property is community property in this marriage? A. The SUV, the Buick, and the second property. B. The SUV, the Buick, the second property, and the motorcycles. C. The Buick, and the second property. D. The Buick, the second property, and the motorcycles.
The Buick, and the second property.
Louis owned a boat and a house before marrying Barbara. While she was single, Barbara owned a new car. The two got married and bought a second home. As a wedding present, Barbara's father bought Louis a motorcycle. Under the law of community property, what property can Louis sell without his wife's consent or signature? A. The boat and house. B. The boat, house, and motorcycle. C. The second home and the motorcycle. D. The boat and motorcycle.
The boat, house, and motorcycle.
A buyer has signed a contract to purchase a property, but is uncertain of the condition of the title. Who is legally responsible for knowing the condition of the title? A. The County Recorder B. The seller's agent C. The buyer D. The mortgage lender
The buyer.
Which of the following best describes the physical boundaries of land? A. The surface of the earth and infinite space above the surface. B. The center of the earth and infinite space above the earth. C. The surface of the earth and all water and minerals on or below the surface to the center of the earth. D. The surface of the earth and the air rights above the surface to the point defined by local zoning.
The center of the earth and infinite space above the earth.
In a cooperative, real property is owned only by A. The individual unit owners B. The individual unit owners and the cooperative association C. The cooperative developer D. The corporate entity of the cooperative association
The corporate entity of the cooperative association.
Melinda purchases a house and finances it. The lender in turn places a lien on Melinda's title. The lien in this mortgage transaction is A. Evidence of debt incurred by a property owner B. A promissory note granted by a property owner as security for a debt C. The creditor's claim against the property as collateral security for the loan D. The document required to clear clouded title
The creditor's claim against the property as collateral security for the loan.
A retired couple has just bought a retirement home with pier on a large lake. In this case the retirees' water rights extend to A. The high water mark of the body of water at the shoreline. B. The low water mark of the body of water at the shoreline. C. The center of the lake. D. The end of the pier.
The high water mark of the body of water at the shoreline.
If a joint tenant sells his or her interest to an outside party, A. The new owner becomes a tenant in common with the owners, who continue to hold a joint B. The joint tenancy continues with the new owner as the third joint tenant. C. The joint tenancy terminates and all owners become tenants in common. D. The joint tenancy terminates and the owners must create a new joint tenancy to include the new owner.
The new owner becomes a tenant in common with the owners, who continue to hold a joint.
An item may be considered personal property as opposed to real property provided that A. The owner intended to remove it after a period of time. B. It can be removed without altering the appearance fo the structure. C. It is unnecessary to the physical integrity of the structure. D. The owner installed it at some time after acquiring the real property.
The owner intended to remove it after a period of time.
Which of the following is true of a tenancy in common? A. The co-owners must be related. B. The owners enjoy an indivisible interest. C. The tenants must acquire their interest at the same time. D. The tenants must pay equal amounts for their interest in the estate.
The owners enjoy an indivisible interest.
Three students rent a house together, and all three sign a one-year lease. Six months later, two student move out. Which of the following is true of the remaining rent obligation? A. The remaining tenant is responsible for the full rent obligation B. The remaining tenant is responsible for one third of the rent obligation C. The lease is cancelled due to abandonment. Therefore, the rent obligation is extinguished D. The departing tenants have no further rent obligation
The remaining tenant is responsible for the full rent obligation.
Katelyn rents an apartment for one year. What rights has she acquired under the leasehold? A. The right to exclude everyone from the premises. B. The right to encumber the fee interest. C. The right to sell the premises. D. The right to possess and use the premises.
The right to possess and use the premises.
An estate from period-to-period will continue as long as A. The tenant makes, and landlord accepts, regular rent payments. B. The term specified in the lease. C. The period is less than a year. D. The landlord has not osld the property.
The tenant makes, and landlord accepts, regular rent payments.
While a one-year lease is in effect, the tenant dies of a sudden illness. In this situation A. The lease automatically terminates B. The tenant's estate has the option of canceling the contract C. The landlord can record a lien against the leased fee interest D. The tenant's estate is still obligated under the lease
The tenant's estate is still obligated under the lease.
Which of the following is true of a joint tenancy? A. The tenants can determine the size of the share owned by each tenant. B. The size of the tenant's shares is determined by the amount of equity each has invested in the property. C. The tenants have an equal and indivisible ownership interest. D. There can be no more than two co-owners, and each has a fifty percent interest
The tenants have an equal and indivisible ownership interest.
When an estate is held in a trust, which party holds legal title? A. The beneficiary B. The trustor. C. The trustee. D. The grantor
The trustee.
A condominium owner's share of maintenance and operations expenses are based on A. The unit's pro rata share of floor space. B. The unit's pro rata share of the property value as defined in the declaration. C. The number of shares the owner purchased in the condominium association. D. The assessed value of the condominium unit
The unit's pro rata share of the property value as defined in the declaration.
In contrast to a tenancy in common, in a joint tenancy A. There is a single title to the property. B. There are as many titles to the property as there are co-owners C. Title is held by a trustee. D. Co-owners who are married hold separate titles
There is a single title to the property.
Which of the following is true of easements in general? A. They involve the property that contains the easement and a non-owning party B. They apply to a whole property, not to any specific portion of the property C. They only involve the legal owner of the property D. They may require a specific use, but cannot prohibit one
They involve the property that contains the easement and a non-owning party.
A waterfront homeowner has just died. What will become of the water rights the owner enjoyed while living in the home? A. They revert to the state when the property is sold B. They are extinguished. C. They are a personal right belonging to an individual owner, not attaching to the real property. D. They transfer with the property when the property is sold.
They transfer with the property when the property is sold.
What is one of the purposes of a lawsuit to "quiet title"? A. To force the grantor to defend the the title against a third party claim B. To terminate a co-ownership estate when one co-owner is unwilling C. To keep the owner's name out of the title records D. To have an encumbrance removed if the lienholder cannot prove its validity
To have an encumbrance removed if the lienholder cannot prove its validity.
A property owner leases 60 acres of agricultural land for a renewable period of 5 years. In the context of real estate rights, this lease represents a(n) A. Transfer of a portion of the bundle of rights. B. Encroachment on the bundle of rights. C. Conveyance of the complete bundle of rights. D. Encumbrance of the tenant's rights.
Transfer a portion of the bundle of rights.
In a time-share freehold, owners acquire A. Undivided interests in the property as tenants in common B. A renewable periodic tenancy from for a portion of a year C. A pro rata share of a leased fee D. A tenancy in severalty for a portion of a year
Undivided interests in the property as tenants in common.
An owner transfers title to a property to a buyer in exchange for a motorcycle. This is an example of A. Voluntary alienation B. Involuntary liquidation C. Hypothecation D. 1031 Exchange
Voluntary alienation.
Which of the following would be defined as real estate as opposed to real property? A. Wells, driveways, and signs on a parcel of land. B. Mobile homes temporarily parked on a parcel of land. C. Timber that has been cut and is lying on a parcel of land. D. Business equipment an owner or tenant has placed on a parcel of land.
Wells, driveways, and signs on a parcel of land.
A homeowner is very upset over a drone that a neighbor flies over his house. He takes his case to court to end this possible violation of rights. Does he have a case, and on what basis? A. No. The neighbor is not physically on his property. B. No. The drone is in the air, so he cannot exercise any surface rights. C. Yes. The owner has the right to stop encroachments. D. Yes. The drones infringe on his air rights.
Yes. The drones infringe on his air rights.
The distinguishing feature of a leasehold estate is A. Ownership of an interest by a tenant. B. Temporary ownership of the full bundle of rights in a property. C. Unlimited ownership of one right in the bundle of rights in a property. D. That the estate is limited by a lease term.
that the estate is limited by a lease term.
If property Alpha has a court-ordered easement across property Beta in order for Alpha to have access to a public road, the easement is a(n) A. Easement by prescription B. Personal easement C. Easement by necessity D. Easement in gross
Easement by necessity.
When real property is held in a land trust, who controls the property? A. The trustor. B. The trustee C. The beneficiary D. The mortgagee
The beneficiary.
