REAL ESTATE EXAM 2020

According to exhibit 4.1 (Tenancy in common), what percent of initial interest does A own? Exhibit 4.1 30% 20% 50% 10%

20%

How many owners does exhibit 4.1 show as tenants in common? Exhibit 4.1 4 5 3 2

3

A township is a square with how many miles on each side? 2 6 4 3

6

What term describes a personal property item that has been converted to real property by attachment to real estate? 1. A feature 2. A component 3. A fixture 4. A fitment

A Fixture

What describes a special type of syndicate organized as an unincorporated trust that specifically holds a large portfolio of real estate investments? 1. A Living Trust 2. An Estate Trust 3. A Real Estate Investment Trust 4. A Testamentary Trust

A Real Estate Investment Trust

Which conveyance clause identifies properties being conveyed in addition to land? 1. A Granting Clause 2. A Habendum Clause 3. A Reserving Clause 4. A Tenendum Clause

A Tenendum Clause

What describes legal rights that are attached to the ownership of a parcel of real estate? 1. Ownership rights 2. Parcel rights 3. A bundle of rights 4. Legal property rights

A bundle of rights

What is similar to fee simple determinable with the major difference being that if the condition is breached, the previous owner may repossess the property? 1. A conditional fee simple 2. A fee simple subject to condition subsequent 3. An inheritable fee simple 4. A fee simple absolute

A fee simple subject to condition subsequent

What type of lien is one placed against any and all real and personal property owned by a particular debtor? 1. A specific lien 2. A general lien 3. A senior lien 4. A junior lien

A general lien

What type of survey, also called a drive-by survey, is designed to show the location of the house and other large structures on the property, as well as the orientation of those structures in relation to each other? 1. A cadastral land survey 2. A topographic survey 3. A house location survey 4. A subdivision survey

A house location survey

What accurately locates and identifies boundaries of a subject parcel to a degree acceptable by courts of law in the state where the property is located? 1. A stake survey 2. A deed 3. A legal description 4. A title search

A legal description

What accurately locates and identifies the boundaries of a subject parcel to a degree acceptable by courts of law in the state where the property is located? 1. A survey 2. A right of egress 3. A legal description 4. A property assignment

A legal description

What occurs when a zoning change leaves existing properties in violation of a new ordinance? 1. A legal conforming use 2. An illegal conforming use 3. A legal nonconforming permit-based use 4. A legal nonconforming use

A legal nonconforming use

What describes a hybrid business entity having characteristics of both a corporation and a partnership? 1. An S corporation 2. A personal liability partnership 3. A limited partnership 4. A limited liability company

A limited liability company

What type of survey is a boundary survey with the additional location of all the interior improvements? 1. A topographic survey 2. A location survey 3. A site planning survey 4. A construction survey

A location survey

What might an owner need to initiate to remove a cloud on the title? 1. A chain of title 2. A suit to quiet title 3. Constructive notice 4. Buyer protection

A suit to quiet title

What is commonly accepted as the best evidence of marketable title? 1. A title transfer 2. A title abstract 3. A title notice 4. A title insurance policy

A title insurance policy

What type of lien is a mortgage? 1. A involuntary lien 2. A court ordered lien 3. A voluntary contractual lien 4. A lien of duress

A voluntary contractual lien

What type of rights apply to the space above the surface boundaries of the parcel, as delineated by imaginary vertical lines extended to infinity? 1. Land rights 2. Air rights 3. Riparian rights 4. Surface rights

Air rights

What type of survey is very detailed and often required by lending institutions and is strictly geared towards companies purchasing commercial properties? 1. A Location Survey 2. An ALTA/ACSM Survey 3. A Construction Survey 4. A GPS Survey

An ALTA/ACSM Survey note:An ALTA/ACSM Survey is a very detailed survey often required by lending institutions and is strictly geared towards companies purchasing commercial property. Standards created by the American Land Title Association (ALTA) and the American Congress of Surveying Mapping (ACSM) are used to create this type of survey.

What term describes a historical summary of all consecutive grants, conveyances, wills, records, and judicial proceedings that affect the title to a particular property? 1. An assessment 2. An abstract 3. A commitment 4. A line of history

An abstract

Bill wants to buy a building lot that is 20 feet shorter than the current zoning regulations allow. What must Bill get approved before construction is allowed? 1. A site variance 2. An area variance 3. An allowance variance 4. A subsequent allowance

An area variance

What type of variance permits an applicant to vary one or more of the dimensional or physical requirements of the applicable zoning law, code or ordinance in connection with some proposed construction? 1. A zoning variance 2. A use variance 3. A code variance 4. An area variance

An area variance

What is a nonfinancial encumbrance that restricts the use of a property itself and enables others to use the property, regardless of the owner's desires? 1. A lien 2. A profit encumbrance 3. An easement 4. A restriction

An easement

What describes an interest an individual has in real property? 1. A conventional estate 2. A title 3. An estate in land 4. An executory interest

An estate in land

What component describes a freehold estate existing for a lifetime? 1. Infinite 2. A limited ending 3. An indefinite ending 4. Considerable

An indefinite ending

What type of lien is one that a legal process places against a property which the property owner did not agree or consent to? 1. A statutory lien 2. An involuntary lien 3. An equitable lien 4. A judgement lien

An involuntary lien

How many general partners must a limited partnership have who has unlimited liability? 1. Two 2. Four 3. At least one 4. Zero

At least one

Which of these is an advantage to creating a life estate? 1. Irrevocable transfer 2. Medical assistance availability 3. Avoids probate 4. Tax consequences

Avoids probate

What refers to the succession of property owners of record dating back to the original grant of title from the state to a private party? 1. Deed-in-lieu 2. Clouded title 3. Eminent domain 4. Chain of title

Chain of title

In what type of zoning is density determined for an entire area, rather than on a lot by lot basis? 1. Down zoning 2. Incentive zoning 3. Cluster zoning 4. Exclusionary zoning

Cluster Zoning

What type of zoning allows the developer greater flexibility in designing and placing structures so long as the overall density requirement is met? 1. Spot Zoning 2. Segment Zoning 3. Target Zoning 4. Cluster Zoning

Cluster Zoning

What type of deed provides the least protection for the grantee? 1. A warranty deed 2. A bargain and sale deed 3. A grant deed 4. A quit claim deed

Color of title

What type of survey would you use to stake out building, road, and utility locations? 1. ATC Survey 2. Geophysical Survey 3. Construction Survey 4. Land Use Survey

Construction Survey

What term describes knowledge of a fact that a person could have or should have obtained? 1. Hindsight 2. Occurrence 3. Realization 4. Constructive notice

Constructive notice

Which covenant, in a full covenant and warranty deed assures that the grantor owns the estate to be conveyed and has the right to convey it to the grantee? 1. Covenant of quiet enjoyment 2. Covenant of further assurance 3. Covenant of seizen 4. Covenant against encumbrances

Covenant of seizen

Which of the follow statements is most accurate? 1. Covenants are less restrictive than the zoning requirements. 2. Covenants are more restrictive than the zoning requirements. 3. Covenants and zoning requirements hold equal power. 4. A covenant is just a formal name given to a deed recorded zoning requirement.

Covenants are more restrictive than the zoning requirements.

What term describes a husband's life estate interest in the husband's property? 1. Dower 2. Beneficiary 3. Curtesy 4. Trust

Curtesy

A deed restriction is a limitation imposed on a buyer's use of a property by a 1. deed stipulation. 2. buyer's stipulation. 3. administrative stipulation. 4. temporary stipulation.

Deed Stipulation

Which one of these is not a method used to accurately identify the boundaries of a subject parcel of property? 1. Metes and bounds 2. Lot, block and subdivision 3. Government survey 4. Deed survey

Deed survey

What term describes a wife's life estate interest in the husband's property? 1. Encumbrance 2. Dower 3. Curtesy 4. Transfer

Dower

What allows a government entity to purchase a fee, leasehold, or easement interest in privately owned real property for public good and public use, regardless of the owner's desire to sell? 1. Public ownership right 2. Taking 3. Secession 4. Eminent domain

Eminent Domain

What term, regarding title in real estate transactions, describes the right to full ownership of a property although another party maintains legal title? 1. Full title 2. Defective title 3. Divided title 4. Equitable title

Equitable title

A buyer who purchases Unit #1 of the condominium illustrated in exhibit 4.4 obtains what type of interest in the air space of apartment 1? 1. Common interest 2. Fee simple 3. Joint tenancy 4. leasehold

Fee simple

What term refers to a person who transfers title to real property? 1. Grantee 2. Conveyor 3. Grantor 4. Recorder

Grantor

What are the two basic types of easements? 1. Gross and Net 2. Gross and Appurtenant 3. Gross and Apparent 4. Surface and Appurtenant

Gross and Appurtenant

Uncle Jake wrote his will out on a notepad. What type of will is this called? 1. Normal Will 2. Holographic Will 3. Abstract Will 4. Virtual Will

Holographic Will

What concept states that a landowner in the chain of property ownership could be innocent of any wrongdoing and should not be held liable? 1. Hostile defense 2. Alliance defense 3. Defender defense 4. Innocent landowner defense

Innocent landowner defense

Why is a will called an amendatory instrument? 1. It can be changed upon death with court approval. 2. It requires Notary approval. 3. It can be changed on an assigned schedule. 4. It can be changed at anytime prior to death.

It can be changed at anytime prior to death.

What are common elements agreed by co-owners to be assigned to specific tenants at the exclusion of other tenants? 1. Unlimited rights 2. Privileges 3. Limited common elements 4. Limited assessments

Limited common elements

What system uses physical features of the local geography, along with directions and distances, to define and describe the boundaries of a parcel of land? 1. Lot and block method 2. Rectangular survey system 3. Recorded plat method 4. Metes and bounds

Metes and bounds

What term is used to describe a type of development that mixes land uses, such as housing and recreation, within a development or subdivision? 1. Complex 2. Freehold 3. PUD 4. Mixed estate

PUD

Once a lien is placed on a property, the most common way to remove it is for the property owner to 1. request a release. 2. file for bankruptcy. 3. pay the debt. 4. retain an attorney.

Pay The debt

________________ is moveable, destructible, and homogeneous. 1. Real property 2. Personal property 3. An attachment 4. Land

Personal property

What document contains surveyed plat maps and comprehensive building specifications? 1. Segment of subdivision 2. Subdivision topographical map 3. Plat of subdivision 4. Subdivision image map

Plat of subdivision

What theory holds that all land belongs to the people and therefore to the government? 1. Private ownership 2. Public ownership 3. Shared ownership 4. Domain ownership

Public Ownership

What describes real estate and the bundle of rights associated with owning the real estate? 1. Personal estate 2. Community property 3. Personal property 4. Real property

Real property

What describes a system of describing land by referring to meridians and baselines? 1. Metes and bounds 2. Rectangular survey system 3. Recorded plat method 4. Lot and block method

Rectangular survey system

What is another term given to spot zoning? 1. Postzoning 2. Rezoning 3. Red zoning 4. Layer zoning

Rezoning

What type of deed would be used to transfer property at a public foreclosure auction? 1. Sheriff's deed 2. Court deed 3. Public deed 4. Auction deed

Sheriff's deed

What is not considered a common interest development in south Carolina? 1. Condominiums 2. Single family detached homes 3. Cooperatives 4. Townhouses

Single family detached homes

Who are the primary regulatory entities of the real estate business? 1. The Federal Reserve 2. The SEC 3. State governments 4. City governments

State governments

What rights apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth? 1. Estate rights 2. Ownership rights 3. Subsurface rights 4. Agriculture rights

Subsurface rights

What is the legal document that contains guidelines and rules for a condominium called? 1. The CS&R (Covenants, Systems and Restrictions) 2. The DP&C (Declarations of Contracts, Property, and Community) 3. The DC&R (Declarations of Community, Covenants and Restrictions) 4. The CC&R (Declaration of Covenants, Conditions and Restrictions)

The CC&R (Declaration of Covenants, Conditions and Restrictions)

What legal position requires that property owners obtain permits for use of water? 1. The Doctrine of Agriculture 2. The Water Allocation Amendment 3. The Doctrine of Prior Appropriation 4. The Water Boundaries Declaration

The Doctrine of Prior Appropriation

Who oversees the property's finances and policy administration in a condominium? 1. The developer 2. The residents 3. An attorney 4. The board

The board

At what office are deeds recorded in the county where the property is located? 1. The assessor's office 2. HUD 3. The local register of deeds office 4. The real estate broker's office

The local register of deeds office

Which of the following statements is TRUE? 1. The privileges granted by licenses can be taken away by the property owner at will. 2. The privileges granted by licenses are noted in title deed. 3. The privileges granted by licenses can only be taken away by a court ruling. 4. The privileges granted by licenses can not exceed 6 months in duration.

The privileges granted by licenses can be taken away by the property owner at will.

What describes a specific amount of time the owner of a tax lien has to allow the property owner to pay off the lien? 1. The amortization schedule 2. The liability period 3. The redemption period 4. The settlement period

The redemption period

What term means the right to mortgage a property as collateral for debt? 1. The right to exclude 2. The right to encumber 3. The right to finance 4. The right to rescind

The right to encumber

What right, associated with title, says the titleholder can sell, rent, or transfer ownership or use of the property at will? 1. The right of possession 2. The right to transfer 3. The right to control use 4. The right of exclusion

The right to transfer

What requirement, to record a deed in South Carolina, is sometimes referred to as the parcel number or pin number? 1. The conversion number 2. The legal number 3. The servicing number 4. The tax map number

The tax map number

What describes a fee, or leasehold interest, in a property whose owners or tenants agree to use the property on a periodic, non-overlapping basis? 1. Tenancy in common 2. Tenancy in severalty 3. Timeshare 4. Joint tenancy

Timeshare

What is a bundle of rights in a piece of property called? 1. Tenure 2. Acquisition 3. Title 4. Deed

Title

What describes a summary of the condition of title, as of the date of the certificate, based on a search of public records by an abstractor or title analyst? 1. Abstract of title 2. Chain of title 3. Torrens certificate 4. Title certificate

Title certificate

What describes the right to own and use water found in lakes, streams, rivers, and the ocean? 1. Surface rights 2. Water rights 3. Natural rights 4. Adjoinment rights

Water rights

An easement by necessity is an easement appurtenant granted by a court of law to a property owner because of 1. a circumstance of necessity. 2. a circumstance of convenience. 3. a deed that is less than a freehold estate. 4. the public good that the easement provides to general population.

a circumstance of necessity.

A nonfreehold estate is also referred to as 1. an estate for years. 2. a leasehold estate. 3. an estate at will. 4. an estate at sufferance.

a leasehold estate.

A legal description is not required for 1. public recording. 2. creating a valid deed of conveyance. 3. a market analysis. 4. completing mortgage documents.

a market analysis

What describes an interest in property that is less than a freehold estate and is not inheritable and does not involve ownership? 1. An estate for years 2. Periodic tenancy 3. A nonfreehold estate 4. A tenancy at will

a nonefreehold estate

The east-west area between two parallels is called 1. a range. 2. a meridian. 3. a tier. 4. a township.

a tier.

A tenancy at will is also called 1. a life tenancy. 2. a tenancy in common. 3. a tenancy by entirety. 4. an estate at will.

an estate at will.

Property owners can enforce covenants by taking a court action known as 1. an affidavit. 2. an injunction. 3. a complaint. 4. a decree.

an injunction.

A freehold timeshare is also known as 1. tenancy in severalty. 2. tenancy in common. 3. an interval ownership estate. 4. joint ownership.

an interval ownership estate.

When a sales contract is executed, equitable title passes to the 1. seller. 2. buyer. 3. lender. 4. licensee.

buyer

What type of law consists of decisions based on judicial precedent? 1. Environmental law 2. Family law 3. Case law 4. Tax law

case law

A nonconforming property is one that 1. does not differ from current zoning. 2. clearly differs from current zoning. 3. is always illegal. 4. must be corrected within 60 days of the injunction date.

clearly differs from current zoning.

What are the pool, parking lot, garage, building structure and trees known as in exhibit 4.4? Exhibit 4.4 1. Recreational areas 2. Green space 3. Easements 4. Common elements

common elements

Community property law distinguishes real and personal property into categories of separate and 1. equal property. 2. community property. 3. useful property. 4. legal property.

community property.

An illegal nonconforming use is one that 1. conflicts with new ordinances. 2. is covered by a use permit. 3. conflicts with ordinances that were in place before the use commenced. 4. allows the current owner to operate his or her business, but prohibits any new owner to continue business operations.

conflicts with ordinances that were in place before the use commenced.

What term describes the actual document associated with transferring title from one person to another? 1. Claim 2. Deed 3. Lien 4. Covenant

deed

A field of corn is an example of 1. crop allocation. 2. plant encroachment. 3. emblements 4. implements.

emblements

A roof line that crosses the boundary line of an adjacent property is called a(n) 1. lift. 2. target point. 3. encroachment. 4. reference point.

encroachment.

Life estates are also referred to as 1. inherited estates. 2. estates not of inheritance. 3. simple estates. 4. definite estates.

estates not of inheritance

Many states have homestead laws that specify 1. foreclosure timeframe. 2. exemption amounts for individuals and families. 3. minimum sale price. 4. payment for selling costs.

exemption amounts for individuals and families.

A property owner who fails to fulfill loan obligations or pay taxes may lose an estate through 1. abandonment. 2. foreclosure. 3. eminent domain. 4. adverse possession.

foreclosure.

Escheat means that if someone dies with no will and no heirs, all property belonging to the deceased person 1. is given to a charity. 2. goes to the state. 3. is put up for auction. 4. reverts back to the previous owner.

goes to the state.

In real estate, what term describes the recipient of a property and the person taking title? 1. Grantor 2. Mortgagee 3. Grantee 4. Trustee

grantee

Which if the following is NOT a way a property may be held? 1. In Co-ownership 2. In Trust 3. In Severalty 4. In Agreement

in agreement

What action prevents a property owner from using a property in a way that is contrary to the recorded restrictions? 1. Injunction 2. Stop Order 3. Lien 4. Enforcement Order

injunction

A lender who receives the stop notice 1. is required to withhold the lien amount in a separate demand deposit account. 2. is required to pay the lien amount prior to any public sale. 2. must halt any foreclosure action until the lien is terminated. 4. is required to withhold the lien amount when a sale occurs.

is required to withhold the lien amount when a sale occurs.

The holder of a life estate is called a 1. permanent resident. 2. life tenant. 3. joint tenant. 4. lessee.

life tenant.

If a tenant installs a fixture in order to conduct business, the fixture may be considered a trade fixture, which is the tenant's 1. real property. 2. tangible property. 3. personal property. 4. public property

personal property

In regulating real property rights, the federal government is not primarily concerned with 1. natural disasters. 2. land descriptions. 3. discrimination. 4. personal property.

personal property.

What gives a government entity the ability to fulfill its responsibility to provide for the health, safety, and welfare of the public? 1. Official enforcement 2. Police power 3. Jurisdiction 4. Civil courts

police power

Unpleasant odors from a processing plant are known as a 1. public nuisance. 2. private nuisance. 3. nuisance at-large. 4. civil nuisance.

private nuisance.

Exclusionary zoning 1. is illegal based on Title VII laws. 2. prohibits uses within a specific zone. 3. cannot be used for homes that are backed by VA loans. 4. is the same a pocket zoning.

prohibits uses within a specific zone.

If a life estate names a third party to receive title to the property upon termination of the life estate, the party enjoys a future interest called 1. ownership interest. 2. possessory interest. 3. remainder interest. 4. special interest.

remainder interest

When a joint tenant dies and all interests and rights pass to the surviving joint tenants free from any claims of creditors or heirs it is called 1. right of ownership. 2. unity of possession. 3. right of survivorship. 4. right of interest.

right of survivorship.

A mechanic's lien is a 1. nonstatutory lien. 2. statutory lien. 3. sanctioned lien. 4. nonretractable lien.

statutory lien.

A cul-de-sac is a 1. street that dead ends and is not connected to the main road. 2. walk-way that dead ends and is not connected to the main road. 3. bridge that dead ends and is not connected to the main road. 4. water-way that dead ends and is not connected to the main channel.

street that dead ends and is not connected to the main road.

A profit encumbrance is the right to 1. claim ownership in open court. 2. earn a profit off unowned assets. 3. harvest a crop from another person's land. 4. take from another person's land something that is part of the soil owned by the property owner.

take from another person's land something that is part of the soil owned by the property owner.

What type of tenancy is mainly used in social situations? 1. Tenancy at sufferance 2. Tenancy at will 3. Joint tenancy 4. Periodic tenancy

tenancy at will

Real estate ownership by a partnership is a 1. tenancy in entirety. 2. tenancy in common. 3. sole ownership. 4. joint tenancy.

tenancy in common.

What feature of tenancy by entirety describes when an estate may be terminated by divorce, death, mutual agreement, and judgements for joint debt? 1. Undivided interest 2. Survivorship 3. No foreclosure for individual debts 4. Termination

termination

If a descendent died with a valid will, he or she is said to have died 1. habendum. 2. intestate. 3. with heirs. 4. testate.

testate.

The owner of the fee simple interest is called the? 1. a life tenant. 2. the fee tenant. 3. a concurrent owner. 4. the possessor

the fee tenant

According to exhibit 4.2, What happens to D's interest upon her death? Exhibit 4.2 1. A and B will acquire her interest. 2. B only will acquire her interest. 3. the interest will pass to her heirs. 4. A only will acquire her interest.

the interest will pass to her heirs.

A creditor who places a lien on a property is called 1. the lienee. 2. the mortgagor. 3. the mortgagee. 4. the lienor.

the lienor.

Renter Mary opened an ice cream shop and moved in three reach-in freezer boxes. These boxes would be classified as 1. trade fixtures. 2. real property. 3. fixed property. 4. assigned property.

trade fixtures

What describes items of a tenant's personal property that the tenant has temporarily affixed to a landlord's real property in order to conduct business? 1. Datums 2. Accessories 3. Personal devices 4. Trade fixtures

trade fixtures

What is the primary tool used by cities to regulate land use? 1. By-laws 2. Taxation 3. Zoning 4. Code of Conduct

zoning