Real Estate Law Final
Most lenders require the borrower to sign a document that essentially states that if there are typographical errors or other mistakes made in preparing the documents, the borrower agrees to execute corrective documents. What is this document called?
. Indemnity agreement b. 1099-B form c. Compliance agreement--X d. Agreement regarding loan commitmen
Which of the following is enforceable without recording?
. Warranty deeds b. Easements c. Mortgages d. All of the answers are correct. X
Which of the following is an ownership transfer that takes place upon the death of the previous owner?
Devise
A bill of sale usually is not notarized.
False
A commitment for title insurance consists of two basic parts.
False
A condominium plat is the most important legal document in the creation of a condominium.
False
A condominium's articles of incorporation provide for how the common areas are to be regulated.
False
A contiguity endorsement insures that the property has access to a specifically identified public street
False
A due on sale clause prohibits the sale of real property without the mortgagor's consent.
False
A financing contingency is required in contracts involving a cash purchase of real estate.
False
A general warranty deed contains five covenants or warranties.
False
A landlord must have a life estate in the property to grant a lease.
False
A lawsuit affecting title to real estate that has not been resolved and is still pending is a cloud on the title to the property unless a lis pendens is filed.
False
A lender in a construction loan does not have the right to be consulted on any and all changes to the building plans.
False
A license must be in writing.
False
A listing agreement is an example of implied authority.
False
A loan commitment is transferable and can be assigned without the lender's consent.
False
A mortgagee in possession is appointed by the court to take possession of the real property in the event of a mortgage default.
False
A paralegal cannot act as witness to a signature on a deed
False
A person can obtain title by adverse possession by camping in a state park for seven continuous years.
False
A person who acquires a prescriptive easement may become an owner of the real property through adverse possession.
False
A person who has the right to rescind may not rescind a transaction on behalf of others without their written consent.
False
A purchaser can only recover from a seller for money damages if the fair market value of the real property is less than the purchase price at the time of the default
False
A real estate transaction that involves a federally related mortgage loan secured by a first lien on commercial or residential real property is subject to the Real Estate Settlement Procedures Act (RESPA).
False
A rod is longer than a chain.
False
A security agreement must be signed by the creditor.
False
A sublet is when a tenant transfers all of his or her interest under the lease and retains nothing.
False
A tenant may not mortgage the leasehold interests or rights under a lease.
False
Access easements are rights given to utility companies, such as gas, electric, and telephone companies, that permit them to install transmission line over real property.
False
All states have adopted the Uniform Partnership Act.
False
An ALTA owner's policy insures that the property has access to a public road.
False
An endorsement without recourse negates all contractual and warranty liabilities.
False
An estate at will is limited in its duration to a fixed period.
False
An interpretation of the tax laws prohibits a tenant in common's ownership interest in one property to be exchanged or transferred for an interest in another property as a tax-free exchange.
False
An owner of residential property may subtract from his or her income any losses received from the sale of the property.
False
Base lines are vertical lines that run north and south.
False
Before the closing, a surveyor prepares a boundary survey, which locates the improvements and all easements and setbacks.
False
Condominium bylaws must be recorded with the secretary of state where the condominium is located.
False
Constructive notice occurs when the purchaser has direct knowledge or information about title matters.
False
Contractual liability of an endorser to pay a note is primary.
False
Decisions of trial courts are recorded and published, and are considered precedent for future decisions.
False
Destruction of a deed returns legal title to the grantor.
False
Disclosure requirements apply to adjustable rate mortgages that are secured by the consumer's principal residence and that have a term of less than one year.
False
Easements cannot be terminated by a tax foreclosure of the servient estate.
False
Executor's and administrator's deeds are quitclaim deeds with warranty of title.
False
Form 1099 is used to report sales of real estate to the Internal Revenue Service.
False
Formal legal documents must be filed with the secretary of state to form a general partnership.
False
Generally, real estate contracts may be written or oral.
False
Generally, when reviewing a survey, it is not acceptable to write or mark on the survey.
False
If the owner of a property is referred to in the chain of title in several different ways, the lender will require a similar name affidavit.
False
In a Phase I environmental assessment, an environmental engineer obtains soil and water samples from the property.
False
In commercial mortgages, personal property is covered by the mortgage.
False
In most states the minimum requirement for a property description in a real estate contract is that it be a true and correct description of the real property prepared from a survey.
False
Indemnities involved in a loan transaction usually are from the seller, who indemnifies the lender against any brokers' fees or loan fees for which the seller is responsible.
False
Insurance against title flaw protects an owner against current and future title defects, liens, or encumbrances.
False
Insurance that the title is a marketable title is the most important coverage of an owner's title insurance policy.
False
Intangible personal property includes items such as televisions, air conditioners, and dishwashers.
False
It is necessary for real estate contracts to be witnessed and notarized.
False
Lawyers and paralegals are cautioned against using document assembly software to develop their own set of standard forms because it is time consuming.
False
Legal assistants are not legally qualified to draft a deed.
False
Lenders are required to perform an escrow account analysis twice per year and notify borrowers of any shortages.
False
Limited partners and general partners are equally liable for the debts and obligations of a limited partnership.
False
Limited partnerships formed under the Uniform Limited Partnership Act authorize the limited partners to act on behalf of the partnership and to buy and sell partnership real property.
False
Limited search title examinations are performed for all mortgage closings.
False
Line 101 of the HUD-1 closing statement lists the total of all settlement charges to the borrower
False
Marketable title means a title that is insurable by a title insurance company as being marketable.
False
Mechanics' and materialmen's liens attach to real property but do not attach to improvements to the property.
False
Most assessed values are based on the purchase price of the property.
False
Most lenders require the borrower to sign a title affidavit swearing that the property is free of hazardous materials.
False
Most percentage lease provisions do not entitle the landlord to inspect the tenant's books and records of gross sales.
False
Most states interpret a conveyance without limitation as transferring a fee simple determinable to the grantee.
False
Most surveyors prepare surveys based on standards developed jointly by the state legislature and surveyors.
False
Notices may never be sent by e-mail.
False
One of the main types of listing agreements is dual agreements.
False
One of the two basic documents included in a closing package is the closing statement.
False
Option agreements may be written or oral, as long as they are supported by something of value.
False
Ownership in a cooperative is considered ownership of real property.
False
Part C of the Fannie Mae/Freddie Mac uniform instrument describes the debt being secured by the mortgage.
False
Predatory lending laws have been enacted at the federal level and apply to all states.
False
Real estate appraisers and title examiners often attend closings.
False
Security deposits for commercial leases are generally regulated by state law.
False
Subtle differences in property descriptions do not impair the validity of the title examination.
False
The "Occupancy" covenant requires the borrower to occupy and use the property as the borrower's principal residence for two years after the execution of the mortgage.
False
The Clean Water Act gives state governments the power to impose fines on people who contaminate water sources.
False
The Truth-in-Lending Act was passed to protect consumers from unnecessarily high settlement costs.
False
The agency relationship is a unilateral relationship.
False
The air space immediately above the surface of privately owned land is owned by the government.
False
The amount of insurance coverage is always the purchase price of the property.
False
The covenant of seisin warrants that the grantor owns the land and has the right to transfer ownership of the land.
False
The debtor's signature is required on UCC-1 financing statement forms.
False
The distance of a call is most often measured in rods and chains.
False
The down payment for a condominium is typically greater than the down payment for a cooperative.
False
The equity of redemption can be waived by the mortgagor.
False
The expiration date on loan commitments is typically 30 to 60 days.
False
The general rule is that time limits set forth in a contract are always strictly enforceable.
False
The grantor of an easement can convey an easement for a term that is longer than the grantor's ownership of the real property.
False
The guarantor who signs a collection guaranty unconditionally guarantees to pay the note when due without resort to any other party, including the maker of the note.
False
The habendum clause contains language indicating that the instrument is a deed and that the land is being granted or conveyed.
False
The land on which an easement is located is called the dominant easement.
False
The laws that govern and define condominium ownership are statutory only.
False
The length of the boundary line is known as the course.
False
The only information needed to perform a title examination is a legal description of the property and the name of the current owner.
False
The priority of a mechanics' or materialmen's lien attaches from the date the claim of lien is filed.
False
The proper place for filing a financing statement perfecting security interests in collateral other than a fixture is in the county where the real property is located.
False
The real estate commission typically is a percentage of the sales price and is paid by the buyer.
False
The results of an American Bar Association utilization survey indicate that paralegals are not used to any great extent to order title examinations and to review the results of such examinations
False
The sale of commercial real property includes just the real estate.
False
The use of "straw buyers" to drive up prices in house flipping is unethical but not illegal.
False
The use the tenant intends to make of the premises does not need to be specified in the lease.
False
The usual sequence of events at closings is for the buyer to sign all loan documents first, and then the seller signs all transfer documents.
False
Time-shares are heavily regulated by federal law.
False
Title for co-owners in a tenancy in common must arise at the same time or by the same instrument.
False
Title insurance is a preclosing item that is required before the sale of real property can be completed.
False
To be considered a legal entity, a corporation must have more than one shareholder.
False
Treatises are practice books published by state bar associations.
False
Under Section G of the HUD-1 closing statement, a street address is not an acceptable description of the property being sold.
False
Under the race-notice statute, priority between successive grantees of the same land from a common grantor is determined by who wins the race to the recording office
False
Uniform covenants address matters that vary slightly from state to state.
False
When identifying the boundaries on an undeveloped parcel of land, the surveyor should prepare an as-built survey.
False
When preparing a deed, it is not advisable to use the forms that are available from state bar associations and title companies.
False
beginning point on a metes and bounds description can be any point on a parcel of land
False
Which is the highest and best kind of estate an owner can have?
Fee simple absolute
In which column on the HUD-1 closing statement should you put the gross amount of money due to the seller pursuant to the real estate contract?
In which column on the HUD-1 closing statement should you put the gross amount of money due to the seller pursuant to the real estate contract? a. Column 400--X b. Column 1100 c. Column 200 d. Column 900
A lender in a construction loan wants all BUT which of the following rights?
Right to establish minimum standards for construction b. Right to establish a time schedule for various stages of construction c. Right to hire its own contractor--X d. Right to undertake periodic inspections of the construction
A HUD-1 closing statement must be used on all federally related residential loans.
True
A bank cannot use its own prime lending rate as an index when setting adjustable interest rates.
True
A bank wire transfer is an example of a cash equivalent.
True
A bill of sale is a legal document that transfers ownership of personal property from one person to another
True
A bona fide purchaser must pay something of value for the property, although the consideration paid need not be equal to the market value of the property.
True
A boundary survey locates the boundaries of the land in question and provides a description of the land.
True
A break in the chain of title can be caused by a name change.
True
A compliance agreement essentially states that if there are typographical errors or other mistakes made in preparing the documents, the borrower agrees to execute corrective documents.
True
A construction loan agreement may require that all utilities such as water, electric, and gas are available to the real property.
True
A construction loan commitment requires that the borrower have a permanent loan commitment in place before receiving any funds from the construction loan.
True
A corporate seller should bring the corporate seal to a closing.
True
A corrective deed is valid without any additional consideration.
True
A deed is a legal document that transfers ownership of real property from one person to another.
True
A deed must be in writing.
True
A deed transfers ownership only to the property described in the deed.
True
A federal tax lien generally has a 10-year lifetime.
True
A federal tax lien, once filed, becomes a lien on all property owned by the taxpayer at the time of filing as well as all future property acquired by the taxpayer until the lien has been paid in full.
True
A guaranty of a note must be written.
True
A judgment lien remains a lien on real property until it has been paid or expires by passage of time.
True
A lease may require an adjustment in the tenant's rent by tying rent to an inflation-based index, such as the consumer price index.
True
A lender must issue a good faith estimate within three business days after receiving an application for a loan.
True
A license is a consensual privilege.
True
A limited liability company offers the tax advantages of a partnership and the limited liability of a corporation.
True
A line running northeasterly at an interior angle of 60°14'30" is not the same thing as a line running north 60°14'30".
True
A loan title policy is transferable.
True
A metes and bounds description should both begin and end at the beginning point.
True
A minor may void or fail to perform a contract if the minor so desires, but if the minor performs, the other party is bound
True
A nonnegotiable note may be transferred, but it cannot be transferred to a holder in due course.
True
A note cannot be prepaid before the date established in the note for payment.
True
A pending disbursement clause provides that as funds are disbursed to the borrower, the loan deed will be insured free and clear of mechanic's liens and claim
True
A plat is generally recorded in the county where the land is located.
True
A property owner does not have the right to appeal a zoning decision or classification to a court of law
True
A purchaser who buys real property "subject to" a mortgage does not have personal liability for payment of the debt.
True
A sale or loan closing cannot be completed until title defects and objections have been removed.
True
A subtenant has no responsibility to the original landlord under the lease for either rent or any of the lease covenants.
True
A suit to partition commonly owned real property can be brought by the owner of an undivided interest in the real property.
True
A survey should show a scale for distances not shown on the survey.
True
A survey should show all adjacent streets, roads, and highways and indicate whether the accesses are public or private.
True
A tenant may be required to insure not only contents but also the actual premises.
True
A time-share may be a cooperative in which the developer owns a corporation and each owner of the time-share purchases stock in the corporation.
True
A time-share may be based on a form of interval ownership in which an owner of a time-share actually owns the unit for a certain time each year
True
A title company has the obligation to defend, at its own expense, title defects that are insured against
True
A title insurance commitment cannot be issued until a title examination has been completed.
True
A trustee cannot enter into a contract to sell trust property to herself, her relatives, or any other entity in which the trustee has a financial interest.
True
According to a standard mortgagee loss payable clause, the insured and carrier agree that all proceeds payable under the policy are to be paid by the carrier directly to the lender.
True
Although real estate brokers are not attorneys, they do many things that resemble the practice of law.
True
Although the use of a limited common area is assigned only to a particular unit owner, the limited common areas are owned in common by all the owners in a condominium project.
True
An ALTA loan policy insures against losses resulting from truth-in-lending claims.
True
An ALTA owner's policy does not cover zoning and other governmental police power rights.
True
An antenuptial agreement is designed to resolve disputes of property ownership at the time of divorce.
True
An assignment of warranties usually is not recorded.
True
An easement is considered an encumbrance on the real property on which the easement is located.
True
An easement may be made for any term or duration.
True
An estoppel letter requires the tenant to swear that there are no defaults under the lease by either tenant or landlord.
True
An implied license is revocable at any time.
True
Articles of incorporation must describe the business purpose of the corporation.
True
Bankruptcy is a debtor's main defense to foreclosure.
True
Because foreclosure procedures are governed by state law, a paralegal should become fully familiar with the foreclosure procedures of his or her state.
True
Both federal and state laws protect the use and development of wetlands.
True
Building codes regulate which methods and materials may be used in the construction of improvements.
True
Co-ownership of real property does not in and of itself make the owners partners for one another.
True
Commercial lenders that make portfolio loans often want the loans to be cross-collateralized and cross-defaulted.
True
Consideration must be given in exchange for a valid express grant of easement.
True
Cooperative owners usually cannot sell their cooperative interests unless the board of directors of the cooperative corporation approves the new owners.
True
Cross-default means that a default under any one loan may be a default under another loan.
True
Deeds executed by estates are done by the executor in the case of a testate estate and by the administrator in the case of an intestate estate.
True
Disclosures mandated by the Truth-in-Lending Act must be made clearly and conspicuously in writing.
True
Earnest money is a token deposit.
True
Easement by necessity grants to a landowner a quasi-private right to condemn an adjoining owner's land for purposes of acquiring an access easement to a public street or road
True
Even a slight variation from the correct debtor's name may result in a financing statement being held invalid and the secured party's security interest not capable of being perfected.
True
For a contract to be valid, the parties must agree on the same thing, on the same terms, and at the same time.
True
Foreclosing on real property without the legal right to do so is the tort of conversion.
True
Full payment of the debt does not release the mortgage of record.
True
Gift deeds for love and affection are recognized in all states.
True
HOEPA prohibits a balloon payment for a loan with a term of less than two years.
True
HOEPA prohibits lenders that offer higher-priced mortgage loans from extending credit without determining that the borrower has the ability to repay.
True
Historically, conveyance of land required that the seller and the purchaser gather on the land in the presence of witnesses, and the seller place or "seise" the purchaser with possession of the land.
True
If a landlord fails to make loan payments and the mortgage is foreclosed, the tenant's lease is terminated.
True
Implied easements are appurtenant easements.
True
In a cooperative, a corporation owns the land, the building, and all common areas.
True
In a limited partnership, losses are passed through to the partners and can be deducted on their individual tax returns
True
In many states, if a rental property proves not to be habitable, the tenant does not have to pay rent
True
In many states, the purchaser bears the risk of loss by fire or other casualty to the real property during the contract period, unless the contract provides otherwise.
True
In most states, the common law theory of independent covenants governs commercial leases.
True
In some states, residential and even commercial closings may be handled by title insurance companies.
True
In the absence of some express covenant for title, the full risk of title failure falls on the purchaser of real property.
True
It is important that the date of the title commitment be as close as possible to the date of the actual closing of the transaction.
True
It is possible to complete a closing solely through the use of e-mail communication.
True
Legal blogs are also called blawgs.
True
Mortgages given by co-owners of property require the signatures of all owners.
True
Most commercial contracts require the seller to warrant that there is no litigation either pending or threatened against the seller or the real property.
True
Most cotenancy agreements provide a procedure to prevent, or at least make difficult, the sale of an undivided interest in the property to a stranger.
True
Most institutional commercial lenders do not allow a voluntary prepayment of the loan in whole or in part during the first few years of the loan term.
True
Most leases provide that a landlord may evict a tenant from the premises and not terminate the lease.
True
Most predatory lending laws subject violators to damages that equal two times the interest paid under the loan.
True
Most states have modified the rule of caveat emptor by requiring that a seller of residential real estate complete a disclosure form to inform the buyer about the condition of the property.
True
Most states recognize electronic signatures by notaries.
True
No special language is needed to create a fee simple absolute.
True
Often a survey may be required to determine the exact location of an easement on the property.
True
Once a gift is complete, the gift is irrevocable.
True
Ownership of property being transferred may need to be verified through a title report.
True
Paralegals are seldom asked to examine the title to the property.
True
Private ownership of all real property is held subject to a perpetual repurchase option in favor of the United States.
True
Private restrictive covenants often perform the same function as public zoning regulations, but in many instances they are more restrictive than public zoning regulations.
True
Rachel offers to buy a house worth $1 million from DaviD. Through a mistake on David's part, he agrees to see the house for only $100,000. In this case, the court may deny specific performance because of the inadequacy of the price
True
Recording statutes determine priority among conflicting claims to real property.
True
Rose bushes are considered real property.
True
Several states require county governments that use electronic land title databases to also maintain a paper archive.
True
Tacking of possession is permitted if the two adverse possessors are brothers.
True
The "Borrower's Loan Application" covenant provides that it will be an event of default under the loan if the borrower, in its loan application, gives any materially false or inaccurate information or statements to the lender.
True
The "Loan Charges" covenant is a usury savings clause.
True
The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is also known as "Superfund."
True
The Home Ownership and Equity Protection Act (HOEPA) primarily targets protection for consumers who enter into subprime loans.
True
The basic loan documents are a note and a mortgage.
True
The common areas in a condominium are jointly owned and maintained by the condominium owners.
True
The condominium declaration is sometimes called a master deed or master lease.
True
The covenants of further assurance, quiet enjoyment, and warranty are called future covenants
True
The estate or interest that is covered in a title insurance policy is generally fee simple.
True
The formula for computing a taxable gain on the sale of a home is the selling price, less selling expenses, less adjusted basis of the home
True
The grantee index is maintained on a year-by-year basis from the beginning of time that a county maintains records.
True
The interpleader releases the lender from any liability in making decisions as to where excess money after the foreclosure should go.
True
The owner of a condominium unit is obligated to pay the common area assessment even if the association is not providing all the services required.
True
The person who administers the oath to an affiant is a notary public.
True
The redemption period is the period after a foreclosure sale that the borrower has to buy back the property from the person who bought the property at the sale.
True
The settlement date is the date of the closing.
True
Title examinations usually are conducted in the courthouse of the county in which the property is located.
True
Truth-in-lending applies only to consumer transactions.
True
Under a gross lease, the tenant pays rent only.
True
Under a joint tenancy with right of survivorship, each owner owns an equal and undivided interest in the whole of the real property.
True
Under the feudal system, vassals paid money to the lord in exchange for the right to live on and use a portion of the lord's land.
True
Utility easements are easements in gross.
True
When liquidated damages are included within a contract, they typically are the exclusive remedy.
True
When numbering sections in a township, the last number should appear in the southeast corner.
True
Work performed at the request of one spouse is not a lien on the other spouse's real property interest.
True
Zoning is considered constitutional as long as the zoning regulation bears some reasonable relation to the public welfare.
True
debtor's bankruptcy confers on the bankruptcy trustee the right to reject unexpired leases.
True
The rules on adverse possession
Vary from state to state.
The penalty for violating RESPA could include which of the following?
a. $10,000 fine and one year imprisonment--X b. $100,000 fine c. $25,000 fine d. Civil penalties equal to five times the amount of the fees wrongfully charged
In most states, a minor is a person under what age?
a. 16 years b. 18 years--X c. 19 years d. 21 years
Once an implied easement is created, how long does it generally last?
a. 30 days b. Until the land is sold c. 10 to 20 years, depending on the state d. Forever--X
The length of time for a full title search differs from state to state but usually requires that an owner's chain of title be established for
a. 50 or 60 years--X. b. 100 years. c. 70 or 75 years. d. 25 or 30 years
Which of these is considered intangible personal property?
a. A computer b. A copyright--X c. A light fixture d. A safe
Which of the following is NOT true regarding the difference between a cooperative and a condominium?
a. A cooperative owner owns shares in the landlord cooperative corporation; a condominium owner owns his or her own unit. b. Cooperative owners commonly have more restricted rights of resale than do condominium owners. c. In cooperative financing, there is a blanket mortgage on all the cooperative property, including the living units and common areas; with a condominium, each owner obtains his or her own financing and pledges the unit as security for the loan. d. In a cooperative, the down payment is generally 10 to 20 percent of purchase price; in a condominium the down payment can be up to 33 percent of the purchase price--X
Which of the following statements about corrective deeds is true?
a. A corrective deed can be used to change the identity of a grantor altogether. b. A corrective deed may not be used to change misspelled words. c. A corrective deed may not be used to change a greater estate to a lesser estate--X d. Consideration must be provided for a corrective deed.
When reviewing a survey, a legal assistant should have all BUT which of the following?
a. A survey checklist b. A title commitment c. Several colored marking pens d. An attorney's report on the survey--X
Most city governments can
a. All of the answers are correct b. create environmental protection laws. c. enforce environmental protection laws. d. create subdivision laws--X
Under URLTA, a rental agreement cannot provide that the tenant
a. All of the answers are correct---X b. authorizes any person to confess judgment on a claim arising out of the rental agreement. c. agrees to pay the landlord's attorneys' fees. d. agrees to waive or forgo rights or remedies under URLTA.
To conduct an examination, the title examiner needs which of the following?
a. All of the answers are correct.--X b. Any available title information or surveys c. Name of the current owner d. Legal description of the property
Time-share ownership can come in which of the following forms?
a. All of the answers are correct.--X b. Interval ownership c. Tenancy in common d. Cooperative
The 2006 owner's policy provides additional insured risks, which include
a. All of the answers are correct.--X b. any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey. c. the lien of real estate taxes or assessments imposed on the title by a governmental authority for taxes that are due but unpaid. d. the exercise of the rights of eminent domain if a notice of the exercise is recorded in the public records.
Column 1200 of the HUD-1 closing statement contains which of the following?
a. Amount of the real estate commission b. Summary of the gross amount of money due from the borrower in connection with the transaction c. Summary of all government recording and transfer fees --X d. Summary of all the insurance and tax reserves required by the lender at closing
Which of the following is the highest priority under the "Application of Payments or Proceeds" covenant?
a. Amounts due under Section 3 of the mortgage b. Pay late charges c. Interest due under the note--X d. Principal due under the note
Which of these is considered real property?
a. An acre of land --X b. A car c. A stock certificate d. A temporary cam
For which of the following purposes would a blanket easement most likely be granted?
a. An easement allowing a neighbor to build a shared driveway b. An easement allowing a neighbor access to a path to a shared lake c. An easement allowing a neighbor to use an access road d. An easement allowing a utility company to install and maintain service line--X
Manny is buying a commercial building for the price of $10 per square foot. Which of the following is NOT one of the questions that the contract needs to speak to?
a. Are certain areas within the boundary of the survey excludable from the computation? b. What method will be used to determine the area? c. Is the seller warranting a minimum area that is acceptable to the purchaser? d. How does the purchase rate translate to dollars per acre--X
Copies of which of the following should be requested if the seller is a corporation?
a. Articles of incorporation b. Both articles of incorporation and corporate bylaws--X c. Neither articles of incorporation nor corporate bylaws d. Corporate bylaws
Copies of which of the following should be requested if the seller is a limited liability company?
a. Articles of incorporation b. None of the answers is correct. c. Certificate of good standing d. Operating agreement--X
Which of these is NOT a party involved in an assignment of an interest in a lease?
a. Assignee b. Landlord c. Tenant d. Subtenant --X
When can a power of attorney be revoked?
a. At the whim of the person appointing the agent b. When the principal dies c. When the principal is deemed to be insane d. All of the answers are correct--X
Which of the following is NOT a debtor's remedy or defense to foreclose?
a. Bankruptcy b. Injunction c. Waiver of default--X d. Suit for conversion
Which of the following is a uniform covenant?
a. Borrower's Copy--X b. Waivers c. Acceleration; Remedies d. Redemption Period
Most leases prohibit a tenant from making any modification that would in any way do all BUT which of the following?
a. Cause structural injury to the premises b. Involve painting the interior of the premises---X c. Make voidable any insurance in force with respect to the premises d. Constitute a public or private nuisance
Truth-in-lending applies to which of the following?
a. Commercial transactions b. Corporate transactions c. All of the answers are correct. d. Consumer transactions--X
Which of loan transaction is exempted from RESPA coverage?
a. Construction loan converted to a permanent loan to finance the purchase by a first user b. Vacant lot loan in which the proceeds are used to construct a one-family house c. Loan primarily for business, commercial, or agricultural purposes--X d. Loan to finance the purchase or transfer of less than 25 acres
Which of the following is NOT a use that supports the exercise of the power of eminent domain?
a. Construction of a private residence--X b. Preservation of a forest c. Construction of a public street d. Construction of an airport
The common endorsements required by lenders on loan title insurance policies include all BUT which of the following?
a. Construction--X b. Future advance c. Usury d. Zoning
Which of the following forms of ownership is most popular as a permanent residence in the United States?
a. Cooperative b. Time-share c. All answers are correct. d. Condominium --X
Which business organization can be created without any formal agreement or government filing?
a. Corporation b. General partnership--X c. Limited liability company d. Limited partnershi
When reviewing deeds, easements, or mortgages, an examiner usually does all BUT which of the following?
a. Corrects any misspellings found in the deed b. Makes a notation of what estate was being conveyed c. Examines the signature d. Pays particular attention to any covenants that may be set out in the instruments--X
Which of the following is NOT one of the covenants contained in a general warranty deed?
a. Covenant against encumbrances b. Covenant of quitclaim--X c. Covenant of further assurance d. Covenant of warrant
Which of the following is a covenant contained in a quitclaim deed?
a. Covenant of further assurance b. None of the answers is correct--X c. Covenant of right to convey d. Covenant of quiet enjoyment
Which of the following is a future covenant?
a. Covenant of quiet enjoyment--X b. Covenant against encumbrances c. Covenant of seisin d. Covenant of right to convey
Which information is NOT required on a UCC-1 financing statement?
a. Description of the real property b. Description of personal property c. Debtor's name and address d. Information about any mechanics' lien--X
Which of the following is generally NOT a duty or responsibility owned by an agent to a principal?
a. Duty to exercise reasonable care and skill in performing his or her duties b. Duty to fully disclose all matters he or she becomes aware of relating to the agency relationship c. Duty to compensate the client--X d. Duty to follow the instructions of the principal
Which of the following is NOT an enforcement weapon the EPA may use to clean up hazardous waste sites?
a. EPA can seek a court order requiring the responsible party to clean up the site b. EPA can impose treble damages and penalties upon the responsible party c. EPA can clean up the waste and bill the responsible party d. EPA can have the responsible parties imprisoned for failure to clean up the site--X
Which of the following people is NOT generally a party listed in the real estate contract?
a. Escrow agent b. Seller c. Attorney--X d. Purchase
When the annual percentage rate may increase after consummation of the transaction, the creditor must disclose which of the following?
a. Example of the payment terms that would result from an increase b. Circumstances under which the rate may increase c. Any limitation on the increase d. All of the answers are correct--X
Which of the following is identified on Schedule B of an ALTA policy?
a. Exceptions to the policy's coverage--X b. The effective date of the policy c. The identity of the insured party d. The amount of insurance conveyed in the policy
What kind of listing is it when a property owner hires only one broker to assist in the sale of real property but reserves the right to sell the property himself or herself and not pay commission?
a. Exclusive listing --X b. Open listing c. Exclusive right-to-sell listing d. None of the answers is correct.
Actual notice includes all BUT which of the following?
a. Facts that the purchaser learns about the property b. Facts that the purchaser can see with his or her own eyes c. Facts about the property d. Facts that the purchaser is never aware of X
Which of the following is NOT a general event of default in a construction loan agreement?
a. Failure to provide a certificate of occupancy upon approval of the loan--X b. Abandonment or stoppage of construction c. Use of improper materials d. Filing of any mechanics' liens for labor or materials
On any real estate transaction, the seller is required to furnish, at minimum, all BUT which of the following?
a. Foreign person affidavit --X b. IRS Form 1040 c. Warranty deed d. Owner's or title affidav
Which of the following is a nonuniform covenant?
a. Funds for Escrow Items b. Release--X c. Hazardous Substance d. Notices
Which of the following has the greatest degree of liability?
a. General partner--X b. All of the answers are correct. c. Limited partner d. Limited liability company co-owner
Which of the following is NOT a party in a trust agreement?
a. Grantor b. Trustee c. Grantee--X d. Beneficiary
What are the three key parts of a deed that the legal assistant must pay the most careful attention when preparing the deed?
a. Grantor, grantee, and description of the property --X b. Grantor, grantee, and consideration c. Grantee, consideration, and description of the property d. Grantor, consideration, and description of the proper
Who is the only person ALWAYS required to sign a deed?
a. Grantor--X b. Beneficiary c. Grantee d. Trustee
A mortgage loan commitment requires insurance policies covering all BUT which of the following?
a. Health--X b. Flood c. Fire d. Vandalism
Which of the following is NOT considered a home for income tax purposes?
a. Houseboat b. Mobile home c. Rental apartment--X d. Cooperative apartment
Which of the following is NOT an important question to ask when preparing a premises clause?
a. How will the premises be used by the lessee?---X b. How is the size of the premises to be determined or confirmed? c. Where are the premises located?
A holder in due course defeats most defenses that a maker on a note would have to the payment of the note. Which of the following is NOT an exception to this rule?
a. Illegality of the purpose of the note b. Immaterial alteration of the note--X c. Incapacity of the maker d. Forgery of the maker's signature
Which of the following documents would be normally required at the closing of a commercial real estate sale that would NOT be required at the closing of a residential real estate sale?
a. Indemnity provision --X b. Deed of conveyance c. Affidavit of title d. Settlement statement
An adjustment notice must contain all BUT which of the following?
a. Index values on which the current and prior interest rates are based b. Contractual effects of the adjustment c. Current and projected interest rates.--X d. Extent to which the creditor has forgone any increase in the interest rates
The government may levy special assessments against real property owners for the costs of all BUT which of the following?
a. Installing a curb alongside a road on or near the property b. Establishing sewer and water lines to the property c. Constructing a sidewalk along the property d. Demolishing an uninhabitable structure on adjacent property--X
Which of the following is NOT a common contingency in a real estate transaction?
a. Issuance of building or use permits b. Financing c. Purchase price--X d. Inspection of property for physical defects
Which of the following is NOT a benefit of transferring title record systems to a computerized format?
a. It avoids the need to expand the records room over time b. Records can be updated more often c. It makes searching faster and easier d. Records are more secure in a computerized form--X
Which of the following is NOT a feature of a secure electronic signature?
a. It is linked to data in such a manner that if the data are changed, the signature is invalid b. It is under the sole control of the person using it c. It is capable of verification d. It is accompanied by a physical handwritten signature at a later date--X
Which type of estate can be held only by a husband and wife?
a. Joint tenancy with right of survivorship b. Tenancy in common c. Singular tenancy d. Tenancy by the entirety--X
Which of the following is a tenant's duty under a gross lease
a. Keeping the common area in good repair b. Paying taxes c. Keeping the interior of property in good repair--X d. Insuring the property
To perform a survey, a surveyor needs all BUT which of the following
a. Legal description of the property b. Information regarding previous surveys c. Correct. name of the lending institution d. Contact information for the broke--X
The real estate contract sets forth all BUT which of the following?
a. Legal description of the property b. Mortgage finance terms --X c. Date for closing d. Names of the parties
Which of the following is NOT a title flaw covered by an owner's title insurance policy?
a. Liens b. Matters of survey--X c. Encumbrances d. Defects
Which of the following is NOT a prepaid finance charge that must be subtracted from the loan amount to arrive at the amount financed?
a. Loan discount points b. Interest on the loan c. Loan fees d. Broker's fee--X
Which of the following is NOT a type of federally related mortgage loan?
a. Loan made by a creditor who makes less than $1 million in residential real estate loans--X b. Loan made, insured, or assisted by a federal agency c. Loan made by a bank with FDIC-insured deposits d. Loan intended to be sold to Fannie Mae
Which of the following is NOT identified in the condominium plat?
a. Location and dimensions of contemplated structural improvements b. Location and dimension of a unit owner's planned improvements--X c. Location and dimensions of the submitted property d. Location and dimensions of all easements appurtenant to the submitted property
Which of the following is NOT one of the ways that was commonly used to increase the safety of deeds centuries ago?
a. Making numerous copies of the deed and distributing them to legal offices--X b. Paying royal clerks to record a copy of the deed in a royal office c. Creating an indenture d. Creating a fine
What is the first item to appear on an agreement of cotenancy?
a. Names and addresses of the owners--X b. Sale of the property as a whole c. Signature and witnessing
Which of the following is NOT one of the four methods by which an easement may be created?
a. Necessity b. Inference--X c. Prescription d. Express gran
Where would you be MOST likely to find a cooperative?
a. New York City, New York --X b. Seattle, Washington c. Houston, Texas d. San Francisco, California
What kind of rights does an adjoining property owner to a river, stream, or natural lake have?
a. No rights b. Beneficial rights--X c. Common law rights d. Ownership rights
How is a license distinguishable from an easement?
a. None of the answers is correct. b. An easement is a property interest and a license is mere permission to perform a certain act--X c. Generally, a license cannot be revoked by the grantor and an easement can be revoked d. A license is a property interest and an easement is mere permission to perform a certain act
Marco, Liam, and Michel are co-owners of an apartment building in a tenancy in common. Two of the windows in the apartment building are damaged in a hail storm, and Marco pays a window company to replace them. Marco's right to be reimbursed two-thirds of this cost by Liam and Michel is called
a. None of the answers is correct. b. contribution--X c. partition. d. possession
In a deed to secure debt, the owner of the real property
a. None of the answers is correct. b. conveys title to the real property to a trustee. c. pledges land as security for a debt. d. conveys legal title directly to the lender as security for the repayment of the debt--X
In a lease guaranty, a guarantor agrees to perform which type of obligation?
a. Nonmonetary obligations b. Monetary obligations c. Neither monetary obligations nor nonmonetary obligations d. Both monetary and nonmonetary obligation--X
Which of the following is generally NOT included on a claim or notice of lien in regard to a mechanics' or materialmen's lien?
a. Notarized signature of the owner of the property-X b. The amount of the claim c. Description of the real property to be liened d. Name of the lien claimant
Which recording statute is used by the least number of states?
a. Notice b. Race--X c. None of the answers is correct. d. Race-notice
How is an appurtenant easement passed on when the dominant tenement is sold?
a. Only through an oral agreement b. Only through a written agreement c. Automatically--X d. Through an additional sale of land
Which of the following is NOT a method by which a license may be created?
a. Orally b. In writing c. Implication d. Adversel--X
Which part of a Fannie Mae/Freddie Mac uniform instrument identifies the borrower?
a. Part A b. Part D c. Part B d. Part C--X
Which of the following is a landlord's duty under a net lease?
a. Paying a percentage interest of real estate taxes b. Maintaining the roof--X c. Insuring the contents of the premises d. Paying a percentage interest of insurance premium
Which of the following is NOT one of the standard Schedule B, Section 1 conditions on a title insurance commitment?
a. Payment of all taxes and assessments b. Payment of consideration of the transfer c. Adequate description of the property --X d. Title affidavit
Which of the following is NOT a class of parties potentially liable for the clean-up of hazardous substances?
a. Present owners and operators of facilities that generate hazardous substances b. Previous owners of property before the creation or disposal of hazardous waste --X c. Parties who accept hazardous waste for treatment, transport, or disposal d. Parties who arrange for the treatment and transport of disposable hazardous waste
What are the three steps that must be performed by the holder of a promissory note to make an endorser responsible to pay it?
a. Presentment, notice of presentment, and notice of dishonor b. Presentment, dishonor, and notice of dishonor--X c. Presentment, notice of presentment, and dishonor d. Dishonor, notice of dishonor, and notice of presentmen
Which of the following is a cost involved in closing the real estate transaction?
a. Property taxes for the current year b. Mandatory owners' association fees c. Utility charges d. Title examination charges--X
Which of the following would a paralegal do first when preparing Schedule A of a title insurance policy?
a. Provide the name of the insured b. Provide the amount of the insurance policy c. Provide the title insurance number d. Provide the recordation date of the policy--X
Which of the following would a paralegal or attorney do first when preparing Schedule A of a title insurance commitment?
a. Provide the name of the insured and the estate or interest of the current owner b. Provide the date of the examination by the paralegal or attorney--X c. Provide the name of the insured d. Provide a description of the property
The common methods of payment generally accepted by a seller in a real estate transaction include all BUT which of the following?
a. Provision of a service b. Note secured by the property--X c. Other property d. Cash
Which recording statute is most common?
a. Race-notice--X b. Race c. Notice d. None of the answers is correc
If one of the parties to a contract for the sale and purchase real estate breaches the contract, which of the following is NOT one of the remedies
a. Rescission--X b. None of the answers is correct--X c. Specific performance d. Liquidated damage
The notice of the right to rescind must disclose all BUT which of the following?
a. Retention or acquisition of a security interest in the consumer's principal dwelling b. Explanation of why the right to rescind is being invoke--X c. Consumer's right to rescind d. Date when the three-business-day rescission period expires
Which of the following is NOT one of the minimum pieces of information required for a title examination?
a. Sale contract for the property --X b. Legal description of the property c. Name of the current owner d. Copies of all deeds and surveys
In which section of the HUD-1 closing statement will you find the name and address of the borrower?
a. Section --X b. Section L c. Section K d. Section E
In which section of the HUD-1 closing statement does the U.S. Department of Housing and Urban Development Settlement Statement appear?
a. Section C b. Section G c. Section H d. Section --X
Which of the following is NOT a type of loan that can be identified in Section B of the HUD-1 closing statement?
a. Social Security Administration-insured loan--X b. Federal Housing Administration-insured loan c. Veterans Administration-insured loan d. Farmers' Home Administration-insured loan
The sections in a township square are numbered beginning in which corner?
a. Southeast b. Northwest c. Southwest d. Northeast--X
At a minimum, a title report should reveal all BUT which of the following?
a. Status of taxes b. Previous mortgages or loans--X c. Objections to marketability d. Other lien holders
Which of the following does NOT appear as a section of an agreement of cotenancy?
a. Successors and assigns b. Utilities selection--X c. Managing cotenant d. Not a partnership
Which of the following is considered optional when writing a real estate contract?
a. Terms of payment b. The names of the parties c. Stated agreement to buy and sell d. A list of conditions before the sale--X
Which person would make a counteroffer?
a. The attorney b. The original offeree --X c. The real estate broker d. The original offeror
The borrower's attorney's opinion usually involves an opinion by borrower's counsel that states all BUT which of the following?
a. The borrower has the authority to enter into the loan transaction. b. The loan transaction does not violate or conflict with any provision of the borrower's certificate of incorporation or bylaws. c. All loan documents have been validly authorized, executed, and delivered by the borrower. d. The interest charged on the loan is usurious--X
When property is being bought and sold, which of the following parties is considered an agent?
a. The buyer b. The real estate broker--X c. The seller d. The mortgage compan
Which of the following is NOT used when identifying a township square?
a. The designation of the range strip b. The name or number of the closest principal meridian c. Location of the township's strip in which the township is located d. The distance from the closest correction line--X
What happens if a common area assessment is not voluntarily paid by a unit owner?
a. The owner is barred from using any common areas. b. The association may have a lien against the unit.--X c. The association has no recourse and must absorb the loss. d. The owner's unit is immediately seized and sold.
The law of which state will control as to the form required for a valid deed?
a. The state in which the grantor resides b. The state in which the real property is located--X c. The state in which the grantee resides d. All of the answers are correct.
Which of the following is NOT one of the four unities required for joint tenancy with the right of survivorship?
a. Time b. Title c. Trade--X d. Possession
What is the primary function of a survey?
a. To identify the owner of a parcel of land b. To initiate the transfer of a parcel of land to another party c. To locate the physical limits of a parcel of land--X d. To determine the value of a parcel of land
Soybeans are considered real property.
a. True b. False--X
In which section of a Fannie Mae/Freddie Mac uniform instrument would you find a description of the real property?
a. Uniform Covenants b. Residential Mortgage Provisions c. Nonuniform Covenants d. Transfer of Rights in the Property--X
Which of the following insurance provisions is commonly included in a loan policy but NOT in an owner's policy?
a. Validity and enforceability of the mortgage--X b. Vesting of title c. Accessibility to the property via a public road d. Marketability of titl
Which of the following is NOT considered a common area in a condominium property?
a. Walkway between buildings b. Yard areas c. Stairwell providing access to the roof d. Interior wall of a unit--X
The specified sum of money delivered to the lender before closing as consideration for the issuance of the commitment is known as
a. a commitment fee deposit. b. earnest money. c. All of the answers are correct--X d. a standby fee
Surveys are prepared by
a. a land surveyor--X b. the seller. c. the legal assistant. d. the attorney.
The governing body for the condominium is usually
a. a limited partnership. b. a nonprofit corporation. --X c. a general partnership. d. a business corporation
A judgment lien does not become a lien on real property until
a. a specific period of time has passed. b. None of the answers is correct. c. the property owner agrees to the terms of the lien. d. the lien is recorded in the Judgment Book or General Execution Docket--X
The right of curtesy applies only to
a. a widow. b. a widower--X c. surviving children when both parents die. d. the surviving parent when the other parent dies.
Life estates may be created by
a. all of the answers are correct--X b. express agreement. c. will. d. deed.
A lender's estoppels usually require the lender to
a. attach a copy of the note and mortgage to the certificate. b. certify that there are no amendments to the note and mortgage. c. All of the answers are correct--X d. certify that any attachments are true and correct copies
An easement created for the benefit of a particular tract of land is called a(n)
a. beneficial easement. b. None of the answers is correct--X c. dominant easement. d. easement in gross.
A legal assistant may be involved in
a. both the foreclosure of a mortgage loan and the preparation of mortgage loan documents--X b. the foreclosure of a mortgage loan. c. neither the foreclosure of a mortgage loan nor the preparation of mortgage loan documents. d. the preparation of mortgage loan documents.
A survey that locates all physical improvements on the land in relation to the boundary lines is called a(n)
a. boundary survey b. as-built survey--X c. plat survey. d. field survey
The premises or preamble to a deed is the section that
a. contains the language indicating that the instrument is a deed and that the land is being granted or conveyed. b. indicates what estate is being transferred. c. indicates the county or state in which the deed was signed by the grantor. d. sets forth the parties to the deed and the date of the deed--X
The transferor of real property is called a
a. conveyor. b. devisee. c. grantee. d. grantor--X
The condominium declaration does all of the following EXCEPT
a. create or provide for the creation of the condominium government. b. impose restrictive covenants on the owners that regulate use of units. c. explain the criteria for becoming a member of the condominium association.--X d. describe and define the boundaries of the unit
When an easement is reviewed on behalf of a purchaser or lender, the general objective is to
a. determine if the easement is an implied easement. b. determine if the easement will interfere with the use or value of the property--X c. determine if there are any liens that may affect the easement. d. determine if the easement is a blanket easeme
RESPA does all of the following EXCEPT
a. eliminate kickbacks. b. mandate the maximum amount required to be placed in escrow. c. require advance disclosure of settlement costs. d. set limits on referral fees--X
The customary method of correcting an error in a deed is
a. for the grantee to destroy the deed. b. for the grantor to execute and deliver to the grantee a corrective deed--X c. for the grantor to destroy the deed. d. for the grantee to return the deed to the grantor.
A lender who agrees to an exculpated or nonrecourse loan usually makes exceptions to this limitation of liability against the borrower in cases when the borrower
a. has committed fraud. b. is responsible for hazardous waste cleanup. c. All of the answers are correct--X d. has intentionally injured the real propert
In regard to a promissory note, the party who promises to pay is called the
a. holder. b. maker--X c. guarantor. d. payee
A metes and bounds description usually begins with an introduction that first
a. identifies a monument or landmark as a point of reference. b. locates the land in a general part of the state--X c. explains why the description has been prepared. d. prepares a series of calls.
Prescriptive easements are created
a. in connection with a conveyance of the real property being served by the easement. b. when a specific location of the easement is not given. c. by use of an express grant . d. when a person uses property without the permission of the owner for a period of time--X
Law of real property is generally governed by
a. law of the state in which the real property is located--X b. federal law. c. law of the state in which the purchaser is located. d. uniform real estate law.
When limited liability companies acquire real property, title vests in the
a. members. b. limited liability company--X c. general partner. d. shareholders.
With a percentage rental clause, the tenant's percentage rent obligation is usually calculated on a(n)
a. monthly basis. b. None of the answers is correct. c. quarterly basis. d. annual basis.--X
HOEPA prohibits all of the following EXCEPT
a. negative amortized loans. b. balloon payments for loans with a term of less than five years. c. default rate interest. d. disclosure of the annual percentage rate.--X
Partition may be made by
a. neither voluntary agreement of the common owners nor court action. b. either voluntary agreement of the common owners or court action--X c. voluntary agreement of the common owners only. d. court action only.
States that use mortgages general require
a. nonjudicial foreclosure. b. judicial foreclosure.--X c. power of sale foreclosure. d. strict foreclosur
When reviewing a survey, the legal assistant should verify that it
a. omits utility information. b. is separate from the legal description of the property. c. identifies any easements--X d. includes a survey checklist.
A lease that provides for future possession should clearly state that the lease becomes effective
a. on the date of possession. b. one month after taking possession. c. when signed.--X d. one month after signing.
As security for the loan, a commercial mortgage grants to the lender
a. only fixtures. b. only the land and the structure located on the parcel. c. all real property--X d. only the structure located on the land.
The decision to enter into an option agreement is entirely at the discretion of the
a. optionee--X b. principal. c. agent. d. optionor.
A license is a(n)
a. perpetual privilege. b. revocable privilege--X c. limited privilege. d. unlimited privilege.
A dragnet mortgage secures
a. present debt. b. past debt. c. future debt. d. All of the answers are correct--X
The insured has an obligation to
a. provide the title company with full information concerning title defects--X b. settle title defects. c. defend title defects. d. None of the answers is correct.
Skills used by paralegals in real estate practice include
a. providing initial advice to prospective real estate clients. b. None of the answers is correct. c. representation of purchasers, sellers, and lenders in real estate transactions. d. preparation of legal documents--X
To grant a lease, a landlord must
a. require that rental payments be made on a monthly basis. b. require one month's rent as a security deposit. c. have title to the property.---X d. provide a formal rental agreement.
The right granted by a property owner to a nonowner to use real property for a special purpose is called a(n)
a. restriction. b. lien. c. covenant. d. easement--X
Underground storage tanks containing petroleum are generally regulated by
a. state law--X b. county law. c. federal law. d. city law.
The current method of mortgage foreclosure is
a. strict foreclosure. b. foreclosure by sale.--X c. foreclosure by breach. d. foreclosure by default.
The guarantor who signs a collection guaranty promises to pay the note only after holder of the note has
a. sued the original maker of the note. b. reduced the claim to a judgment. c. All of the answers are correct--X d. attempted to collect against the assets of the maker
The item of prime interest at a closing is the
a. survey report. b. title commitment. c. closing statement.--X d. deed.
Settlement statements, deeds of conveyance, and bills of sale are examples of
a. surveys. b. real estate contracts. c. offers to purchase property. d. closing documents--X
Generally, the identification of wetlands is determined by
a. the U.S. Army Corps of Engineers--X b. the U.S. Geological Survey. c. the U.S. Bureau of Reclamation. d. a professional, licensed state representative.
Bylaws usually must be provided only to
a. the county assessor. b. the secretary of state. c. the local zoning board. d. an individual planning to purchase a condominium unit.--X
When a legal description involves a curve, the land surveyor should give all of the following information about each curve, EXCEPT
a. the distance of the chord. b. the arc distance of the curve. c. the chord course. d. the identification of the quadrants--X
If money damages are to be awarded to an injured party, the determination of fair market value of the property is usually done by
a. the intended purchaser of the property. b. the intended seller of the property. c. an appraiser--X. d. a real estate broke
A deed usually contains warranties that
a. the personal property is free and clear of any and all encumbrances or security interests. b. the seller lawfully owns and is possessed of the personal property being sold. c. None of the answers is correct--X d. the seller has a right to sell, transfer, and convey the personal property to the purchaser.
A principal meridian is identified by its distance from
a. the primary township line. b. the Greenwich meridian--X c. the guide meridian. d. the equator.
An ALTA owner's title insurance policy ensures that
a. the property transfer is legal under zoning laws. b. all easements have been properly recorded. c. the property is immune to the power of eminent domain. d. the property has access to a public road--X
The estoppel certificate provides that
a. the second mortgage lender will not interfere with the first mortgage lender's right to foreclose. b. the first mortgage lender will not foreclose the loan for 30 days. c. the first mortgage lender will not foreclose the loan without first giving notice of default to the borrower. d. the first mortgage lender will not foreclose the loan without first giving notice of default to the second mortgage lender--X
A corporate resolution is required in a real property transaction when
a. the seller is a corporation. b. the purchaser is a corporation. c. the real estate loan transaction involves a corporate borrower. d. All of the answers are correct.--X
A title affidavit swears to all of the following EXCEPT
a. there are no judgments, bankruptcies, or other restrictions against the affiant. b. the affiant has a right to possession of the real property. c. the affiant plans to purchase the real property described in the affidavit--X d. the boundary lines of the real property are certain and not in dispute.