Ownership Real Estate
A seller wishes to convey an entire property to a buyer. Which of the following items in reference to the deed would be necessary to accomplish this?
A description of the land
Which of the following items would be considered an encroachment?
A fence that crosses over the property line between two different owners
All are methods of involuntary alienation EXCEPT:
A » eminent domain B » dedication C » adverse possession D » escheat dedication
Which of the following is NOT a fixture?
Above ground pool
What type of tax would be proposed for a property according to the market value?
Ad valorem tax
Which of the following liens would be characterized as a specific lien?
Ad valorem tax lien
A person occupies a property in a hostile, visible, actual, and direct manner. This is BEST described by which of the following terms?
Adverse possession
Which of the following would transfer legal use but not ownership of a property?
An easement
Which would NOT regulate the use of buildings?
Assessment
Which document would be used to transfer ownership of a free standing appliance?
Bill Of Sale
A builder owns a large piece of property. The builder decides to turn the property into a subdivision of homes but decides to keep the lake frontage on all the lots for himself. What would a buyer of one of the lots prefer to have?
Easement appurtenance
The government, in taking private property to build a highway, is exercising which of the following rights?
Eminent domain
A trespass of an improvement is which of the following?
Encroachment
The "quantity, nature and extent of a person's interest in real estate" BEST defines which of the following terms?
Estate
What is the greatest type of interest an owner can receive in a condominium?
Fee simple
Mr. X bought a house in an area that restricted fences. He then bought a dog and began constructing a fence. What remedies do the neighbors have?
File a private suit in court
What is the purpose of recording a deed?
Gives constructive notice
A buyer made an offer on a house and the seller accepted the offer as written. The buyer wanted some of the seller's personal property to remain with the house. The personal property would transfer to the buyer under which of the following conditions?
If it was included in the contract
A child owns a life estate and sells the property to a friend. Which of the following statements is true regarding the friend's estate?
It ends when the child dies
On July l, a contractor started work. On August l5, the work was completed. The general contractor was paid but the material vendor was not. On Oct. l, the material vendor filed a mechanic's lien. What is the effective date for the mechanic's lien?
July l
Which of the following is NOT a way for transfer of title to real estate to take place?
Lease
A property had several liens against it. Upon foreclosure, which lien would take precedence?
Lien which was first recorded
Which of the following is NOT a leasehold estate?
Life estate
What is a schedule of exceptions in a title policy?
List of things not insured in the policy
Which is a voluntary lien against a person's property?
Mortgage lien
In a real estate transaction, when is the title insurance typically paid?
One time at closing
A person buys a unit in a condominium. This person then does not pay the taxes on that individual's condominium unit. Which statement best describes what will happen in this case?
Only the one person's individual unit would be affected by a tax lien
Which of the following are zoning laws NOT concerned with?
Ownership of property
An owner of a condominium unit failed to pay the property taxes. Which of the following acts is MOST likely to occur?
Ownership of the condominium unit will be jeopardized
The zoning commission has the authority to zone under which government right?
Police power
An established family grocery store is in an area that has recently been zoned residential. If the grocery store was to be sold, what document would be needed to allow continued use of the grocery store?
Pre-existing non-conforming use
A warranty deed was issued with a name misspelled. Which of the following deeds would most likely be issued to correct it?
Quitclaim
Which of the following terms BEST describes an estate where the title does not pass back to the grantor?
Remainder
Existing easements, restrictions, liens and taxes are listed in which of the following clauses in a warranty deed?
Reservations
What is used to describe the right of the lessor to reclaim a property once a lease expires?
Reversion
Which of the following items would NOT be an appurtenance?
Reversion
Persons who buy into a cooperative receive which of the following items?
Shares of stock
If a grantor desired to transfer title but only guarantee it against claims occurring during the grantor's ownership period, the grantor should sign which of the following deeds?
Special warranty
Which of the following would govern the recording of deeds?
State Law
Which of the following types of ownership specifically refers to a married couple with the right of survivorship?
Tenants by the entirety
Which of the following statements is true regarding a condominium?
The owners have an undivided interest in the common areas
Which of the following statements BEST describes the effect on mineral rights when the land is sold?
They pass to the grantee unless specifically noted
Which of the following items would NOT place a limitation on your rights in property?
Title insurance
What is the purpose of a private deed restriction?
To control permitted uses of the property
What is the purpose of title insurance?
To insure against title defects
Which of the following is a quitclaim deed most generally used for?
To quiet a cloud on the title
Why would an appraiser, in doing an appraisal on a particular piece of property, check out the zoning on that property?
To see what the legal uses are for the property
What interest does a condominium owner have in common with other condominium owners?
Undivided interest in the common areas
Unless specified otherwise, when a property is sold, when would possession of the property normally be given?
Upon the deed being delivered and accepted by the buyer
An owner wanted to extend the current garage, but found out that the modification would extend the garage over the side set-back line. What would the owner need to obtain in order to extend the garage past the set-back line?
Variance
When does title to real estate transfer from the seller to the buyer?
When the deed is delivered and accepted
Which of the following must be contained in a deed in order for the deed to be valid?
Words of conveyance
A way to acquire property by involuntary alienation is through:
adverse possession
Notorious, hostile, and open use of another's property is referred to as:
adverse possession
A fixture would be defined as:
an item that is attached to a building
An easement giving a person the right of ingress and egress would be BEST classified as an:
appurtenance
Property value for property taxes is determined by:
assessment
A condominium development with a long standing established homes association would be governed by the:
association of unit owners
A seller sold a property to a buyer with the seller also transferring the refrigerator to the buyer as a personal property item. The document needed for the transfer of the refrigerator would be a:
bill of sale
The process of taking private land for public use is:
condemnation
The rules and regulations for condominium owners are listed in the:
condominium bylaws
Documents are recorded to provide:
constructive knowledge
When ownership is conveyed through the transfer of shares of stock, this is:
cooperative
Title is transferred when a deed is:
delivered and accepted
A property that has added value making it a better buy due to the benefit of an easement is called:
dominant tenement
A neighbor had encroached on a property but the owner did not complain within the legally specified time period. The neighbor would obtain rights to the land by:
easement by prescription
An improvement which crosses over the property line without permission is:
encroachment
If a tenant stays over without the landlord's permission, this is called:
estate at sufferance
T deeds a property to L giving L a life estate in the property. T also selects R to receive the property after L dies. When L dies, this would become an:
estate in remainder
The type of deed which gives the greatest liability to the grantor is:
general warranty deed
A person who obtains property through a deed is called a:
grantee
In a deed, the words which clarify the purpose of the deed with the phrase "to have and to hold" is called a:
habendum clause
A property escheats to the state when a person dies:
intestate with no heirs
Two brothers own a property 50/50. When one dies, the other brother gains full ownership. The term best used to describe this type of ownership is:
joint tenancy
A mortgagee's title insurance policy is made to protect the:
lender
A parent transferred ownership in a property to his child. The child's ownership interest was to last just for the child's lifetime. The child's interest in the property is referred to as a:
life estate
Ownership in severalty is best described as:
one person owns the property
Title insurance is paid:
one time at closing
Zoning laws and deed restrictions are enacted for all of the following reasons EXCEPT to:
provide for the highest and best use of a particular piece of property
The type of deed used to convey the grantor's ownership interest, if any, is:
quitclaim
A person conveys a property to another whereby there are no warranties given by the seller. The type of deed most likely used to accomplish this would be a:
quitclaim deed
If a cloudy title exists, the best way to remedy the situation would be through a:
quitclaim deed
Owner J gave J's housekeeper a life estate in a property. J also stipulated that the property go to J's child when the housekeeper died. J died prior to the housekeeper. J's child is referred to as the:
remainderman
A person owned a property next to a stream. The owner's rights to use the stream are referred to as:
riparian
A property that has an easement crossing it is called:
servient tenement
A right or privilege one has to use the land of another is best referred to as a(n):
servitude
The term that best describes property owned solely and separately is:
severalty
A tax assessment for the addition of a sidewalk in a neighborhood would be referred to as a(n):
special assessment tax
A relocation company purchased a property. The relocation company in trying to sell the property only wanted to guarantee the property since they have owned it. The type of deed necessary to accomplish this would be a:
special warranty deed
A property was assessed at $150,000 with a rate of $27.50 per $1,000. The next year the tax rate was reduced to $25 per $1,000 and the assessed value went up by 10%. The taxes would:
stay the same
A tenant illegally stayed past the expiration date on a lease agreement. This would be called a:
tenancy at sufferance
When a property is taken through condemnation, it was a result of:
the government exercising the right of eminent domain
T gave a neighbor the right to cross over T's property. T's property would be referred to as:
the servient tenement
In order to have a joint tenancy, there must be the unities of title, interest, possession and:
time of acquisition
A man wanted to build a side garage, but his plans did not comply with the setback requirements. He would apply for a zoning:
variance
A property was assessed at 25% of value with a tax rate of 8.42%. If the taxes totaled $800, what was the total value?
$38,004
A property was assessed at 60% of market value. The market value was $75,000 and the taxes paid were $1,350. What was the tax rate per hundred?
$3.00 $75,000 X 60% = 45,000 (assessed vale). $45,000 / 100 = 450 (100`s) $1,350 / 450 = $3.00 (tax per $100 of value)
The annual taxes on a property were $1,350. The assessed value of the property was $45,000. What was the tax rate per $100 of assessed value?
$ 3.00 $45,000 / $100 = 450 (100`s); $1,350 / 450 = 3.00
A property with a total value of $40,000 was appraised for tax purposes at 25% of market value. If the tax rate was $3 per $100 of the appraised tax value, how much tax was owed?
$ 300 $40,000 (market value) X 25% = 10,000 (appraised tax value). $3 per $100 is the same as 3%. $10,000 X 3% = $300 (taxes owed).
