unit 1

An adequate metes and bounds description must have all of the following inclusions except 4 sides Closure Monuments and compass directions A definite point of beginning

4 sides Property does not need to be shaped like a square (or similar to a square) in a metes and bounds description. It can be any shape, with more or less than four sides. Metes and Bounds descriptions use monuments as boundary markers, use compass angles/direction to define direction and all metes and bounds descriptions must start and finish at the point of beginning (POB).

Land moves by Accretion Erosion A and b Non of the above- land is immobile (wrong)

A and b Accretion happens when soil is washed away by flowing water and deposited elsewhere. Erosion is a natural process that causes a portion of land (soil) to move. Both cause a portion of land to move

A joint tenancy may be terminated by Mutual agreement Sale Deah A and b

A and b In a joint tenancy termination can occur by either mutual consent or sale. If one tenant dies there is a right of survivorship in which the other tenant's shares would increase.

Which of the following shows the best contrast/difference in personal rights vs real property rights? A business reputation vs airspace A copyright vs goodwill A lease vs a partnership interest An easement vs mining rights

A business reputation vs airspace Personal property rights include intellectual property (protected by patent or copyright), business reputation (good will), leases (transfers possession and use without ownership), and partnership interests (business association of 2 or more persons). Real Property rights Include ownership rights in the surface of land, airspace above land, space below the surface (mining rights), any easements (use of land), and use of appurtenant (adjoining) land

A couple is buying a house with an oddly shaped living room. The seller built a custom-made bookcase to specifically fit into the room. Absent an agreement, the bookcase is most likely: A fixture The buyer's personal property A replacement fixture The seller's personal property

A fixture

A couple is buying a house with an oddly shaped living room. The seller built a custom-made bookcase to specifically fit into the room. Absent an agreement, the bookcase is most likely: A fixture The seller's personal property A replacement fixture The buyers personal property

A fixture In determining whether an item is a fixture, consider: the method of the object's attachment, whether the object demonstrates adaptation to a unique feature, whether the parties have reached an agreement regarding the object, and the relationship of the parties. In this case, the object was specifically built to fit the unique layout of the room (an adaptation). Therefore, absent an agreement to the contrary, the bookcase is most likely to be a fixture.

Which of the following choices is not a freehold estate? A present interest in land A lease that does not require rent payments A life estate All of the above

A lease that does not require rent payments The best answer is B, freehold estates are ownership interests in land where one has both the right of possession and (indefinite) ownership rights in real property. Life estates and present estates are freeholds. Leases, regardless of the terms, allow for the right of possession but do not provide the right of ownership and therefore are non-freehold estates.

Zorba owns property and gladly allows his friend to use it. To protect zorbas interest he should give his friend An easement in gross A license An appurtenant easement (wrong) A right of way

A license A license is permission to use the land (may be an oral agreement), which is revocable at will. An easement in gross is similar to a license, but must be it written, creates an interest in land, and cannot be revoked outside of the agreed upon termination. A license provides greater flexibility for Zorba, so this would better protect his interests.

Property taxes on cooperative units are assessed in the form of: Individual tax bills for each unit A single tax bill for entire property then prorated among individual units Assessed based on the type of unit Both a and c (wrong)

A single tax bill for entire property then prorated among individual units The best answer is B, in a cooperative, real estate taxes are assessed against the entire parcel of real estate, which is then prorated among the proprietary tenants.

A lease that contains no mention of an occupancy period is most likely to be Covered by the statute of frauds Invalid A tenancy at sufferance A month to month lease (wrong)

A tenancy at sufferance A tenancy at sufferance lease has no end date, a tenant occupies the property past their legal right to and until the landlord takes action the tenant is considered a tenant at sufferance. This lease type is still valid without a specified duration/termination date. A month-to-month lease does specify a period of occupancy--at least one month. A lease, according to the statute of frauds, has to be in writing if it is for a duration of more than one year.

Which real property right automatically conveys? Surface Rights Subsurface rights Control All of the above

All of the above

Mr.foster owns a car, boat, house and far. He defaults on the mortgage covering his house. If a judgment lien is entered which of the following properties could be subject to the lien? Car Boat Home All of the above

All of the above Judgment liens are general liens, which means that they attach to both the real and personal property of a debtor. However, judgment liens only apply to property located in the jurisdiction in which the lien is recorded.

The term real property includes The surface of the eart The space above and below the earth Fixtures and improvements All of the above

All of the above Like real property and real estate, land includes the surface of the earth and the space above and below it, but only includes natural items like trees, crops, minerals, and water. Unlike land, real property also includes any improvements or fixtures, such as infrastructure, developments, and houses.

Mrs. Franklin is buying property from Mr. Akin. In order to get to the property, it is necessary to cross property owned by Mr. Travis. In the past, Mr. Travis has granted permission to Mr. Akin for this purpose. Mrs. Franklin wants to protect this privilege. What would best serve Mrs. Franklin's interests? An easement in gross A license An appurtenant easement A or C

An appurtenant easement

Mrs. Franklin is buying property from Mr. Akin. In order to get to the property, it is necessary to cross property owned by Mr. Travis. In the past, Mr. Travis has granted permission to Mr. Akin for this purpose. Mrs. Franklin wants to protect this privilege. What would best serve Mrs. Franklin's interests? An easement in gross A license An appurtenant easement A or b

An appurtenant easement Mrs. Franklin should ask for an easement from Mr. Travis. The easement could be an appurtenant easement or an easement in gross. Both would give Mrs. Franklin the RIGHT to cross the property. However, an appurtenant easement would transfer to other property owners and survive the death of either owner. An easement in gross would not serve Mrs. Franklin as well as an easement appurtenant because the easement in gross would not survive the death of Mr. Travis. A license would not serve Mrs. Franklin well because it is revocable at the will of Mr. Travis. Therefore, an easement appurtenant would BEST serve Mrs. Franklin under these circumstances.

After a property sells the buyer discovers that his neighbors fence is 12 inches over the property line. This is an example of An encroachment Zoning ordinance violation An easement Adverse possession

An encroachment Encroachments are unauthorized physical intrusions that encumber the land of another. In this case the neighbors fence is encumbering the land of another.

The Smith family's apartment lease has expired, but their landlord indicates that they may remain on the premises until he finds a buyer for the building (and closing is complete). The Smiths will be charged their normal monthly rent during this period. The tenancy held by the Smiths is: An estate at sufferance A year to year holdover An estate for term An estate at will

An estate at will This question describes an estate at will with no particular recurring period and which may be terminated at any time by either party.

A condominium could be which of the following properties? Multi-story building Townhouse community Industrial office park Any of the above

Any of the above

Three people inherit unequal shares of a single piece of property. How could they hold ownership? As tenants in severalty As tenants in common As joint tenants B or c

As tenants in common

Three people inherit unequal shares of a single piece of property. How could they hold ownership As tenants in severalty As tenants in common As joint tenants B or c

As tenants in common First, recognize that all 3 inherit a single piece of property, ownership in severalty is ownership by one person only. The question does not state that they received an equal interest, which is mandatory for a joint tenancy. The law provides that when there is co-ownership (more than one owner), title will default to tenants-in-common unless the deed is specific as to some other form of ownership.

Which form of ownership provides possession (indefinite) and ownership rights in real property? Leasehold Fee state Life estate B or c

B or C

Former personal property that automatically conveys is most likely to: Be a chattel Be a fixture Occur only by agreement Be a trade fixture

Be a fixture

A legal land description must Carry the measurements to the nearest inch Contain an informal reference Be reasonably identified by a surveyor Show the area of the land being described

Be reasonably identified by a surveyor A property description is considered legally sufficient if it can be reasonably identified by a surveyor. Legal property descriptions are required for any document that will be formally recorded (deed, mortgage, title, power of attorney).

Which item is personal property? Apartment lease Business reputation Tool shed attached to the brick foundation Both A and B

Both A and B

Smith and Brown own abutting property that borders a river. Over the years, soil from Smith's riverbank is washed onto Brown's riverbank. Who owns the soil that was washed from Smith's riverbank to Brown's? Smith Brown The state None of the above

Brown Accretion occurs where natural forces such as water cause land to move from one parcel to another. Once moved, it belongs to the receiving property owner.

Real property can be changed into personal property By the right of appropriation By the law of capture By severance Never because land is indescriptible

By severance Severance describes the analysis to determine whether a fixture may be removed from real property. While land is generally indestructible, other types of real property (improvements/fixtures) can change from real to personal property after being severed.

The rights of a condo owner are defined by the Bylaws and corporate charter Management agreement Public offering statement Bylaws and condo declaration

Bylaws and condo declaration Condos are governed by their bylaws and their declaration documents

A metes and bounds survey will most likely identify Certain encumbrances Marketable title Liens All title defects

Certain encumbrances Of the choices presented, a metes and bounds survey is most likely to discover certain encumbrances (encroachments). Some encumbrances (like liens and other clouds on title) cannot be discovered by physically inspecting property--they are best discovered by examining title records

Assemblage: Amount of value increase resulting from combining land parcels Legal basis for neither insuring or depreciating land Combining parcels of land to increase value Addition of improvements on land to increase value

Combining parcels of land to increase value

What type of property ownership involves a proprietary lease based on stocks? Condo ownership Leaseholds Cooperative ownership A or C

Cooperative ownership

Which of the following items is not an improvement of land? Building Sidewalk Corn crop Flower bed

Corn Crop

Which definition is described as a trespass on an improvement Easement License Encroachment None of the above

Encroachment The best answer is C, an encroachment is an unauthorized physical intrusion that encumbers the land of another. An encroachment is considered a "trespass" if it encroaches on the land of another (fence, driveway) and is considered a "nuisance" if it violates a neighbors airspace (tree branches, loud noises, bright lights).

What would be disclosed by a metes and bounds survey? Easements Marketability Encroachments B and C

Encroachments

If a product is in high demand but in HIGH supply, the price of this product will rise because market conditions will support a higher price. True False

False

In relation to lien priority which of the following statements is incorrect Federal income tax liens have priority over all other liens A vendors lien is not a direct interest in property but an equitable right The date of recording determines the priority for private liens Mechanics liens apply on the date that work began or materials were supplied

Federal income tax liens have priority over all other liens Real estate tax liens have priority over all others. Federal and State income tax liens must get in line, just like the others. The effective date of a mechanic's lien can vary from state to state but it is typically the date the work started.

There are two types of liens, general and specific, which of the following includes the general lien types Mortgages and property liens Federal tax and judgment liens Property tax and judgment liens Mortgages and mechanic liens

Federal tax and judgment liens Liens may be general or specific. General liens apply to the individual and all of his personal and real property (like federal tax liens and some judicial liens). Specific liens apply to specific property of the debtor only (like mortgages, property tax liens, and mechanic's liens).

Large blocks of land are located in a rural area of a midwestern state. This would most likely be described by: Reference to other documents Metes and bounds Lot, block and subdivision Gov rectangular survey

Gov rectangular survey The government survey method, or rectangular survey, works best for identifying large parcels of land and is used in more than 30 states--mostly in the mid-west.

The land characteristic that is most likely the basis for a specific performance lawsuit is Situs Immobility Heterogeneity Improvements (wrong)

Heterogeneity, or uniqueness, is the legal basis for specific performance lawsuits (lawsuits that seek to force a sale of land as agreed upon in a valid contract where the seller refuses to carry through with the sale as promised).

Jones , smith and williams own a property as joint tenants. Which of the following is true? If jones and smith die, williams will own the property in severalty If jones and smith die, williams will own the property as a joint tenant with the heirs of jones and smith (wrong) If jones dies, smith and williams will own the property as tenants in common If any one of the owners dies, the property goes to the heirs of the deceased owner

If jones and smith die, williams will own the property in severalty Property held by joint tenants includes rights of survivorship. That is, only the surviving joint tenants continue to own the property. If only one joint tenant remains alive, he owns the property in severalty.

A prospective buyer wants the seller to include an ornate flagpole attached to the front porch of the house. What should the agent do to best ensure the flagpole conveys? Nothing because the pole is attached and will automatically covey Call the seller and advise them that the buyer wants the pole Include the pole in the offer to purchase Photograph the flag pole as evidence of its attachment

Include the pole in the offer to purchase The best way to avoid a fixture dispute is to always have a mutual agreement. By placing the flag pole in the offer, the buyer is attempting to reach an agreement with the seller. While advising the seller that the buyer wants the pole or photographing the attachment are steps in the right direction, actually including the pole in the written offer is the best answer.

Land cannot be depreciated primarily because of its Improvement Indestructibility Uniqueness Situs

Indestructibility The concept of indestructibility is the legal basis for neither insuring land nor being able to depreciate land.

Condominium ownership is best described as Syndicated real estate venture Individual and co-ownership interests Proprietary ownership interests General and specific ownership interests

Individual and co-ownership interests A condominium owner holds title to individual units in fee simple with exclusive ownership of his individual unit. Common areas are owned by the individual unit owners as tenants in common so they all enjoy unity of possession

Stocks, bonds, notes and mortgages are all examples of what type of property? Intangible real property Tangible personal property Tangible real property (wrong) Intangible personal property

Intangible personal property Personal property is generally moveable and unattached to land. It may be tangible like cars, boats, jewelry, horses, and cattle, or intangible like stocks, bonds, notes, and mortgages.

Which of the following is true of an estate from year to year? It consists of no particular time period It automatically continues from one period to the next unless either party terminates It does not notice automatically renew Termination does not require notice

It automatically continues from one period to the next unless either party terminates Estates from year to year (periodic) do not have to be a term for a year time period, could be from month to month or even week to week. Estate from year to year runs for a specified time period and automatically continues from one period to another unless either party terminates.

A building supplier delivers bricks to a job site on July 1st for the construction of a patio. The contractor finished the patio on July 30th and was paid. The contractor files bankruptcy on September 1st. On September 5th, the building supply company filed a mechanics lien against the owner of the property. What is the effective date of the lien? July 30th September 1st September 5th July 1st

July 1st Regardless of when the notice is filed, a mechanics lien effective date is based on the date that the materials were delivered or the date that the work was started to improve the real property.

Which of the following items is not personal property A mortgage that secures personal property A lease An easement Partnership interests

Leases, mortgages on personal property, and partnership interests are all personal property. Of the listed choices, only an easement is NOT personal property.

Which phrase best explains why two physically similar parcels of real estate might have very different economic values? Location, location, location. Land cannot be moved from one place to another Land cannot be created or destroyed The supply of land of earth is fixed

Location, location, location.

3 people own a piece of property as tenants in common two of the owners want to sell the property but the 3rd party doesn't want to . the 2 owners that want to sell May seek detachment May file for partition May only be passed by will Cannot sell bc all 3 must agree

May file for partition Joint tenants and tenants-in-common may file suit for partition (a request for a court to divide concurrently owned property). If indivisible, a court might order the sale of the property and then divide the proceeds.

What would most accurately describe an irregularly-shaped parcel of land Metes and bounds Government survey Lot, block, and subdivision All of the above

Of the choices listed, metes and bounds would most accurately describe an irregularly-shaped parcel of land.

When are legal property descriptions required Real estate advertising On mortgage paperwork Listing agreements All of the above

On mortgage paperwork Legal property descriptions are required in documents that are formally recorded such as deeds, mortgages, titles, easements, power of attorney. Non-legal property descriptions such as a street address may be used in less formal/unrecorded documents such as advertisements and listing agreements.

Several people hold property as tenants-in-common. One of the tenants die. His interest in the property will: Pass to the remainderman Pass to his heirs or devisees if any Be equally divided among the other owners Be divided between the other owners direct proportion of their ownership interest

Pass to his heirs or devisees if any Upon the death of a tenant-in-common, that interest in the property will pass to his heirs or devisees. An heir is a person that receives property from someone who died without a will (intestate). State laws determine who is a rightful heir and how much they are entitled to (if anything at all). A devisee is a person that receives property from someone who died with a will, which specifically indicates that the person in question will receive said property. Title passes to the other owners when there is joint tenancy, NOT with a tenancy in common.

When an owner sells her real property she has a right to retain which of the following Improvements Fixtures Real property Personal property

Personal property Personal property is generally moveable and unattached to land. It may be tangible (cars, boats, jewelry, etc) or intangible (stocks, bonds, mortgages etc.) . Personal property is also knows as "chattel". Fixtures and improvements are generally considered real property.

If a property has all of the following liens against it, which of the following has highest priority? Mechanics lien Property tax lien Judgment lien A or C (depending on effective date)

Property tax lien

Which of the following items is most likely to be served? Gardon tractor Commercial cooler Rail fence B or c (wrong)

Rail fence Severance is the act of removing a fixture. A fixture is an item of real property that was previously considered as personal property. The fence was personal property before it was erected, and became real property when set in the ground. Garden tractors are personal property, but they are not affixed to land. A commercial cooler is real property, but if it is affixed to land, it will most likely be a trade fixture (severance does not apply to trade fixtures). Because only fixtures may be severed, "rail fence" is the best answer.

Mr. and Mrs. Jones sold their home to a church, but retained the right to occupy the property as long as they lived. The interest of the church is that of a: Remainder estate Reversion estate Life estate Trustee

Remainder estate Trap: You are looking for one answer that MUST BE true under the specified circumstances. There may be others that MAY BE true, but there is only one choice that MUST BE true. Find it by eliminating the wrong and/or uncertain choices based on your knowledge of the content. Explanation: Mr. & Mrs. Jones deeded their home to the church, but reserved a life estate for themselves. The church therefore has a future estate and the Jones' are life tenants. Future estates include both remainder estates and reversion estates. The Jones' currently have a life estate in the property. After that estate expires, the church gets what's left (the remainder). As such, the interest of the church is that of a remainder estate. A reversion estate would be if the Jones' gave the property to someone else for a period of time and the property reverted back to the original owner (the Jones') after the current estate expired.

Bonnie transfers a fee simple interest in her property to her son Jerry, but reserves a life estate for herself. During Bonnie's lifetime, Jerry holds a: Joint tenancy A life estate Remainder interest A tenancy in common

Remainder interest

Jean transfers a fee simple interest in her property to her daughter Lisa, but reserves a life estate for herself. During Jean's lifetime, Lisa holds a: Remainder interest A life interest, pur autre vie A reversionary interest A life estate

Remainder interest

Jean transfers a fee simple interest in property to her daughter but reserves a life estate for herself. During jeans lifetime her daughter holds a Life estate Life interest pur autre vie Remainder interest Reversionary interest

Remainder interest Lisa holds a remainder interest in the property until Jean dies. Then, Lisa will own the property in fee simple.

Which of the following circumstances would diminish a fee simple estate? Death of the owner Sale of the property Rental of the property All of the above (wrong)

Rental of the property The best answer is C, If the owner rents his property, he gives up his right of possession, thereby reducing his rights of ownership. If the owner dies or sells property, he has nothing to diminish.

A landlords rights to re-enter or regain possession of the premises upon expiration of a lease is known as Remainder Redemption Reversion Recovery(wrong)

Reversion When the landlord leased the property, he gave up his right of possession. Upon termination of the lease agreement, the right of possession REVERTS to the landlord. Redemption (foreclosures) and Remainder (future interest) don't have anything to do with landlord rights. Recovery refers to a landlord's expenses passed on to the tenants via invoice.

If more people in a community own their homes, the home values tend to ________ because people tend to take more pride in property that they own than in property they rent. Fall Stay the same Rise

Rise

All of the following terms are physical characteristics of land except: Immobility Heterogeneity Situs indestructibility

Situs

All of the following choices are considered as legal descriptions of real property except Gov survey Lot and block Metes and bounds Street address

Street address The street address is a valid method to describe property in documents like sales contracts. However, a street address is never a valid LEGAL description.

All of the following are factors that can affect supply and demand in real estate except Mortgage rates Survey available Unemployment Government policies

Survey available Some factors that affect the supply and demand of real estate, and consequently, real estate prices, include: demographics (populations size and growth), unemployment/income, cost/available credit (mortgage rates), cost/availability of labor and materials, governmental policies (tax incentive, zoning). While a buyer may opt to have a survey done to verify the acreage of a lot/property, survey availability would not typically affect the supply or demand of real estate.

Which of the following factors does not affect real estate supply and demand? Cost of materials Availability of credit Survey method Demographics

Survey method

Which form of ownership is derived from the common law premise that husband and wife are a single legal entity? Life estate Tenants in common Tenancy by the entirety Joint tenancy

Tenancy by the entirety

A property has 3 owners. These parties own 10%, 20%, and 70% interest respectively. What type of ownership do they have? Joint tenancy Tenancy in common Tenancy by entireties A or b

Tenancy in common A joint tenancy requires that each tenant have a unity of interest (an identical interest in the property). A tenancy in common does not contain a unity of interest (which allows each tenant to have a different amount of interest). A tenancy by the entireties ONLY applies to a husband and wife (which you cannot legally have with three people). Severalty refers to sole ownership. Therefore, of the choices, the owner must have a tenancy in common.

What is the difference between tenants in common and joint tenancy? Tenants in common can hold unequal shares, joint tenants all hold equal shares Tenant in common have right of survivorship and joint tenants do not Joint tenants have unity of possession and tenants in common do not All of the above

Tenants in common can hold unequal shares, joint tenants all hold equal shares

Of the terms listed below which do not fit together? Fee simple- forever Survivorship- joint tenancy Tenants in common- undivided interest Testate- escheat

Testate- escheat All items match except "testate" and "escheat." The term testate means that someone died with a will. The term escheat describes the government power to receive property where the owner dies without a will and without any lawful heirs.

Regarding the priority of liens, the effective date of a mechanics lien is: The date the contractor was hired to do the work The date the work was completed and the owner was billed The date the work began The ate the lien is legally filed against the property

The date the work began

When a metes and bounds survey is used to describe property the word metes refers to Parallel lines that run north and south The length in inches, feet, or yards of a property line Monuments Areas twenty-four miles square

The length in inches, feet, or yards of a property line Metes is the length of a property line in inches, feet, yards, rods, or any linear measurement. Bounds are the monuments used to identify the boundary of the property.

Harry hired a contractor to paint the interior and exterior of his rental property. Harry didn't pay and the contractor filed a mechanics lien. Which of the following is true The lien applies to harry's real and rental property Teh lien applies to all of harry's real property The lien only applies to harry rental property The lien can only be for the cost of the material used (wrong)

The lien only applies to harry rental property A mechanics lien only applies to the real property that was improved (in this instance, painted). Further, the lien can only apply to the cost of materials and labor

Zorba leases a restaurant. He installs ovens, booths, and counters. Which of the following statements is true? The ovens, booths, and counters cannot be removed by Zorba The ovens, booths, and counters can be removed by Zorba at any time before Zorba's lease expires Zorba is not responsible for any damage caused by removing the ovens, booths, and counters The ovens, booths, and counters can be removed by Zorba at any time

The ovens, booths, and counters can be removed by Zorba at any time before Zorba's lease expires

One house in a large neighborhood stands out because, compared to the others it is not well maintained. Which concept best explains this single home's impact on the surrounding community? The value of all other homes in the neighborhood will decrease due to immobility. The poorly maintained home's value may rise due to immobility. The poorly maintained home's value would increase if it were assembled with another lot. The value of other homes in the neighborhood will decrease due to situs.

The poorly maintained home's value would increase if it were assembled with another lot.

If a property title search reveals "Lis Pendens" what does that tell the buyer? The property is a stigmatized property The property is considered historical and future improvements may be limited The property is has been deemed condemned The property is about to become involved in a lawsuit

The property is about to become involved in a lawsuit

Which method of legal property description relies on range lines? Lot, block, an subdivision Monument Rectangular Vertical

The rectangular method (government survey) uses range lines, which are north-south lines in a township.

Assemblage most often occurs where Demand is high (wrong) Demand is low The whole is more valuable than the part A and b

The whole is more valuable than the part PSI Topic/Subtopic: Specialty Areas/Commercial Property/Income Property Trap: This question creates a diversion, attempting to make students assume that they must identify a property owner's motive for assemblage. It also offers a less than straight-forward definition as the BEST choice. Explanation: Regardless of whether demand is high or low, assemblage is usually performed when the combined property will be more valuable than the sum of the individual parcels.

A tenant and landlord enter into a six month lease on july 1st 2016 to expire on december 31 2016 which of the following statements is correct? Is neither party provides notice the lease will renew another 6 months Tenant serves 30 day notice to quit Landlord serves 30 day notice to quit Lease will expire december 31 2016

This question describes an estate for years because there is a definite beginning and ending date. Estates for years do not require any notice to terminate because the end is already specified. Therefore, the lease will terminate on December 31, 2016

Possessory rights are divided into fixed, variable, rotating time periods in: Timeshares Leaseholds Cooperative ownership Condo ownership

Timeshares

Real property does not include Air rights Trade fixtures Improvements (wrong) Mineral rights

Trade Fixtures Trade fixtures remain the personal property of a tenant, so long as they are timely removed. All other choices describe real property. Therefore, only trade fixtures are NOT real property.

Sustained declines in housing start to slow the economy and can push it into a recession. True False

True

If there is not enough land or homes in a given area, prices will almost always rise. Even if there is the ability to construct more homes, the time delay associated with construction cannot fill the short-term demand, and prices will rise. This is an example of: Over-supply Under-supply

Under-supply

Which is not true about the government survey method: Facilitated rapid westward expansion Uses base lines and principal meridians Also known as the geodetic or rectangular method Works best for irregular parcels of land

Works best for irregular parcels of land

Six months after brady bought his home he installed custom made store windows and doors. If brady subsequently transfers title to someone else will the storm doors and windows automatically transfer as well? Yes because the storm windows and doors are fixtures No so long as brady reinstalls the original windows and doors Yes unless the parties agree that they will be removed before the sale has advanced No because they can be easily removed without damaging the property

Yes unless the parties agree that they will be removed before the sale has advanced Storm windows and doors that are "custom made" for a property are fixtures since they were adapted to the property. As fixtures, they will automatically transfer with the property unless they can be severed (removed) legally. Determining whether an item may be severed is a common source of dispute. As such, the best option is a written agreement, which will settle the issue.

What is an example of a tenancy at sufferance? a farmer who refuses to give up possession of property when his lease expires in order to harvest his growing crops a person who leases a store and renews her lease on a month to month basis a tenant who installed trade fixtures, but did not remove them when the lease expired a tenant that uses the premises in violation of her lease

a farmer who refuses to give up possession of property when his lease expires in order to harvest his growing crops

What is an encumbrance on property that functions to guaranty payment of debts by using property as collateral A deed A trust A lien A or b

a lien The questions is the textbook definition of a lien. If a borrower defaults on a loan secured by a lien, the creditor can seek his share of the collateral to satisfy the borrower's debt. As such, liens always create an impediment to clear title. There are two types of liens: voluntary (created through an agreement) and involuntary (created by operation of law).

A condo association can most likely perform all of the following actions except Award contracts to tradesmen Assess a fee to unit owners in order to cover maintenance and repairs Interview prospective buyers Elect a board of directors

interview prospective buyers The condominium association usually elects a Board of Directors to run the condominium. Prospective buyers purchase condominiums directly from individual owners, usually without being interviewed by the condominium association.

A cooperative owner has exclusive use of their unit by reason of License General partnership Property lease Fee simple title

property lease Cooperatives are a form of ownership composed of single units in a multi-unit development. The title to land and improvements is held by a business entity (corporation). A purchaser receives stock in the business entity and takes a proprietary lease, which provides for exclusive use of a specified unit.

A property management contract is between the property manager and His or her employees The owner of the property The tenants All of the above

the owner of the property Trap: This question presents a straight-forward application of the stated principle. Explanation: Property management contracts are between the property manager (who may or may not need to be licensed, depending on the jurisdiction) and the owner of the property in question.