Real Estate Quizzes
1 mi = ______ft
5280ft
Commercial property includes all EXCEPT: A) horse ranch B) office buildings C) restaurant D) vacant land suitable for commercial development
A) horse ranch
Which contains enough different measurements to provide the most accurate physical description of an irregularly shaped parcel of land? A) metes and bounds B) rectangular survey C) subdivision lot and block D) government survey
A) metes and bounds
A title insurance policy would likely protect the policy holder against each of the following, EXCEPT: A) unrecorded easements B) recorded deeds that were forged C) recorded deed signed by mentally incompetent grantor D) title problems caused by a confusion over similar names
A) unrecorded easements
An adequate metes and bounds description will have all of the following EXCEPT: A) a definite point of beginning B) four sides C) closure D) linear measurements and compass directions
B) four sides
A couple is interested in buying a house that has an odd shaped living room. The current owners had a custom-made, free-standing bookcase built to specifically fit into one part of the room. The buyer believes this is a fixture because it is uniquely adapted to this specific room. The seller believes this is not a fixture because it is free standing. To avoid any misunderstandings, what should the listing licensee do? A) Assure the seller there is nothing to worry about B) include a provision in the agreement of sale (and listing contract) that states whether the bookcase is included with the sale or not C) assure the buyer there is nothing to worry about D) file an interpleader action in court
B) include a provision in the agreement of sale (and listing contract) that states whether the bookcase is included with the sale or not
The government's right to make laws and regulations for the general welfare is known as: A) eminent domain B) police power C) escheat D) bundle of rights
B) police power
When a developer records a plat showing property in 3 dimensions (length, width, height), he would be developing: A) an industrial park complex B) a OUD which is for single family homes only C) a multistory condo complex D) a large one story shopping mall
C) a multistory condo complex
Each of the following is a test of whether or not something is a fixture except: A) method of attachment B) adaptability C) cost D) relationship of the parties
C) cost
Condemnation is the exercise of A) eviction B) estoppel C) eminent domain D) escheat
C) eminent domain
The power of the state to take private property for public use is called A) caveat power B) condemnation C) eminent domain D) rescission
C) eminent domain
T/F? An assessors parcel number is an adequate legal description
False
T/F? Trade fixtures may not be removed from leased premises once they are affixed
False
T/F? In an ideal market, the forces of supply and demand are always chaotic
False. In an ideal market they would remain in balance with stable prices
T/F? A datum is used to describe both air and subsurface rights
True
T/F? A nursing home is a special purpose property
True
T/F? Alienation refers to change of ownership, not just by a deed
True
T/F? Trade fixtures do not include replacement fixtures
True
A cloud on a title could be removed by: A) a quitclaim deed B) a covenant of seizen C) a suit for specific performance D) an injunction
a) a quitclaim deed
A legal description must... A) be sufficient to identify the property B) carry measurements to the nearest inch C) show the area of land being described D)contain an informal reference
a) be sufficient to identify the property
An estate that may be terminated by any party at any time is an estate _____ A) for years B) at will C) in possession D) in termination
b) at will
A married woman and and unmarried man may not own real estate as: A) tenants in common B) joint tenants C) tenants by the entireties D) partners
c) tenants by the entireties
Can a joint tenant sell his/her share of the property?
yes
A parcel of land described as the SW1/2 of the NW1/4 of the NE1/4 of Section 12, T2N, R4E would contain how many acres?
20 acres 640/4/4/2 = 20 acres
A parcel of land that is 36 miles square would contain how many townships?
36 townships *36 miles square is NOT the same as 36 sq. miles. Since each township is 6mi across, this parcel would be 6 townships in each direction, for a total of 36 townships
1 acre = ___ sq. ft.
43,560 sq ft or 208.708ft x 208.708ft
Ana owns a lot that contains 27 acres and is 972' wide. If she buys an adjacent lot that is the same depth, but is only 648' wide, how many total acres will she own?
45 acres 27 x 43,560 = 1,176,120 sq. ft. 1,176,120 / 972 = 1,210 depth of lot 1 648 x 1,210 = 784,080 sq. ft. 784,080 / 43,560 = 18 acres 18 + 27 acres = 45 acres
1 section = ____ acres
640 acres
Owner Kelly is leaving the area for 1 year. She asks salesperson Boren to manage her rental house for $45/mo while she is gone. Which of the following is true of the situation? A) Boren must work through her broker B) Boren must put the $45 in an interest bearing escrow account C) This is OK because the compensation is less than $1000 D) This is OK because the time element is less than a year
A) Boren must work through her broker
Same has a life estate in a five acre tract of land. When Sam dies, the property will pass to his nephew. Sam wishes to sell his interest in the property. Which of the following is true? A) Sam's buyer will acquire the same interest held by Sam B) Sam cannot sell his interest C) Sam's nephew can sue to prevent the sale D) Sam can only sell his interest with his nephew's permission
A) Sam's buyer will acquire the same interest held by Sam
A joint tenant wants to sell his interest in a real property without the consent of the other joint tenants. Can he do this? A) Yes, because each joint tenancy has separate ownership rights and can act independently of the other tenants B) Yes, because survivorship is present in joint tenancy C) No, because a single property titled in joint tenancy demands that all co-owners act together D) No, because the unity of interest in joint tenancy demands that all co-owners act together
A) Yes, because each joint tenancy has separate ownership rights and can act independently of the other tenants
A real estate license of some kind would be required by each of the following individuals, EXCEPT: A) an individual who locates tenants for a property in return for a fee from the landlord B) a homeowner selling his or her personal residence C) an individual who only works with buyers looking to purchase a residence and who is compensated only by those buyers D) an individual who negotiates options to purchase properties for clients in return for a fee
B) a homeowner selling his or her personal residence
A salesperson represents the: A) Seller B) Buyer C) Broker D) Lender
C) broker
A licensed real estate salesperson may legally accept an extra commission for a difficult sale from: A) an appreciative seller B) a thankful buyer C) his/her broker-employer D) the mortgage lender
C) his/her broker-employer
A prospective buyer noticed an ornate flag pole attached to the front porch of a house she wants to purchase. She wants to make certain that the flag pole is included in the sale. What should the agent do? A) Because the pole is attached it will automatically convey B) call the seller and advise them the buyer wants the pole C) include the pole in the offer to purchase D) photograph the pole as evidence of attachment
C) include the pole in the offer to purchase
Which of the following best describes ownership in severalty? A) several persons own one piece of real property B) one person owns several pieces of real property C) one person alone owns real property D) property owned by several members of the same family
C) one person alone owns real property
A tenancy in severalty exists when A) husband and wife own property together B) any related persons hold real estate together C) one person owns real estate D) the tenant has the right to sublet
C) one person owns real estate
Barney owns a lot valued at $84,000. He purchases an adjoining lot for $66,000 and merges the two properties. The current appraised value of the newly formed lot is $177,500. This is an example of: A) Accretion B) Avulsion C) Plottage D) Hypothecation
C) plottage
Zorba leases a restaurant. He installs ovens, booths and counters. Which os the following is true? A) the ovens, booths and counters cannot be removed by Zorba B) the ovens, booths and counters can be removed by Zorba at any time C) the ovens, counters and booths can be removed by Zorba at any time before Zorba's lease expires D) Zorba is not responsible for any damage caused by removing the ovens, booths and counters
C) the ovens, counters and booths can be removed by Zorba at any time before Zorba's lease expires
Mineral rights: A) are always considered personal property B) always pass with the land C) cannot be sold separately from the land D) pass with the land, unless otherwise specified in the deed
D) pass with the land, unless otherwise specified in the deed
Which is not considered a legal description? A) metes and bounds B) lot and block C) government method of survey D) street address, city, state, zip code
D) street address, city, state, zip code
Each of the following statements about title is true, EXCEPT: A) a seller who has title which is reasonably free from doubt has marketable title B) a seller who has "color of title" has a defect against the title C) the chain of title is the history of conveyanced and encumbrances of the property D) the Torrens System is the most common method of recording title in the US
D) the Torrens System is the most common method of recording title in the US
T/F? Littoral rights is a term referring to a ll water rights.
False. It applies to land that borders the shore of a sea or ocean and is often affected by tides and currents
T/F? Surface rights consists only of the right to control, occupy, and use the surface area of a parcel of real estate
False. It includes the enjoyment of improvements and growing crops as well
T/F? If one owner in a joint tenancy sells his interest, the purchaser will be a joint tenant as well
False. They will become a tenant in common with the remaining joint owners
T/F? Fee simple title can be held in a trust
True
T/F? If a property holds fee simple defeasible title, his or her title is subject to certain specified conditions
True
T/F? Price is the amount paid for a parcel of real estate in an actual transaction
True
T/F? Stocks, bonds, notes, and mortgages are personal property
True
T/F? The federal government also has the power of eminent domain
True
A subdivider puts a requirement in all of the deeds to properties in a subdivision requiring specified setback requirements stating how close the improvements can be built to each side of the property. This would be an example of a(n): A) deed restriction B) encroachment C) easement D) building code
a) deed restriction
Fructose industriales is another term for: A) emblements B) easements C) appurtenances D) trade fixtures
a) emblements
When the action of water causes the movement of soil away from a property, that is referred to as: A) erosion B) accretion C) heterogeneity D) assemblage
a) erosion
An elderly couple sells their property to a church under an agreement whereby the church allows the couple to occupy the property for the rest of their lives. The couple's interest is considered to be: A) life estate B) tenancy at will C) joint tenancy with the church D) tenancy at sufferance
a) life estate
Which of the following is NOT an encumbrance that affects property physically? A) mechanic's liens B) deed restrictions C) encroachments D) both mechanic's liens and deed restrictions
a) mechanic's liens
Industrial property includes all EXCEPT: A) parking lots B) warehouses C) factories D) utility plants
a) parking lots
Which best describes marketable title? A) reasonably free from the risk of litigation over possible defects B) the right to obtain ownership to property when title is held in another's name C) proof of ownership D) statement of opinion of the title's status
a) reasonable free from the risk of litigation over possible defects
Each of the following entities has the power of eminent domain, EXCEPT: A) religious schools B) railroads C) public utilities D) school districts
a) religious schools
Merging two or more properties into common ownership is known as _______, while any increase in value that results is known as ________
assemblage; plottage
A type of land title system whereby owners receive a registered certificate of title through the court is the: A) Basel System B) Torrens System C) Judicial order system D) common law system
b) Torrens System
Personal property which is attached to a building and which will convey with the land is known as: A) a chattel B) a fixture C) a lien D) nonconforming use
b) a fixture
All of the following are personal property EXCEPT: A) trade fixtures B) a privacy fence C) patio furniture D) portable dishwasher
b) a privacy fence
Jean transfers a fee simple interest in her property to her daughter Lisa, but reserves a life estate for herself. The interest that Lisa holds during Jean's life is considered: A) a life interest pour autre vie B) a remainder interest C) a reversionary interest D) a homestead interest
b) a remainder interest
What is the most common way to determine if there are any encumbrances related to a particular piece of property? A) obtain a certificate of title B) conduct a title search C) prepare an abstract of title D) request an affidavit of title from the court
b) conduct a title search
The highest form of freehold estate one can hold in real property is a: A) conditional fee estate B) fee simple estate C) fee simple defeasible estate D) life estate
b) fee simple estate
Which of the following is considered to be real property? A) a crop of wheat B) fruit trees in an orchard C) fruit on trees in the orchard D) a tent pitched and used to protect farm equipment
b) fruit trees in an orchard
Which of the following is NOT a freehold estate? A) life estate B) leasehold estate C) fee simple estate D) fee simple determinable estate
b) leasehold estate
Which of the following is NOT considered a leasehold estate? A) estate at will B) life estate C) estate at sufferance D) estate for years
b) life estate
Bounds markers of land, either natural or man-made, are: A) benchmarks B) monuments C) liens D) metes
b) monuments
The actual amount of money paid for a particular parcel of real estate is said to be that property's: A) value B) price C) market value D) settlement value
b) price
Two real estate developers are working on similar but competing commercial developments. Both projects are finished at approximately the same time and are of similar quality and purpose. Which of the following would most likely characterize the reasons that one succeeds while the other fails? A) supply and demand B) situs C) plottage value D) nonhomogeneity
b) situs
The system which provides notification of ownership rights and claims by certain creditors against real property is created by the: A) Federal Constitution B) state recording act C) federal legislation D) state statute of frauds
b) state recording act
There are three owners of a property. They own 10%, 20%, and 70% respectively. What type of ownership do they have? A) joint tenancy B) tenancy in common C) tenancy by the entireties D) ownership in severalty
b) tenancy in common
Economic controls of the economy in general are acted by: A) Federal government only B) state government only C) both federal and state governments D) neither federal nor state governments
c) both federal and state governments
Which of the following forms of ownership are available only to married couples? A) tenancy by the entireties B) community property C) both of these D) neither of these
c) both of these
The legal process of "tacking" related to an adverse possession claim under: A) eminent domain B) descent and distribution C) color of title D) assemblage
c) color of title
Which of the following is NOT considered an improvement of land? A) building B) sidewalk C) corn crop D) flower bed
c) corn crop (b/c it is considered personal property)
Condemnation is the means by which the state exercises its power of: A) eviction B) estoppel C) eminent domain D) escheat
c) eminent domain
A metes and bounds survey will identify: A) encumbrances B) the mortgagee C) encroachments D) liens
c) encroachments
If a husband and wife own property as tenants by the entireties, which of the following statements is true? A) either husband or wife may dispose of their own interest, without approval of the other B) the wife of the husband may, alone, sell the property C) if either dies, the property by law passes to the surviving spouse D) none of the above are true
c) if either dies, the property by law passes to the surviving spouse
Special purpose properties includes all EXCEPT: A) churches B) hospitals C) industrial park D) nursing homes
c) industrial park
A mother left her house in her will to her two children, Tom and Mary. Each child is to receive 50% interest with rights of survivorship. What type of ownership will Tom and Mary have? A) tenants by the entireties B) tenants in common C) joint tenants D) tenants in severalty
c) joint tenants
The right of one party to possess and use real property exclusive of others is: A) hypothecation B) partition C) ownership D) prescription
c) ownership
Which of the following would diminish a fee simple estate? A) death of the owner B) sale of the property C) rental of the property D) all of the above
c) rental of the property *Because gives up right of possession, reducing his rights of ownership
Mr. Jones has been out of the country on business. During this period his lease with his tenant, Smith, expired. Smith did not renew his lease, but continues to live in his apartment without the consent of Jones. Smith is considered to be: A) tenant at will B) periodic tenant C) tenant at sufferance D) tenant in default
c) tenant at sufferance
Which of the following is NOT a test of a fixture? A) manner of attachment B) an agreement between parties C) time of attachment D) manner of adaptation
c) time of attachment
An abstract of title would contain: A) name of the original owner B) record of all encumbrances, liens, mortgages, and court actions C) record of any transfer of title by devise D) all of the above
d) all of the above
Which of the following are encumbrances on real property: A) easement B) liens C) deed restrictions D) all of these choices
d) all of these choices
The merging of adjacent properties into one common ownership or usage is known as: A) annexation B) abutment C) marshaling D) assemblage
d) assemblage
A document that is based on a full examination of the public record but frequently only identifies the present owner of record and lists only the existing encumbrances is called a(n): A) abstract of title B) title search C) title insurance summary D) certificate of title
d) certificate of title
Which of the following does NOT reflect current real estate market conditions? A) increase in building permits B) decrease in deed recordings C) increase in mortgage recordings D) decrease in divorce filings
d) decrease in divorce filings
Which of the following is NOT a correct statement about encumbrances? A) they are limitations on the rights of property owners B) they are interests held by any person other than the property owner C) encumbrances restrict the use of the property D) encumbrances do not affect the title of the property
d) encumbrances do not affect the title of the property
The length of the front of a lot along a street a referred to as the: A) right of way B) township line C) setback D) frontage
d) frontage
One would normally use a survey to identify all the following except: A) legal location of the property B) violations of the zoning set-back ordinances C) encroachments of the property D) liens on the property
d) liens on the property
Samuel is interested in purchasing a parcel of land and wants to examine any recorded documents relating to this parcel of land. Samuel may do this with authorization from: A) the current owner B) the civil court having jurisdiction C) a magistrate D) no one
d) no one
Public property includes all but the following: A) public parks B) public schools C) public library D) private campground
d) private campground
Which of the following would be classified as a fixture? A) pond B) pasture C) diesel tractor D) rail fence
d) rail fence
Which of the following is NOT recognized as personal property? A) a lease B) a mortgage that secures personal property C) cattle and horses D) replacement fixtures
d) replacement fixtures
Property held in joint tenancy passes to the ___ upon the death of one of the owners A) landlords B) state C) heirs of the deceased D) surviving owners
d) surviving owners
Which of the following is NOT a legal description of real property? A) metes and bounds B) lot and block C) rectangular survey system D) tax payer federal ID number
d) tax payer federal ID number