Question 1

A majority of states impose on commercial builders of houses a(n)_________.

Accepted Answer

A) express warranty of quality 
B) implied warranty of merchantability 
C) warranty of deed 
D) implied warranty of habitability 
A) express warranty of quality 
B) implied warranty of merchantability 
C) warranty of deed 
D) implied warranty of habitability D

Question 2

Which type of deed contains no express or implied warranties?

Accepted Answer

A) Quitclaim 
B) Warranty 
C) Grant 
D) Absolute 
A) Quitclaim 
B) Warranty 
C) Grant 
D) Absolute A

Question 3

Title insurance protects the buyer of property against undisclosed liens.

Accepted Answer

A) True 
 B)False  True

Question 4

The type of deed used by the seller determines the scope of the warranties the buyer is given.

Accepted Answer

A) True 
 B)False

Question 5

A ________ gives a person the right to negotiate the purchase of the property before the seller enters negotiations with another party.

Accepted Answer

A) letter of agreement 
B) letter of intent 
C) right of first refusal 
D) right of first negotiation 
A) letter of agreement 
B) letter of intent 
C) right of first refusal 
D) right of first negotiation

Question 6

A real estate investment trust sells beneficial shares that permit small investors to own a diversified portfolio of real estate,similar to a mutual fund.

Accepted Answer

A) True 
 B)False

Question 7

Compare and contrast joint tenancy and tenancy by the entirety.

Accepted Answer

In a joint tenancy,property is owned in

Question 8

John owns a 20-acre parcel of land in Smallville.Bob is a developer that wants to build a subdivision in Smallville.He offers John $1,000 for a 30-day option to purchase the land for $1 million.John agrees.Clara is John's sister and has a valid right of first refusal on the same land.Bob has been told by his bank that the bank will provide a construction loan for the development.What rights did Bob legally obtain when he purchased his option? What effect will Clara's rights have on Bob's option? Explain the three types of loans-construction,gap,and take-financing-that could be involved to complete the development.Discuss fully.

Accepted Answer

Bob has the right to purchase the land f

Question 9

In a(n)________,the buyer purchases real property from a seller and simultaneously the property is leased back to the seller.

Accepted Answer

A) sale and leaseback 
B) wraparound lease 
C) tax-deferred exchange 
D) synthetic lease 
A) sale and leaseback 
B) wraparound lease 
C) tax-deferred exchange 
D) synthetic lease

Question 10

A right of first refusal gives the seller the right to modify a buyer's offer if a third party offers to purchase the property on the same terms.

Accepted Answer

A) True 
 B)False

Question 11

A trust is a form of co-ownership of property.

Accepted Answer

A) True 
 B)False

Question 12

In the simplest type of ownership,property is owned by a partnership.

Accepted Answer

A) True 
 B)False

Question 13

Sales of real property interests to nonresident aliens may be regulated by the state but are not regulated by the federal government.

Accepted Answer

A) True 
 B)False

Question 14

A one-point charge will generate a fee of ________ on a loan of $10,000.

Accepted Answer

A) $1,000 
B) $100 
C) $10 
D) $1 
A) $1,000 
B) $100 
C) $10 
D) $1

Question 15

In a(n)________ listing,the broker will receive any sales proceeds in excess of the net listing amount specified by the seller.

Accepted Answer

A) exclusive 
B) open 
C) net listing 
D) broker 
A) exclusive 
B) open 
C) net listing 
D) broker

Question 16

The conveyance of a ________ interest conveys absolute ownership of real property.

Accepted Answer

A) fee absolute 
B) ownership unlimited 
C) total ownership 
D) fee simple 
A) fee absolute 
B) ownership unlimited 
C) total ownership 
D) fee simple

Question 17

________ recording statutes protect subsequent good faith purchasers who record their deed before the prior purchaser records its deed.

Accepted Answer

A) Pure-notice 
B) Race 
C) Race-notice 
D) Partial notice 
A) Pure-notice 
B) Race 
C) Race-notice 
D) Partial notice

Question 18

The key characteristic of a joint tenancy is the right of

Accepted Answer

A) possession 
B) equal ownership 
C) survivorship 
D) severance 
A) possession 
B) equal ownership 
C) survivorship 
D) severance

Question 19

Separate property is converted into community property when

Accepted Answer

A) one spouse gifts separate property to the other spouse. 
B) the separate and community property have been commingled. 
C) the parties treat the separate property in such a manner that a presumption of a gift arises. 
D) all of the responses are correct 
A) one spouse gifts separate property to the other spouse. 
B) the separate and community property have been commingled. 
C) the parties treat the separate property in such a manner that a presumption of a gift arises. 
D) all of the responses are correct

Question 20

Under a race recording statute,the first person to receive a valid deed will be deemed the owner of the property.

Accepted Answer

A) True 
 B)False

Exam 19: real property and land use

A majority of states impose on commercial builders of houses a(n)_________.

Which type of deed contains no express or implied warranties?

Title insurance protects the buyer of property against undisclosed liens.

The type of deed used by the seller determines the scope of the warranties the buyer is given.

A ________ gives a person the right to negotiate the purchase of the property before the seller enters negotiations with another party.

A real estate investment trust sells beneficial shares that permit small investors to own a diversified portfolio of real estate,similar to a mutual fund.

Compare and contrast joint tenancy and tenancy by the entirety.

In a(n)________,the buyer purchases real property from a seller and simultaneously the property is leased back to the seller.

A right of first refusal gives the seller the right to modify a buyer's offer if a third party offers to purchase the property on the same terms.

A trust is a form of co-ownership of property.

In the simplest type of ownership,property is owned by a partnership.

Sales of real property interests to nonresident aliens may be regulated by the state but are not regulated by the federal government.

A one-point charge will generate a fee of ________ on a loan of $10,000.

In a(n)________ listing,the broker will receive any sales proceeds in excess of the net listing amount specified by the seller.

The conveyance of a ________ interest conveys absolute ownership of real property.

________ recording statutes protect subsequent good faith purchasers who record their deed before the prior purchaser records its deed.

The key characteristic of a joint tenancy is the right of

Separate property is converted into community property when

Under a race recording statute,the first person to receive a valid deed will be deemed the owner of the property.

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