Question 1

Inspection of the premises prior to the purchase of real estate is important to detect which of the following?

Accepted Answer

A)  Structural defects 
B)  Insect infestation 
C)  Major electrical or plumbing problems 
D)  All of these choices are correct. 
E)  None of these choices is correct. 
A)  Structural defects 
B)  Insect infestation 
C)  Major electrical or plumbing problems 
D)  All of these choices are correct. 
E)  None of these choices is correct. D

Question 2

Describe the coverage of the following classifications of insurance: automobile insurance, group insurance, homeowners' insurance, key-person insurance, and title insurance.

Accepted Answer

Different classifications of insurance have different kinds of coverage:
• Automobile insurance-This may cover damage to automobiles resulting from specified hazards or occurrences (such as fire, vandalism, theft, or collision). It normally provides protection against liability for personal injuries and property damage resulting from the operation of the vehicle.
• Group insurance-This provides individual life, medical, or disability insurance coverage but is obtainable only through a group of persons, usually employees. The policy premium is paid
either entirely by the employer or partially by the employer and partially by the employee.
• Homeowners' insurance-This protects homeowners against some or all risks of loss to their residences and the residences' contents or liability arising from the use of the property.
• Key-person insurance-This protects a business in the event of the death or disability of a key employee.
•

Question 3

After a buyer has made an offer on a piece of real estate, the seller may do which of the following?

Accepted Answer

A)  Accept the offer 
B)  Reject the offer 
C)  Make a counteroffer 
D)  All of these choices are correct. 
A)  Accept the offer 
B)  Reject the offer 
C)  Make a counteroffer 
D)  All of these choices are correct. D

Question 4

The final step in a sale of real estate is called the

Accepted Answer

A)  signing. 
B)  transfer. 
C)  closing. 
D)  finalization. 
A)  signing. 
B)  transfer. 
C)  closing. 
D)  finalization.

Question 5

When a buyer obtains a mortgage, the bank takes a_____ interest in the property.

Accepted Answer

A)  financial 
B)  security 
C)  mortgage 
D)  loan 
A)  financial 
B)  security 
C)  mortgage 
D)  loan

Question 6

Ariel is a life tenant to a house from her grandmother. Which of the following statements is true regarding the house?

Accepted Answer

A)  Ariel must live in the house. 
B)  Ariel may tear down the house. 
C)  Ariel does not have to live in the house. 
D)  None of these choices is correct. 
A)  Ariel must live in the house. 
B)  Ariel may tear down the house. 
C)  Ariel does not have to live in the house. 
D)  None of these choices is correct.

Question 7

Insurance contracts can usually be obtained through which of the following?

Accepted Answer

A)  A paralegal 
B)  An insurance company agent 
C)  A broker 
D)  An insurance company agent and a broker 
A)  A paralegal 
B)  An insurance company agent 
C)  A broker 
D)  An insurance company agent and a broker

Question 8

Which of the following is an example of real property?

Accepted Answer

A)  An acre of land 
B)  A book 
C)  A horse 
D)  Stock investments 
A)  An acre of land 
B)  A book 
C)  A horse 
D)  Stock investments

Question 9

Which of the following is not a typical provision in a real estate sales agreement?

Accepted Answer

A)  Legal description of the property's location and size 
B)  Rental amount 
C)  Whether the sale is contingent on the buyer's obtaining financing 
D)  Prorations of taxes, insurance, or other obligations 
A)  Legal description of the property's location and size 
B)  Rental amount 
C)  Whether the sale is contingent on the buyer's obtaining financing 
D)  Prorations of taxes, insurance, or other obligations

Question 10

Which of the following should be specified in an offer to buy real estate?

Accepted Answer

A)  A description of the property 
B)  The price of the property 
C)  Designations of which party will bear the costs of repairs needed on the property 
D)  All of these choices are correct. 
A)  A description of the property 
B)  The price of the property 
C)  Designations of which party will bear the costs of repairs needed on the property 
D)  All of these choices are correct.

Question 11

Which of the following parties are normally involved in the sale of real property?

Accepted Answer

A)  Buyer 
B)  Seller 
C)  Escrow agent 
D)  Buyer and seller 
E)  Buyer, seller, and escrow agent 
A)  Buyer 
B)  Seller 
C)  Escrow agent 
D)  Buyer and seller 
E)  Buyer, seller, and escrow agent

Question 12

An_______ is an interest either in a person's life or well-being or in property that is sufficiently substantial to justify insuring against injury to or death of the person or damage to the property.

Accepted Answer

A)  insurable agreement 
B)  insurable interest 
C)  insurance interest 
D)  insurance classification 
A)  insurable agreement 
B)  insurable interest 
C)  insurance interest 
D)  insurance classification

Question 13

______money is a sum of money that the buyer puts up along with the offer to buy the property. By doing so, the buyer indicates that he or she is making a serious offer.

Accepted Answer

A)  Real 
B)  Earnest 
C)  Contractual 
D)  Down 
A)  Real 
B)  Earnest 
C)  Contractual 
D)  Down

Question 14

In a lease agreement, the party leasing the property is referred to as the

Accepted Answer

A)  lessee. 
B)  lessor. 
C)  lender. 
D)  principal. 
A)  lessee. 
B)  lessor. 
C)  lender. 
D)  principal.

Question 15

______personal property is personal property that represents a set of rights and interests but has no real physical existence.

Accepted Answer

A)  Intangible 
B)  Tangible 
C)  Intellectual 
D)  Ephemeral 
A)  Intangible 
B)  Tangible 
C)  Intellectual 
D)  Ephemeral

Question 16

List and define the four types of concurrent property ownership described in the text.

Accepted Answer

The four forms of concurrent ownership d

Question 17

The sale of real property normally involves three parties. Which of the following is not one of these three parties?

Accepted Answer

A)  Escrow agent 
B)  Seller 
C)  Buyer 
D)  Paralegal 
A)  Escrow agent 
B)  Seller 
C)  Buyer 
D)  Paralegal

Question 18

Margaret crosses Phyllis's land to get to Margaret's house. This is an example of which type of easement?

Accepted Answer

A)  A right-of-way easement 
B)  A solar easement 
C)  A driving easement 
D)  A historic preservation easement 
A)  A right-of-way easement 
B)  A solar easement 
C)  A driving easement 
D)  A historic preservation easement

Question 19

What is a lease of real property? Describe how leases of commercial property might differ from leases of residential property.

Accepted Answer

In real property law, a lease is a contr

Question 20

A(n)_____ clause in an insurance policy provides that after a policy has been in force for a specified length of time, usually two or three years, the insurer cannot contest statements made in the application.

Accepted Answer

A)  appraisal 
B)  incontestability 
C)  subrogation 
D)  indemnity 
A)  appraisal 
B)  incontestability 
C)  subrogation 
D)  indemnity

Inspection of the premises prior to the purchase of real estate is important to detect which of the following?

Describe the coverage of the following classifications of insurance: automobile insurance, group insurance, homeowners' insurance, key-person insurance, and title insurance.

After a buyer has made an offer on a piece of real estate, the seller may do which of the following?

The final step in a sale of real estate is called the

When a buyer obtains a mortgage, the bank takes a_____ interest in the property.

Ariel is a life tenant to a house from her grandmother. Which of the following statements is true regarding the house?

Insurance contracts can usually be obtained through which of the following?

Which of the following is an example of real property?

Which of the following is not a typical provision in a real estate sales agreement?

Which of the following should be specified in an offer to buy real estate?

Which of the following parties are normally involved in the sale of real property?

An_______ is an interest either in a person's life or well-being or in property that is sufficiently substantial to justify insuring against injury to or death of the person or damage to the property.

______money is a sum of money that the buyer puts up along with the offer to buy the property. By doing so, the buyer indicates that he or she is making a serious offer.

In a lease agreement, the party leasing the property is referred to as the

______personal property is personal property that represents a set of rights and interests but has no real physical existence.

List and define the four types of concurrent property ownership described in the text.

The sale of real property normally involves three parties. Which of the following is not one of these three parties?

Margaret crosses Phyllis's land to get to Margaret's house. This is an example of which type of easement?

What is a lease of real property? Describe how leases of commercial property might differ from leases of residential property.

A(n)_____ clause in an insurance policy provides that after a policy has been in force for a specified length of time, usually two or three years, the insurer cannot contest statements made in the application.

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Exam 16: Real Property and Insurance Law

Inspection of the premises prior to the purchase of real estate is important to detect which of the following?

Describe the coverage of the following classifications of insurance: automobile insurance, group insurance, homeowners' insurance, key-person insurance, and title insurance.

After a buyer has made an offer on a piece of real estate, the seller may do which of the following?

The final step in a sale of real estate is called the

When a buyer obtains a mortgage, the bank takes a_____ interest in the property.

Ariel is a life tenant to a house from her grandmother. Which of the following statements is true regarding the house?

Insurance contracts can usually be obtained through which of the following?

Which of the following is an example of real property?

Which of the following is not a typical provision in a real estate sales agreement?

Which of the following should be specified in an offer to buy real estate?

Which of the following parties are normally involved in the sale of real property?

An_______ is an interest either in a person's life or well-being or in property that is sufficiently substantial to justify insuring against injury to or death of the person or damage to the property.

______money is a sum of money that the buyer puts up along with the offer to buy the property. By doing so, the buyer indicates that he or she is making a serious offer.

In a lease agreement, the party leasing the property is referred to as the

______personal property is personal property that represents a set of rights and interests but has no real physical existence.

List and define the four types of concurrent property ownership described in the text.

The sale of real property normally involves three parties. Which of the following is not one of these three parties?

Margaret crosses Phyllis's land to get to Margaret's house. This is an example of which type of easement?

What is a lease of real property? Describe how leases of commercial property might differ from leases of residential property.

A(n)_____ clause in an insurance policy provides that after a policy has been in force for a specified length of time, usually two or three years, the insurer cannot contest statements made in the application.

Todays Professional Paralegal

Career Opportunities

The Inner Workings of the Law Office

Ethics and Professional Responsibility

Sources of American Law

The Court System and Alternative Dispute Resolution

Legal Research and Analysis

Online Legal Research

Legal Writing: Form and Substance

Civil Litigation: Before the Trial

Conducting Interviews and Investigations

Trial Procedures

Criminal Law and Procedures

Tort Law, Product Liability,

Contracts and Intellectual Property Law

Family Law and Estates

Business Organizations and Employment Law

Bankruptcy and Environmental Law

Filters