Exam 16: Real Property and Insurance Law

Fee simple absolute ownership is

Which of the following is another term for the closing?

Jon is a paralegal for Anthony. Anthony has a client who is buying a house. Jon is likely to be involved in undertaking the

The government decides it wants Maria's land for use for a public highway. The government can take Maria's land using the power of

A person seeking insurance from an insurance company's agent will usually be protected under which of the following circumstances?

Mary and Mona co-own a small bakery. When Mary dies, her interest in the bakery passes to her daughter, Rachel. Mary and Mona must have owned the bakery in

An example of a restriction to the use of a property owned in fee simple absolute is

Which of the following is not a typical lease term?

List and define the steps involved in the sale of real estate.

In a lease agreement, the property owner is referred to as the

What might result if an insurance applicant makes false statements in an insurance application?

Which of the following is not a defense against paying a claim that an insurer could raise?

_________is the co-ownership of property by spouses in which each spouse owns an undivided one- half interest of the property that is acquired during the marriage.

_________is the co-ownership of property in which each party owns an undivided interest in the property, and on the death of one of them, his or her interest automatically passes to the other tenant or tenants.

In most states, statutes mandate that leases exceeding ______in duration must be in writing.

In insurance law, a(n)_____ is a contract for insurance coverage. It spells out the precise terms and conditions as to what will and will not be covered under the contract.

Which of the following is likely to function as an escrow agent in a sale of real property?

A transfer by a landlord/lessor of real or personal property to a tenant/lessee for a period of time for consideration is called a(n)

A prediction concerning potential loss based on known and unknown factors is

______is the planning that is undertaken to reduce the risk of loss from known and unknown events. In the context of insurance, it involves transferring certain risks from the insured to the insurance company.