Exam 16: Real Property and Insurance Law

Without_____ , there can be no enforceable insurance contract.

Closing costs include fees paid to which of the following?

An interest in real property that is transferred to another for the life of that individual is called a

Describe in detail what takes place at a real estate closing. What are closing costs?

Fee simple absolute is sometimes just called

A survey that locates all physical improvements on the land in relation to the boundary lines of the land is an_______ survey.

Julia lives in a historic house in Washington, D.C. She is not allowed to change the outside appearance of the house. This is an example of which type of easement?

When a policy provides insurance against third-party claims, the insurer is obligated to make reasonable efforts to settle such a claim. If a settlement cannot be reached, then regardless of the claim's merit, the insurer must _______any suit against the insured.

Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs upon that that party's death is called

Margaret owns 3,000 acres of land in Texas. This is an example of which of the following?

What is an insurable interest? When does a person have an insurable interest?

Typically, in fire insurance policies, a ______clause provides that if owners insure the Property up to a specified percentage of its replacement value-usually 80 percent-they will be fully reimbursed for any loss.

Stocks, bonds, intellectual property rights, computers, and iPhones are all examples of which of the following?

The one who assumes a risk in return for payment of a premium is the

The power of a government to take land for public use from private citizens for just compensation is called

Describe the role of the escrow agent in the sale of real property.

Which of the following is an example of personal property?

Which of the following parties is likely to undertake a title examination?

______is a prediction concerning potential loss based on known and unknown factors.

Which of the following is not an event that occurs at a real estate closing?