Question 1

Property that has physical substance is

Accepted Answer

A)  physical property. 
B)  real property. 
C)  personal property. 
D)  property held in fee. 
A)  physical property. 
B)  real property. 
C)  personal property. 
D)  property held in fee.

Question 2

A written instrument giving a creditor an interest in the debtor's real property as security for a debt is called a(n)

Accepted Answer

A)  contract. 
B)  agreement. 
C)  mortgage. 
D)  loan. 
A)  contract. 
B)  agreement. 
C)  mortgage. 
D)  loan.

Question 3

Immovable property consisting of land and the buildings and plant life on it is called

Accepted Answer

A)  property. 
B)  real property. 
C)  personal property. 
D)  property held in fee. 
A)  property. 
B)  real property. 
C)  personal property. 
D)  property held in fee.

Question 4

Which of the following is not likely to function as an escrow agent in a sale of real property?

Accepted Answer

A)  A paralegal 
B)  A title company 
C)  A bank 
D)  A special escrow company 
A)  A paralegal 
B)  A title company 
C)  A bank 
D)  A special escrow company

Question 5

Which of the following is an example of shared-property ownership?

Accepted Answer

A)  Lease 
B)  Fee simple absolute 
C)  Tenancy by the entirety 
D)  Life estate 
A)  Lease 
B)  Fee simple absolute 
C)  Tenancy by the entirety 
D)  Life estate

Question 6

Which of the following does not need to 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)  None of these choices is 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)  None of these choices is correct.

Question 7

The premium in an insurance contract is the

Accepted Answer

A)  consideration paid to the insurer. 
B)  insurance company. 
C)  property being insured. 
D)  first payment of the contract. 
A)  consideration paid to the insurer. 
B)  insurance company. 
C)  property being insured. 
D)  first payment of the contract.

Question 8

The term_______ refers to a duty to make good on any loss, damage, or liability claims
Incurred by another.

Accepted Answer

A)  responsibility 
B)  claim 
C)  indemnity 
D)  insurance 
A)  responsibility 
B)  claim 
C)  indemnity 
D)  insurance

Question 9

A gas company is allowed to maintain the gas lines that cross Wilbur's property due to which of the following?

Accepted Answer

A)  Zoning rights 
B)  Easement 
C)  Eminent domain 
D)  Community property 
A)  Zoning rights 
B)  Easement 
C)  Eminent domain 
D)  Community property

Question 10

Which of the following statements is true regarding insurance?

Accepted Answer

A)  An insurance contract is called a policy. 
B)  The consideration paid to the insurer is called a premium. 
C)  The insurance company is sometimes called the underwriter. 
D)  All these choices are correct. 
A)  An insurance contract is called a policy. 
B)  The consideration paid to the insurer is called a premium. 
C)  The insurance company is sometimes called the underwriter. 
D)  All these choices are correct.

Question 11

Which of the following is not an example of real property?

Accepted Answer

A)  An acre of land 
B)  The minerals under an acre of land 
C)  The air above an acre of land 
D)  None of these choices is correct. 
A)  An acre of land 
B)  The minerals under an acre of land 
C)  The air above an acre of land 
D)  None of these choices is correct.

Question 12

Roger owns a car, a house, and a large field. Roger has

Accepted Answer

A)  real property only. 
B)  personal property only. 
C)  real and personal property. 
D)  tangible personal property only. 
A)  real property only. 
B)  personal property only. 
C)  real and personal property. 
D)  tangible personal property only.

Question 13

A(n)______ clause in an insurance policy provides that if the parties cannot agree on the amount of a loss covered under the policy or the value of the property lost, an estimate by an impartial and qualified third party can be demanded.

Accepted Answer

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

Question 14

What do the terms indemnity and subrogation mean in the context of insurance policies?

Accepted Answer

The term indemnity refers to a duty to m

Question 15

Karina is a paralegal preparing for a closing for the sale of a house. She should

Accepted Answer

A)  order the closing package as far in advance as possible. 
B)  review each document to make sure the parties' names are listed and spelled correctly. 
C)  review the deed to ensure that the ownership rights are accurately listed and that the names are correct. 
D)  All of these choices are correct. 
A)  order the closing package as far in advance as possible. 
B)  review each document to make sure the parties' names are listed and spelled correctly. 
C)  review the deed to ensure that the ownership rights are accurately listed and that the names are correct. 
D)  All of these choices are correct.

Question 16

Jack and Betsy co-own a small stable. When Betsy dies, her interest in the stable passes to Jack and not to Betsy's heirs. Jack and Betsy must have owned the stable in

Accepted Answer

A)  community property. 
B)  tenancy in common. 
C)  joint tenancy. 
D)  inheritable tenancy. 
A)  community property. 
B)  tenancy in common. 
C)  joint tenancy. 
D)  inheritable tenancy.

Question 17

The right of another to use the owner's land for a limited purpose is called a(n)

Accepted Answer

A)  domain. 
B)  easement. 
C)  allowance. 
D)  lease. 
A)  domain. 
B)  easement. 
C)  allowance. 
D)  lease.

Question 18

Frank is a life tenant to a house from his uncle. Which of the following statements is true regarding the house?

Accepted Answer

A)  Frank must live in the house. 
B)  Frank may tear down the house. 
C)  Frank may not do anything to the house that would reduce its value for the owner of the future interest in it. 
D)  None of these choices is correct. 
A)  Frank must live in the house. 
B)  Frank may tear down the house. 
C)  Frank may not do anything to the house that would reduce its value for the owner of the future interest in it. 
D)  None of these choices is correct.

Question 19

What is an incontestability clause? What is an arbitration clause? What is a multiple insurance policies clause?

Accepted Answer

An incontestability clause provides that

Question 20

Under the_________ , lending institutions must notify-within a specified time period- each applicant for a mortgage loan of the precise costs that must be paid at the closing.

Accepted Answer

A)  Real Estate Settlement Procedures Act 
B)  Real Estate Closing Procedures Act 
C)  Real Estate Financing Act 
D)  Real Estate Costs Act 
A)  Real Estate Settlement Procedures Act 
B)  Real Estate Closing Procedures Act 
C)  Real Estate Financing Act 
D)  Real Estate Costs Act

Property that has physical substance is

A written instrument giving a creditor an interest in the debtor's real property as security for a debt is called a(n)

Immovable property consisting of land and the buildings and plant life on it is called

Which of the following is not likely to function as an escrow agent in a sale of real property?

Which of the following is an example of shared-property ownership?

Which of the following does not need to be specified in an offer to buy real estate?

The premium in an insurance contract is the

The term_______ refers to a duty to make good on any loss, damage, or liability claims Incurred by another.

A gas company is allowed to maintain the gas lines that cross Wilbur's property due to which of the following?

Which of the following statements is true regarding insurance?

Which of the following is not an example of real property?

Roger owns a car, a house, and a large field. Roger has

A(n)______ clause in an insurance policy provides that if the parties cannot agree on the amount of a loss covered under the policy or the value of the property lost, an estimate by an impartial and qualified third party can be demanded.

What do the terms indemnity and subrogation mean in the context of insurance policies?

Karina is a paralegal preparing for a closing for the sale of a house. She should

Jack and Betsy co-own a small stable. When Betsy dies, her interest in the stable passes to Jack and not to Betsy's heirs. Jack and Betsy must have owned the stable in

The right of another to use the owner's land for a limited purpose is called a(n)

Frank is a life tenant to a house from his uncle. Which of the following statements is true regarding the house?

What is an incontestability clause? What is an arbitration clause? What is a multiple insurance policies clause?

Under the_________ , lending institutions must notify-within a specified time period- each applicant for a mortgage loan of the precise costs that must be paid at the closing.

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Exam 16: Real Property and Insurance Law

Property that has physical substance is

A written instrument giving a creditor an interest in the debtor's real property as security for a debt is called a(n)

Immovable property consisting of land and the buildings and plant life on it is called

Which of the following is not likely to function as an escrow agent in a sale of real property?

Which of the following is an example of shared-property ownership?

Which of the following does not need to be specified in an offer to buy real estate?

The premium in an insurance contract is the

The term_______ refers to a duty to make good on any loss, damage, or liability claims Incurred by another.

A gas company is allowed to maintain the gas lines that cross Wilbur's property due to which of the following?

Which of the following statements is true regarding insurance?

Which of the following is not an example of real property?

Roger owns a car, a house, and a large field. Roger has

A(n)______ clause in an insurance policy provides that if the parties cannot agree on the amount of a loss covered under the policy or the value of the property lost, an estimate by an impartial and qualified third party can be demanded.

What do the terms indemnity and subrogation mean in the context of insurance policies?

Karina is a paralegal preparing for a closing for the sale of a house. She should

Jack and Betsy co-own a small stable. When Betsy dies, her interest in the stable passes to Jack and not to Betsy's heirs. Jack and Betsy must have owned the stable in

The right of another to use the owner's land for a limited purpose is called a(n)

Frank is a life tenant to a house from his uncle. Which of the following statements is true regarding the house?

What is an incontestability clause? What is an arbitration clause? What is a multiple insurance policies clause?

Under the_________ , lending institutions must notify-within a specified time period- each applicant for a mortgage loan of the precise costs that must be paid at the closing.

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