Question 1

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  False

Question 2

CASE 18.1 Eaton v.Federal National Mortgage Association (2012)dealt with the underlying promissory note,the assignments to a third party,andthe true mortgagee-in-fact.After reviewing the relevant common and statutory laws,the court concluded that the true __________ means the party __________.

Accepted Answer

A)  mortgagee, securing the note on the real property 
B)  mortgagor, transferring legal title of the real property to the lender 
C)  mortgagee, transferring legal title of the real property to the lender 
D)  mortgagee, holding the underlying mortgage note 
A)  mortgagee, securing the note on the real property 
B)  mortgagor, transferring legal title of the real property to the lender 
C)  mortgagee, transferring legal title of the real property to the lender 
D)  mortgagee, holding the underlying mortgage note D

Question 3

The ownership interests of tenants in common are by definition equal.

Accepted Answer

A) True 
 B)False  False

Question 4

__________ each own an undivided fractional interest in a parcel of real property.

Accepted Answer

A)  Tenants in common 
B)  Joint tenants 
C)  Tenants by the entirety 
D)  Community property tenants 
A)  Tenants in common 
B)  Joint tenants 
C)  Tenants by the entirety 
D)  Community property tenants

Question 5

In CASE 18.3 Koontz v.St.Johns River Water Management District (2013),plaintiff Koontz purchased 14.9 acres of undeveloped land classified as "wetlands." The State of Florida found Koontz's land-use permit proposal (which included land and cash)to develop the land inadequate and imposed more "conditions" to the permit.Koontz found these conditions were excessive under theNolan and Dollan cases,and filed suit.The U.S.Supreme Court __________ the Florida Supreme Court,holding that the government's demand for property (and cash)for land under the __________ requirements amounted to a(n)__________ of Koontz's land.

Accepted Answer

A)  affirmed, Kelo, unconstitutional taking 
B)  reversed, Nolan and Dollan, unconstitutional taking 
C)  reversed, Kelo, nonconforming use 
D)  affirmed, Nolan and Dollan, unconstitutional taking 
A)  affirmed, Kelo, unconstitutional taking 
B)  reversed, Nolan and Dollan, unconstitutional taking 
C)  reversed, Kelo, nonconforming use 
D)  affirmed, Nolan and Dollan, unconstitutional taking

Question 6

As opposed to a general partnership,property may not be held in a limited partnership.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is not true regarding the legal requirements of a deed?

Accepted Answer

A)  It must specifically describe the interest that is conveyed. 
B)  It must signed by the named grantee. 
C)  It must be delivered to the named grantee. 
D)  It must be accepted by the named grantee. 
A)  It must specifically describe the interest that is conveyed. 
B)  It must signed by the named grantee. 
C)  It must be delivered to the named grantee. 
D)  It must be accepted by the named grantee.

Question 9

In relation to notice in connection with a property interest,courts may find __________ notice if a reasonable inquiry would have disclosed a prior interest.

Accepted Answer

A)  actual 
B)  absolute 
C)  constructive 
D)  necessary 
A)  actual 
B)  absolute 
C)  constructive 
D)  necessary

Question 10

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 11

Fact Pattern 18-1
Prudence wants to develop a shopping center in her town. She is very interested in developing the center at the location of an old dump. She can purchase the property cheaply, and it is near one of the fastest growing areas of the city. She is concerned, however, about being held liable for all cleanup costs. She has heard about federal and state funds that may be available; but she is concerned that if she purchases the property knowing that contamination is likely there, she will not be eligible to participate in government assistance programs for cleanup. She decides to discuss her problem with Bruce, a law student studying environmental law.
-Refer to Fact Pattern 18-1.What should Bruce advise Prudence regarding her plans?

Accepted Answer

A)  That she should forget the project because she would be ineligible for any cleanup assistance and, as owner, would be individually liable for the entire project. 
B)  That she should buy the property without any investigation and deny knowledge of contamination if later questioned because under federal law she can only be held liable if she had full and informed knowledge of contaminants when she made the purchase. 
C)  That she should incorporate because while an individual is liable for the entire costs of cleanup, a corporation is not. 
D)  That by taking appropriate steps to become a bona fide prospective purchaser, she can avoid liability for legacy contamination. 
A)  That she should forget the project because she would be ineligible for any cleanup assistance and, as owner, would be individually liable for the entire project. 
B)  That she should buy the property without any investigation and deny knowledge of contamination if later questioned because under federal law she can only be held liable if she had full and informed knowledge of contaminants when she made the purchase. 
C)  That she should incorporate because while an individual is liable for the entire costs of cleanup, a corporation is not. 
D)  That by taking appropriate steps to become a bona fide prospective purchaser, she can avoid liability for legacy contamination.

Question 12

Which of the following have been identified as valid uses of a state's police power?

Accepted Answer

A)  Efforts to address threats to the public health and safety, such as fires and unsanitary conditions. 
B)  Rent control within constitutional limits and efforts to address threats to the public health and safety, such as fires and unsanitary conditions 
C)  Rent control within constitutional limits; efforts to address threats to the public health and safety, such as fires and unsanitary conditions; and restrictions on off-site advertising signs. 
D)  Only efforts involving legislation addressing the conduct of police officers both on and off the job because the state's police power is limited to supervision of law enforcement officers within the state's jurisdiction. 
A)  Efforts to address threats to the public health and safety, such as fires and unsanitary conditions. 
B)  Rent control within constitutional limits and efforts to address threats to the public health and safety, such as fires and unsanitary conditions 
C)  Rent control within constitutional limits; efforts to address threats to the public health and safety, such as fires and unsanitary conditions; and restrictions on off-site advertising signs. 
D)  Only efforts involving legislation addressing the conduct of police officers both on and off the job because the state's police power is limited to supervision of law enforcement officers within the state's jurisdiction.

Question 13

A __________ is the right,conferred by a written contract,to purchase property on the same terms offered by or to a third 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 14

Compare and contrast joint tenancy and tenancy by the entirety.

Accepted Answer

In a joint tenancy,property is owned in

Question 15

Real estate law has its roots in both English common law and Spanish civil law.

Accepted Answer

A) True 
 B)False

Question 16

The Americans with Disabilities Act places requirements on employers regarding accommodating the disabled but does not address accessibility to commercial facilities.

Accepted Answer

A) True 
 B)False

Question 17

All tenants in common have an equal right to possession of the property.

Accepted Answer

A) True 
 B)False

Question 18

In a(n)__________ listing,the listing broker will receive a commission only if he or she procures a ready,willing,and able buyer.

Accepted Answer

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

Question 19

Bob is selling his home.During the inspection with his broker,Bob discovered that some of the pipes in the walls had developed tiny leaks.The cost of fully repairing this condition would cost thousands of dollars and take approximately three months.Instead,Bob verbally represented to each and every buyer that the house was "in great shape" and "had no problems." Carl bought Bob's house; and six months after the deal closed,a pipe broke causing ten thousand dollars in damages.What remedies does Carl have against Bob regarding the sale of the house? Discuss fully.

Accepted Answer

In most states,sellers have an obligatio

Question 20

What is generally meant by a reference to a triple net industrial lease?

Accepted Answer

A)  That the tenant pays all taxes, insurance, and operating maintenance expenses. 
B)  That the lessor pays all taxes, insurance, and operating maintenance expenses. 
C)  That the tenant pays insurance and operating maintenance expenses, but that the lessor pays taxes. 
D)  That the lessor pays insurance and operating maintenance expenses, but that the tenant pays taxes. 
A)  That the tenant pays all taxes, insurance, and operating maintenance expenses. 
B)  That the lessor pays all taxes, insurance, and operating maintenance expenses. 
C)  That the tenant pays insurance and operating maintenance expenses, but that the lessor pays taxes. 
D)  That the lessor pays insurance and operating maintenance expenses, but that the tenant pays taxes.

Exam 18: Real Property and Land Use.

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

CASE 18.1 Eaton v.Federal National Mortgage Association (2012)dealt with the underlying promissory note,the assignments to a third party,andthe true mortgagee-in-fact.After reviewing the relevant common and statutory laws,the court concluded that the true __________ means the party __________.

The ownership interests of tenants in common are by definition equal.

__________ each own an undivided fractional interest in a parcel of real property.

As opposed to a general partnership,property may not be held in a limited partnership.

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

Which of the following is not true regarding the legal requirements of a deed?

In relation to notice in connection with a property interest,courts may find __________ notice if a reasonable inquiry would have disclosed a prior interest.

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

Which of the following have been identified as valid uses of a state's police power?

A __________ is the right,conferred by a written contract,to purchase property on the same terms offered by or to a third party.

Compare and contrast joint tenancy and tenancy by the entirety.

Real estate law has its roots in both English common law and Spanish civil law.

The Americans with Disabilities Act places requirements on employers regarding accommodating the disabled but does not address accessibility to commercial facilities.

All tenants in common have an equal right to possession of the property.

In a(n)__________ listing,the listing broker will receive a commission only if he or she procures a ready,willing,and able buyer.

What is generally meant by a reference to a triple net industrial lease?

Law, Value Creation, and Risk Management.

Ethics and the Law.

Sources of Law, Courts, and Dispute Resolution.

Constitutional Bases for Business Regulation.

Agency.

Administrative Law.

Contracts.

Sales, Licensing, and E-Commerce.

Torts and Privacy Protection.

Product Liability.

Intellectual Property.

The Employment Agreement.

Civil Rights and Employment Discrimination.

Criminal Law.

Environmental Law and Sustainability.

Antitrust.

Consumer Protection.

Forms of Business Organizations.

Directors, Officers, and Controlling Shareholders.

Public and Private Offerings of Securities.

Securities Fraud and Insider Trading.

Debtor-Creditor Relations and Bankruptcy.

International Law and Transactions.

Filters

CASE 18.1 Eaton v.Federal National Mortgage Association (2012)dealt with the underlying promissory note,the assignments to a third party,andthe true mortgagee-in-fact.After reviewing the relevant common and statutory laws,the court concluded that the true means the party .