Question 1

The type of deed used by the seller determines the scope of the warranties the buyer is given.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following references the power of government to acquire private property needed for a public use?

Accepted Answer

A)  Adverse possession 
B)  Area plan 
C)  Eminent domain 
D)  Call 
A)  Adverse possession 
B)  Area plan 
C)  Eminent domain 
D)  Call

Question 3

As a general rule,a real estate broker may act for more than one person in a real property transaction without the knowledge of all parties to the transaction.

Accepted Answer

A) True 
 B)False

Question 4

Sales of real property interests to nonresident aliens may be regulated by the state but are not regulated by the federal government.

Accepted Answer

A) True 
 B)False

Question 5

A majority of states impose on commercial builders of houses a(n):

Accepted Answer

A)  express warranty of quality. 
B)  implied warranty of merchantability. 
C)  warranty of deed. 
D)  implied warranty of habitability. 
A)  express warranty of quality. 
B)  implied warranty of merchantability. 
C)  warranty of deed. 
D)  implied warranty of habitability.

Question 6

A __________ sets forth the general terms and conditions of a proposed purchase until a formal acquisition agreement can be signed.

Accepted Answer

A)  letter of agreement 
B)  letter of intent 
C)  form of contract 
D)  formal delineation 
A)  letter of agreement 
B)  letter of intent 
C)  form of contract 
D)  formal delineation

Question 7

A one-point charge will generate a fee of _____ on a loan of $10,000.

Accepted Answer

A)  $1,000 
B)  $100 
C)  $10 
D)  $1 
A)  $1,000 
B)  $100 
C)  $10 
D)  $1

Question 8

A sublease is legally the same thing as an assignment of a lease.

Accepted Answer

A) True 
 B)False

Question 9

Describe in detail the three basic types of deeds including any warranties or guarantees the deeds provide.

Accepted Answer

The three basic types of deeds are grant

Question 10

Which of the following sell beneficial shares that are traded in the stock markets and thereby permit small investors to invest in a diversified portfolio of real estate?

Accepted Answer

A)  Real estate investment trusts 
B)  Real estate mutual funds 
C)  Land diversification trusts 
D)  Investment land diversifications 
A)  Real estate investment trusts 
B)  Real estate mutual funds 
C)  Land diversification trusts 
D)  Investment land diversifications

Question 11

Which of the following is NOT one of the three basic types of deeds?

Accepted Answer

A)  A grant deed 
B)  A specific deed 
C)  A quitclaim deed 
D)  A warranty deed 
A)  A grant deed 
B)  A specific deed 
C)  A quitclaim deed 
D)  A warranty deed

Question 12

In a(n)__________,the potential buyer pays the seller for the right,but not the obligation,to purchase the property during a given time period.

Accepted Answer

A)  right of first refusal 
B)  real estate investment trust 
C)  option contract 
D)  preliminary agreement 
A)  right of first refusal 
B)  real estate investment trust 
C)  option contract 
D)  preliminary agreement

Question 13

A title insurance policy does not insure against:

Accepted Answer

A)  defects in title. 
B)  undisclosed liens. 
C)  defects in warranties. 
D)  errors in the abstraction of the title. 
A)  defects in title. 
B)  undisclosed liens. 
C)  defects in warranties. 
D)  errors in the abstraction of the title.

Question 14

Inverse condemnation by the government constitutes a taking requiring just compensation.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is true regarding the passing of community property upon the death of one of the owners?

Accepted Answer

A)  The community-property interest of a spouse may be separately willed upon death; and in the absence of a will, community property passes to the other spouse. 
B)  The community-property interest of a spouse may be separately willed upon death; and in the absence of a will, passes to the surviving spouse and any surviving children in equal shares upon the death of one of the spouses. 
C)  The community-property interest of a spouse may not be separately willed upon death and passes to the other spouse automatically upon the death of one of the spouses. 
D)  The community-property interest of a spouse may not be separately willed upon death and passes to the surviving spouse and any surviving children in equal shares automatically upon the death of one of the spouses. 
A)  The community-property interest of a spouse may be separately willed upon death; and in the absence of a will, community property passes to the other spouse. 
B)  The community-property interest of a spouse may be separately willed upon death; and in the absence of a will, passes to the surviving spouse and any surviving children in equal shares upon the death of one of the spouses. 
C)  The community-property interest of a spouse may not be separately willed upon death and passes to the other spouse automatically upon the death of one of the spouses. 
D)  The community-property interest of a spouse may not be separately willed upon death and passes to the surviving spouse and any surviving children in equal shares automatically upon the death of one of the spouses.

Question 16

In CASE 18.2 Kelo v.City of New London (2005),the U.S.Supreme Court held that the "takings clause" of the U.S.Constitution's __________ Amendment now means __________ and a city can force private citizens to sell their houses and other property to a __________.

Accepted Answer

A)  First, a regulatory taking, private entity 
B)  Fifth, public use, public entity only 
C)  Fifth, economic development, private party 
D)  Fifth, a regulatory scheme, private party 
A)  First, a regulatory taking, private entity 
B)  Fifth, public use, public entity only 
C)  Fifth, economic development, private party 
D)  Fifth, a regulatory scheme, private party

Question 17

A warranty of__________ is applied in a minority of jurisdictions and involves a warranty at the inception of a commercial lease that there are no latent defects in the premises that will prevent the premises from being used for its intended purpose and that the premises will remain in a suitable condition.

Accepted Answer

A)  habitability 
B)  merchantability 
C)  suitability 
D)  fitness for a particular purpose 
A)  habitability 
B)  merchantability 
C)  suitability 
D)  fitness for a particular purpose

Question 18

A variance allows a landowner to construct something ordinarily not permitted under existing zoning regulations.

Accepted Answer

A) True 
 B)False

Question 19

Title companies often hold purchase money in __________,meaning in a special account,until the conditions for the sale have all been met.

Accepted Answer

A)  open account 
B)  dedication 
C)  escrow 
D)  closed account 
A)  open account 
B)  dedication 
C)  escrow 
D)  closed account

Question 20

English common law created a type of co-ownership of real property between husband and wife called joint tenancy.

Accepted Answer

A) True 
 B)False

Exam 18: Real Property and Land Use.

The type of deed used by the seller determines the scope of the warranties the buyer is given.

Which of the following references the power of government to acquire private property needed for a public use?

As a general rule,a real estate broker may act for more than one person in a real property transaction without the knowledge of all parties to the transaction.

Sales of real property interests to nonresident aliens may be regulated by the state but are not regulated by the federal government.

A majority of states impose on commercial builders of houses a(n):

A __________ sets forth the general terms and conditions of a proposed purchase until a formal acquisition agreement can be signed.

A one-point charge will generate a fee of _____ on a loan of $10,000.

A sublease is legally the same thing as an assignment of a lease.

Describe in detail the three basic types of deeds including any warranties or guarantees the deeds provide.

Which of the following sell beneficial shares that are traded in the stock markets and thereby permit small investors to invest in a diversified portfolio of real estate?

Which of the following is NOT one of the three basic types of deeds?

In a(n)__________,the potential buyer pays the seller for the right,but not the obligation,to purchase the property during a given time period.

A title insurance policy does not insure against:

Inverse condemnation by the government constitutes a taking requiring just compensation.

Which of the following is true regarding the passing of community property upon the death of one of the owners?

In CASE 18.2 Kelo v.City of New London (2005),the U.S.Supreme Court held that the "takings clause" of the U.S.Constitution's __________ Amendment now means __________ and a city can force private citizens to sell their houses and other property to a __________.

A variance allows a landowner to construct something ordinarily not permitted under existing zoning regulations.

Title companies often hold purchase money in __________,meaning in a special account,until the conditions for the sale have all been met.

English common law created a type of co-ownership of real property between husband and wife called joint tenancy.

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

In CASE 18.2 Kelo v.City of New London (2005),the U.S.Supreme Court held that the "takings clause" of the U.S.Constitution's Amendment now means and a city can force private citizens to sell their houses and other property to a __.