Question 1

A deed can only be used to transfer a fee simple absolute interest in real property.

Accepted Answer

A) True 
 B)False

Question 2

What is an easement and how is it created?

Accepted Answer

An easement is an interest in land that

Question 3

After the death of Horace,the remaining two joint tenants of the luxury restaurant Rendezvous became the owners of Horace's interest in the property automatically.This feature of their concurrent ownership is called ________.

Accepted Answer

A) quiet title action 
B) adverse possession 
C) nonconforming use 
D) right of survivorship 
A) quiet title action 
B) adverse possession 
C) nonconforming use 
D) right of survivorship

Question 4

If they filed for divorce in a state that recognizes community property,what would be the separate property owned by Jonas at the end of their marriage?

Accepted Answer

A) $1 million of real estate and $1.5 million in securities 
B) $500,000 of real estate and $2.5 million in securities 
C) $1.5 million of real estate and $3 million in securities 
D) $2.5 million of real estate and $2 million securities 
A) $1 million of real estate and $1.5 million in securities 
B) $500,000 of real estate and $2.5 million in securities 
C) $1.5 million of real estate and $3 million in securities 
D) $2.5 million of real estate and $2 million securities

Question 5

Air rights enable the owner of a property to ________.

Accepted Answer

A) develop natural and cultivated plant life on the land 
B) drill into the earth to utilize ground water for personal use 
C) rent or sell the space above the property for commercial purposes 
D) create fixtures inside the real property that become a part of the sale agreement 
A) develop natural and cultivated plant life on the land 
B) drill into the earth to utilize ground water for personal use 
C) rent or sell the space above the property for commercial purposes 
D) create fixtures inside the real property that become a part of the sale agreement

Question 6

Reversion occurs when the rights of possession returns to a third party upon the expiration of a limited estate.

Accepted Answer

A) True 
 B)False

Question 7

In a special warranty deed,the seller is liable for defects in title that existed before the seller obtained the property.

Accepted Answer

A) True 
 B)False

Question 8

A(n)________ is an instrument that describes a person's ownership interest in a piece of real property.

Accepted Answer

A) title insurance 
B) deed 
C) license 
D) easement 
A) title insurance 
B) deed 
C) license 
D) easement

Question 9

The Statute of Frauds requires real estate sales contracts to be in writing.

Accepted Answer

A) True 
 B)False

Question 10

What are fixtures?

Accepted Answer

A) goods closely associated with a piece of real property 
B) intangible properties created inside the premises of a real property 
C) parts of a real property that are easily transferrable without substantial damage to the property 
D) goods that cannot be classified as personal property or real property 
A) goods closely associated with a piece of real property 
B) intangible properties created inside the premises of a real property 
C) parts of a real property that are easily transferrable without substantial damage to the property 
D) goods that cannot be classified as personal property or real property

Question 11

A ________ is an exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance.

Accepted Answer

A) variance 
B) fixture 
C) dominant estate 
D) servient estate 
A) variance 
B) fixture 
C) dominant estate 
D) servient estate

Question 12

Which of the following defines a remainder as a form of future interest?

Accepted Answer

A) It is a right of possession that returns to the grantor after the expiration of a limited or contingent estate. 
B) It is a right of possession that returns to a third party upon the expiration of a limited or contingent estate. 
C) It is a form of concurrent possession of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation. 
D) It is a form of concurrent possession that includes the right of survivorship. 
A) It is a right of possession that returns to the grantor after the expiration of a limited or contingent estate. 
B) It is a right of possession that returns to a third party upon the expiration of a limited or contingent estate. 
C) It is a form of concurrent possession of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation. 
D) It is a form of concurrent possession that includes the right of survivorship.

Question 13

Buildings constructed on land are considered personal property.

Accepted Answer

A) True 
 B)False

Question 14

A deed in which the grantor of real property transfers whatever interest he or she has in the property to the grantee is known as a ________.

Accepted Answer

A) quitclaim deed 
B) general warranty deed 
C) grand deed 
D) special warranty deed 
A) quitclaim deed 
B) general warranty deed 
C) grand deed 
D) special warranty deed

Question 15

________ is a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.

Accepted Answer

A) Fee simple absolute 
B) Life estate 
C) Servient estate 
D) Fee simple defeasible 
A) Fee simple absolute 
B) Life estate 
C) Servient estate 
D) Fee simple defeasible

Question 16

A bridge would be an example of real property.

Accepted Answer

A) True 
 B)False

Question 17

A surviving spouse in a tenancy by the entirety has the right of survivorship.

Accepted Answer

A) True 
 B)False

Question 18

Subsurface rights cannot be sold separately from surface rights.

Accepted Answer

A) True 
 B)False

Question 19

Ownership of real property can be transferred by gift.

Accepted Answer

A) True 
 B)False

Question 20

Plant life and vegetation growing on the surface of land are considered ________.

Accepted Answer

A) intangible property 
B) real property 
C) personal property 
D) chattels 
A) intangible property 
B) real property 
C) personal property 
D) chattels

Exam 48: Real Property

A deed can only be used to transfer a fee simple absolute interest in real property.

What is an easement and how is it created?

After the death of Horace,the remaining two joint tenants of the luxury restaurant Rendezvous became the owners of Horace's interest in the property automatically.This feature of their concurrent ownership is called ________.

If they filed for divorce in a state that recognizes community property,what would be the separate property owned by Jonas at the end of their marriage?

Air rights enable the owner of a property to ________.

Reversion occurs when the rights of possession returns to a third party upon the expiration of a limited estate.

In a special warranty deed,the seller is liable for defects in title that existed before the seller obtained the property.

A(n)________ is an instrument that describes a person's ownership interest in a piece of real property.

The Statute of Frauds requires real estate sales contracts to be in writing.

What are fixtures?

A ________ is an exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance.

Which of the following defines a remainder as a form of future interest?

Buildings constructed on land are considered personal property.

A deed in which the grantor of real property transfers whatever interest he or she has in the property to the grantee is known as a ________.

________ is a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.

A bridge would be an example of real property.

A surviving spouse in a tenancy by the entirety has the right of survivorship.

Subsurface rights cannot be sold separately from surface rights.

Ownership of real property can be transferred by gift.

Plant life and vegetation growing on the surface of land are considered ________.

Legal Environment of Business and Online Commerce

Courts and Jurisdiction

Judicial, alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Digital Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, agents, and Independent Contractors

Employment, worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, e-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, real Property, and Insurance

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, trusts, and Estates

Family Law

International and World Trade Law

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