Question 1

Which of the following occurs when a person takes ownership of property by treating a piece of real property as his or her own,without protest or permission from the owner?

Accepted Answer

A)  Adverse title 
B)  Opposed possession 
C)  Unopposed possession 
D)  Adverse possession 
E)  Obtained title 
A)  Adverse title 
B)  Opposed possession 
C)  Unopposed possession 
D)  Adverse possession 
E)  Obtained title

Question 2

When financing for a property purchase is needed,financing is often obtained by going to a financial institution and obtaining a loan to pay for the property in exchange for which the lender receives a security interest in the property called a title.

Accepted Answer

A) True 
 B)False

Question 3

The ______ is the meeting at which the transfer of title actually takes place and delivery and acceptance occur.

Accepted Answer

A)  Closing 
B)  Termination 
C)  Conclusion 
D)  Transfer 
E)  Wrap-up 
A)  Closing 
B)  Termination 
C)  Conclusion 
D)  Transfer 
E)  Wrap-up

Question 4

Which of the following refers to money that is provided by a potential purchaser and applied toward the purchase price of property if the sale goes through,but forfeited if the buyer changes his or her mind?

Accepted Answer

A)  Earnest money 
B)  A down payment 
C)  Guaranteed funds 
D)  Good faith money 
E)  Proof money 
A)  Earnest money 
B)  A down payment 
C)  Guaranteed funds 
D)  Good faith money 
E)  Proof money

Question 5

In a[n] _____,the investor resident is a shareholder in the corporation owning an apartment building and receives a permanent lease on one unit of the facility upon acquiring stock.

Accepted Answer

A)  Condominium 
B)  Unit investment 
C)  Association 
D)  Cooperative 
E)  Alignment 
A)  Condominium 
B)  Unit investment 
C)  Association 
D)  Cooperative 
E)  Alignment

Question 6

Who will likely win the dispute regarding whether George holds a valid easement?

Accepted Answer

A)  George will likely win only if he told Sally and Ruthy about the easement before their purchase. 
B)  George will likely win regardless of whether he told Sally and Ruthy about the easement before their purchase. 
C)  George will likely win only if he can establish that he paid a fair price for the easement. 
D)  George will likely win only if he told Sally and Ruthy about the easement before their purchase, and if he can establish that he paid a fair price for the easement. 
E)  Ruthy and Sally will likely win because easements are terminated when property is sold. 
A)  George will likely win only if he told Sally and Ruthy about the easement before their purchase. 
B)  George will likely win regardless of whether he told Sally and Ruthy about the easement before their purchase. 
C)  George will likely win only if he can establish that he paid a fair price for the easement. 
D)  George will likely win only if he told Sally and Ruthy about the easement before their purchase, and if he can establish that he paid a fair price for the easement. 
E)  Ruthy and Sally will likely win because easements are terminated when property is sold.

Question 7

If the owners in a tenancy by the entirety divorce,the interest becomes a ______.

Accepted Answer

A)  Tenancy in common 
B)  Joint tenancy 
C)  License 
D)  Fee simple 
E)  Fee simple absolute 
A)  Tenancy in common 
B)  Joint tenancy 
C)  License 
D)  Fee simple 
E)  Fee simple absolute

Question 8

Which of the following is true regarding Bruce's statement that he has no obligation to be involved with the dispute with Alice?

Accepted Answer

A)  He is correct but only because he was not the previous owner who allegedly transferred the interest to Alice. 
B)  He is correct but only if in addition to not being the transferor to Alice, he had no knowledge of any previous transfer to Alice. 
C)  He is correct. 
D)  He is incorrect, and his general warranty deed likely imposes upon him a duty to resolve the dispute involving Alice through proving her wrong, settling with her, or other means. 
E)  He is incorrect only if Alice was truly granted the property and is not engaged in fraud. 
A)  He is correct but only because he was not the previous owner who allegedly transferred the interest to Alice. 
B)  He is correct but only if in addition to not being the transferor to Alice, he had no knowledge of any previous transfer to Alice. 
C)  He is correct. 
D)  He is incorrect, and his general warranty deed likely imposes upon him a duty to resolve the dispute involving Alice through proving her wrong, settling with her, or other means. 
E)  He is incorrect only if Alice was truly granted the property and is not engaged in fraud.

Question 9

Which of the following is meant by Bruce's statement that Kathy has marketable title?

Accepted Answer

A)  That all taxes have been paid. 
B)  That she has legal title and that there are no liens or restrictions on the property of which she is unaware. 
C)  That Kathy has the legal title, not Bruce, and that she, therefore, has responsibility for all repairs. 
D)  All of these. 
E)  That all taxes have been paid and that there are no liens or restrictions on the property, but not that Kathy has legal title. 
A)  That all taxes have been paid. 
B)  That she has legal title and that there are no liens or restrictions on the property of which she is unaware. 
C)  That Kathy has the legal title, not Bruce, and that she, therefore, has responsibility for all repairs. 
D)  All of these. 
E)  That all taxes have been paid and that there are no liens or restrictions on the property, but not that Kathy has legal title.

Question 10

Which of the following would be the most likely result regarding Alex's claim to ownership of the house upon Mark's death?

Accepted Answer

A)  Regardless of the form of ownership held by Trudy and Mark, Alex would get the house because Mark left all his property to Alex in his will. 
B)  Because of the form of ownership held by Trudy and Mark, the will could have conveyed the house to Alex only if the house was specifically mentioned; therefore, since the will simply referenced property, Alex would not get the house. 
C)  Alex would get the house as Mark's child regardless of whether Mark left it to him in the will. 
D)  Alex would get ownership of the house, but he would have a duty to allow Trudy to live there the remainder of her life. 
E)  Alex would not receive the house upon Mark's death because full ownership immediately passed to Trudy. 
A)  Regardless of the form of ownership held by Trudy and Mark, Alex would get the house because Mark left all his property to Alex in his will. 
B)  Because of the form of ownership held by Trudy and Mark, the will could have conveyed the house to Alex only if the house was specifically mentioned; therefore, since the will simply referenced property, Alex would not get the house. 
C)  Alex would get the house as Mark's child regardless of whether Mark left it to him in the will. 
D)  Alex would get ownership of the house, but he would have a duty to allow Trudy to live there the remainder of her life. 
E)  Alex would not receive the house upon Mark's death because full ownership immediately passed to Trudy.

Question 11

Which of the following was the result on appeal in Sauls v.Crosby,the case in the text in which the court addressed whether a life tenant had a right to cut timber for the life tenant's commercial gain?

Accepted Answer

A)  The court ruled that the defendant, as an ordinary life tenant, had no right to cut the timber for his or her own commercial gain. 
B)  The court ruled that the defendant had a right to cut the timber only if at least 30 days' notice was given to the remaindermen. 
C)  The court ruled that the defendant had a right to cut the timber for commercial gain. 
D)  The court ruled that the defendant had a right to cut the timber for commercial gain only if she could establish that she was economically challenged and needed the funds in order to maintain her lifestyle. 
E)  The court ruled that the defendant was prohibited from cutting the timber for commercial gain unless she established that the market for timber was expected to decline significantly due to economic conditions. 
A)  The court ruled that the defendant, as an ordinary life tenant, had no right to cut the timber for his or her own commercial gain. 
B)  The court ruled that the defendant had a right to cut the timber only if at least 30 days' notice was given to the remaindermen. 
C)  The court ruled that the defendant had a right to cut the timber for commercial gain. 
D)  The court ruled that the defendant had a right to cut the timber for commercial gain only if she could establish that she was economically challenged and needed the funds in order to maintain her lifestyle. 
E)  The court ruled that the defendant was prohibited from cutting the timber for commercial gain unless she established that the market for timber was expected to decline significantly due to economic conditions.

Question 12

The document that directs a condominium association is called a[n] _____.

Accepted Answer

A)  Declaration of Covenants, Conditions and Restrictions 
B)  Agreement of Association Rights and Duties 
C)  Contract of Recognition and Association 
D)  Acknowledgement of Ownership and Restrictions 
E)  Condominium Governing Agreement 
A)  Declaration of Covenants, Conditions and Restrictions 
B)  Agreement of Association Rights and Duties 
C)  Contract of Recognition and Association 
D)  Acknowledgement of Ownership and Restrictions 
E)  Condominium Governing Agreement

Question 13

Which of the following would be the most likely result regarding Samantha's claim to the house?

Accepted Answer

A)  She receives all her mother's things including the house. 
B)  Because of the form of ownership previously held by Trudy and Mark, she only receives a portion of the ownership of the house with the remainder being held by any other children of Trudy or Mark, including Alex. 
C)  She receives only a life estate with the remainder going to Alex when she dies. 
D)  She does not receive anything because the entire title had already passed to Alex. 
E)  She must provide Alex with a one-half interest in the house only because her mother did not live longer than 6 months following the death of Mark. 
A)  She receives all her mother's things including the house. 
B)  Because of the form of ownership previously held by Trudy and Mark, she only receives a portion of the ownership of the house with the remainder being held by any other children of Trudy or Mark, including Alex. 
C)  She receives only a life estate with the remainder going to Alex when she dies. 
D)  She does not receive anything because the entire title had already passed to Alex. 
E)  She must provide Alex with a one-half interest in the house only because her mother did not live longer than 6 months following the death of Mark.

Question 14

Set forth and discuss two exceptions that may be applied to alter the rule that fixtures remain when a tenant moves.

Accepted Answer

The first exception arises when there is

Question 15

Which of the following is true regarding a tenancy by the entirety?

Accepted Answer

A)  It describes a form of co-ownership by married couples. 
B)  It describes a form of co-ownership by relatives, including married couples as well as brothers and sisters. 
C)  It is another name for tenants in common. 
D)  It is another name for joint tenancy. 
E)  It is a form of co-ownership still in existence in some states by which the husband has absolute control regarding any decisions made regarding improvement of the property. 
A)  It describes a form of co-ownership by married couples. 
B)  It describes a form of co-ownership by relatives, including married couples as well as brothers and sisters. 
C)  It is another name for tenants in common. 
D)  It is another name for joint tenancy. 
E)  It is a form of co-ownership still in existence in some states by which the husband has absolute control regarding any decisions made regarding improvement of the property.

Question 16

A ______ estate is granted for the lifetime of an individual with the right to possess the property terminating at the individual's death.

Accepted Answer

A)  Conditional 
B)  Life 
C)  Leasehold 
D)  Future interest 
E)  Fee simple absolute 
A)  Conditional 
B)  Life 
C)  Leasehold 
D)  Future interest 
E)  Fee simple absolute

Question 17

A[n] ______ is the right to go onto someone's land and take part of the land or a product of it away from the land.

Accepted Answer

A)  Appurtenance 
B)  Profit 
C)  Easement 
D)  Fixation 
E)  Joint use 
A)  Appurtenance 
B)  Profit 
C)  Easement 
D)  Fixation 
E)  Joint use

Question 18

An owner of a ______ has a possessory interest but not an ownership interest.

Accepted Answer

A)  Conditional estate 
B)  Life estate 
C)  Leasehold 
D)  Future interest 
E)  Fee simple absolute 
A)  Conditional estate 
B)  Life estate 
C)  Leasehold 
D)  Future interest 
E)  Fee simple absolute

Question 19

A[n] ______ deed is the most commonly used deed to transfer property and contains certain promises by the grantor.

Accepted Answer

A)  Quitclaim 
B)  Special warranty 
C)  Approved 
D)  General warranty 
E)  Specific 
A)  Quitclaim 
B)  Special warranty 
C)  Approved 
D)  General warranty 
E)  Specific

Question 20

Unreasonable zoning may constitute a constructive taking of property by the government.

Accepted Answer

A) True 
 B)False

Exam 49: Real Property

Which of the following occurs when a person takes ownership of property by treating a piece of real property as his or her own,without protest or permission from the owner?

When financing for a property purchase is needed,financing is often obtained by going to a financial institution and obtaining a loan to pay for the property in exchange for which the lender receives a security interest in the property called a title.

The ______ is the meeting at which the transfer of title actually takes place and delivery and acceptance occur.

Which of the following refers to money that is provided by a potential purchaser and applied toward the purchase price of property if the sale goes through,but forfeited if the buyer changes his or her mind?

In a[n] _____,the investor resident is a shareholder in the corporation owning an apartment building and receives a permanent lease on one unit of the facility upon acquiring stock.

Who will likely win the dispute regarding whether George holds a valid easement?

If the owners in a tenancy by the entirety divorce,the interest becomes a ______.

Which of the following is true regarding Bruce's statement that he has no obligation to be involved with the dispute with Alice?

Which of the following is meant by Bruce's statement that Kathy has marketable title?

Which of the following would be the most likely result regarding Alex's claim to ownership of the house upon Mark's death?

Which of the following was the result on appeal in Sauls v.Crosby,the case in the text in which the court addressed whether a life tenant had a right to cut timber for the life tenant's commercial gain?

The document that directs a condominium association is called a[n] _____.

Which of the following would be the most likely result regarding Samantha's claim to the house?

Set forth and discuss two exceptions that may be applied to alter the rule that fixtures remain when a tenant moves.

Which of the following is true regarding a tenancy by the entirety?

A ______ estate is granted for the lifetime of an individual with the right to possess the property terminating at the individual's death.

A[n] ______ is the right to go onto someone's land and take part of the land or a product of it away from the land.

An owner of a ______ has a possessory interest but not an ownership interest.

A[n] ______ deed is the most commonly used deed to transfer property and contains certain promises by the grantor.

Unreasonable zoning may constitute a constructive taking of property by the government.

An Introduction to Dynamic Business Law

Business Ethics

The Uslegal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Introduction to Contracts

Agreement

Consideration

Capacity and Illegality

Reality of Assent

Contracts in Writing

Third Party Rights to Contracts

Performance,Breach of Contract,discharge,and Remedies

Introduction to Sales and Lease Contracts

Title,Risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Lease Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, Holder in Due Course, and Defenses

Liability,defenses,and Discharge

Checks and Electronic Fund Transfers

Secured Transactions

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organizations

Partnerships: Nature, Formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, Officers, and Shareholders

Corporations: Mergers, Consolidations, and Termination

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, Personal Property, and Bailments

Landlord-Tenant Law

Insurance Law

Wills and Trusts

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