Question 1

Explain the purpose of a UCC-1 financing statement.

Accepted Answer

If a real estate transaction involves both real and personal property and financing is involved, a lend ing institution may require the pledging of personal property as part of the collateral for the loan. In such a situation, it is important for the lending institution to perfect its security interest in the personal property. Perfecting a security interest is a way of indicating priority status among creditors. This is done by filing a UCC-1 financing statement, sometimes referred to as a filing statement or financing statement, in the same ofice in which mortgages on real property are recorded. By filing a UCC-1 financing statement, the lender is giving notice to third parties of its security interest in the personal property described in the statement.

Question 2

The greatest estate one may hold is a fee simple absolute.

Accepted Answer

A) True 
 B)False  True

Question 3

In community property states, community property includes:

Accepted Answer

A)  all personal property acquired during marriage by either spouse 
B)  all real property acquired during marriage by either spouse 
C)  all personal and real property acquired during marriage by either spouse C

Question 4

Deine homestead property, and list the three contexts in which homestead property is important.

Accepted Answer

The answer of Deine homestead property, and list the three...

Question 5

If an estate for years is created for a period of more than one year, the lease conveying the interest must be in writing in order to be enforceable.

Accepted Answer

A) True 
 B)False

Question 6

Personal property is transferred by a document called a ____________.

Accepted Answer

The answer of Personal property is transferred by a document...

Question 7

Explain the following: 
(a) surface rights, 
(b)air rights, and 
(c)subsurface rights.

Accepted Answer

The answer of Explain the following: 
(a) surface rights, 
(b)air...

Question 8

____________ means acquiring title through taking possession of land that belongs to another without the owner's consent and retaining possession for a statutory period of time.

Accepted Answer

The answer of ____________ means acquiring title through taking possession...

Question 9

The following type of joint ownership requires the presence of the four unities:

Accepted Answer

A)  tenancy by the entirety 
B)  tenancy in common 
C)  joint tenancy

Question 10

A ____________ is an object that at one time was personal property but, through the process of attachment to real property, has become part of the real property.

Accepted Answer

The answer of A ____________ is an object that at...

Question 11

____________ rights are those rights pertaining to a landowner whose land abuts a lake, ocean, or sea.

Accepted Answer

The answer of ____________ rights are those rights pertaining to...

Question 12

The following type of joint ownership does not include the right of survivorship:

Accepted Answer

A)  tenancy by the entirety 
B)  tenancy in common 
C)  joint tenancy

Question 13

The holder of a leasehold estate possesses all of the following property rights except:

Accepted Answer

A)  right of possession 
B)  right of disposition 
C)  right of use

Question 14

List four methods of acquiring real property.

Accepted Answer

The answer of List four methods of acquiring real property....

Question 15

Both personal and real property are transferred by deed.

Accepted Answer

A) True 
 B)False

Question 16

Curtesy rights allow a widow a certain percentage of her deceased husband's property.

Accepted Answer

A) True 
 B)False

Question 17

Today, in most states, this type of leasehold is disallowed:

Accepted Answer

A)  tenancy at sufferance 
B)  tenancy from period to period 
C)  tenancy at will

Question 18

If the grantor specifes to whom title to real property passes upon termination of a life estate, the person so indicated is referred to as a ____________.

Accepted Answer

The answer of If the grantor specifes to whom title...

Question 19

Littoral rights are those pertaining to a landowner whose land abuts a river.

Accepted Answer

A) True 
 B)False

Exam 2: Basic Principles of Real Estate Law

Explain the purpose of a UCC-1 financing statement.

The greatest estate one may hold is a fee simple absolute.

In community property states, community property includes:

Deine homestead property, and list the three contexts in which homestead property is important.

If an estate for years is created for a period of more than one year, the lease conveying the interest must be in writing in order to be enforceable.

Personal property is transferred by a document called a ____________.

Explain the following: (a) surface rights, (b)air rights, and (c)subsurface rights.

____________ means acquiring title through taking possession of land that belongs to another without the owner's consent and retaining possession for a statutory period of time.

The following type of joint ownership requires the presence of the four unities:

A ____________ is an object that at one time was personal property but, through the process of attachment to real property, has become part of the real property.

____________ rights are those rights pertaining to a landowner whose land abuts a lake, ocean, or sea.

The following type of joint ownership does not include the right of survivorship:

The holder of a leasehold estate possesses all of the following property rights except:

List four methods of acquiring real property.

Both personal and real property are transferred by deed.

Curtesy rights allow a widow a certain percentage of her deceased husband's property.

Today, in most states, this type of leasehold is disallowed:

If the grantor specifes to whom title to real property passes upon termination of a life estate, the person so indicated is referred to as a ____________.

Littoral rights are those pertaining to a landowner whose land abuts a river.