Question 1

When a non-occupying investor and an owner-occupant pool their resources to buy a home, this is called:

Accepted Answer

A)  equity ownership 
B)  equity occupancy 
C)  equity sharing 
D)  equity investing

Question 2

A metes and bounds description requires:

Accepted Answer

A)  a point of beginning 
B)  a distance and direction from one point to another 
C)  a return to the point of beginning 
D)  all of the above

Question 3

Don and June Seaman, father and daughter, purchased real estate as joint tenancy. Don died and left a number of personal debts. If he possessed no money or other property, his creditors could:

Accepted Answer

A)  place a lien against his daughter's property 
B)  obtain no satisfaction against the real estate 
C)  sue the daughter for the money 
D)  place an attachment against the real estate

Question 4

Real estate law states that in order to be valid, a deed must contain:

Accepted Answer

A)  a date 
B)  a granting clause 
C)  the signature of the grantee 
D)  evidence of a notary

Question 5

The W 1/2 of the NW 1/4 of the NW 1/4 of the SE 1/4, and the SW 1/4 of Section 10 contains:

Accepted Answer

A)  2 1/2 acres 
B)  5 acres 
C)  45 acres 
D)  165 acres

Question 6

In the U. S. Government Survey System, which lines run parallel to the principal base line?

Accepted Answer

A)  township line 
B)  meridian line 
C)  range line 
D)  survey line

Question 7

Which one of the following is a correct statement regarding tenancy in common?

Accepted Answer

A)  of the four unities, only the unity of possession is required 
B)  the same right of survivorship exists as in joint tenancy 
C)  each owner has an equal interest in the property 
D)  upon the death of one co-owner, no probate is required

Question 8

Mr. Rhu deeds a life estate to Ms. Silva with the stipulation that upon her death the property comes back to him. If Rhu and Silva are killed together in an auto accident, who gets the property?

Accepted Answer

A)  it escheats to the state 
B)  Rhu's heirs and devisees 
C)  Silva's heirs 
D)  the county where property is located

Question 9

Which of the following is not considered concurrent ownership?

Accepted Answer

A)  As an unmarried person 
B)  Community property 
C)  As a widow 
D)  None of the above

Question 10

For a married couple, community property rules include all of the following except:

Accepted Answer

A)  property acquired by gift after marriage can be separate property 
B)  each spouse must will their interest to the surviving spouse if title is held without the right of survivorship 
C)  it takes the signature of both spouses to sell community property 
D)  each spouse has the equal right to manage community property

Question 11

To have a valid joint tenancy, all the owner names must appear on the same document. This is known as the unity of:

Accepted Answer

A)  time 
B)  title 
C)  interest 
D)  possession

Question 12

The passing of title to the state because of the lack of heirs is called:

Accepted Answer

A)  escheat 
B)  eminent domain 
C)  police power 
D)  condemnation

Question 13

The recording of a deed gives:

Accepted Answer

A)  actual notice 
B)  constructive notice 
C)  right of possession 
D)  effective notice

Question 14

A sequential list of owners for a parcel of real estate is called:

Accepted Answer

A)  constructive notice 
B)  chain of title 
C)  notarized record 
D)  deed of reconveyance

Question 15

The sudden tearing away of land along a river with the re-deposit of the land on the other side of the river, downstream, is called:

Accepted Answer

A)  erosion 
B)  accretion 
C)  avulsion 
D)  reliction

Question 16

When possession of land includes open and notorious use for 5 years, hostile to the owner's wishes, and payment of property taxes, this best describes:

Accepted Answer

A)  intestate succession 
B)  accession title 
C)  alluvion ownership 
D)  adverse possession

Question 17

Who is competent to deed title to real estate?

Accepted Answer

A)  17-year-old unmarried student 
B)  married 16-year-old 
C)  convict under a death sentence 
D)  none of the above are competent to deed

Question 18

When describing or locating a piece of property using the metes and bounds system, which of these would be classified as artificial markers?

Accepted Answer

A)  rocks 
B)  trees 
C)  streets 
D)  rivers

Question 19

If a person took title to real estate as a sole owner, the ownership is called:

Accepted Answer

A)  ownership in gross 
B)  ownership in common 
C)  ownership in tenancy 
D)  ownership in severalty

Question 20

Shelves in a retail store are an example of:

Accepted Answer

A)  real estate 
B)  encumbrances 
C)  trade fixtures 
D)  real property

Exam 2: Part I: Legal Description, Method of Acquiring Title , and Deeds