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MIDTERM EXAM

Practice

QuestionAnswer
According to the_________ oil or gas is not owned until pumped to the surface and reduced to possession. Deposits of oil and gas are transitory and ever-changing (fugacious). Because of this, California follows the rule of capture, which states that oil and gas are not considered to be owned until pumped to the surface and reduced to possession.
Intestate succession of real property will occur if the property's owner: sence of a valid will, the decedent's property will pass to his or her heirs through the process of intestate succession.
The instrument used to transfer possession of personal property is a: A bill of sale transfers ownership and possession of personal property. A security agreement collateralizes personal property to secure a loan, but does not involve transfer of possession.
A right or privilege associated with ownership of a piece of real property is alan: Appurtenance: A right or privilege associated with ownership of a piece of real property is an appurtenance.
How is real property most different from personal property? Real property is considered immovable by law: Although the documents used to transfer title to or finance real and personal property have different names (deed vs. bill of sale, deed of trust vs. financing agreement), the general principle behind them i
Jim gives a life estate to Sarah, in which she will keep her estate interest as long as Carl is alive. When Carl dies, title will pass to Mark, the remainderman. Sarah's interest is best described as alan: A life estate can designate anybody's life as the measuring life. When the measuring life is that of someone other than one of the parties, a life estate pur autre vie (based on the life of a third party) is created. As with any other life estate, upon th
A contract with an unlawful purpose is: Void: Explanation: A contract that lacks one of the essential elements, such as a lawful objective, is considered void.
The land description method that makes reference to sections, townships, and ranges is the: A. government survey method: The government survey method of land description identifies property through its location in a particular section, township, and range.
A federal law that pertains to loan transactions, including residential real estate loans, and prohibits discrimination based on race, color, religion, national origin, sex, or marital status, or because the applicant receives public assistance, is the: Equal Credit Opportunity Act: promotes fair lending practices for all types of loans, including real estate loans. The Federal Fair Housing Act is limited to the sale, leasing, or financing of residential real estate.
T owns an interest in a cooperative. T receives which of the following? Stock in a corporation: A cooperative tenant holds stock in the corporation that owns the cooperative.
An agency terminates because the buyer's agent helps the buyer to successfully purchase a home. The agency terminates because of: Fulfillment of purpose
A tenancy in common can terminate by: Mutual agreement or partition action
Which of the following persons would be responsible to her employer for results only? Employee
A person who is authorized, in writing, to act legally for another person is alan: Power of attorney
An easement is considered to be alan: A. general lien on real property B. specific lien on real property C. encumbrance on real property D. encroachment on real property
In Georgia, a net listing is: Always prohibited: Although they are legal in some states, net listings are always illegal under Georgia law.
A listing agreement provides for the payment of a commission to the broker even if the owner sells the property without the broker's help. This type of listing agreement is called: Exclusive right to sell listing
Which of the following are NOT appurtenances that pass with the transfer of real property? A. Easements in gross B. Fixtures C. Property improvements D. Water rights
A residential subdivision of single homes would MOST LIKELY be separated from an industrial park by which of the following: A buffer zone
Agents sometimes find potential buyers while on floor duty. Floor duty is the practice of: A. having an open house B. visiting local neighborhoods to ask homeowners if they know of anyone looking to buy C. assigning one agent to handle all the telephone calls and brokerage office visits for a period of time D. calling homeowners to see if they
Which of the following estates is a freehold estate? A. Fee estate B. Estate for years C. Estate at will D. Estate at sufferance
Agent Bob receives a deposit with a written offer that includes a five-day acceptance clause. n the second day, Buyer Martha notifies Agent Bob that she is withdrawing her offer and wants her deposit returned. Seller Lou hasn't accepted the offer yet. Martha has the right to withdraw offer
Which of the following persons would be responsible to her employer for results only? Employee
Under the 1988 amendments to the Federal Fair Housing Act, which of the following individuals qualifies on the basis of his or her age to live in housing that is exempt from the prohibition against excluding children? A 56-year-old executive with nine years remaining until retirement
A seller who was recently divorced received ownership of the property through the divorce proceeding. She wants to sell the property but her ex-husband's name is on the original deed and she is unable to locate him,. Her BEST action would be to: A. File a quiet title action
J is the listing agent for Seller Q. J shows Q's property to Buyer T. Which of the following is true? J represents Q only: J is seller Q's agent, which she must disclose to T from the outset. J's conduct should in no way insinuate that she's acting in T's interest; otherwise an inadvertent dual agency might result
Property that is abandoned and remains unclaimed will ultimately: Escheat to the state: Property escheats to the state after a person dies intestate and no heirs can be located, or when it is abandoned.
The state takes property under the power of eminent domain. Which of the following must apply? The taking must be for a public purpose: Under the power of eminent domain, government agencies can take private property for a public use, upon payment of just compensation to the owner.
What is the difference between a latent defect and a patent defect? A latent defect is hidden, while a patent defect is found through ordinary inspection: are those that would not be discovered through ordinary inspection. Both latent and patent defects should be disclosed on the property disclosure statement form.
A contract that obligates one party only if the other party elects to perform is: Unilateral: A unilateral contract is one in which only one of the parties is obligated to perform.
Which of the following statements about the federal law on lead-based paint is false? C. Tenants must be given ten days in which to conduct an inspection, although they may waive this right: Buyers, but not tenants, have a ten-day window in which to request an inspection for lead-based paint.
When must a selling agent give a copy of the agency disclosure form to the buyer? Before the buyer signs the offer to purchase: on: The buyer must receive a copy of the agency disclosure form before signing the offer to purchase.
Zelinski, a real estate agent, entered into an exclusive right to sell listing with Green. A few weeks later, Zelinski found a ready, willing, and able buyer who made a full price offer. Green refused to accept the offer. Green: can refuse the offer, but will owe Zelinski a commission: Once Zelinski finds a ready, willing, and able buyer under the terms of the listing agreement, he has technically earned his commission, regardless of whether Green accepts the buyer's offer.
An easement is considered to be alan: Encumbrance on real property: Easements are a type of encumbrance. They're nonfinancial encumbrances that affect the use of a property, not liens (financial encumbrances).
A voidable contract is one that: May be enforced or rescinded by one of the parties: A contract is voidable if one party's consent was obtained through fraud, duress, or undue influence, a minor and the contract does not involve real property.
A desk fee is: All the above: A brokerage that does not collect part of the salesperson's commission may instead charge a monthly desk fee to cover office operating costs.
Bo gives a life estate to Joe, who then sells his interest in the property to Moe. Joe shortly thereafter dies unexpectedly. Who receives possession of the property? Bo: Since there is no mention of a remainder interest (or a measuring life other than Joe), the property will revert to Bo. A life tenant may only sell his life estate, so when the life tenant is ended, it will revert to the grantor.
A federal law that pertains to loan transactions, including residential real estate loans, and prohibits discrimination based on race, color, religion, national origin, sex, or marital status, or because the applicant receives public assistance. Federal Fair Housing Act (as amended in 1988)
Agents sometimes find potential buyers while on floor duty. Floor duty is the practice of: Assigning one agent to handle all the telephone calls and brokerage office visits for a period of time
Which of the following estates is a freehold estate? Fee estate
A tenancy in common can terminate by: Mutual agreement or partition action
An estate in real estate: Includes the absolute and exclusive right to possessio
The owner of a property with a condition subsequent: has a qualified fee simple A fee simple qualified estate (a.k.a. fee simple defeasible or fee simple conditional) can be either a fee simple determinable or a fee simple subject to a condition subsequent.
Bob receives a deposit with a written offer that includes a five-day acceptance clause. n the second day, Martha notifies Bob that she is withdrawing her offer and wants her deposit returned. Seller Lou hasn't accepted the offer yet. In this situation: Martha has the right to revoke her offer and get her money back at any time before Lou accepts the offer
Under the 1988 amendments to the Federal Fair Housing Act, which of the following individuals qualifies on the basis of his or her age to live in housing that is exempt from the prohibition against excluding children? A 56-year-old executive with nine years remaining until retiremen
Earl and Merle own a property together with undivided interests, without the right of survivorship. This would be considered: tenancy in common: Unity of possession is a key characteristic of tenancy in common. Each tenant's interest in undivided, so each co-tenant may occupy the entire property.
A prospective tenant who uses a wheelchair is shown a unit in a small apartment building. She likes the unit, but wants to lower the door handles and install grab bars in the bathroom. Under these circumstances, the property owner: can require the tenant to pay for the modifications plus restore the property at the end of the lease (although the owner must allow the tenant to make the modifications)
Agency law is concerned with the duties and rights among: A. agent and principal B. agent and third party C. principal and third party D. All of the above
If an improvement illegally extends onto a neighboring property, it is considered alan: Encroachment
When a counteroffer is made: the offeree becomes the offero: When a counteroffer is made, the original offer is terminated. The counteroffer is a new offer, and the offeree of the original offer is now the offeror of the counteroffer.
Which of the following deeds contains warranties that cover only defects that may have arisen during the grantor's period of ownership? General warranty deed: A general warranty deed essentially warrants that the grantor has good title and will defend it against all adverse claims.
Private restrictions on land may be created by: Deed or written agreement
Mutual assent to a real estate contract is indicated by: Offer and acceptance : Offer and acceptance, mutual assent, and mutual consent all mean the same thing.
A person has been in possession of a property for a long time without the owner's consent. That person's rights have been determined too supercede those of the fee simple owner. This method of acquiring the title to real property is an example of: Adverse possession
The Statue of Fraud intent is to Require real estate contracts to be in writing in order to be legally enforceable.
Which of the following relationships BEST describes a general agency? A broker working for an owner as a property manager.
Which of the following is a physical characteristic of land? Scarcity
The developer of a property is planning to install an underground septic tank and needs information to determine the soil absorption and drainage capacity. This information would be obtained from: percolation test
Which of the following practices would NOT be considered a violation of antitrust laws? A broker who requires that the independent contractors within his company follow a set rate of commission without deviation
Which of the following are NOT appurtenances that pass with the transfer of real property? Water rights
Created by: Mz Jade