Chapter 10 - Quiz

Question 1

A lot measures 1800’ x 1936’ and sold for $46,000. What was the cost per Acre?

$450 (Dollars) per Acre
$225 (Dollars) per Acre
$575 (Dollars) per Acre
$1,150 (Dollars) per Acre

Answer 1

$575 (Dollars)per Acre

1800 x 1936 = 3,484,800 sq. ft. Divide by 43,560 = 80 Acres. Divide Total Price by No Acres

46,000/80=575/acre.

Question 2

What is a POB?

The Starting Point in a metes and bounds description
Position of Boundary
Post Offer Buyer
Person of Bequest

Answer 2

The Starting Point in a metes and bounds description

Question 3

What is the purpose of Correction Lines?

They identify Encroachments
They are entries on a Closing Document to cover any discrepancies
They compensate for the curvature of the earth
They allow for daily changes in Interest

Answer 3

They compensate for the curvature of the earth

Guide Meridians and Correction Lines compensate for the curvature of the earth in The Rectangular Government Survey System.

Question 4

Who benefits from the Commercial Real Estate Sales Commission Lien Act?

The Seller
The Selling Broker
The Buyer
The Listing Broker

Answer 4

The Listing Broker

Question 5

How many square feet are there in 5 acres?

25000
217800
43560
8712

Answer 5

217,800:

1 Acre = 43,560 Sq. Ft ; 5 x 43,560 = 217,800

Question 6

What type of legal description uses Monuments?

Quit Claim
Battle Ground
Metes and Bounds
Street Map

Answer 6

Metes and Bounds

Question 7

A lot contains 750 square yards and has a length of 150 feet, what does the frontage measure?

50 Feet
45 Feet
5 Yards
20 Feet

Answer 7

45 feet

Question 8

How many acres of land are there in the N 1/2 of the S 1/2 of the NE 1/4?

20 Acres
40 Acres
160 Acres
10 Acres

Answer 8

40 acres

Calculate 2x2x4=16 then divide 640 by 16 = 40 Acres

Question 9

What is never included as part of the legal description?

Range or Township
Lot and Block
Metes and Bounds
Street Address

Answer 9

Street Address

The legal description contains information to enable a surveyor to reliably determine the boundaries.

Question 10

What does a subordination agreement do?

Allows a seller to accept a better offer after a contract has been executed
Defines who inherits what when owner dies intestate
Defers Property Taxes
Makes the claim of one party junior or inferior to the claim of another party

Answer 10

Makes the claim of one party junior or inferior to the claim of another party