CHAPTERS 1 AND 2 SKILL BUILDER QUIZ

Question 1

Under what right can the government change property use from commercial to residential only?

Answer 1

Police Power

Question 2

Ownership of the common areas of condominiums is most likely to be:

Answer 2

tenancy in common

Question 3

What should a buyer do to ensure that he is getting the best title to real property?

Answer 3

get a general warranty deed

Question 4

Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property?

Answer 4

the covenant of quiet enjoyment

Question 5

Excess money at a foreclosure sale goes to:

Answer 5

the borrower

Question 6

After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. This is called:

Answer 6

b. right of redemption

Question 7

The required distance between buildings and a federally protected endangered species wetlands is an example of:

Answer 7

c. a buffer zone

Question 8

. A couple purchased a condominium. The complex has an exercise room for all residents. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. What can they do to avoid this fee?

Answer 8

they must pay the fee as they have a tenancy in common interest in all common areas.

Question 9

Which of the following is personal property?

Answer 9

Refrigerator

Question 10

A landlord leased space in his new retail property to an inexperienced business person. Based on location and the type of business, the landlord believes it will be a great success. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant’s success?

Answer 10

a percentage lease

Question 11

A property owner has decided to do some landscaping work on his yard. He has planted a tree surrounded by some flowering shrubs. The tree and shrubs are an example of:

Answer 11

improvements

Question 12

A property owner has a waterfront lot on a stream. He has the right to use the water from the stream. What is this right called?

Answer 12

a. riparian

Question 13

A tenant is aware that his lease will expire at the end of the month. He has begun to disassemble his display cabinets and shelves. Which of the following statements about this is true?

Answer 13

the tenant can take these as they are trade fixtures

Question 14

A seller is attending the closing on his property. The title company has discovered an unsatisfied M&M lien on the property. Which of the following is the most likely reason for the lien?

Answer 14

plumbing work that was completed but never paid for

Question 15

A listing agent went to inspect a seller’s property hoping to list it for sale. The seller told the listing agent that his neighbor’s satellite dish trespasses on his property. This is an example of:

Answer 15

b. encroachment

Question 16

A father gives his son a life estate on a property. The son leases the property. The tenant dies. What happens to the property?

Answer 16

c. it goes back to the son until he dies

Question 17

A man leaves his second wife a life estate in their home after which the property goes to his children from his first marriage. The children:

Answer 17

a. are remainderman

Question 18

Which of the following statements about an easement is true?

Answer 18

an easement is a benefit to the dominant property owner

Question 19

Paul, Quinn, and Ray are joint tenants. Paul wants to sell the property, but Quinn and Ray do not. What can Paul do?

Answer 19

c. file a suit for partition

Question 20

Aaron, Bill, and Charles are joint tenants. Charles dies. Bill sells his share to Dan. What type of ownership do Aaron and Dan have?

Answer 20

. tenants in common

Question 21

If a person dies without a will, who receives their estate:

Answer 21

spouse and children

Question 22

A developer decides to build a commercial property in the middle of a residential subdivision. What is required?

Answer 22

b. a variance

Question 23

A zoning ordinance would affect which of the following?

Answer 23

c. the concentration of housing in a residential area

Question 24

Your clients will be able to qualify for financing for a property they wish to purchase in about six months after they have had an opportunity to reduce their consumer debt. They have found a property that they would like to purchase now. What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the six months?

Answer 24

lease with an option to buy

Question 25

enants have signed a 3-year lease on a property. In the second year, the owner dies and his heirs inherit the property. They give the tenants notice to vacate. What is true?

Answer 25

the tenants can stay until the end of the lease

Question 26

A buyer has purchased a property and after closing the seller will continue to occupy the property. This is an example of:

Answer 26

c. sale and leaseback