Chapters 9 & 10 Review

Question 1

An estate refers to:

Answer 1

Certain rights and the extent of ownership in land

Question 2

The highest form of property ownership in Idaho is:

Answer 2

Fee Simple Absolute

Question 3

How may a life estate be established?

Answer 3

By the provisions of the deceased estate

Question 4

When does an ordinary life estate terminate?

Answer 4

Upon death of the life tenant

Question 5

Legal life estates are:

Answer 5

For Husbands and Wives only

Question 6

When a personal residence is foreclosed on, this law would protect some of the equity against unsecured creditors:

Answer 6

Homestead Laws

Question 7

A client of yours wants you to draft up paperwork to allow their son a life estate in their home. What should you do?

Answer 7

Refer them to a lawyer

Question 8

What is not a leasehold estate?

Answer 8

Tenancy by the entireties

Question 9

What type of lease requires the tenant pay all of the property charges including taxes and insurance?

Answer 9

Net Lease

Question 10

Which tenant would most likely have signed a percentage lease

Answer 10

An Office Supply store

Question 11

Which event would likely terminate a lease prematurely?

Answer 11

Death of the lessee

Question 12

This law requires a lease for over a year to be in writing to be enforceable:

Answer 12

Statute of Frauds

Question 13

The Idaho Floating Homes Residency Act:

Answer 13

Requires the automatic renewal of leases without notice

Question 14

What is the same as sole ownership?

Answer 14

Severalty ownership

Question 15

If two brothers buy land together in Idaho, by default how to they take title?

Answer 15

Tenants in common

Question 16

What happens to the interest of a ‘tenants in common’ owner upon their death?

Answer 16

Their will would stipulate

Question 17

If a couple marries and she retains 100% free and clear ownership of her old house as a rental, what happens to the monthly rent received?

Answer 17

The rent is community property shared by both

Question 18

A married man receives an inheritance and buys an office building as a rental with the money. What is the status of the rent paid by the building tenants?

Answer 18

He and his wife must share the rent

Question 19

One of the 4 owners of an apartment building wants to sell but the others do not. Can the one owner force the partners to sell?

Answer 19

Yes, if a partition suit is filed in court

Question 20

What is the type of property where the owner owns a block of air but no ground?

Answer 20

A condominium

Question 21

When you list a property for a trust, what course of action is advisable?

Answer 21

Get a copy of the authorizing documents to verify the party you deal with has authority

Question 22

What is the base system used in Idaho for all legal descriptions?

Answer 22

Government Rectangular Survey

Question 23

What is the legal description style which uses a map that references streets and points of beginning?

Answer 23

Recorded Plat / Lot and Block

Question 24

The N2, SE4, NW4, NE4 of Section 37 contains how many acres?

Answer 24

Zero, only 36 sections exist

Question 25

The style of legal descriptions that uses monuments and compass directions is

Answer 25

Metes and Bounds

Question 26

In a sale the seller is a client of firm A and the buyer is a client of firm B. What is true regarding agency law?

Answer 26

It is single agency