L&P 3 Q

Question 1

The system of legal description that defines a parcel of land by its perimeter is the

Answer 1

Metes and bounds

Question 2

F has the legal right to occupy and use a certain residential structure. Which of the following does NOT describe F’s interest

Answer 2

Remainder

Question 3

When properly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n):

Answer 3

Involuntary lien

Question 4

Which type of ownership would best avoid probate?

Answer 4

Joint Tenancy

Question 5

The difference between time-share use and a time-share estate is:

Answer 5

time-share use sells only right of occupancy, not a fee-simple estate

Question 6

E lives in an apartment building. The land and structures are owned by a corporation with one mortgage covering the entire property. Like the other residents, E owns stock in the corporation and has a lease to his apartment. This type of ownership is called a:

Answer 6

cooperative.

Question 7

K and U owned a combination apartment building with a small bar and grill on the premises. They shared their profits and losses on their venture equally, but they did not own the business under any written partnership agreement. One day, U died of a heart attack. If, after U’s death, K continued to own the same undivided interest in the real estate as he did before U’s death and no more, then:

Answer 7

they were tenants in common.

Question 8

Which of the following is a FALSE statement about a condominium?

Answer 8

( ) A. A declaration must be filed before any units may be sold.
( ) B. Each unit owner has a fractional undivided interest in the common elements.
( ) C. Each owner receives a separate real estate tax statement.
( X ) D. Each owner receives a proprietary lease with the association for his or her own unit.

Question 9

Which of the following liens is NOT recorded?

Answer 9

Real estate tax lien

Question 10

S and N bought a store building and took title as joint tenants. N died testate. S now owns the store:

Answer 10

in severalty.

Question 11

A township contains:

Answer 11

36 sections.

Question 12

A lot with a depth of 80 feet and an area of 4,800 square feet was sold for $350 per front foot. What was the total sales price?

Answer 12

$21,000

Question 13

What type of legal description uses sections and ranges?

Answer 13

Governmental Survey

Question 14

A person who owns one unit in a multi-unit structure together with a specified undivided interest in the common elements would own a:

Answer 14

condominium.

Question 15

A builder wants to sell 100 acres leaving two percent for parks and ten percent for roadways. He will sell each one-half acre parcel for $32,000. The gross selling price of all the parcels would be:

Answer 15

$5,632,000

Question 16

The current market value of a property is $35,000. For tax purposes it is assessed at 40 percent of market value. The tax rate is $4 per $100 of assessed value. What is the amount of the tax due?

Answer 16

$560

Question 17

To determine whether a property is subject to an encroachment or in violation of county setback requirements, a buyer should contact:

Answer 17

a surveyor.

Question 18

A recorded subdivision plat is used in the:

Answer 18

Lot and block system

Question 19

Under which of the following types of liens can both the real property and the personal property of the debtor be sold to pay the debt?

Answer 19

Judgment lien

Question 20

A mechanics lien can be filed against an owner’s real estate by a(n):

Answer 20

lumber company furnishing materials

Question 21

To create a joint tenancy relationship in the ownership of real estate, there must be unities of

Answer 21

possession, time, interest, and title

Question 22

Separate property owned by a married person in a community property state:

Answer 22

could be established prior to the marriage.

Question 23

What is the difference between a general and specific lien?

Answer 23

A general lien encumbers all the debtor’s property, while a specific lien encumbers only a particular asset.

Question 24

A rancher owns a large tract of land and is considering many options to maximize the income from the land. Which of the following would be most profitable?

Answer 24

Lease both the surface and sub-surface rights under a vertical lease.

Question 25

You own a property worth $100,000 and the land value is $20,000. The IRS allows you to deduct annual straight-line depreciation against the rental income over a 27.5-year period. If you have owned the property 11 years what is the remaining building value?

Answer 25

$48,000