L&P 3 Q Flashcards
The system of legal description that defines a parcel of land by its perimeter is the
Metes and bounds
F has the legal right to occupy and use a certain residential structure. Which of the following does NOT describe F’s interest
Remainder
When properly recorded in the county where the real estate of the defendant is located, a judgment becomes a(n):
Involuntary lien
Which type of ownership would best avoid probate?
Joint Tenancy
The difference between time-share use and a time-share estate is:
time-share use sells only right of occupancy, not a fee-simple estate
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:
cooperative.
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:
they were tenants in common.
Which of the following is a FALSE statement about a condominium?
( ) 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.
Which of the following liens is NOT recorded?
Real estate tax lien
S and N bought a store building and took title as joint tenants. N died testate. S now owns the store:
in severalty.
A township contains:
36 sections.
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?
$21,000
What type of legal description uses sections and ranges?
Governmental Survey
A person who owns one unit in a multi-unit structure together with a specified undivided interest in the common elements would own a:
condominium.
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:
$5,632,000
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?
$560
To determine whether a property is subject to an encroachment or in violation of county setback requirements, a buyer should contact:
a surveyor.
A recorded subdivision plat is used in the:
Lot and block system
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?
Judgment lien
A mechanics lien can be filed against an owner’s real estate by a(n):
lumber company furnishing materials
To create a joint tenancy relationship in the ownership of real estate, there must be unities of
possession, time, interest, and title
Separate property owned by a married person in a community property state:
could be established prior to the marriage.
What is the difference between a general and specific lien?
A general lien encumbers all the debtor’s property, while a specific lien encumbers only a particular asset.
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?
Lease both the surface and sub-surface rights under a vertical lease.
