Legal Aspects of Real Estate: Q14/Chp 35-37

Question 1

1) A _______ is a lawsuit to sever or sell real estate which is co-owned.
a. dissolution action
b. divorce action
c. partition action
d. subdivision action

Answer 1

c. partition action

Question 2

2) A(n) _______ is a real estate interest which is subject to a partition suit.
a. fee estate
b. leasehold estate
c. life estate
d. All of the above.

Answer 2

d. All of the above.

Question 3

3) When real estate cannot be divided equally in a partition action, _______ is the money paid to even the distribution.
a. retribution
b. owelty
c. good-faith deposit
d. None of the above

Answer 3

b. owelty

Question 4

4) A notice of sale must be given to all parties named in a partition action at least _______ days before the sale date.
a. 15
b. 20
c. 25
d. 30

Answer 4

b. 20

Question 5

5) A judicial procedure employed to determine claims to nonpossessory rights in disputes over title to real estate is called:
a. a lis pendens.
b. a summary judgment.
c. declaratory relief.
d. a quiet title action

Answer 5

d. a quiet title action

Question 6

6) _______ is an accounting between a buyer and seller which results in a refund to the buyer in exchange for the return of the property to the seller.
a. Restitution
b. Reformation
c. Renewal
d. Breach

Answer 6

a. Restitution

Question 7

7) A(n) _______ is an action seeking a judicial declaration of the rights and obligations of parties to a disputed transaction.
a. declaratory relief action
b. quiet title action
c. money judgment
d. foreclosure

Answer 7

a. declaratory relief action

Question 8

8) A(n) _______ allows opposing parties in a declaratory relief action to preserve their respective claims so they may later pursue them.
a. right of survivorship vesting
b. proof-of-loss statement
c. reservation of rights agreement
d. party wall

Answer 8

c. reservation of rights agreement

Question 9

9) A(n) ______ occurs when a buyer or seller somehow acts to repudiate the purchase agreement before the time for closing arrives.
a. abandonment
b. anticipatory breach
c. usufructuary right
d. tenancy-at-will

Answer 9

b. anticipatory breach

Question 10

10) A declaratory judgment will only be granted if:
a. an actual controversy exists.
b. future litigation is likely to result if the dispute is not resolved.
c. Both a. and b.
d. None of the above

Answer 10

c. Both a. and b.