Ownership Exam

Question 1

Zoning ordinances are primarily intended to

Answer 1

establish how every parcel in the zoning authority’s area of control can be used.

Question 2

Plumbing fixtures in a building have a minimum and maximum pressure requirement that is dictated by

Answer 2

the building code.

Question 3

One day, a nosy visitor finds a deed in the attic of a house. The deed is signed by the grantor, who is deceased, but the grantee is not named. The visitor writes in their own name and attempts to record the deed. However, the deed will probably not hold up because

Answer 3

there was no consideration and no intent to deliver.

Question 4

The owner of a cooperative owns a(n)

Answer 4

proprietary lease.

Question 5

To own an “interest in real estate,” one must own

Answer 5

some part of the bundle of rights;An interest in real estate is the ownership of one or more of the bundle of rights to real property, such as possession, use, transfer, encumber or exclude.
.

Question 6

Eminent domain

Answer 6

can take a property from an unwilling property owner by a process of condemnation.

Question 7

What is the basis for determining the amount of a condominium owner’s monthly assessment for operations and maintenance?

Answer 7

The unit’s pro rata ownership share as defined in the declaration

Question 8

In a foundation, the load is transmitted to the soil by the

Answer 8

footings.

Question 9

What does an owner own if the duration of their rights in an estate cannot be determined?

Answer 9

A freehold estate

Question 10

In a tenancy in common, the co-owners

Answer 10

share an indivisible interest.

Question 11

Legal title to an estate in trust is held by the

Answer 11

trustee.

Question 12

One of the unique features of the Torrens System of recording is that

Answer 12

conveyance occurs when it is registered on the certificate.

Question 13

An item associated with an item of real property may be distinguished as real or personal property by determining whether it

Answer 13

is permanently attached to land or structures of the associated item.

Question 14

The primary agents of private land use control are

Answer 14

property owners by means of deed restrictions.

Question 15

Restrictive covenants

Answer 15

take priority over less restrictive zoning ordinances.

Question 16

To be valid and enforceable, a contract must

Answer 16

include valuable consideration.

Question 17

What kind of clause in a mortgage or trust deed enables a non-judicial foreclosure to occur?

Answer 17

Power of sale

Question 18

When a contract is revoked,

Answer 18

the revoking party may still have obligations to the other party.

Question 19

When no legal heirs can be found for the deceased owner of a property, the laws of descent give the property to

Answer 19

the county or state.

Question 20

A metes and bounds description must

Answer 20

describe the parcel’s boundaries as a complete, closed perimeter.

Question 21

Included in the definition of “real estate” are

Answer 21

fences and roads on a parcel of land.

Question 22

At what level of government is the real estate business primarily regulated?

Answer 22

The state legislature

Question 23

A seller accepts an offer without realizing that the buyer has died since making the offer. Which of the following best describes the status of the contract?

Answer 23

The offer was terminated by the buyer’s death; there is no contract.

Question 24

A court orders Jerry to allow neighbor Loretta to drive across his property because it is the only way Loretta can reach her property from a public road. The easement created is an

Answer 24

easement by necessity.

Question 25

What is the purpose of Planned Unit Development zoning?

Answer 25

To promote an efficient land use design that maximizes open space when whole tracts are developed

Question 26

In a case of mortgage loan delinquency, it is the ______ that determines when foreclosure proceedings will commence.

Answer 26

lender

Question 27

Where do the overall guidelines for zoning, building codes, and development requirements in a jurisdiction come from?

Answer 27

The jurisdiction’s master plan

Question 28

Conditions and covenants differ in that

Answer 28

conditions can be created only at the time of transferring ownership.

Question 29

An encroachment arises when

Answer 29

one property physically intrudes into another without authorization.

Question 30

A person who owns all ownership interests in real property is said to own

Answer 30

legal title.

Question 31

If ABC Company has the right to build a structure on top of DEF’s existing structure, ABC owns

Answer 31

air rights.

Question 32

Unlike deed restrictions, declaration restrictions

Answer 32

cannot be extinguished by a quitclaim deed.

Question 33

Why do taxing entities sometimes use an equalization process when assessing properties?

Answer 33

To level out the unevenness of valuations from one area to another

Question 34

A valid contract that conveys an interest in real estate must contain

Answer 34

a legal description of the property.

Question 35

How is the tax base of an area calculated?

Answer 35

Exemptions are subtracted from the sum of assessed values.

Question 36

When a joint tenant dies, that tenant’s interest

Answer 36

passes to the surviving joint tenants.

Question 37

A deed in lieu of foreclosure

Answer 37

avoids public notice of a foreclosure.

Question 38

Bob signs a six-month apartment lease agreement with John. What kind of lease is this?

Answer 38

Estate for years

Question 39

Unlike other property taxes, a special assessment tax

Answer 39

applies only to properties which will directly benefit from the project to be funded.

Question 40

Ownership rights, such as those to possess and use a property,

Answer 40

are subject to what the law allows.

Question 41

What purpose is served by recording a deed?

Answer 41

It gives constructive notice of ownership.

Question 42

An estate is transferred with the stipulation that trees on the premises will never be cut down or the seller will take back the property. This kind of estate is a

Answer 42

fee simple defeasible.

Question 43

What is the result of a break in the chain of title to a property?

Answer 43

There is a cloud on the title.

Question 44

Two individuals own a house as tenants by the entireties. They can do this because they

Answer 44

are married.

Question 45

Which of the following is required for a legal description to be adequate?

Answer 45

It must accurately locate and identify the boundaries of the property and distinguish it from all other properties.

Question 46

Stan’s home undergoes foreclosure. The property has the following liens recorded against it: an unpaid real estate tax bill for the current year; a first mortgage dated ten years earlier; a second mortgage dated three years earlier; and a mechanic’s lien entered for work beginning six months earlier. When the property is sold, the LAST lien to be paid off is the

Answer 46

mechanic’s lien.

Question 47

Of the wood framing systems used in residential construction today, the most common is

Answer 47

platform-frame.

Question 48

Bob can grant his sister Mary an estate for as long as she lives without the right to pass it to heirs by granting a(n)

Answer 48

ordinary life estate.

Question 49

Except in a title-theory state, a mortgage lienor has a (an) _________ in the liened property.

Answer 49

security interest

Question 50

A court orders transfer of a mortgaged property to the lender in a ___________ foreclosure.

Answer 50

strict