Real Estate Exam 1,009 Q&A #1001-1009

Question 1

When a lis pendens is filed properly with the county clerk, it becomes a type of _______ ________.

Answer 1

constructive notice

Question 2

A lien that takes top priority over all other liens is a ___________ ____ _____

Answer 2

property tax lien

Question 3

A lien that would be second in priority (behind a property tax lien) is a _______ ________ ______

Answer 3

special assessment lien

Question 4

The complete successive history of a parcel, from the time it was conveyed from a government to a private owner to today, is referred to as a _____ __ _____

Answer 4

chain of title

Question 5

Mr. & Mrs. Lee signed a contract to purchase a home in a residential subdivision. When the Lees had the lot surveyed before closing, they discovered that the contractor had built the neighbor’s garage three inches inside the west boundary of their lot. The garage in its present location is an example of an _________

Answer 5

encroachment

Question 6

When a pathway to a property has been used continuously and without interruption for more than 20 yrs, it creates an ________ ___ _______

Answer 6

easement by prescription

Question 7

Soon after Michael’s death a deed was discovered behind a brick in the basement wall of his home. The deed is for Michael’s home and it deeded the property to a charitable organization. Michael is survived by his son Andrew, who discovered the deed. Michael died intestate. Based on this info, the house belongs to the ___ ____ because the deed was never ______ and ______.

Answer 7

legal heir; delivered; accepted

Question 8

The _______ _____ insurance policy is issued for an amount no greater than the purchase price of the proprty and is not _______.

Answer 8

owner’s policy; transferable

Question 9

An ________ is a right to use an owner’s property for a specific use, a nonpossessory interest, & a type of an encumbrance.

Answer 9

easement