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ASREB Real Estate > Real Property Characteristics, Definitions, Ownership, Restrictions, and Transfers > Flashcards

Real Property Characteristics, Definitions, Ownership, Restrictions, and Transfers Flashcards

1
Q

Where would the exceptions and reservations appear on a title report?

A: Deed
B: Schedule A
C: Schedule B
D: Title Instructions

A

C: Schedule B

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2
Q

A buyer executes a chattel mortgage in favor of a lender. What type of property would be covered by a chattel mortgage?

A: The real estate
B: An automobile
C: An newly installed furnace
D: Office furniture and equipment

A

D: Office furniture and equipment

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3
Q

A lender is loaning money on a residential property. What type of title insurance would the lender require?

A: Liability
B: Errors and Ommissions
C: Extended
D: Standard

A

A: Extended

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4
Q

Which of the following would be considered a security?

A: Real estate tax
B: Community Property
C: Single family home in an investment pool
D: Cloud on Title

A

Single family home in an investment pool

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5
Q

Property accumulated by husband and wife by the efforts of either, which is equally divisible at time of divorce or dissolution, is termed:

A: Equitable Distribution
B: Community Property
C: Real Property
D: Joint Tenancy

A

B: Community Property

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6
Q

Which of the following would be considered a chattel?

A: an in ground swimming pool
B: a fence
C: Goods or other items of personal property that have not been annexed to the real property.
D: a new furnace

A

Goods or other items of personal property that have not been annexed to the real property.

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7
Q

Alex gives a life estate to Bill and upon Bill’s death it reverts back to Alex. What best represents Alex?

A: reversion
B: fee determinable
C: fee conditional
D: Remainder

A

Reversion

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8
Q

A valid encumbrance affecting title of estate and land (such as a mortgage or judgment) is called a:

A: Chattel mortgage
B: Cloud on title
C: Contract for deed
D: Condemnation

A

B: Cloud on title

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9
Q

The tenant’s right to harvest crops after a lease expires is called:

A: the right of emblements
B: reversion rights
C: remainder rights
D: leasehold rights

A

The right of Emblements

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10
Q

A commercial tenant installs a pizza oven in his new restaurant. The pizza oven would be deemed a/an:

A: Leasehold
B: Encumbrance
C: Chattel
D: Fixture

A

Chattel

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11
Q

What would NOT be a use of police power?

A: Environmental regulations
B: State laws
C: Condemnation of a property
D: Licensing of real estate agents

A

C: Condemnation of property

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12
Q

What would not apply to community property with right of survivorship?

A: avoiding probate
B: Willing to a third party
C: can only be held by husband and wife
D: step up in basis

A

B: willing to a third party

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13
Q

A commercial tenant offers a bank his showcase, furniture, paintings and other items that he has placed in the rental property. The tenant would execute which of the following in favor of the bank?

A: a chattel mortgage
B: an easement
C: a leasehold estate
D: a mortgage

A

A: a chattel mortgage

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14
Q

A husband and wife acquire property during their marriage. The property is titled in one spouse’s name only. At the time of a divorce, the court equally divides the property based upon the state’s jurisdictional laws. Which best describes the state of the couple’s ownership during the divorce?

A: Commingling
B: Community Property
C: Constructive notice
D: Cooperative

A

B: community property

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15
Q

A person owns property with another and upon the death of one party the heirs receive no interest in the property, the title was held:

A: Sole and seperate
B: Joint tenancy
C: In severalty
D: Tenancy in common

A

B: joint tenancy

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16
Q

Perhaps the easiest way to remove a cloud on title is:

A: Eminent domain
B: A quitclaim deed
C: a foreclosure
D: a quiet title action

A

A quitclaim deed

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17
Q

One of the appurtenances to a parcel of land would be a/an:

A: bill of sale
B: Bundle of rights
C: assignment
D: easement in gross

A

Bundle of rights

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18
Q

What would a life tenant hold?

A: Leasehold
B: Fee Simple
C: Sufferance
D: Freehold

A

D: Freehold

19
Q

The term “Ad Valorem” refers to:

A: a tax that has value
B: According to value
C: a tax to be paid based upon a value set by the government
D: A tax to be paid based on the value set by the lender

A

a tax to be paid based upon a value set by the government

20
Q

The local city council decides to reduce the assessment rate for a major corporation that is relocating to the area to build a manufacturing plant. Such a reduction is termed:

A: amortization
B: Ad Valorem
C: Abatment
D: Assignment

A

Abatement

21
Q

How could a trespasser become the owner of real property?

A: adverse possession
B: affidavit of title
C: Easements of pertinent
D: Easement by prescription

A

adverse possession

22
Q

A new developer is giving some of the land in the subdivision to the city for the construction of new streets. The developer’s act of giving land to a public agency is called:

A: disintermediation
B: deed of trust
C: dedication
D: deed restrictions

A

Dedication

23
Q

The owner of a undivided interest in land with no rights of survivorship owns it by:

A: Join tenancy
B: tenancy in common
C: Community property
D: Sole and Seperate

A

tenancy in common

24
Q

A tax levy on real property for government improvements (i.e. curbs, sewers and sidewalks) is known as:

A: ad valorem tax
B: special assessment tax
C: flat rate tax
D: a tax based upon the value of the property

A

special assessment tax

25
Q

The right to use, enjoy, possess and dispose of real property is commonly referred to as:

A: bundle of rights
B: bill of sale
C: billing codes
D: Encumbrance

A

bundle of rights

26
Q

The term dedication refers to:

A: the transfer of real property by a private owner to a public agency
B: the right acquired by the owner of one parcel of land to use the adjacent land of another
C: An additional fee charged by a lender to make the yield on lower market interest rate loans competitive with higher interest conventional loans
D: an instrument used in many states in place of a mortgage

A

the transfer of real property by a private owner to a public agency

27
Q

A buyer decides to buy a house and all the furniture in it. The buyer and seller should execute which of the following?

A: a habendum clause
B: a mortgage and promissory note
C: a deed and a mortgage
D: a deed and bill of sale

A

A deed and bill of sale

28
Q

The term appurtenance:

A: refers to rights that only last for a certain period of time
B: Means “runs with the land”
C: refers to the rights a tenant owns in the landlords property
D: is best exemplified by an easement in gross

A

means “runs with the land:

29
Q

A parcel of land that separates two other parcels (i.e. a parcel between a residential and commercial strip of land) is called a/an:

A: assesses property
B: fully capitalized property
C: bill of sale
D: buffer zone

A

buffer zone

30
Q

An instrument in writing that transfers ownership of tangible property is called a/an:

A: Listing
B: Mortgage
C: Bill of sale
D: Blanket mortgage

A

bill of sale

31
Q

A tax levied upon the sales price of an automobile would termed a:

A

ad valorem tax

32
Q

A city decides to create a park to separate a residential neighborhood from a commercial strip of land. The area that the park occupies would be known as a:

A: buffer zone
B: adverse possession
C: easement
D: redlined area

A

buffer zone

33
Q

A home is sold at public auction (foreclosure sale). The proceeds of this sale will first be used to pay:

A: Second mortgage liens
B: Sheriffs cost of sale
C: real estate taxes
D: Mortgage liens

A

sheriffs cost of sale

34
Q

With regard to real estate, accretion refers to which of the following processes?

A: gradual building up of the property
B: continual regression of the property
C: funds entering the wrong accounts
D: erosion at the shore line of a home with riparian rights

A

gradual building up of the property

35
Q

Which of the following is true of the common area of a condominium project?

A: the common area in a condominium is owned by the government and does not require insurance coverage
B: the owners association usually has liability insurance coverage for common area
C: each owner maintains an individual policy over the common area
D: the owners insure only their own individual units, and the common areas are left uninsured

A

the owners association usually has liability insurance coverage for common area

36
Q

A deed used to transfer title states that the conveyance will remain in effect “so long as the property is not used for the sale of alcoholic beverages.” The buyer would receive what kind of estate?

A: A fee tail estate
B: Reversionary Estate
C: Fee Simple defeasible Estate
D: Fee simple absolute estate

A

C: Fee Simple defeasible Estate

37
Q

Sally wishes to guarantee that her grandchildren receive her home and farm after her son dies. She should then:

A: Put the property in joint tenancy with herself and the grandchildren
B: Make the children tenants in common with their father
C: Devise the property directly to the grandchildren
D: Leave her son a life estate, naming the grandchildren as a remainder interest

A

D: Leave her son a life estate, naming the grandchildren as a remainder interest

38
Q

Which of the following statements regarding condominium ownership is correct?

A: A unit owner has a proprietary lease
B: An owner must take title as joint tenants with other owners
C: A unit owner may devise the property
D: unit owners do not receive a property tax bill

A

C: A unit owner may devise the property

39
Q

What warrant indicates that the grantee is the owner of the property?

A: Recordation
B: Further assurance
C: Seizin
D: Quiet Enjoyment

A

C: Seizin

40
Q

When a Quit Claim deed is used, what type of interest does the grantee have?

A: Warranties to clear title
B: Whatever interest the grantor held
C: Quiet Enjoyment
D: Covenant of seisin

A

B: Whatever interest the grantor held

41
Q

When a woman has an interest in land that will continue as long as she lives, she has:

A: An easement
B: A fee simple estate
C: An estate for years
D: A life estate

A

D: A life estate

42
Q

What would an owner’s policy of title insurance cover?

A: Forged documents
B: Unrecorded documents
C: Gaps in the chain of title
D: All items recorded on the public record

A

D: All items recorded on the public record

43
Q

The owner of a undivided interest in land with no rights of survivorship owns it by:

A: a joint tenancy
B: tenancy in common
C: absolute ownership
D: Severalty

A

B: tenancy in common

44
Q

The open, notorious, hostile, and uninterrupted possession of the property of another under claim or color of title is called:

A: acceleration
B: Adverse possession
C: Easement by prescription
D: Easement by necessity

A

B: Adverse possession

ASREB Real Estate (18 decks)

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