Set 1

Question 1

encapsulation

Answer 1

method of asbestos control that is usually preferable to removal

Question 2

An agent was showing a property to a prospective buyer. The buyer sees a “FSBO” sign, and requests to see the property. Should the agent obtain written permission from the seller before showing the property?

Answer 2

Yes

Salespeople should almost always obtain permission before showing any property.

Question 3

“marketable title”

Answer 3

means a property is free and clear of any other claims.

Question 4

The joint ownership that is recognized in some states, of property acquired by husband and wife during marriage, is known as:

Answer 4

Tenancy by the entirety

• With tenancy by the entirety, when one spouse dies, the surviving spouse then owns the property.
• Don’t confuse this with tenancy in common, which means the person owns an undivided interest in the property

Question 5

“intestate”

Answer 5

Dying without a will is called dying “intestate.”

Question 6

Dying without a will is called _____

Answer 6

“intestate”

Dying without a will is called dying “intestate.”

Question 7

How many sq feet in an acre?

Answer 7

43,560 feet per acre

Question 8

1 arce is ____ square feet

Answer 8

43560 sq foot

Question 9

T/F: while both riparian and littoral rights concern water, littoral rights specifically apply to nonmoving bodies of water, like lakes and oceans.

Answer 9

True

-littoral rights, non moving body of water

Question 10

T/F: Zoning rights and seisin rights both deal with land control.

Answer 10

True

-both deal with land control

(riparian rights and littoral rights concern water)

Question 11

Do littoral rights deal with land control?

Answer 11

No, has to do with water

-littoral rights apply to non moving bodies of water like lakes or oceans

Question 12

T/F: Condominiums are generally owner-occupied so to the condo manager, vacancy rates are not relevant.

Answer 12

True

-condos owner occupied so manager isn’t concerned with vacancy

Question 13

Why might the owner of an apartment building not want to hold the property manager responsible for occupancy rates?

Answer 13

It provides an incentive to rent to people whose credit or references aren’t good

Question 14

The parts of the property that are necessary or convenient to the existence, maintenance and safety of a condominium and are normally used by all of the condo residents are known as:

Answer 14

common elements

Each condo owner has an undivided ownership interest in the common elements. Examples are: the pools, tennis courts, game rooms, parking areas and exterior of the building.

Question 15

A ____ is the original time period of the loan.

Answer 15

Term

A term is the original time period of the loan.

Question 16

Licensees owe honest and disclosure of all material facts to the buyer and the seller. Do material facts need to be disclosed to mortgage companies?

Answer 16

No

Supposedly because their primary interest in the property is the value and any material defects would have already been factored into the price before closing

Question 17

Do “contracts” need to be notarized?

Answer 17

No

A contract sets forth the terms and conditions of a real estate transaction, but does not itself transfer ownership. Thus it does not need to be notarized.

Question 18

T/F: Offers are “one-time-only” events that must be accepted or rejected.

Answer 18

True

Offers are “one-time-only” events that must be accepted or rejected. Once a seller makes a counter-proposal, he rejects the buyer’s offer and no contract exists.

Question 19

When is a “partition suit” normally used?

Answer 19

Partition suits are typically pursued when a co-owner of a property wants to sell his or her share and the other owners are opposed. Since it is a legal action involving the courts, it is an expense with often unsatisfactory results.

Question 20

T/F: A time share involves different owners owning a unit in a condominium as tenants in common (which is inheritable to the heirs).

Answer 20

True

Time shares are tenants in common

Question 21

T/F: A cooperative involves owning stock

Answer 21

True

A cooperative involves owning stock of a corporation that gives a person a proprietary lease right in an apartment.