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Real Estate > Unit 1-15 EXAM QUESTIONS > Flashcards

Unit 1-15 EXAM QUESTIONS Flashcards

1
Q
  1. The NW ¼ of Section 4 contains how many acres?
    A. 40
    B. 160
    C. 640
    D. 43,560
A

B) 160 acres

A section contains 640 acres. A quarter section is 160 acres (640 ÷ 4 = 160).

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2
Q
  1. A township is how many square miles?
    A. 1
    B. 6
    C. 36
    D. 640
A

C) 36

A township is 6 miles square and contains 36 square miles.

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3
Q

A tract of land measuring 330 feet wide by 1,320 feet deep would contain:
A. 1 acre
B. 10 acres
C. 20 acres
D. 40 acres

A

B) 10 acres

330 × 1320 = 435,600 square feet; 435,600 ÷ 43,560
= 10 acres.

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4
Q

The definition of real estate includes:
A. buildings affixed to the land.
B. airspace above the land.
C. substances below the surface of the land
D. all of the above

A

D all of the above

Real estate includes items attached to the surface of the earth, plus the airspace above and the minerals below the surface.

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5
Q
  1. Which of the following would ordinarily be considered personal property?
    A. drapery rods
    B. a freestanding refrigerator
    C. built-in bookcase
    D. ceiling fan
A

B) a free standing fridge

Personal property is not permanently attached.

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6
Q

Developer bought a 100-acre parcel to subdivide into 1-acre homesites. Which of the following methods of legal description would best achieve the Developer’s objectives?
A. Government Survey System
B. Monuments
C. Recorded plat
D. Metes and bounds

A

C) Recorded Plat

A recorded plat is the simplest way to divide a large parcel into smaller lots.

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7
Q

Which method of legal description uses plat maps?
A. Informal description by street address
B. Lot and block
C. Government survey
D. Metes and bounds

A

B) Lot and Block

Lot and block is another name for recorded plat.

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8
Q

Which of the following best defines a plat?
A. A method of legal description using sections, townships, and ranges.
B. An informal reference to properties in a neighborhood.
C. A document used to record a subdivision of land.
D. An instrument used by surveyors to locate property boundaries.

A

C) A document is used to record a subdivision of land

A plat is a map showing the location and boundaries of lots in a subdivision. The plat is placed in the public records.

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9
Q

Which of the following is true about mineral rights?
A. They represent an interest in personal property.
B. They can be reserved by the seller if the buyer agrees.
C. They belong to the State of
Florida.
D. Solid mineral rights are an interest in real estate and liquid mineral rights are considered to be personal property.

A

B) they can reserved by the seller if the buyer agrees

Mineral rights, like surface
and air rights, may be
transferred or retained by the seller.

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10
Q
  1. A tenant installed shelving as a part of her business. At the conclusion of the lease, the tenant:

A. may remove the shelving only if she reimburses the landlord.
B. must leave the shelving because it is the landlord’s property.
C. may remove the shelving and is not required to reimburse the landlord.
D. must leave the shelving, but may demand that the landlord reimburse her.

A

C - May remove the shelving and is not required to reimburse the landlord.

The shelving is an example
of a trade fixture. Trade
fixtures are the tenant’s
personal property and may
be removed by the tenant at the conclusion of the lease.

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11
Q
  1. A method of property description using monuments, distances, and compass directions is the:
    A. recorded plat
    B. metes and bounds
    C. rectangular survey
    D. informal reference
A

B) Metes and Bounds

The metes and bounds method of legal description uses distance and direction measurements to describe the boundaries of a property.

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12
Q

An article that was once personal property, but that has been more or less permanently attached to the land or a building is known as a:
A. fixture.
B, trade fixture.
C. chattel.
D. personalty.

A

A) Fixture

Fixtures are items that started out as personal property, but are affixed to the land or improvements in such a way that they are now legally part of the real estate.

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13
Q

Which of the following is NOT a physical component of real estate?
A. Air rights
B. Timber rights
C. Sub-surface rights
D. Surface rights

A

B) Timber rights
Air, surface and sub-surface rights are the physical components of land

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14
Q

Which action associated with water rights will cause a decrease in land mass?
A. Reliction
B. Accretion
C. Erosion
D. Reliction

A

C) Erosion

Erosion is the gradual loss of land due to natural forces.

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15
Q

The SW ¼ of the SW ¼ of
Section 6 and the NW ¼ of the
NW ¼ of Section 7 contains how many acres?
A. 20
B. 40
C. 60
D. 80

A

D) 80

Each section contains 640
acres. 640 ÷ 4 ÷4 = 40. 40 acres in Section 6 AND 40
acres in Section 7 = 80
acres.

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16
Q

The N ½ of the SW ¼ and the
S½ of the SW ¼ of the NW ¼ of Section 19 contains how many acres?
A.25
B. 40
C. 80
D. 100

A

D) 100 acres

640 ÷2 ÷4 = 80 AND 640 ÷
2÷4 ÷ 4 = 20; 80 + 20 =
100 acres.

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17
Q

A metes and bounds description
MUST:
A. have a specific starting point
B. use sections and townships
C. use only natural monuments such as rocks or trees
D. be described going counterclockwise

A

A. Have a specific starting point.

Metes and bounds description must have a specific starting point which could be either natural or man made.

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18
Q

The Government Survey
System (GSS) starting point for identifying properties is the
A. Tallahassee principal meridian and baseline
B. Florida section
C. Lee township
D. Collier range and tier

A

A) Tallahassee principal Meridian and baseline

The Tallahassee principal
meridian and baseline is the starting point for Florida
government survey descriptions.

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19
Q

What is the economic characteristic of real property that causes land to be affected by actions in the surrounding areas?
A. Situs
B. Depreciation
C. Condemnation
D. Liquidity

A

A) Situs

Situs is the economic characteristic of real
property that causes land to be affected by actions in the surrounding areas.

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20
Q

Which of the following is a characteristic of real estate?
A. Replevin
B. Destructibility
C. Immobility
D. Description

A

C) Immobility
The physical characteristics of real estate are immobility, indestructibility and uniqueness.

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21
Q

Which item would be most likely classified as a fixture once incorporated into real property?
A. Clothes washer
B. Ceiling fan
C. Desktop computer
D. Lamp

A

B) Ceiling fan

A fixture is permanently attached. In order to operate, a ceiling fan must be securely attached.

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22
Q

What is the section number immediately south of section
1?
A.2
B. 6
C. 7
D. 12

A

D) 12

The sections are numbered 1
- 6 from the upper right hand corner going west and then 7 - 12 coming back to the east. Section 12 is south of section 1; Section 13 is south of section 12.

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23
Q

Under the government survey system (GSS) what is the reference line that runs in an east and west direction intersecting a perpendicular north-south line?
A. Base line
B. Principal meridian
C. Range meridian
D. Range line

A

A) Baseline

The baseline is the reference line for numbering tiers (north or south of the baseline). The principal meridian runs north-south and is perpendicular to the baseline.
Search

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24
Q

Which of the following is generally NOT a use classification established by municipal zoning?

A. Residential
B. Commercial
C. Agricultural
D. Architectural

A

D) Architectural

Architectural is not a land use classification.

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25
Q

Nonconforminq use is a term used in reference to property that:

A. extends over lot lines.
B. is suffering from deferred maintenance.
C. does not comply with current zoning requirements.
D. has been abandoned.

A

C) Does not comply with current zoning requirements.

A legally nonconforming use no longer complies with current zoning requirements.

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26
Q

A light industrial plant has been operating in compliance with the zoning classification. After a zoning change to single-family residential use, the owners of the industrial plant are permitted to:

A. convert the building to condominiums.
B. continue the present use as long as that use is not enlarged or expanded.
C. build an addition to the plant.
D. rebuild the plant if it is destroyed by natural causes.

A

B) Continue the present use as long as that use is not enlarged or expanded.

Since this is a nonconforming use, the owner may not change the use or enlarge the building.

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27
Q

Land use classifications, controls, and restrictions are designed to accomplish all of the following EXCEPT:
A. ensure that land uses are compatible with the surroundings.
B. guarantee that all property will be applied to its highest and best use.
C. protect the public health, welfare, and safety.
D. allow orderly and stable growth within the community.

A

B) Guarantee that all property will be applied to its highest and best use.

The government’s police power does not provide any guarantee.

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28
Q

The value of a property established for property tax purposes is:
A. appraised value.
B. market value.
C. assessed value.
D. income value.

A

C) Asessed Value

Property taxes, also known as ad valorem taxes, are based upon the assessed value of the property.

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29
Q

The established useful asset life for nonresidential income-producing property under the IRS code is how many years?
A. 39
B. 27.5
C. 19
D. 12.5

A

A) 39

The useful life of residential income-producing property is 27.5 years and nonresidential is 39 years.

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30
Q

New owners who acquire residential property before January 1st of 2017 have until what date in 2017 to file for the Florida homestead tax exemption?

A. November 1
B. April 15
C. March 1
D. January 2

A

C) March 1st

Owners must occupy by January 1st
and apply no later than March 1st.

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31
Q

When property taxes are delinquent the government collects money by auctioning a:

A. tax deed
B. contract for deed
C. property tax certificate
D. executor’s certificate

A

C) Property tax certificate

The property tax certificate is sold at auction. The certificate holder may, at a later date, request a tax deed conveying ownership.

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32
Q

Which property is exempt from property taxes?
A. Military base
B. Public library
C. Church
D. County courthouse

A

C) Church

Government properties are immune;
churches and nonprofits are exempt.

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33
Q

If a zoning provision causes undue hardship on a property owner, the zoning board of adjustment is authorized to issue a:

A. conditional use permit.
B. variance.
C. special exception.
D. certificate of occupancy.

A

B) Variance

A variance allows the owner to vary from strict compliance due to a hardship.

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34
Q

The creditor of which type of delinquent debt would NOT be allowed to force the sale of a residence protected by the constitutional homestead law?

A. Mortgage lien
B. Property tax lien
C. Construction lien
D. Judgment lien for consumer credit card debt

A

D) Judgment lien for consumer credit card debt

A homestead is protected from the
forced sale by someone holding a judgment. Mortgages, construction
and tax and assessment liens may
be foreclosed against a homestead.

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35
Q

The Florida constitution was amended to limit the amount the assessed value of a homestead can increase in a given year. The name of the amendment is:

A. Save Our Home
B.Keep the Faith
C. Fair Value Amendment
D. Limit Our Tax

A

A) Save Our Home

Save our home caps the annual
increase of assessed value to a
homestead.

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36
Q

A residence is located in an area that was later zoned for commercial use.
The owner of the residence is allowed to continue the use but not allowed to undergo structural changes. This is an example of:

A. condemnation
B. nonconforming use
C. traditional use
D. zoning variance

A

B) Nonconforming use

A nonconforming use is one that was already legally in place when a new zoning ordinance came into effect, but does not comply with the requirements of the new law.
Although nonconforming uses are generally allowed to remain, they may be subject to certain restrictions.

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37
Q

Which right of the government allows
“taking with just compensation?”

A. Police power
B. Escheat
C. Eminent domain
D. Special exception

A

C) Eminent domain

Eminent domain is the right of the government, upon payment of just compensation, to take private lands for public use.

38
Q

Community has zoning restrictions that require setback distance of 20 feet from the property frontyard. Owner wants to build a garage addition that would come within 19 feet of the front property boundary. Before construction, Owner should apply for:

A. nonconforming use
B. zoning variance
C. special use
D. grandfathered use

A

B) Zoning variance

A zoning variance is issued by the zoning board of adjustments when the zoning code causes an undue hardship on a property owner

39
Q

The local commission or board
implements the comprehensive plan for development through enacting:

A. state laws.
B. zoning ordinances.
C. regional amendments.
D. deed restrictions.

A

B) Zoning ordinances

The comprehensive plan is a broad overview that is implemented by zoning ordinances.

40
Q

What is the government’s right to enact and enforce land-use restrictions?

A. Police power
B. Condemnation
C. Eminent domain
D. Escheat

A

A) Police power

Police power is the broad right of the government to enact and enforce land-use restrictions.

41
Q

What items are deductible from income tax for owners of residential homestead properties?

A. Mortgage interest and property taxes
B. Mortgage interest only
C. Property taxes, depreciation and debt service
D. Mortgage interest, property taxes and depreciation

A

A) mortgage interest and property taxes

An owner of a residential homestead property who itemizes deductions may deduct from income tax their mortgage interest, property taxes, loan origination fees and points, and interest on home equity loans.

42
Q

Smith’s property was rented to Jones under a 3 year written lease. One year into the lease Smith’s property was taken through eminent domain. Which of the following is true of the lease?

A. It is valid for another year.
B. It is terminated and Jones must vacate the premises.
C. It is valid for two more years.
D. It is in violation of the Statute of
Frauds.

A

B) It is terminated and Jones must vacate the premises

When a property is taken through
eminent domain all individual rights are terminated.

43
Q

Which of the following may NOT foreclose on an individual’s homestead?

A. Judgment creditors.
B. Mortgage lien holders.
C. Construction lien holders.
D. County or city tax collectors

A

A) Judgment creditors

Judgment creditors such as credit
card companies, cannot force the sale
of the debtor’s homestead to collect
the debt.

44
Q

Special assessments are charged to:

A. all property owners in a municipality.
B. the city or municipality.
C. the benefitting property owners.
D. the local planning commission

A

C) The benefitting property owners

Special assessments are charged
against the properties that benefit from the improvement.

45
Q

Which of the following are federal deductions on income tax for a primary residence?

A. Mortgage payment and utility payment
B.Property taxes and utility payment
C. Mortgage interest and property tax payment
D. Mortgage principal and special assessment payment

A

C) Mortgage interest and property tax payment

Mortgage interest and property taxes qualify for IRS tax deductions.

46
Q
  1. All of the following are federal deductions on income tax for a commercial property EXCEPT:

A. operating expenses.
B. mortgage interest.
C. straight-line depreciation.
D. reserves for replacement.

A

D) Reserves for replacement

Reserves for replacement are not deductible.

47
Q

Which of the following is NOT true of the homestead property tax exemptions?

A. The homeowner must apply or reapply every year by March 1st.
B. The homestead exemption is
$5,000 if the owner has been a resident of Florida for less than one year.
C. The homestead exemption is $25,000 for schools and an additional $25,000 for city and county taxes.
D. The owner must occupy the property as the primary residence.

A

B. The homestead exemption is
$5,000 if the owner has been a resident of Florida for less than one year.

There is no differentiation in exemptions based upon how long an owner has been a resident.

48
Q
  1. The government has the power to take title to property through escheat when:

A. an owner dies intestate and without heirs.
B. an owner is delinquent on property taxes.
C. the property is needed for a public use.
D. the owner has a life estate.

A

A. an owner dies intestate and without heirs

Escheat is the reversionary right of the government exercised upon intestate (no will) death of an owner with no heirs.

49
Q

The process of taking property under the power of eminent domain is called:

A. condemnation.
B. foreclosure.
C. reversion.
D. absorption.

A

A) Condemnation

The right to take private land for public use is eminent domain. The process is condemnation.

50
Q

Which of the following is NOT a governmental power?

A. Condemnation
B. Escheat
C. Deed restriction
D. Zoning

A

C) Deed restriction

Deed restrictions are private limitations on land.

51
Q

Government regulations that specify acceptable land uses and density are:

A. building codes
B. zoning ordinances
C. deed restrictions
D. restrictive covenants

A

B) Zoning ordinances

The commission or board enacts zoning ordinance that specify acceptable uses and density

52
Q

The distance that a zoning ordinance requires between a property’s boundaries and it’s improvements is known as a:

A. Setback
B. Range line
C. Buffer zone
D. Frontage barrier

A

A. Setback

53
Q

A recently married couple each owned a home before getting married. Now the homes are owned as:

A. joint tenants.
B. tenants by the entirety.
C. life tenants.
D. separate property.

A

D) Sepárate property

Since the homes were owned prior to marriage they are separate property.

54
Q

Which is NOT a form of ownership:

A. tenancy-by-the-entireties.
B. tenancy-in-common.
C. tenancy-in-severalty.
D. tenancy-at-will.

A

D) tenancy-at-will

A tenancy-at-will is a leasehold estate.

55
Q

The default form of ownership when a married couple purchases
Florida real estate is tenancy:

A. by the entireties.
B. in common.
C. at sufferance.
D. in severalty.

A

A) by the entireties

Ownership of property acquired when married is by the entireties.

56
Q

The four conditions required for a joint-tenancy are:

A. time, title, tenancy, term
B. time, possession, title, a interest
C. term, rate, interest, reversion
D. investment, use, deed, delivery

A

B) time, possession, title, a interest

PITT: possession, interest, time, title

57
Q

In selecting the form of ownership, two people would NOT consider:

A. their marital status.
B. the right of survivorship.
C. the amount of land they are purchasing.
D. the existence of a will.

A

C) The amount of land they are purchasing

The amount of land being purchased has no relation to the form of ownership chosen.

58
Q

Which of the following is NOT an ownership characteristic of real estate?

A. Performance
B.Use
C.Disposition
D. Exclusion

A

A) Performance

Disposition, use, possession, and exclusion are the
ownership characteristics.

59
Q

Buyer purchased the back 40 acres from Seller. Shortly after purchasing, Buyer discovered that there was no public access to her property. Buyer’s right to cross Seller’s property is an easement:

A. by prescription.
B. in gross.
C. appurtenant.
D. by necessity.

A

D) By necessity

An easement by necessity
gives the grantee the right to
cross the grantor’s property to
reach landlocked property.

60
Q

Which type of tenancy has a specific ending date?

A. For years
B.At will
C. At sufferance
D. Life

A

A) For years

A tenancy for years is a
leasehold estate with a
specific beginning and ending date. The ending date of the
other tenancies is unknown.

61
Q

Bob conveys to Bill “for the life of Jill.” What kind of estate does
Bill hold?

A. Estate for years
B.Reversionary estate
C. Life estate
D. Remainder estate

A

C) Life estate

A life estate is for the duration
of ‘a lifetime.’ It terminates
upon death of the measuring
life.

62
Q

At the expiration of the lease period and before renegotiation of the lease, a tenant continued to occupy the apartment. The tenant’s position is called:

A. a tenancy-at-sufferance
B. a tenancy-at-will.
C. a freehold estate.
D. a remainder estate.

A

A) A tenancy - at - sufferance

A holdover tenancy is an estate or tenancy-at-sufferance. With written consent it becomes an estate at will.

63
Q

The estate that features absolute and complete ownership is:

A. life estate.
B. estate for years.
C. leasehold estate.
D. fee simple absolute estate.

A

D) fee simple absolute estate

The largest and most complete estate in land, lasting forever, is the fee simple absolute estate.

64
Q

The owner of Parcel A has the benefit of a right-of-way easement across Parcel B. The owner of Parcel A holds which type of easement?

A.Appurtenant
B. In gross
C. By necessity
D. By prescription

A

A) Appurtenant

Since the easement crosses
Parcel B (servient property) to access Parcel A (dominant property) it is an appurtenant easement.

65
Q

Developer has recorded a plat and subdivision deed restrictions.
Developer created and filed the
deed restrictions in order to:

A. circumvent municipal zoning ordinances.
B. obtain a zoning amendment from the municipality.
C. protect the interests of those
who purchase lots in the subdivision.
D. register the environmental impact statement.

A

C) protect the interests of those who purchase lots in the subdivision

Deed restrictions are designed to protect property values and the interests of property owners.

66
Q

Before purchasing a property,
Buyer required Seller to have the property surveyed. Buyer was trying to determine whether there were any:

A. blanket encumbrances.
B. judgment liens.
C. licenses.
D. encroachments.

A

D) Encroachments

Encroachments may be revealed by a physical inspection or a survey of the property.

67
Q

As the result of a lawsuit, the court has decreed that Debtor is indebted to Creditor and fixes the amount of indebtedness. Creditor has a:

A. mortgage.
B. judgment.
C. construction lien.
D. special assessment.

A

B) judgment

A judgment lien arises after a lawsuit in which a money judgment has been awarded.

68
Q

The term “estate” refers to:
A. the amount of property owned by an individual.
B. the rights held by someone who has a possessory interest in real estate.
C. a claim against or interest in land held by someone other than the owner of the property.
D. an exercise of police power.

A

B) the rights held by someone who had a possessory interest in real estate

An estate in land refers to the
collection or bundle of rights
held by someone who has a
possessory interest in a parcel
of real estate.

69
Q

A declaration would most likely be used in which type of property?

A. Single family homes
B.Condominium
C.Commercial new construction
D. Apartment complex

A

B) Condominium

condominium is created by filing a declaration of condominium.

70
Q

The year-end financial information
from the previous year must be
given to the buyers of:

A. an apartment building.
B. a single family home.
C. a commercial property.
D. a condominium.

A

D) a condominium

The second and subsequent sellers of a condominium must provide recent association financial information to the buyer.

71
Q

Two cousins are buying an
apartment building. In order to
protect the rights of inheritance
of each of their families, the form
of ownership should be:

A. joint-tenancy
B. tenancy-in-entreties
C. tenancy-in-common
D. tenancy-in-severalty

A

C) Tenancy in common

Tenancy-in-common allows a deceased’s interest to go to the deceased’s heirs.

72
Q

Individual Seller grants a deed that includes limitations that restrict the use of the property for Owner and all subsequent owners. This was a:

A. deed restriction
B. writ of execution
C. restrictive covenant
D. zoning ordinance

A

A) deed restriction

A deed restriction is a privately created limitation that restricts the use of the property for the owner and all subsequent owners.

73
Q

What is the maximum amount per $100 that can be charged for a documentary stamp tax?

$.60
$.35
$.20
$.70

A

$.70

Except in Dade county

74
Q

What document includes a promise that title is merchantable?

A

A warranty deed

75
Q

Transfer of real property is executed when

A

The deed is delivered by the grantor and accepted by the grantee

76
Q

Which clause in a deed warrants ownership in fee simple and the complete right to dispose of the property?

A

Seizin clause

77
Q

which deed contains covenants and warranties that make it the best deed for the grantee?

A

Warranty deed

78
Q

Which of the following is NOT essential to the validity of a deed?

A

Acknowledgement by a notary

79
Q

Protection against losses due to undiscovered title defects or encumbrances is best provided by:

A

A title insurance policy

80
Q

What is the purpose of recording a deed?

A

To give constructive notice

81
Q

Which is NOT a requirement for a valid deed?

A

Recordation

82
Q

A claim against property that has an effect on merchantable title is a(n):

A

Encumbrance

83
Q

A mortgagee’s title insurance policy:

A

Is issued for the amount of the mortgage loan and is transferable

84
Q

Recording a document at the county has the legal effect of providing:

A

Constructive notice

85
Q

A warranty deed does NOT include which of the following clauses?

A

Bargain and sale clause

86
Q

How much is the state intangible tax on a new mortgage of $50,000?

A

$100

$50,000 x .002 =$100

87
Q

How is the purchase price entered on the closing statement?

A

Credit to seller and debit to buyer

88
Q

The clause in a deed that names the type of estate being granted is known as the:

A

habendum clause

89
Q

How is the intangible tax entered on the closing statement?

A

Debit buyer

90
Q

If an owner is unable to sign a deed, which of the following types would NOT be used?

A

Quitclaim deed

91
Q

When an owner is declared legally incompetent or is committed to an institution, what signed document would be used to transfer the incompetents interest in real property?

A

Committees deed

92
Q

A closing is a set for September 15th. How will the property tax proration be entered on the closing statement?

A

Debit seller and credit buyer

Real Estate (12 decks)

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