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Real Estate Quiz Questions Unit 1 > Unit 1 Quiz > Flashcards

Unit 1 Quiz Flashcards

1
Q

A factor that does not challenge a contract’s validity is

  1. negligence.
  2. misrepresentation.
  3. fraud.
  4. material fact.
A
  1. material fact.
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2
Q

Which of the following statements is true with a quitclaim deed?

  1. The grantor warrants ownership of the property.
  2. There are three covenants associated with a quitclaim deed.
  3. A quitclaim deed is used as a means of placing a lien claim against the property.
  4. If you receive a quitclaim deed from someone who owns the property in fee simple, you will own the property in fee simple.
A
  1. If you receive a quitclaim deed from someone who owns the property in fee simple, you will own the property in fee simple.
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3
Q

Which of the following industries is not necessarily dependent on real estate activity?

  1. Savings and Loan Associations
  2. Carpet suppliers
  3. Hospitals
  4. Landscape suppliers
A
  1. Hospitals
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4
Q

The requirement that events related to the contract must be performed on time is called

  1. the contract term.
  2. the contract expiration date.
  3. time is of the essence clause.
  4. deadline.
A
  1. time is of the essence clause.
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5
Q

Sometimes a contract does not accurately reflect the intentions of the parties because of some mechanical or clerical error in the document. When this happens, a legal action called a __________ is necessary to correct the contract.

  1. modification
  2. recission
  3. forfeiture
  4. reformation
A
  1. reformation
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6
Q

Properties that house production, manufacturing, and distribution are

  1. office properties.
  2. industrial properties.
  3. warehouse properties.
  4. retail properties.
A
  1. industrial properties.
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7
Q

The components that define tenancy do not include

  1. how an interest in land is held.
  2. the actual act of holding that interest.
  3. the amount paid for that interest.
  4. the period of time in which a tenant leases the property in return for consideration.
A
  1. the amount paid for that interest.
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8
Q

Indiana Code does not require that deeds being recorded include

  1. notarized signatures.
  2. sales disclosure forms.
  3. identification of liens.
  4. affirmation statement.
A
  1. identification of liens.
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9
Q

Office buildings vary by size and architecture but do NOT include

  1. low-rise.
  2. mid-rise.
  3. garden office.
  4. tall rise.
A
  1. tall rise.
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10
Q

____________ means there is a claim against the title - such as Adverse Possession.

  1. A cloud
  2. An encumbrance
  3. Color of title
  4. Abstract of title
A
  1. Color of title
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11
Q

As part of the duties included in the listing agreement, the seller does not agree to

  1. hold the broker responsible for any claims resulting from the information given to or withheld from the broker.
  2. consider all good faith offers on the property.
  3. make the property available for showings.
  4. take responsibility for all information the seller provides to the broker.
A
  1. hold the broker responsible for any claims resulting from the information given to or withheld from the broker.
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12
Q

The following is not a distinguishing characteristic of a life estate.

  1. The owner enjoys full ownership rights during the estate period.
  2. Holders of future interest own only a reversionary interest.
  3. The estate may be created by agreement between private parties.
  4. The estate may be created by law under prescribed circumstances.
A
  1. Holders of future interest own only a reversionary interest.
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13
Q

A land contract is

  1. a purchase agreement for undeveloped real estate land.
  2. a unilateral contract.
  3. a contract wherein the seller agrees to finance the sale of the property in installments.
  4. a contract wherein the buyer obtains financing from a third party to purchase land from the seller.
A
  1. a contract wherein the seller agrees to finance the sale of the property in installments.
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14
Q

Owners of properties abutting a navigable, non-moving body of water enjoy ________________, but do not own the water or the land beneath the water.

  1. riparian rights
  2. littoral rights of use
  3. rights under the Doctrine of Prior Appropriation
  4. navigable rights
A
  1. littoral rights of use
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15
Q

As part of the duties included in the listing agreement, the broker agrees to use __________ to achieve the purpose of the listing agreement.

  1. advertising
  2. assistant brokers
  3. good faith
  4. due diligence
A
  1. due diligence
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16
Q

In addition to supply and demand, the other critical component of an economic system is

  1. consumer income.
  2. availability of credit.
  3. price.
  4. government regulations.
A
  1. price.
17
Q

Which of the following is a legal principle that affects transfer of ownership to property by will?

  1. Law of Seisen
  2. Law of Citus
  3. Law of Domicile
  4. Law of Intestate
A
  1. Law of Domicile
18
Q

In the course of planning for land use, the planning personnel analyze

  1. population income.
  2. economic needs.
  3. transportation needs.
  4. existing land use.
A
  1. existing land use.
19
Q

Which of the following is an appropriate situation for forfeiture under a land contract in Indiana?

  1. The buyer has paid 50% of the amount of the contract and then defaults.
  2. The buyer defaults and then seeks to retain possession because he/she is paying taxes and insurance on the property.
  3. The buyer abandons and absconds the property.
  4. The buyer has substantial equity in the property when he/she defaults.
A
  1. The buyer abandons and absconds the property.
20
Q

Zoning and building codes fall under

  1. local governments.
  2. state governments.
  3. federal government.
  4. city building permits.
A
  1. local governments.
21
Q

This regulation addressed disposal of solid and toxic wastes and measures for managing waste.

  1. National Environmental Policy Act
  2. Clean Air Amendment
  3. Superfund Act
  4. Water Pollution Control Act
A
  1. Superfund Act
22
Q

Why are land contracts usually not subject to mortgage laws?

  1. The courts generally do not view land contracts as functionally equivalent to mortgages.
  2. No third party lender is involved.
  3. Mortgage laws are illegal for land contracts.
  4. The courts do not recognize land contracts.
A
  1. The courts generally do not view land contracts as functionally equivalent to mortgages.
23
Q

The primary criterion for distinguishing real from personal property is

  1. who owns the property.
  2. the use of the property.
  3. if the property is attached to the land or structures on the land.
  4. if the property is a trade fixture.
A
  1. if the property is attached to the land or structures on the land.
24
Q

Title insurance is issued to protect

  1. the buyer after the closing date.
  2. the lender after the closing date.
  3. the seller prior to the closing date.
  4. the buyer prior to the closing date.
A
  1. the buyer prior to the closing date.
25
Q

Community property consists of

  1. property by gift.
  2. property acquired by either party during the marriage.
  3. property inherited by either spouse during the marriage.
  4. settlements for personal injury.
A
  1. property acquired by either party during the marriage.
26
Q

Liens have the following legal feature:

  1. It conveys ownership with one exception.
  2. It attaches to the property owner.
  3. It terminates on payment of the debt and recording of documents.
  4. A property may not be subject to multiple liens.
A
  1. It terminates on payment of the debt and recording of documents.
27
Q

How can a potential buyer prevent the sale of a property to another party while seeking to raise funds for the purchase?

  1. Place signs on the property that say, “Contract Pending”
  2. Obtain a court order
  3. Submit an option to buy for the property
  4. Ask the seller to stop advertising the property for sale
A
  1. Submit an option to buy for the property

Real Estate Quiz Questions Unit 1 (12 decks)

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