POC is an acronym for ‘paid on credit.’
The interest on all home equity loans is non’‘deductible.
As between buyer and seller, the escrow instructions are controlling in the event of a
conflict of terms.
In contract states, an implied contract can be used to establish the contract requirement.
The existence of a confidential relationship is a prerequisite to establishing undue
influence.
Descriptions of property by popular name are always invalid.
The American Recovery and Reinvestment Act is part of the U.S. Constitution.
A conveyance by a joint tenant severs the joint tenancy.
Zoning represents an exercise of the police power.
A purchase money security interest in fixtures does not arise automatically.
Constructive eviction
a. Does not exist in commercial leases
b. Is available to a limited extent in commercial leases
c. Can exist only in those commercial leases in which the landlord offers some
warranties in the lease
d. None of the above
Who has liability for injuries to visitors that occur in condominium common areas?
a. No one is liable
b. The maintenance firm only
c. The condominium association
d. None of the above
The difference between a profit and an easement is
a. The right of removal
b. One is a land interest and one is not
c. One is personal property and the other is real property
d. None of the above
In new home sales
a. There is an implied warranty of habitability
b. There is no implied warranty of habitability
c. An ILSFDA report is required
d. None of the above
Jane and Richard Cohen, a married couple, own a mini-storage facility as joint tenants.
Richard made a contract to sell the property to U-Store-It, a national mini-storage
company. Richard only signed the contract and also the deed. U-Store-It recorded the
deed. Which of the following is accurate?
a. U-Store-It owns the property because the deed has been recorded
b. The deed is not valid because it is missing a signature
c. A joint tenant can convey title without the signature of the other joint tenant
d. A recorded deed carries the presumption that the signatures are valid
Amy Geiger had a two-year lease on a Manhattan apartment that began on August 1,
2007, and was to run until July 31, 2009 at a rate of $1200 per month. Amy was
assigned to work in the London office of her company from January 1, 2008 until
August 31, 2008. Amy wishes to rent her apartment to someone during that time.
a. Amy cannot enter into a valid sublease
b. Amy cannot assign her rights under the lease
c. Amy can enter into a sublease and be released from liability on her lease
d. Amy can enter into a sublease but is not released from liability on her lease
Zoning regulations are unconstitutional if they
a. Decrease the value of properties
b. Limit property use
c. Control density of building
d. None of the above
Intensity zoning
a. Controls building location
b. Provides for maximum constructions per area
c. Is unconstitutional
d. None of the above
What is the purpose of protected person statutes?
a. To protect those who have diseases and are selling their homes from having that
information disclosed
b. To prevent discrimination by brokers and agents
c. To provide protection for brokers and agents when the listing agreement terminates
after buyers have seen the property
d. To protect home buyers in dual agency relationships
Residential property purchased after 1986
a. Is depreciated over a 15-year period
b. Is depreciated over a 19-year period
c. Is depreciated over a 27.5-year period
d. None of the above
First Federal financed the purchase of O’s home and recorded a mortgage on September
12, 2009. O decided to build a swimming pool in the backyard. First Interstate loaned O
$10,000 for the pool and recorded a mortgage on October 15, 2009. Who has priority?
a. First Federal
b. First Interstate
c. The Pool Company
d. None of the above
On commercial properties, leases that antedate the mortgage
a. Need not be honored by the mortgagee
b. Are generally void
c. Must be honored by the mortgagee
d. Both a and b
e. None of the above
What is a hybrid?
a. A form of ownership that combines features of various forms of multi-unit housing
b. Patio homes
c. Garden homes
d. All of the above
The best conventional treatment
a. Is the use of the most common technology for treating pollutants before discharge
b. Is the state of the art technology for treating pollutants before discharge
c. Is no longer required by the EPA
d. None of the above
Impact fees provide local governments with funds needed for
a. Police
b. Schools
c. Fire departments
d. All of the above
Which of the following is not a factor used in determining assessed value?
a. Original price
b. Improvements
c. True cash value
d. a, b and c are all factors used
Civil suits for nuisance
a. Can be brought by any private citizen
b. Must be preceded by an EPA complaint
c. Must be in the form of a class action
d. None of the above
Establishing undue influence requires
a. Proof of lack of mental capacity
b. Proof of a confidential relationship
c. Proof of a fiduciary relationship
d. None of the above
Meridian Insurance Company does not write insurance policies in the Bedford borough
area. ‘There have been too many claims from that area and we just cannot afford to
write policies there.’ Meridian
a. Is entitled to determine where it will and will not do business
b. Is engaged in redlining
c. Is engaged in steering
d. Is engaged in blockbusting
Which of the following would be the type of issue to which substantial performance
would apply?
a. The builder installed the wrong color of cabinets
b. The grading on the property is done improperly and the backyard floods
c. The foundation was not sprayed for termites and the home becomes infested
d. The roof is constructed with defective lumber and collapse
Angela holds an easement that prevents Bill from planting willow trees. Angela and Bill
are adjoining landowners, and Angela obtained the easement because she felt the roots
of willow trees would harm her in-ground swimming pool.
Who is the servient tenement?
a. Angela
b. Bill
c. There is no servient tenement because this is an easement in gross
Holographic wills are handwritten wills written by the testator.
Commercial landlords are generally responsible for maintenance of common areas.
Mortgages always take priority over purchase money security interests.
Counters bolted to the floor in a department store would be considered fixtures.
Set up a construction project flow system so that all parties are assured of payment and
adequate performance.
The Rule Against Perpetuities provides that a grant must vest within 21 years from the
time it is made.
The Internal Revenue Code is part of the Code of Federal Regulations.
Authentication under Article 9 requires a hard-copy signature.
Give a list of ways a landowner could prevent an easement by prescription.