Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
The common law doctrine of advancement refers to the same thing as lapse.
RESPA is applicable to home improvement loans.
The doctrine of partial performance under the Statute of Frauds is not available for oral
real estate contracts.
The habendum is the clause with the words of conveyance.
Architectural Control Committees cannot enforce rules on aesthetics only.
A condominium unit cannot be mortgaged.
Cooperative boards can review and reject applicants who wish to purchase a unit in the
co-op.
A Brundage clause is a due'‘on'‘sale clause.
A deed of trust financing arrangement prevents the problems of separated note holders
and mortgage holders in foreclosure.
On loans that are locked in at an interest rate, there is zero tolerance for errors in
disclosures on the GFE.
Buyer brokers do not earn a commission, only a flat fee.
The bubble concept was eliminated by the 1990 Clean Air Act.
A description in a deed that refers to a plat map that is then not attached to the deed is
legally insufficient.
Limited liability companies are authorized in all states.
To qualify for Subchapter S treatment, there must be at least 100 shareholders.
Partnerships pay income tax on the profits earned.
In a limited liability company, the profits and losses flow through directly to the
owners.
Most states place limitations on association foreclosures for nonpayment of monthly
fees by owners.
Those who own subsurface rights have no responsibility to restore and repair surface
damage.
The Fair Housing Act does not apply to landlords.
With reference to #13, how can Alex's lease be terminated without either side being
liable for damages?
a. Alex can end the lease any time with 30 days notice
b. The landlord can end the lease any time with 30 days notice
c. The lease can be terminated anytime by either party
d. None of the above
Builders are prohibited from referring home buyers to certain lenders and title
companies under RESPA.
Sidney and Saul Jarvis were in an auto accident. Saul died at the scene of the accident.
Sidney was hospitalized and died three days later. Sidney and Saul have three children.
The Jarvises had no will. How is their property to be distributed?
a. Saul's estate passes first to Sidney's estate and then to their three children
b. Saul's estate passes to the children and Sidney's estate passes to Saul
c. Sidney's estate passes to Saul and Saul's estate passes to Sidney
d. Sidney's and Saul's estates pass as if each spouse had predeceased the other
A proprietary lease
a. Is the same as a regular lease, but longer in length
b. Is the same as a regular lease, and includes the right of eviction for nonpayment
c. Is a form of ownership that carries greater rights than a leasehold interest
d. Is required for all forms of multi-unit ownership
Geothermal resources are
a. Classified as minerals
b. Classified as waters
c. Either a or b
d. None of the above
Joan and her daughter, Harriett, owned 32 acres of ranch property near Flagstaff,
Arizona. Their deed listed them as joint tenants with right of survivorship. Harriett got
married after she and Joan got title to the ranch property and she conveyed her interest
in the ranch to herself and her new husband, Jeff, as joint tenants with right of
survivorship. Joan has passed away. Explain who owns how much in the ranch property
following Joan's death.
John Beck was injured at the Drive-Thru at Taco Bell when an impatient driver behind
him fired his gun at John's car. When would Taco Bell be liable for John's injuries?
a. Taco Bell is always liable for John's injuries because he is an invitee
b. Taco Bell would be liable if the firing of the shot was foreseeable
c. Taco Bell would be liable if John was negligent
d. Taco Bell could never be liable for John's injuries
First United American Title is the escrow agent for the closing of a sale of property
between Georgia Pines and Alexander Pope. Georgia is carrying the financing for Pope,
and Pope has given Georgia a mortgage. First United American failed to record the
mortgage even though the escrow instructions specified that it be recorded. Pope has
defaulted on the loan, and Georgia has discovered there is no mortgage. First United
American
a. is not liable since the mortgage is still valid
b. is not liable unless there was negligence
c. is liable for the failure to record
d. None of the above
A 1031 property exchange
a. Allows a taxpayer to defer capital gains
b. Is a way to accelerate depreciation
c. Both a and b
d. None of the above
Which of the following parties could recover for injuries resulting from a tort
committed in the common area of a condominium development?
a. Unit owners
b. Delivery person
c. Postal employee
d. All of the above
Suppose that Jason had directed a per capital distribution, how would the estate be
distributed?
a. Joan '“ 1/3, John '“ 1/3, Jack '“ 1/6, Jane 1/6
b. Joan '“ 1/4, John '“ 1/4, Jack '“ 1/4, Janet '“ 1/4
c. Joan and John '“ 1/2 each
d. None of the above
With reference to #48, the grantor holds the interest of
a. A life estate
b. An estate for years
c. A springing executory interest
d. A power of termination
When can an escrow agent transfer title and deliver funds?
a. Upon lender's direction
b. Upon seller's direction
c. When all contingencies are met
d. None of the above
'To my niece, Sally, on the condition that liquor never be served on the premises, and
should liquor ever be served, I reserve the right to re-enter and take possession of and
title to the property.' Sally holds the interest of
a. A life estate
b. An estate for years
c. A fee simple subject to a condition subsequent
d. A fee simple determinable
Zoning ordinances are generally part of
a. State constitutions
b. Code of Federal Regulations
c. City ordinances
d. State statutes
Tom Clawson is buying a home from Deidre Davidson. Tom asked for a termite report
prior to closing on the house but after the contract had been signed by both Tom and
Deidre. Deidre contacted Ace Exterminators. Ace's representative found evidence of
termite infestation and his report disclosed the infestation. Deidre then called
Bugs-R-Us and asked for another termite inspection. Bugs-R-Us's representative said
there was not termite infestation and issued a clean report to Deidre, which Deidre then
gave to Tom. Shortly after moving in, Tom noticed some suspicious tracks along the
frame of the garage. Tom called the first name in the phone book, Ace Exterminators.
Ace's representative arrived and said he did not need to do an inspection and furnished
Tom with the report he had given to Deidre. Which of the following statements is
correct?
a. The termite report is a condition precedent to Tom and Deidre closing on the sale of
the house
b. The termite report is a condition concurrent to Tom and Deidre closing on the sale of
the house
c. The termite report is a violation of the Statute of Frauds and cannot be enforced as a
condition
d. The termite report is not required in most states
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 dominant tenement?
a. Angela
b. Bill
What remedies are available for nuisance?
a. Money damages
b. Ordering the nuisance creator to turn over title to his property
c. Ordering the nuisance creator to pay for the property of surrounding landowners
d. None of the above
Under RESPA
a. A broker cannot refer a buyer or seller to an escrow agent
b. An escrow agent cannot collect a fixed fee for services
c. A broker cannot accept reduced rent in exchange for referrals to an escrow agent who
is his/her landlord
d. Brokers need not disclose a .25% interest in a referral to a title company
Which does the EPA require for a company that is seeking permission to discharge toxic
or nonconventional pollutants?
a. The best available treatment or BAT
b. The best conventional treatment or BCT
c. The maximum achievable treatment or MAT
d. The EPA requires only a permit, not treatment prior to discharge
Ari Pitt owns a home located next to a baseball park used by the Chicago Cubs for
spring training. When Ari purchased his home, the baseball park was small stadium
seating 500 with no lights for night games. The city expanded the ballpark last year and
added lights. The park is used at night and also for concerts. Ari is kept awake until
midnight when there are night games because of the lights and the clean-up crews
following the games. When there are concerts, Ari is kept awake by the loud speakers
for the music and has litter tossed in his yard by concert goers. Ari
a. Has a cause of action in nuisance
b. Has no rights because no one from the city has trespassed
c. Has rights under the Doctrine of Ancient Lights
d. Absent statutory protection, must live with the park and its operation
Which of the following is not an example of a condition precedent?
a. Seller delivering marketable title
b. Buyer obtaining financing
c. Buyer retaining employment
d. None of the above
What is the length of the rescission period if a mortgage lender makes a mistake in the
disclosure of the APR to the consumer borrower?
a. Three days
b. 30 days
c. One year
d. Three years
When Walsh Homes' manager went to the apartment of Ezra Jones to collect rent, he
was assaulted. When Housing Authority officers were summoned, they were assaulted
with a chain and screwdriver. Walsh Homes wishes to evict Jones. Can it?
"To my alma mater for use as a faculty club and if it is ever not so used, to my son"
gives the son a contingent remainder.
Thelma Gregor says that she recorded her deed on her property in 19 The city of
Fairbanks is unable to locate any evidence of recording, but also notes that a records
page that listed recorded deeds is missing from one of the 1945 record books. The
original owner of the property has since died. Thelma wants to know if she still owns
her property.
a. Thelma owns her property through adverse possession
b. If Thelma does not have a deed, she cannot own the property
c. Thelma does not own the property because there is no public record of her ownership
d. Thelma will own the property if she gets another deed, signs it herself, and records it
A tenancy at sufferance can continue even after the tenant pays rent.
Discuss the constitutionality of a zoning ordinance that prohibited pregnancy crisis
counseling centers in a town.
If tree roots from the tree located on the landowner's land interfere with the pipe placed
in an easement in gross, then the dominant tenement can require that the tree be
removed from the landowner.
Both the state and U.S. constitutions have provisions relating to real estate.
A license must be in writing to be valid.
