What are the elements of valid appropriation?
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24. The elements of valid appropriation are (a) intent to apply water to a
beneficial use, (b) an actual diversion of water from a natural source, and (c)
application of the water to a beneficial use within a reasonable time.
Name the various ways a person can become an owner of real property.
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14. (a) inheritance, (b) devise, (c) gift, (d) contract and sale, or (e) adverse
possession
,14. Seller and purchaser enter into a contract for the purchase and sale of real
property for the price of $90,000. The property has a value of $100,000. The purchaser
fails to perform. What is the amount of money damages to be awarded to the seller?
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14. The measure of damages for breach of real estate contract is the
difference between contract price and fair market value at the time of the
breach. The seller in this question would not be entitled to any money
damages from the purchaser, who did not perform. If the property has a
fair market value higher than the purchase price, the seller has not been
damaged by the purchaser's failure to perform.
21. What is meant by legal capacity to contract?
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21. The legal capacity to contract means that the parties to the contract are
responsible for their promises, and the law will make them bound by their
promises.
19. Is there any written proof of a prescriptive or implied easement?
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19. No
,11. What is the Statute of Frauds, and what effect does it have on the validity of
contracts?
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11. The original Statute of Frauds was enacted in England in 1677 to prevent
fraudulent practices of proving oral contracts in court. The Statute of
Frauds requires that certain contracts be in writing to be enforceable.
Contracts for the sale of land or an interest in land are required by the
Statute of Frauds to be in writing. Each state has its own Statute of Frauds.
25. What property in a community property state is considered not to be community
property?
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25. Property owned prior to marriage and property acquired by gift,
devise, or descent is generally not considered to be community property.
20. The following is a list of contract provisions. Do these provisions favor the seller or
the purchaser?
a. Seller is to convey insurable title to the real property at closing.
b. Seller is to convey title to the real property subject to utility easements and other
restrictions of record.
c. Seller shall not alter or encumber the title to the property after the date of the
contract without the prior written consent of purchaser.
d. The real estate contract is freely assignable.
e. The contract is silent as to risk of loss between date of contract and date of closing
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, 20. (a) Favor seller (b) Favor seller (c) Favor purchaser (d) Favor purchaser
(e) Neutral provision with a slight bias in favor of seller
22. A common owner in a tenancy in common is entitled to what share of rent or
income produced from the real property?
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22. A common owner of a tenancy in common is generally entitled to a
share of rent or income in the same percentage as the tenant's ownership
of the property. That is, a tenant who has a one-fourth interest in a tenancy
in common property would be entitled to one-fourth of the rent or income
produced from the property.
How is an estate for years different from a fee simple absolute estate?
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20. Fee simple absolute ownership interest is ownership forever. The
property is freely inheritable and has indefinite duration. An estate for years
is ownership of property for a definite period. An estate for years has a
definite beginning and ending date and terminates on the expiration of its
term.
23. What is the difference between a present covenant and a future covenant?
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24. The elements of valid appropriation are (a) intent to apply water to a
beneficial use, (b) an actual diversion of water from a natural source, and (c)
application of the water to a beneficial use within a reasonable time.
Name the various ways a person can become an owner of real property.
Give this one a try later!
14. (a) inheritance, (b) devise, (c) gift, (d) contract and sale, or (e) adverse
possession
,14. Seller and purchaser enter into a contract for the purchase and sale of real
property for the price of $90,000. The property has a value of $100,000. The purchaser
fails to perform. What is the amount of money damages to be awarded to the seller?
Give this one a try later!
14. The measure of damages for breach of real estate contract is the
difference between contract price and fair market value at the time of the
breach. The seller in this question would not be entitled to any money
damages from the purchaser, who did not perform. If the property has a
fair market value higher than the purchase price, the seller has not been
damaged by the purchaser's failure to perform.
21. What is meant by legal capacity to contract?
Give this one a try later!
21. The legal capacity to contract means that the parties to the contract are
responsible for their promises, and the law will make them bound by their
promises.
19. Is there any written proof of a prescriptive or implied easement?
Give this one a try later!
19. No
,11. What is the Statute of Frauds, and what effect does it have on the validity of
contracts?
Give this one a try later!
11. The original Statute of Frauds was enacted in England in 1677 to prevent
fraudulent practices of proving oral contracts in court. The Statute of
Frauds requires that certain contracts be in writing to be enforceable.
Contracts for the sale of land or an interest in land are required by the
Statute of Frauds to be in writing. Each state has its own Statute of Frauds.
25. What property in a community property state is considered not to be community
property?
Give this one a try later!
25. Property owned prior to marriage and property acquired by gift,
devise, or descent is generally not considered to be community property.
20. The following is a list of contract provisions. Do these provisions favor the seller or
the purchaser?
a. Seller is to convey insurable title to the real property at closing.
b. Seller is to convey title to the real property subject to utility easements and other
restrictions of record.
c. Seller shall not alter or encumber the title to the property after the date of the
contract without the prior written consent of purchaser.
d. The real estate contract is freely assignable.
e. The contract is silent as to risk of loss between date of contract and date of closing
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, 20. (a) Favor seller (b) Favor seller (c) Favor purchaser (d) Favor purchaser
(e) Neutral provision with a slight bias in favor of seller
22. A common owner in a tenancy in common is entitled to what share of rent or
income produced from the real property?
Give this one a try later!
22. A common owner of a tenancy in common is generally entitled to a
share of rent or income in the same percentage as the tenant's ownership
of the property. That is, a tenant who has a one-fourth interest in a tenancy
in common property would be entitled to one-fourth of the rent or income
produced from the property.
How is an estate for years different from a fee simple absolute estate?
Give this one a try later!
20. Fee simple absolute ownership interest is ownership forever. The
property is freely inheritable and has indefinite duration. An estate for years
is ownership of property for a definite period. An estate for years has a
definite beginning and ending date and terminates on the expiration of its
term.
23. What is the difference between a present covenant and a future covenant?
Give this one a try later!
