Review quiz chapters 1-6 superior quiz online with complete solutions

Review quiz chapters 1-6 superior quiz online with complete solutions Which type of estate cannot pass by inheritance? - fee simple estate - fee simple condition subsequent estate - conventional life estate - pur autre vie life estate -Answer-conventional life estate Which of the following liens is/are considered a "specific lien" on real estate? - deed of trust - mechanic's lien - real estate taxes - all of the above -Answer-all of the above Which of the following statements is/are correct regarding the Interstate Land Sales Full Disclosure Act? 1. If a development contains 25 or more lots, the developer must furnish prospective buyers with a property report. 2. The property report must be given to a prospective purchaser prior to a sales contract being signed. 3. The purchaser can revoke, or rescind, the sales contract at his or her option until midnight of the fifth day following the signing of the contract. 4. This Act applies only to the sale of lots to consumers located in the state. - 1 and 2 - 3 and 4 - 2 and 4 - 1 and 3 -Answer-1 and 2 A rectangular-shaped parcel of land, which measures 400 feet by 600 feet, is divided into two equal lots by a creek that runs from the northeast corner to the southwest corner. What is the approximate acreage of each divided parcel? -Answer-2.75 acres Assume annual real estate taxes amount to $1,800 and have been paid in advance for the calendar year by the seller. If closing is set for September 15, which of the following is correct? - Answer-credit seller $525; debit buyer $525 Which of the following statements is/are true? 1. A freehold estate and a nonfreehold estate will never exist at the same time on the same property. 2. A life estate is a nonfreehold estate. - 1 only - 2 only - Both 1 and 2 - Neither 1 nor 2 -Answer-Neither 1 or 2 Title to real property may be transferred by which of the following? - bill of sale - oral agreement - ceremony of seizing - laws of intestate succession -Answer-laws of intestate succession Which of the following statements is/are correct? 1. A "deed of gift" must be recorded within 3 years to be valid. 2. A deed that warrants only against defects or encumbrances that have occurred "by, through, or under the grantor" is a special warranty deed. - 1 only - 2 only - Both 1 and 2 - Neither 1 nor 2 -Answer-2 only Smith is interested in purchasing a warehouse for the storage of inventory from his business. If the building which he is considering purchasing is 30 feet high, 28 feet wide and 62 feet long, how many cubic feet of storage space will the building provide? -Answer-52080 cubic feet Public land use controls include all of the following, EXCEPT: - subdivision regulations - environmental protection laws - master plan specifications - deed restrictions -Answer-deed restrictions When an old service station is located in an area that has been rezoned for residential use only, the station may be permitted to continue to operate as a service station under a: 1. Legal nonconforming use 2. Variance 3. Illegal nonconforming use - 1 only - 2 only - 3 only - Both 1 and 2 -Answer-1 only Which of the following would be considered a "material fact" by law in NC? 1. Recorded lien on the property 2. Information about a pending zoning change that would enhance the value of a seller's property even if the agent is a buye