Principles of Real Estate Exam With 100% Correct Answers 2024

Principles of Real Estate Exam With 100% Correct Answers 2024 Items of personal property that are attached or incorporated into the land in such a manner as to become real property are called: - answerfixtures Anything attached to the land, such as buildings, fences, walls, walks and shrubs, are called: - answerimprovements Township lines divide the land into a series of east-west strips called: - answertiers An area of land that contains 43,560 sq feet is called: - answeran acre Which of the following can transfer ownership of trade fixtures and personal property? - answerBill of Sale How many principal base and meridian line intersections does California have? - answer3 Which of the following is NOT a basic right if ownership included in the "Bundle of Rights"? - answerSustainablility Anything permanently attached or affixed to the land is called: - answerReal Property An interest, share, right, or equity in real estate that varies from the minimal right of a renter to the maximum right of full owner is called a(n): - answerestate Susie owns a life estate based upon her own life. She leases the property to a tenant on a 3 yr lease. Susie dies 2 yrs later. What happens to the lease? - answerThe lease is terminated A signed or verbal statement by the named person that he or she signed that document of his or her own free will is known as: - answerAcknowledgement When 2 or more people have identical interests in the whole property with the same right of possession and the right of survivorship it is called: - answerjoint tenancy All property acquired by a husband and wife during their marriage other than separate property is called: - answercommunity property The two major types of freehold estates are: - answerfee simple and life estate When a landlord discovers that work is being done on the property without the landlord's consent he or she should: - answerpost a Notice of Non-Responsibility on the property A document that uses a property to secure the payment of a debt or the discharge of an obligation is called a(n) : - answerlien An easement that is "created for and beneficial to" the owner of adjoining or attached lands is which type of easement? - answerEasement appurtenant An Easement by Prescription requires which of the following to be valid? - answer5 yrs continuous use Open and notorious use Hostile use Property is defined as: - answerThe rights or interests that a person has in the thing owned The initials RSS refer to: - answerReally Simple Syndication "Potable Water" refers to: - answerwater suitable for drinking Which is considered real property? - answerVegetation The ownership of personal property is transferred by using a - answerBill of Sale A loan secured by personal property usually consists of - answera security agreement Which of the following is not a test for a fixture? - answerCost and size of the item Which method of land description is the oldest and least reliable? - answerMetes and Bounds A township consists: - answera 6-mile by 6- mile square of land & 36 square miles A commercial acre is: - answeran acre less the amount of land dedicated for public improvements Which of the following is a type of freehold estate? - answerEstate in fee Which of the following is an example of a freehold estate? - answera life estate A seven year lease would be considered: - answeran estate for years, personal property and chattel real. A tenancy at sufferance would occur when: - answera tenant remains in the property after expiration of a lease without the owners consent. The owner of property adjacent to the water flow can acquire title to additional land by: - answeraccession Dick and Jane, brother and sister, own an apartment building in joint tenancy. Dick needs $10,000 to cover unexpected medical expenses, so he borrows the money from a lender and signs a trust deed on the property that was soon recorded in the public records. Forty-five days later. Dick dies. Which of the following is most correct? - answerJane now owns the apartment building free and clear of her brother's $10,000 debt. Which of the following is needed to transfer property deeded "Mary Smith, a married woman"? - answerBoth husband and wife's signature If a real estate agent advises a buyer how to take title to real property, he/she may be liable for: - answerpracticing law, giving tax advise, discrimination When selling his home to John, Bert negotiated a leaseback arrangement in order to continue renting and occupying the property for the next two years. John immediately placed the unrecorded grant deed into a safe deposit box for ultimate security. Two days later, Bert "sold" the home a second time to Julie who promptly recorded her deed. Which of the following is most correct? - answerJulie is the likely owner of the property because she recorded her deed first. When a project of improvement on real property has been completed and the owner has not filed a "notice of completion," how many days do claimants have to file mechanics liens? - answer90 days The difference between property tax and special assessments is that: - answerspecial assessments are levied for the cost of specific local improvements, while property tax revenue goes into the general fund A lis pendens: - answermay affect title to the property, based upon the results of the lawsuit. Which of the following is a court order restricting a party from doing an act such as violating private deed restrictions? - answerInjunction. Which of the following will terminate an easement? - answerThe owner of the dominant tenement records a quitclaim deed. Land owner Jacobs granted the telephone company the right to erect telephone poles on his land. Which of the following best describes this situation? - answerAn encumbrance Daniel, who owned two pieces of adjacent land, sold one of them to Charles reserving an easement for himself at the time. Daniel soon left the state for 21 yrs during which time he did not use the easement. When Daniel finally returned to the state, he discovered that: - answerthe easement was still valid and enforced. If a condominium owner breaches a "condition" in the CC&Rs, this would be: - answermore stringent than breaching a covenant Which of the following would have the least im