Principles of Real Estate Exam With 100% Correct Answers 2024

Principles of Real Estate Exam With 100% Correct Answers 2024 A hurricane will often shift large quantities of sandy soil from one end of a barrier island to the other. Title to this additional land created by the natural forces of accretion is acquired by the owner through a process called - answerD. accession. A grandmother left her home and 100 acres to her church to be used as a camp. In the event the church attempts to sell or make some other use of the property, the estate would then go to the grandmother's heirs. This is an example of a a - answerC. fee simple determinable estate (defeasible qualified by special limitation). Three men are not able to agree on the management of their investment property. They may find it necessary to terminate their joint tenancy through the court-ordered action of - answerC. partition. A man has planted strawberries in an empty field near HIS home for the past 15 years. In order for him to make a legitimate claim of adverse possession, he will have to prove that his possession of the property was - answerB. uninterrupted. A widow is willed property from her deceased husband for the rest of her life, specifying that upon her death, the title passes to her children. This type of ownership is BEST described as a - answerD. life estate with a remainder interest. A man died, leaving no will and no heirs. His property will be transferred to the state (or county) where the property is located based on the operation of law called - answerA. escheat. A town condemns all property in four downtown blocks to build a new courthouse and social services building. It is able to do this under the governmental power of - answerA. eminent domain. A woman bought a property in another state and never visited the land. A man moved his mobile home onto land, had a water well drilled, and lived there for 22 years. This man may become the owner of the land if he has compiled with the state law regarding - answerD. adverse possession. A father conveyed the family home to his daughter by will as a pur autre vie estate for the life of her mother. If the daughter should die before the mother, who holds the property? - answerB. Daughter's estate A person has full rights to use and occupy the property for a certain period (e.g. a specified number of months or years), after which the person must return the property to its owner. This person holds a - answerB. leasehold estate. An electric company is planning to bury electric lines across the backyards of 40 homes in a new subdivision. They will need to apply for a(n) - answerC. commercial easement in gross. The owner of an old plantation plans to deed the property to the state for use as a state park. This gift is an example of - answerD. dedication. An example of a specific voluntary lien is - answerA. bank mortgage lien. A brother gave property to his sister for her lifetime, and at her death, the property is to be transferred to their cousin. In this situation, the COUSIN'S interest in the property is - answerC. remainder. Your neighbors use your driveway to reach their garage on their property. Your attorney explains that the ownership of the neighbors' real estate includes an easement appurtenant giving them the right to use your driveway. Your property is the - answerC. servient tenement. An owner of 50 acres of land with 500 feet of frontage on a desirable recreational lake wants to subdivide the parcel into salable lots. The owner wants to retain control over the lake frontage while allowing lot owners to have access to the lake. What provides access rights and offers the greatest protection to prospective purchasers? - answerC. An easement appurtenant A construction company placed a new roof on a house four months ago. Because the owner of the property has not paid for the job done, the company may need to place a - answerA. mechanic's lien on the property with a new roof. A merchant builder-developer is one who: - answerD. Builds with the intent to sell the finished property A landscaping company has not been paid for its work on a property. In order to give public notice of intent to file a mechanics lien, the company must file a(n) - answerD. lis pendens. Terwilliger argues that the long-term fundamentals for real estate development in the US: - answerA. Provide significant opportunities due to population growth and movement within the country, the need to replace obsolete or damaged properties, and changes in technologies affecting the built environment A neighbor was letting another neighbor leave his camper on her property. She never charged any rent for the use of her yard. This permission is called - answerA. a license. The beach has been gradually washing away so that they house that was 50 feet from the beach is now only 10 feet away. This is a result of - answerA. erosio