REAL ESTATE MODULE 3 EXAM
QUESTIONS AND ANSWERS 100%
CORRECT
Which of the following life estates is created by operation of law rather than by the
owner? - ANSWER-Legal life estate
Conventional life estate
Ordinary life estate
Community property life estate
A. Legal life estate
The approval process for development of multiple properties in an area includes
submission of - ANSWER-plat of subdivision
In the rectangular survey system, what are the dimensions of a township? - ANSWER-
Six miles by six miles, or 6 miles square
A retired couple has just bought a retirement home with a pier on a large lake. In this
case the retirees' water rights extend to - ANSWER-the high water mark of the body of
water at the shoreline
Zoning, building codes, and environmental restrictions are forms of local land use
control known as - ANSWER-police power
An item may be considered personal property as opposed to real property provided that
- ANSWER-the owner intended to remove it after a period of time.
Among other provisions, the Superfund Act (CERCLA) and Superfund Amendment and
Reauthorization Act of 1986 provided that - ANSWER-parties responsible for improper
disposal of hazardous waste could be charged for the cleanup costs
If property Alpha has a court-ordered easement across property Beta in order for Alpha
to have access to a public road, the easement is a(n) - ANSWER-easement by
necessity
The basic intent of zoning ordinances is to - ANSWER-specify usage for every parcel
within the zoning authority's jurisdiction
Melinda purchases a house and finances it. The lender in turn places a lien on
Melinda's title. The lien in this mortgage transaction is - ANSWER-The creditors claim
against the property as collateral security for the loan
, The "four unities" required to create a joint tenancy include which of the following
conditions? - ANSWER-Parties must acquire respective interests at the same time.
Emily sells Rycole a property containing a deed condition. The condition stipulates that
the forested portion of the property must never be razed for development. Three months
later, Rycole proceeds to harvest the trees and turn the area into an executive golf
course. What recourse does Emily have under the deed condition? - ANSWER-She has
the right to re-possess the property because the grantee has violated the condition.
Which of the following is true regarding master planning and zoning? - ANSWER-
Zoning ordinances are a primary means of keeping land use in harmony with the master
plan
A buyer agrees to all terms of a sellers offer except the length of time for a contingency
to procure financing. The buyer extends the financing period in the offer by one week,
signs the form and mails it back to the seller. At this point, the sellers offer - ANSWER-
Is void
What is a lien theory state in contrast to a title theory state? - ANSWER-A state in which
a mortgagor retains title to the property when a mortgage lien is created
Which of the following accurately describes the act of foreclosure? - ANSWER-a
proceeding to enforce a lien by forcing sale or transfer of a secured property.
On two adjacent properties, there is an easement that allows property A to use the
driveway that belongs to property B. Property A is said to be - ANSWER-Dominant
Tenement
A condominium owner enjoys a - ANSWER-Fee simple ownership of the airspace in a
unit and an undivided share of the entire property's common areas
If the duration of an owner's rights in an estate cannot be determined, the owner
possesses - ANSWER-freehold estate
The lot and block system of legally describing property is used for - ANSWER-
properties in a subdivision
An owner transfer title to a buyer in exchange for a motorcycle. This is an example of -
ANSWER-Voluntary alienation
A property is secured by a mortgage that does not contain a "power of sale" clause. To
foreclose, the lien holder will have to - ANSWER-file a foreclosure suit
QUESTIONS AND ANSWERS 100%
CORRECT
Which of the following life estates is created by operation of law rather than by the
owner? - ANSWER-Legal life estate
Conventional life estate
Ordinary life estate
Community property life estate
A. Legal life estate
The approval process for development of multiple properties in an area includes
submission of - ANSWER-plat of subdivision
In the rectangular survey system, what are the dimensions of a township? - ANSWER-
Six miles by six miles, or 6 miles square
A retired couple has just bought a retirement home with a pier on a large lake. In this
case the retirees' water rights extend to - ANSWER-the high water mark of the body of
water at the shoreline
Zoning, building codes, and environmental restrictions are forms of local land use
control known as - ANSWER-police power
An item may be considered personal property as opposed to real property provided that
- ANSWER-the owner intended to remove it after a period of time.
Among other provisions, the Superfund Act (CERCLA) and Superfund Amendment and
Reauthorization Act of 1986 provided that - ANSWER-parties responsible for improper
disposal of hazardous waste could be charged for the cleanup costs
If property Alpha has a court-ordered easement across property Beta in order for Alpha
to have access to a public road, the easement is a(n) - ANSWER-easement by
necessity
The basic intent of zoning ordinances is to - ANSWER-specify usage for every parcel
within the zoning authority's jurisdiction
Melinda purchases a house and finances it. The lender in turn places a lien on
Melinda's title. The lien in this mortgage transaction is - ANSWER-The creditors claim
against the property as collateral security for the loan
, The "four unities" required to create a joint tenancy include which of the following
conditions? - ANSWER-Parties must acquire respective interests at the same time.
Emily sells Rycole a property containing a deed condition. The condition stipulates that
the forested portion of the property must never be razed for development. Three months
later, Rycole proceeds to harvest the trees and turn the area into an executive golf
course. What recourse does Emily have under the deed condition? - ANSWER-She has
the right to re-possess the property because the grantee has violated the condition.
Which of the following is true regarding master planning and zoning? - ANSWER-
Zoning ordinances are a primary means of keeping land use in harmony with the master
plan
A buyer agrees to all terms of a sellers offer except the length of time for a contingency
to procure financing. The buyer extends the financing period in the offer by one week,
signs the form and mails it back to the seller. At this point, the sellers offer - ANSWER-
Is void
What is a lien theory state in contrast to a title theory state? - ANSWER-A state in which
a mortgagor retains title to the property when a mortgage lien is created
Which of the following accurately describes the act of foreclosure? - ANSWER-a
proceeding to enforce a lien by forcing sale or transfer of a secured property.
On two adjacent properties, there is an easement that allows property A to use the
driveway that belongs to property B. Property A is said to be - ANSWER-Dominant
Tenement
A condominium owner enjoys a - ANSWER-Fee simple ownership of the airspace in a
unit and an undivided share of the entire property's common areas
If the duration of an owner's rights in an estate cannot be determined, the owner
possesses - ANSWER-freehold estate
The lot and block system of legally describing property is used for - ANSWER-
properties in a subdivision
An owner transfer title to a buyer in exchange for a motorcycle. This is an example of -
ANSWER-Voluntary alienation
A property is secured by a mortgage that does not contain a "power of sale" clause. To
foreclose, the lien holder will have to - ANSWER-file a foreclosure suit
