REAL ESTATE LAW EXAM LATEST 2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS
The American Bar Association's Model Code of Professional Responsibility and the American Bar
Association's Model Rules of Professional Conduct are, together, commonly referred to as? - (answer)
the ABA standard
A routine real estate closing may be handled on - (answer) a flat fee or hourly fee, but not a
contingency fee.
To act ____________ means that an attorney not only must have the necessary legal skill but also must
devote adequate time and thorough preparation to a client matter. - (answer) competently
The following must be deposited in a client trust account - (answer) deposit money and
retainer fees closing proceeds
true or false.
In a contingency fee matter, a client pays for costs incurred on behalf of the client, whether or not the
client wins the case. - (answer) True
What tasks or responsibilities may a paralegal perform under the supervision of an attorney? - (answer)
A paralegal may analyze and organize client data, conduct factual and legal investigation, prepare
documents for legal matters, outline pleadings and discovery notices, interview clients and witnesses,
and assist at closings and trials.
True or false.
The professional code of ethics treats the entire body of attorneys in a firm as one for conflict of interest
purposes. - (answer) True
True or False?
Paralegals are permitted to draft and sign letters to clients confirming the client's decision to decline
representation. - (answer) False
True or False?
Retainer amounts may be put toward fees, costs, or both. - (answer) True
,REAL ESTATE LAW EXAM LATEST 2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS
Most real estate litigation is billed - (answer) at hourly rates.
True or False?
If an estate for years is created for a period of more than one year, the lease conveying the interest must
be in writing in order to be enforceable. - (answer) true
True or False?
The greatest estate one may hold is a fee simple absolute. - (answer) True
A ____________ is an object that at one time was personal property but, through the process of
attachment to real property, has become part of the real property? - (answer) fixture
____________ rights are those rights pertaining to a landowner whose land abuts a lake, ocean, or sea.
- (answer) Littoral
The holder of a leasehold estate possesses all of the following property rights except: - (answer) right
of disposition
the purpose of a UCC-1 financing statement - (answer) The UCC-1 statement is set in place to protect
the seller and the buyer of real estate, it represents all items that are being sold outside of the real
estate contract. It also states the condition the personal property, must be in at the time of the sale,
which is extended to furniture, rugs tables, etc.
____________ means acquiring title through taking possession of land that belongs to another without
the owner's consent and retaining possession for a statutory period of time. - (answer) Adverse
possession
True or False?
Littoral rights are those pertaining to a landowner whose land abuts a river. - (answer) False
, REAL ESTATE LAW EXAM LATEST 2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS
Define homestead property, and list the three contexts in which homestead property is important. -
(answer) Homestead property is defined as, the primary dwelling house or residence of the head of the
household plus adjoining land. The three attributes that make homestead important are; one, the
probate laws pertaining to the property, two-property tax exemptions, and lastly the right of protection
against claims or creditors.
Adverse possession must be hostile, actual, open and notorious, under claim of right, continuous, and
exclusive. - (answer) chapter 2 question 10
A purchaser of acreage should make the closing on the property contingent on what factors? - (answer)
It should be made contingent on the circumstances of obtaining satisfactory financing and having a
qualified person conduct soil and other engineering test to property, and its suitability for future use. So
then the engineering report can make it contingent as well.
A condominium is legally created when a ___ is recorded in the land records for the county in which the
condominium is located. - (answer) declaration of condominium
True or False?
A condominium association must be organized no later than the date the last condominium unit is
conveyed. - (answer) False
What are some of the factors to consider when purchasing a condominium unit? - (answer) some
factors are the quantity of regular and special assessments, the voting powers of unit owners, the
recreational amenities provided, the use limitations imposed upon unit owners, and any bids for
expansion of a condominium development.
A primary draw to any shopping center is ____? - (answer) an anchor store
Traffic flow is of greater concern to developers of: - (answer) shopping centers
True or False?
The purchase of a cooperative is the purchase of personal property. - (answer) True
The American Bar Association's Model Code of Professional Responsibility and the American Bar
Association's Model Rules of Professional Conduct are, together, commonly referred to as? - (answer)
the ABA standard
A routine real estate closing may be handled on - (answer) a flat fee or hourly fee, but not a
contingency fee.
To act ____________ means that an attorney not only must have the necessary legal skill but also must
devote adequate time and thorough preparation to a client matter. - (answer) competently
The following must be deposited in a client trust account - (answer) deposit money and
retainer fees closing proceeds
true or false.
In a contingency fee matter, a client pays for costs incurred on behalf of the client, whether or not the
client wins the case. - (answer) True
What tasks or responsibilities may a paralegal perform under the supervision of an attorney? - (answer)
A paralegal may analyze and organize client data, conduct factual and legal investigation, prepare
documents for legal matters, outline pleadings and discovery notices, interview clients and witnesses,
and assist at closings and trials.
True or false.
The professional code of ethics treats the entire body of attorneys in a firm as one for conflict of interest
purposes. - (answer) True
True or False?
Paralegals are permitted to draft and sign letters to clients confirming the client's decision to decline
representation. - (answer) False
True or False?
Retainer amounts may be put toward fees, costs, or both. - (answer) True
,REAL ESTATE LAW EXAM LATEST 2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS
Most real estate litigation is billed - (answer) at hourly rates.
True or False?
If an estate for years is created for a period of more than one year, the lease conveying the interest must
be in writing in order to be enforceable. - (answer) true
True or False?
The greatest estate one may hold is a fee simple absolute. - (answer) True
A ____________ is an object that at one time was personal property but, through the process of
attachment to real property, has become part of the real property? - (answer) fixture
____________ rights are those rights pertaining to a landowner whose land abuts a lake, ocean, or sea.
- (answer) Littoral
The holder of a leasehold estate possesses all of the following property rights except: - (answer) right
of disposition
the purpose of a UCC-1 financing statement - (answer) The UCC-1 statement is set in place to protect
the seller and the buyer of real estate, it represents all items that are being sold outside of the real
estate contract. It also states the condition the personal property, must be in at the time of the sale,
which is extended to furniture, rugs tables, etc.
____________ means acquiring title through taking possession of land that belongs to another without
the owner's consent and retaining possession for a statutory period of time. - (answer) Adverse
possession
True or False?
Littoral rights are those pertaining to a landowner whose land abuts a river. - (answer) False
, REAL ESTATE LAW EXAM LATEST 2024 ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS
Define homestead property, and list the three contexts in which homestead property is important. -
(answer) Homestead property is defined as, the primary dwelling house or residence of the head of the
household plus adjoining land. The three attributes that make homestead important are; one, the
probate laws pertaining to the property, two-property tax exemptions, and lastly the right of protection
against claims or creditors.
Adverse possession must be hostile, actual, open and notorious, under claim of right, continuous, and
exclusive. - (answer) chapter 2 question 10
A purchaser of acreage should make the closing on the property contingent on what factors? - (answer)
It should be made contingent on the circumstances of obtaining satisfactory financing and having a
qualified person conduct soil and other engineering test to property, and its suitability for future use. So
then the engineering report can make it contingent as well.
A condominium is legally created when a ___ is recorded in the land records for the county in which the
condominium is located. - (answer) declaration of condominium
True or False?
A condominium association must be organized no later than the date the last condominium unit is
conveyed. - (answer) False
What are some of the factors to consider when purchasing a condominium unit? - (answer) some
factors are the quantity of regular and special assessments, the voting powers of unit owners, the
recreational amenities provided, the use limitations imposed upon unit owners, and any bids for
expansion of a condominium development.
A primary draw to any shopping center is ____? - (answer) an anchor store
Traffic flow is of greater concern to developers of: - (answer) shopping centers
True or False?
The purchase of a cooperative is the purchase of personal property. - (answer) True
