MO Final Exam With 100% correct answers 2024

Which of the following ways of specializing is common in the real estate brokerage business? correct answers By type of property Which of the following is included in the legal concept of land? correct answers A lake A property abuts a non-navigable stream. What does the owner own? correct answers Underlying land to the middle of the waterway. A retailer installs special display counters to exhibit her products. At the end of the lease term, the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following? correct answers Real property, since the trade fixtures were abandoned How is a legal life estate created? correct answers By operation of law Which of the following is true of a homestead? correct answers A homestead interest is a form of legal life estate Three people have identical rights in a property, share an indivisible interest, but may sell or transfer their interest without consent of the others. This type of ownership is correct answers tenancy in common. A condominium estate is distinguished by correct answers fee simple ownership of a unit and an undivided share of the common areas. An easement by prescription requires that correct answers the use be continuous, open, and hostile for a required period of time. In a lien-theory state correct answers the lender records a lien while the borrower retains title to the mortgaged property. Five liens have been recorded against a certain house, in the following order: first mortgage, mechanic's lien, second mortgage, real estate tax lien, special assessment lien. Which lien will be the last one to be paid from the proceeds of the sale of the house? correct answers Second mortgage lien For a conveyance by deed between private parties to be valid, the deed must be correct answers accepted by the grantee.