Sample Test: Georgia Practice Exam
Correct 100%
A farmer temporarily installs produce coolers in a leased farm stand in order to
prevent spoilage. The coolers would be considered which of the following?
A. Trade fixtures that are real property.
B. Trade fixtures that are personal property.
C. Temporary real property.
D. Emblements. - ANSWERTrade fixtures that are personal property.
Property can be converted from real to personal property and from personal property
to real property by means of which processes, respectively?
a. Assemblage and plottage.
b. Application and dissolution.
C. Severance and affixing.
d. Planting and harvesting. - ANSWERSeverance and affixing.
The highest form of ownership interest one can acquire in real estate is the
A. legal life estate.
B. conventional life estate.
C. defeasible fee simple estate.
D. absolute fee simple estate. - ANSWERabsolute fee simple estate.
The distinguishing feature of a defeasible fee simple estate is that
A. it can be passed on to heirs.
b. it has no restrictions on use.
C. the estate may revert to a grantor or heirs if the prescribed use changes.
d. it is of unlimited duration. - ANSWERthe estate may revert to a grantor or heirs if
the
prescribed use changes
,Maria acquires a property from her uncle Alfonso. When Maria dies, the estate will
pass to Alfonso's other niece, Serena. The type of estate that Maria has in the
property is a
а. conventional life estate.
b. legal life estate.
C. fee simple defeasible estate.
d. tenancy by the entireties. - ANSWERconventional life estate.
One difference between a cooperative estate and a condominium estate is that
a. a condominium owner owns a unit of air space whereas the co-op owner owns a
proprietary lease.
b. a condominium sale adversely affects other unit owners.
c. the coop owner owns stock and a freehold real estate interest whereas the
condominium owner simply a proprietary lease.
d. the condominium owner owns the common elements and the airspace whereas
the coop owner only owns the apartment. - ANSWERa condominium owner owns a
unit of air space whereas the co-op owner owns a proprietary lease.
Who are the essential parties involved in an estate in trust?
a. Owner, trustor and lawyer.
b. Owner, trustor and trustee.
c. I trustee, title company, and beneficiary.
D. Trustor, trustee and beneficiary. - ANSWERTrustor, trustee and beneficiary.
A condominium owner enjoys a
a. share in an association that owns one's apartment.
b. tenancy in common interest in airspace and common areas of the property.
c. fee simple ownership of the airspace in a unit and an undivided share of the entire
property's common areas.
d. fee simple ownership of a pro rata share of the entire property. - ANSWERfee
simple ownership of the airspace in a unit and an undivided share of the entire
property's common areas.
, With various types of junior liens, the order of payment priority is generally
established according to
a. the date of recordation.
b. what form of tax is in question.
c. the order of disbursement.
d. whether the lien was subordinated. - ANSWERthe date of recordation
What is a lien-theory state in contrast to a title-theory state?
a. A state in which liens are given priority over other encumbrances.
b. A state in which a mortgagor retains title to the property when a mortgage lien is
created.
c. A state in which the holder of a mortgage lien receives title to the mortgaged
property until the debt is satisfied.
D. A state in which liens must be recorded to be enforceable. - ANSWERA state in
which a mortgagor retains title to the property when a mortgage lien is created.
An owner leases a property to a business in exchange for rent. The tenant is
required to pay all operating expenses as well. This is an example of a
a. proprietary lease.
b. percentage lease.
c. gross lease.
d. net lease. - ANSWERd. net lease
A lease automatically terminates under which of the following circumstances?
a. The tenant fails to pay rent.
b. The leased property is foreclosed.
c. The tenant goes out of business.
d. The landlord cancels the lease. - ANSWERb. The leased property is foreclosed.
A county or municipal authority usually grants a certificate of occupancy for new
construction only after
a. all contractors' work has been inspected.
Correct 100%
A farmer temporarily installs produce coolers in a leased farm stand in order to
prevent spoilage. The coolers would be considered which of the following?
A. Trade fixtures that are real property.
B. Trade fixtures that are personal property.
C. Temporary real property.
D. Emblements. - ANSWERTrade fixtures that are personal property.
Property can be converted from real to personal property and from personal property
to real property by means of which processes, respectively?
a. Assemblage and plottage.
b. Application and dissolution.
C. Severance and affixing.
d. Planting and harvesting. - ANSWERSeverance and affixing.
The highest form of ownership interest one can acquire in real estate is the
A. legal life estate.
B. conventional life estate.
C. defeasible fee simple estate.
D. absolute fee simple estate. - ANSWERabsolute fee simple estate.
The distinguishing feature of a defeasible fee simple estate is that
A. it can be passed on to heirs.
b. it has no restrictions on use.
C. the estate may revert to a grantor or heirs if the prescribed use changes.
d. it is of unlimited duration. - ANSWERthe estate may revert to a grantor or heirs if
the
prescribed use changes
,Maria acquires a property from her uncle Alfonso. When Maria dies, the estate will
pass to Alfonso's other niece, Serena. The type of estate that Maria has in the
property is a
а. conventional life estate.
b. legal life estate.
C. fee simple defeasible estate.
d. tenancy by the entireties. - ANSWERconventional life estate.
One difference between a cooperative estate and a condominium estate is that
a. a condominium owner owns a unit of air space whereas the co-op owner owns a
proprietary lease.
b. a condominium sale adversely affects other unit owners.
c. the coop owner owns stock and a freehold real estate interest whereas the
condominium owner simply a proprietary lease.
d. the condominium owner owns the common elements and the airspace whereas
the coop owner only owns the apartment. - ANSWERa condominium owner owns a
unit of air space whereas the co-op owner owns a proprietary lease.
Who are the essential parties involved in an estate in trust?
a. Owner, trustor and lawyer.
b. Owner, trustor and trustee.
c. I trustee, title company, and beneficiary.
D. Trustor, trustee and beneficiary. - ANSWERTrustor, trustee and beneficiary.
A condominium owner enjoys a
a. share in an association that owns one's apartment.
b. tenancy in common interest in airspace and common areas of the property.
c. fee simple ownership of the airspace in a unit and an undivided share of the entire
property's common areas.
d. fee simple ownership of a pro rata share of the entire property. - ANSWERfee
simple ownership of the airspace in a unit and an undivided share of the entire
property's common areas.
, With various types of junior liens, the order of payment priority is generally
established according to
a. the date of recordation.
b. what form of tax is in question.
c. the order of disbursement.
d. whether the lien was subordinated. - ANSWERthe date of recordation
What is a lien-theory state in contrast to a title-theory state?
a. A state in which liens are given priority over other encumbrances.
b. A state in which a mortgagor retains title to the property when a mortgage lien is
created.
c. A state in which the holder of a mortgage lien receives title to the mortgaged
property until the debt is satisfied.
D. A state in which liens must be recorded to be enforceable. - ANSWERA state in
which a mortgagor retains title to the property when a mortgage lien is created.
An owner leases a property to a business in exchange for rent. The tenant is
required to pay all operating expenses as well. This is an example of a
a. proprietary lease.
b. percentage lease.
c. gross lease.
d. net lease. - ANSWERd. net lease
A lease automatically terminates under which of the following circumstances?
a. The tenant fails to pay rent.
b. The leased property is foreclosed.
c. The tenant goes out of business.
d. The landlord cancels the lease. - ANSWERb. The leased property is foreclosed.
A county or municipal authority usually grants a certificate of occupancy for new
construction only after
a. all contractors' work has been inspected.
