Superior Real Estate School Exam with correct Answers

Superior Real Estate School Exam with correct Answers All of the following are physical characteristics of land except: A. Indestructibility B. Uniqueness C. Immobility D. Scarcity -Answer-D. Scarcity Under the doctrine of specific performance, the party harmed by breach of a real estate contract can ask a judge to force the breaching party to carry out the terms of the contract rather than order the breaching party to pay monetary damages. Which physical characteristic of land is the basis for the doctrine of specific performance? A. Indestructibility B. Uniqueness C. Immobility D. Permanence of Investment -Answer-B. Uniqueness Which of the following is considered to have the greatest impact on the value of a property? A. Area Preference B. Permanence of Investment C. Scarcity D. Uniqueness -Answer-A. Area Preference The concept by which land would increase automatically along a river or stream is known as: A. Accretion B. Littoral Rights C. Avulsion D. Reliction -Answer-A. Accretion The owner of a house wants to fence the yard for a dog. When the fence is erected, the fencing materials are converted to real estate by: A. Severance B. Annexation C. Immobility D. Indestructibility -Answer-B. Annexation A deed conveyed ownership to a grantee "so long as the existing building on the property is not destroyed." Following the transfer, the original grantor has what type of interest? A. Life Estate B. ongoing ownership in the property that lasts as long as the condition C. Fee Simple Estate D. Reversionary Estate -Answer-D. Reversionary Estate A woman conveys a life estate to her son-in-law and stipulates that upon his death the estate will pass to her grandson. The grandson has an: A. Estate in Reversion B. Estate in Remainder C. Estate Pur Autre Vie D. Estate for the life of another -Answer-B. Estate in Remainder A person who acquired ownership that can be inherited, with the provision "that the land must always be used for recreational purposes," has: A. a fee simple absolute estate B. a defeasible fee C. a fee simple to a condition subsequent estate D. an estate that cannot be sold -Answer-B. a defeasible fee A brother and sister bought a commercial building and took title as joint tenants with right of survivorship. The brother died. The sister now owns the building: A. as a joint tenant with right of survivorship with her brother's heirs B. in severalty C. as a tenant in common with her brother's heirs D. as a life tenant with her brother's heirs having remainder interests -Answer-B. in severalty Co-owners of a fee simple interest in a small office building are neither related to nor a creditor to each other. One owner dies intestate. The surviving owner would become the sole owner of the property under which of the following rights? A. adverse possession B. reversionary interest C. survivorship D. foreclosure -Answer-C. survivorship Three joint tenants with rights of survivorship own a parcel of land. One owner sells his interest to a long-time friend. After the conveyance, the remaining original owners: A. become tenants in common with each other B. become tenants in common with each other and the newest owner C. become joint tenants with the newest owner D. remain joint tenants with each other -Answer-D. remain joint tenants with each other The owner of a condominium unit learns that a neighbor has failed to pay his condominium association dues. If the neighbor does NOT pay the dues: A. a lien can be filed against the condominium complex B. a lien can be filed against the neighbor's unit C. a lien can only be filed against the common areas of the condominium D. the taxing authority can order the condominium be dissolved -Answer-B. a lien can be filed against the neighbor's unit The severalty owner of a parcel of land sells it. The buyer insists that the owner's wife also sign the deed. The purpose of obtaining the wife's signature is to: A. terminate any rights the wife may have in the property B. defeat any curtsey rights C. provide evidence that the owner is married D. subordinate the wife's signature to the buyer -Answer-A. terminate any rights the wife may have in the property Vonda Lee and William purchased a home together in 2003 with the deed simply listing both of them as "grantees" without specifying how they were to hold title. They married each other in early 2004. How do they now likely hold title to the house purchased in 2003 if they have not made any other adjustments to their deed? A. tenancy by the entirety B. tenancy in severalty C. joint tenancy D. tenancy in common -Answer-D. tenancy in common Which of the following statements is true? I. A life estate is a freehold estate. II. It is possible to have a freehold estate and a non-freehold estate on the same property at the same time. A. I only B. II only C. Both I and II D. Neither I nor II -Answer-C. Both I and II Which of the following would be considered real property? I. Electrical switch plate covers II. Gas logs attached to a fireplace A. I only B. II only C. Both I and II D. Neither I nor II -Answer-C. Both I