DE Real Estate Law Exam
Study online at https://quizlet.com/_9dhxh6
1. Which type of deed conveys real property Executor's Deed
from a decedents estate to a buyer?
2. What's the term for a notice given directly Actual Notice
to and received by a person?
3. Terry has a costume shop in a commercial Estate from period-to-period
building. He has a one-year lease that au-
tomatically renews for another year un-
less either Terry or the landlord termi-
nates. What type of leasehold estate is
this?
4. Per FIRPTA, trusts with foreign beneficia- 35%
ries must withhold what percentage from
the sale of U. S. properties?
5. A taxpayer can claim a capital gains exclu- Once every two years.
sion _______.
6. When a consumer or another licensee The Division of Professional Regulation
files a complaint against a licensee, to
which entity does the commission refer
the complaint for an investigation?
7. Which type of leasehold lasts for a de- Estate for years
fined period of time and automatically
terminates when that period ends?
8. Which type of legal description is this: Lot & block
"Plat of Block 28, Woodmen Heights Tract,
recorded in Map Book 27, page 68, at the
Eldor County Records Office"?
, DE Real Estate Law Exam
Study online at https://quizlet.com/_9dhxh6
9. Reuben purchased a property from a The deed provides the greatest protection
seller who gave him a general warranty available from a grantor to a grantee.
deed. What's true of Reuben's deed to
this property?
10. In a title theory state, which of the follow- It's generally much easier for a lender to fore-
ing is a true statement? close on a property.
11. Mariel is buying a home and is looking Loan origination fee
forward to the tax deductions. She may
deduct which of the following?
12. In a face-to-face closing, who meets with Both the buyer and seller
whom?
13. In a real estate transaction, which of the Consent
following is established when the parties
enter into an agreement voluntarily with
full understanding of the contract terms?
14. Your neighbor hires a middle school stu- If the neighbor and the student are content
dent to mow his lawn every two weeks. to uphold their agreement, the fact that it's
He draws up a written contract in which not legally binding doesn't matter.
he clearly outlines the student's mowing
responsibilities and the payment the stu-
dent will receive in return. Which of the
following is true in this situation?
15. The Schmidts just sold their home to Jose The Schmidts won't have to pay when the
and Maria Lopez, who have moved to the form is filed but may still owe capital gains
state from Mexico while Maria has a vis- tax on their state income tax return.
iting professorship at the University of
Delaware. The Lopezes intend to keep the
, DE Real Estate Law Exam
Study online at https://quizlet.com/_9dhxh6
property as a second home. What's true
about the use of Form 5403, Declaration
of Estimated Income Tax, in this situation?
16. Which of these acts has special provi- Real Estate Settlement Procedures Act
sions for borrowers who are victims of
over-charging?
17. Which of the following is true about air They allow the owner to use the open space
rights? above buildings.
18. Which of the following is a key consider- Point of beginning
ation and starting reference for a metes
and bounds description?
19. True or False: An implied agreement is True
not based on any formal agreement, ei-
ther written or implied, between the prin-
cipals.
20. What is an example of "good considera- Gifting a house to a family member.
tion" in real estate?
21. Which investment cycle is an investor Reversion
in when there is depreciated basis and
tax-deferral through 1031 exchanges?
22. Which of the following will be issued only Title insurance policy
if title is acceptable and an attorney pro-
vides a certificate of title opinion?
23. From an agent's perspective, what's one It defines how and how much the agent will
benefit of a buyer representation agree- be paid.
ment?
Study online at https://quizlet.com/_9dhxh6
1. Which type of deed conveys real property Executor's Deed
from a decedents estate to a buyer?
2. What's the term for a notice given directly Actual Notice
to and received by a person?
3. Terry has a costume shop in a commercial Estate from period-to-period
building. He has a one-year lease that au-
tomatically renews for another year un-
less either Terry or the landlord termi-
nates. What type of leasehold estate is
this?
4. Per FIRPTA, trusts with foreign beneficia- 35%
ries must withhold what percentage from
the sale of U. S. properties?
5. A taxpayer can claim a capital gains exclu- Once every two years.
sion _______.
6. When a consumer or another licensee The Division of Professional Regulation
files a complaint against a licensee, to
which entity does the commission refer
the complaint for an investigation?
7. Which type of leasehold lasts for a de- Estate for years
fined period of time and automatically
terminates when that period ends?
8. Which type of legal description is this: Lot & block
"Plat of Block 28, Woodmen Heights Tract,
recorded in Map Book 27, page 68, at the
Eldor County Records Office"?
, DE Real Estate Law Exam
Study online at https://quizlet.com/_9dhxh6
9. Reuben purchased a property from a The deed provides the greatest protection
seller who gave him a general warranty available from a grantor to a grantee.
deed. What's true of Reuben's deed to
this property?
10. In a title theory state, which of the follow- It's generally much easier for a lender to fore-
ing is a true statement? close on a property.
11. Mariel is buying a home and is looking Loan origination fee
forward to the tax deductions. She may
deduct which of the following?
12. In a face-to-face closing, who meets with Both the buyer and seller
whom?
13. In a real estate transaction, which of the Consent
following is established when the parties
enter into an agreement voluntarily with
full understanding of the contract terms?
14. Your neighbor hires a middle school stu- If the neighbor and the student are content
dent to mow his lawn every two weeks. to uphold their agreement, the fact that it's
He draws up a written contract in which not legally binding doesn't matter.
he clearly outlines the student's mowing
responsibilities and the payment the stu-
dent will receive in return. Which of the
following is true in this situation?
15. The Schmidts just sold their home to Jose The Schmidts won't have to pay when the
and Maria Lopez, who have moved to the form is filed but may still owe capital gains
state from Mexico while Maria has a vis- tax on their state income tax return.
iting professorship at the University of
Delaware. The Lopezes intend to keep the
, DE Real Estate Law Exam
Study online at https://quizlet.com/_9dhxh6
property as a second home. What's true
about the use of Form 5403, Declaration
of Estimated Income Tax, in this situation?
16. Which of these acts has special provi- Real Estate Settlement Procedures Act
sions for borrowers who are victims of
over-charging?
17. Which of the following is true about air They allow the owner to use the open space
rights? above buildings.
18. Which of the following is a key consider- Point of beginning
ation and starting reference for a metes
and bounds description?
19. True or False: An implied agreement is True
not based on any formal agreement, ei-
ther written or implied, between the prin-
cipals.
20. What is an example of "good considera- Gifting a house to a family member.
tion" in real estate?
21. Which investment cycle is an investor Reversion
in when there is depreciated basis and
tax-deferral through 1031 exchanges?
22. Which of the following will be issued only Title insurance policy
if title is acceptable and an attorney pro-
vides a certificate of title opinion?
23. From an agent's perspective, what's one It defines how and how much the agent will
benefit of a buyer representation agree- be paid.
ment?
