TJD National Study Guide Exam
Questions And Actual Answers.
The main purpose of zoning laws is to: - Answer Regulate the use and control of private
property
A commercial property is listed with Rockwell Realty at $ 70,000. Rockwell Realty negotiates
with Woods who is familiar with the property and who agrees to buy the property at that price.
Rockwell Realty prepares an agreement of sale which is signed by Woods, the buyer. Copies are
then mailed to Downes, the owner for signature on May 31, 2007. The copies are received by
Downes on June 3, 2007. He signs and mails the signed copies to Woods the same day. The
copies are received by Woods on June 5, 2007. On June 4, 2007, Woods wired Downes, "Offer
withdrawn, property not for sale". Under these circumstances: - Answer It is an enforceable
contract and Rockwell Realty is entitled to a commission.
The Mailbox Rule applies. Acceptance is had once the document is mailed.
A title insurance policy will protect a buyer from financial losses that are caused by: - Answer
An ENCUMBRANCE to which the policy has NOT taken an Exception
The maximum holdover period on a listing contract is: - Answer Freely negotiable (the parties
agree)
Laurie Seward buys a piece of property. She obtained an attorney's opinion on the Abstract of
Title. After closing she discovers that Eric Anderson is in possession of the property under an
unrecorded five-year lease, which has 2 years left to run. Which of the following statements is
(are) true? - Answer 1. Possession serves as notice of an equitable interest in the land
2. the abstract with attorney's opinion does not protect against the rights of parties in
possession
3. Laurie can evict Eric Anderson from property
4. Eric Anderson can remain in the property
Correct: 4. Eric Anderson has a valid lease even though it was never recorded, leases seldom are
recorded. Therefore he can remain in the property.
Gertrude Greenspan wants to list her house with you. She requires $95,000 in her pocket after
, net listings are illegal
$95,000 / .91 (91%) = $104,396
Ed leases store space to Pete for a restaurant, and Pete installs his booths, counters and other
equipment. When do these items become real estate? - Answer 1. When Installed
2. At the time Pete defaults on his rental payments
3. When the lease is effective
4. When the lease expires, if the equipment is not removed at that time.
Correct: 4. Trade fixtures only become realty if not removed from the premises by the last day
of the lease.
Factors and affect land use: - Answer contour and elevation of the parcel
prevailing winds
availability of water
all of the above
All of the above
Legal tests of a fixture include all of the following except: - Answer intention of annexation
method of annexation
how they were purchased
existence of an agreement
How they were purchased. Legal tests of a fixture include intention of annexation(attachment),
method of annexation(attachment), and the existence of an agreement.
After the construction of a building over a railroad right-of-way, trains usually can: - Answer
operate as usual
no longer operate on tracks under the building
operate on tracks under the building only if they cause no problem for occupants of the
building
Questions And Actual Answers.
The main purpose of zoning laws is to: - Answer Regulate the use and control of private
property
A commercial property is listed with Rockwell Realty at $ 70,000. Rockwell Realty negotiates
with Woods who is familiar with the property and who agrees to buy the property at that price.
Rockwell Realty prepares an agreement of sale which is signed by Woods, the buyer. Copies are
then mailed to Downes, the owner for signature on May 31, 2007. The copies are received by
Downes on June 3, 2007. He signs and mails the signed copies to Woods the same day. The
copies are received by Woods on June 5, 2007. On June 4, 2007, Woods wired Downes, "Offer
withdrawn, property not for sale". Under these circumstances: - Answer It is an enforceable
contract and Rockwell Realty is entitled to a commission.
The Mailbox Rule applies. Acceptance is had once the document is mailed.
A title insurance policy will protect a buyer from financial losses that are caused by: - Answer
An ENCUMBRANCE to which the policy has NOT taken an Exception
The maximum holdover period on a listing contract is: - Answer Freely negotiable (the parties
agree)
Laurie Seward buys a piece of property. She obtained an attorney's opinion on the Abstract of
Title. After closing she discovers that Eric Anderson is in possession of the property under an
unrecorded five-year lease, which has 2 years left to run. Which of the following statements is
(are) true? - Answer 1. Possession serves as notice of an equitable interest in the land
2. the abstract with attorney's opinion does not protect against the rights of parties in
possession
3. Laurie can evict Eric Anderson from property
4. Eric Anderson can remain in the property
Correct: 4. Eric Anderson has a valid lease even though it was never recorded, leases seldom are
recorded. Therefore he can remain in the property.
Gertrude Greenspan wants to list her house with you. She requires $95,000 in her pocket after
, net listings are illegal
$95,000 / .91 (91%) = $104,396
Ed leases store space to Pete for a restaurant, and Pete installs his booths, counters and other
equipment. When do these items become real estate? - Answer 1. When Installed
2. At the time Pete defaults on his rental payments
3. When the lease is effective
4. When the lease expires, if the equipment is not removed at that time.
Correct: 4. Trade fixtures only become realty if not removed from the premises by the last day
of the lease.
Factors and affect land use: - Answer contour and elevation of the parcel
prevailing winds
availability of water
all of the above
All of the above
Legal tests of a fixture include all of the following except: - Answer intention of annexation
method of annexation
how they were purchased
existence of an agreement
How they were purchased. Legal tests of a fixture include intention of annexation(attachment),
method of annexation(attachment), and the existence of an agreement.
After the construction of a building over a railroad right-of-way, trains usually can: - Answer
operate as usual
no longer operate on tracks under the building
operate on tracks under the building only if they cause no problem for occupants of the
building
