Real Estate Law Exam 1 Questions With Correct Answers

Real Estate Law Exam 1 Questions With Correct
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Answers
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Law //- //CORRECT //ANSWERS(S)✔✔basis //of //the //law //is //human //conflict



real //property //- //CORRECT //ANSWERS(S)✔✔tangible //assets



Because //of //drought, //a //stream //provides //sufficient //water //for //only //half //of //the //regular
//uses. //What //are //the //differences //in //the //rights //of //riparian //owners //to //whom //prior


//appropriation //applies //as //opposed //to //owners //to //whom //the //doctrine //of //correlative //rights


//applies? //- //CORRECT //ANSWERS(S)✔✔riparian //rights: //the //rights //of //an //owner //of //land //that
//touches //a //water //course //to //use //the //water




prior //appropriation: //a //water //rights //doctrine //that //confers //the //primary //rights //to //the //first
//users //of //water




During //a //heavy //rainstorm, //a //stream //changed //its //course //and //left //about //100 //square //feet
//of //your //former //land //on //the //opposite //side //of //the //stream. //What //could //you //do? //-


CORRECT //ANSWERS(S)✔✔use //the //prior //appropriation //theory //to //establish //priority //rights
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Do //you //think //mobile //homes //should //be //considered //as //real //estate //for //tax //purposes? //-
//CORRECT //ANSWERS(S)✔✔No, //mobile //homes //are //not //real //property //therefore //cannot //be
//taxed.




L //owned //2 //adjoining //lots. //He //constructed //a //driveway //on //the //boundary //line //between
//the //lots. //L //then //sold //one //of //the //lots //to //T. //Ten //years //later //L //asked //T //to //share //in //the


//cost //of //providing //new //surface //for //the //driveway. //T //refused. //L //then //sued //T, //asking //the


//court //for //an //order //stopping //T //from //using //the //driveway, //inasmuch //as //it //involved //a

, trespass //on //L's //portion //of //the //lot //occupied //by //the //driveway. //What //was //the //decision?
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Explain. //- //CORRECT //ANSWERS(S)✔✔
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L,T, //and //Z //owned //land //in //joint //tenancy //with //right //of //survivorship. //L //wanted //to //sell //the
//land //but //T //and //Z //refused //to //join //in //any //conveyance. //L //executed //and //delivered //a //deed


//to //the //land //to //Y. //Y //died, //leaving //a //will //in //which //he //devised //all //his //real //estate //to //his


//son, //S. //What //legal //interests, //if //any, //do //L,T,Z //and //S //have //in //the //land? //Explain. //-


CORRECT //ANSWERS(S)✔✔
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L //and //T, //a //married //couple, //lived //in //a //community //property //state. //During //their //marriage,
//L //inherited //a //farm //from //his //grandfather //that //was //valued //at //$500,000. //Shortly


//thereafter, //T //received //a //lifetime //gift //of //two //thousand //shares //of //general //motors //stock


//from //her //father. //L //and //T //each //claim //community //property //interests //in //the //property


//acquired //by //the //other. //Are //their //claims //valid? //Explain. //Would //it //matter //if //they //lived //in


Virginia? //- //CORRECT //ANSWERS(S)✔✔
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Determine //and //explain //the //estate //or //estates //existing //after //the //following //conveyances: //



1) //To //A //for //Life. //

2) //To //A //for //life //of //B.

3) //To //A //for //life, //and //after //A's //death //to //A's //children. //

4) //to //A //in //fee //simple //on //the //condition //that //liquor //is //never //sold //on //the //land. //-
CORRECT //ANSWERS(S)✔✔1) //Fee //simple //absolute //
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2) //fee //simple //defeasible

3) //fee //tail //

4) //fee //simple //determinable



On //January //1, //1993, //S //sold //and //delivered //to //B //a //properly //executed //deed //to //a //parcel //of
//land. //B //paid //a //purchase //price //of //$35,000. //It // was //later //discovered //by //both //S //and //B


//that //the //land //had //a //market //value //of //$75,000 //at //the //time //of //the //sale //to //B. //S //sued //to

, void //the //sale //and //deed //on //the //grounds //that //she //did //not //receive //adequate
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consideration. //Is //she //correct? //Explain. //- //CORRECT //ANSWERS(S)✔✔
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T //wanted //to //make //a //gift //of //a //farm //to //each //of //her //three //sons. //She //properly //executed
//three //deeds //conveying //a //parcel //of //farmland //to //each //son. //The //deeds //contained //a


//proper //attestation //and //acknowledgment. //T //placed //the //deeds //in //her //safety //deposit //box


//and //told //her //sons //what //she //had //done. //She //died, //leaving //a //will //disposing //of //all //her


//property //to //her //daughter. //The //sons //and //the //daughter //each //claim //title //to //the //farms.


Who //has //title //to //the //land? //Explain. //- //CORRECT //ANSWERS(S)✔✔
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Explain //the //following //concepts //to //Grandma:



waste



escheat //



police //power //



easement //by //prescription //



lis //pendens //- //CORRECT //ANSWERS(S)✔✔waste- //a //destructive //use //of //real //property //by //one
//in //rightful //possession




escheat- //a //reversion //of //property //to //the //state //when //no //individual //is //available //who
//legally //qualifies //to //inherit //it.




police //power- //the //power //of //a //state //to //exercise //control //to //protect //the //health, //safety,
//morals, //and //welfare //of //the //public.