Exam (elaborations) PSI

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air - ANSWER 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the tenant 4. that benefits from the easement - ANSWER 2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 1. All encumbrances are liens 2. All liens are encumbrances 3. Restrictions beneficial to the grantee are encumbrances 4. An easement is a physical encumbrance - ANSWER 1. All encumbrances are liens Which of the following is not a specific lien? 1. Mortgage Lien 2. State inheritance tax 3. Real Estate taxes 4. Mechanic's Lien - ANSWER 2. State Inheritance tax You have entered into a lease that requires you to pay 20% of the owners expenses. Your lease would be an example of 1. variable lease 2. net lease 3. percentage lease 4. gross lease - ANSWER 2. Net lease If a husband and wife own an apartment building and the husband owns an undivided three-fourths interest and the wife owns a one-fourth interest, what type of tenancy exists? 1. Leasehold Estate 2. Joint tenancy 3. Tenancy in common 4. Tenancy by the entirety - ANSWER 3. Tenancy in common The highest form of ownership a person may hold in Real Estate is? 1. Life Estate 2. Fee Simple 3. Legal life estate 4. base fee - ANSWER 2. Fee simple Two unrelated people own a three-unit apartment building as tenants in common. One wants to sell but the others do not. Which of the following statements describes the legal rights of the party who wants to sell? 1. The party may request a court to partition the building 2. The party may require the co-owner to sell 3. The party may record a lis penden on the property 4. The party may refinance the mortgage in his or her own name, thus eliminating the co-owner's interest in the property - ANSWER 1. The party may request a court to partition the building Your aunt died intestate and you inherited her house. The way in which you acquired the title to her house is by: 1. curtsey 2. descent 3. escheat 4. laches - ANSWER 2. descent