MO Final Exam With A+ Grade Answers

Which of the following ways of specializing is common in the real estate brokerage business? - ANSWER-By type of property Which of the following is included in the legal concept of land? - ANSWER-A lake A property abuts a non-navigable stream. What does the owner own? - ANSWER-Underlying land to the middle of the waterway. A retailer installs special display counters to exhibit her products. At the end of the lease term, the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following? - ANSWER-Real property, since the trade fixtures were abandoned How is a legal life estate created? - ANSWER-By operation of law Which of the following is true of a homestead? - ANSWER-A homestead interest is a form of legal life estate Three people have identical rights in a property, share an indivisible interest, but may sell or transfer their interest without consent of the others. This type of ownership is - ANSWER-tenancy in common. A condominium estate is distinguished by - ANSWER-fee simple ownership of a unit and an undivided share of the common areas. An easement by prescription requires that - ANSWER-the use be continuous, open, and hostile for a required period of time. In a lien-theory state - ANSWER-the lender records a lien while the borrower retains title to the mortgaged property. Five liens have been recorded against a certain house, in the following order: first mortgage, mechanic's lien, second mortgage, real estate tax lien, special assessment lien. Which lien will be the last one to be paid from the proceeds of the sale of the house? - ANSWER-Second mortgage lien For a conveyance by deed between private parties to be valid, the deed must be - ANSWER-accepted by the grantee. If a person dies with legal heirs and has left no valid will, what happens to real property owned by that person? - ANSWER-It is probated and passes to the heirs by laws of descent. A miner openly lives and prospects on a 20,000-acre ranch. After twenty years, the owner notices the miner and kicks him off the property. The miner makes a claim of ownership to the property. This claim will likely be - ANSWER-upheld, because the possession was not concealed.