CompUcram Final Exam with Complete Solutions|
Latest Update
A survey is the process of: CORRECT ANSWER: Determining the size and boundaries of
a piece of property
The termination of a contract occurs if it is: completed
____ makes a contract voidable by the lied-to party, but it does not necessarily terminate the
contract. Fraud
____ of an offer would commence the contract, not terminate it. Acceptance
What event will create an involuntary life estate? CORRECT ANSWER: Dower interest
becoming cohate
"____" means "not active," which is the status of dower when a married couple is both alive and
together. Inchoate
When a spouse dies or sells the property without dower release, dower becomes ____, or active.
cohate
FHA-insured loan features: higher debt ratio, no pre-payment penalty, low down payment
,____ will provide permanent permission to deviate from the setback rules. variance
The land benefited by an appurtenant easement is called the: dominant tenement
The land burdened by the appurtenant easement is called the: servient tenement
The ____ is the right that the appurtenant easement provides the dominant tenement
appurtenancy
If one agent represents both clients in the same transaction, then a ____ exists that both sides of
the transaction are entitled to know about. material relationship
The necessary ingredients for value: Demand, utility, scarcity and value (think DUST)
To compute the real property tax on a parcel of land: Multiply the assessed value by the
tax rate
The income cap technique uses ____. net annual income.
Which of these is not considered when determining whether an item is a fixture or personal
property? CORRECT ANSWER: Value of the annexed item
, Three independent groups of large department stores want to research and plan a merger to
become one large entity. They will have to plan the merger, re-evaluate stocks, and plan on
shifting their assets to put the merger together. They will need the help of: CORRECT
ANSWER: Advice and guidance from investment banks
What is it called when personal property is transformed into real property? CORRECT
ANSWER: Actual annexation
Constructive annexation occurs when property is so closely related to real property that the law
treats it as real property, even though it is not physically attached. The fixture is the item that was
transformed.
Roberta wishes to build her garage 2 feet from her side lot line. City code calls for all side
setbacks to be at least 5 feet. She will need to get what to be able to legally proceed and be
assured that future owners will not have a problem? CORRECT ANSWER: A variance
Mom & Dad's Cafe is located in an area that has recently been rezoned "residential." Will they be
allowed to continue operating as a restaurant? CORRECT ANSWER: Yes, because the
restaurant will be "grandfathered" into the area
When waterborne silt is deposited in a lake or river bed, the land gradually increases by the
process of: CORRECT ANSWER: Accretion
Building codes are primarily enforced by: CORRECT ANSWER: The issuance of permits
Latest Update
A survey is the process of: CORRECT ANSWER: Determining the size and boundaries of
a piece of property
The termination of a contract occurs if it is: completed
____ makes a contract voidable by the lied-to party, but it does not necessarily terminate the
contract. Fraud
____ of an offer would commence the contract, not terminate it. Acceptance
What event will create an involuntary life estate? CORRECT ANSWER: Dower interest
becoming cohate
"____" means "not active," which is the status of dower when a married couple is both alive and
together. Inchoate
When a spouse dies or sells the property without dower release, dower becomes ____, or active.
cohate
FHA-insured loan features: higher debt ratio, no pre-payment penalty, low down payment
,____ will provide permanent permission to deviate from the setback rules. variance
The land benefited by an appurtenant easement is called the: dominant tenement
The land burdened by the appurtenant easement is called the: servient tenement
The ____ is the right that the appurtenant easement provides the dominant tenement
appurtenancy
If one agent represents both clients in the same transaction, then a ____ exists that both sides of
the transaction are entitled to know about. material relationship
The necessary ingredients for value: Demand, utility, scarcity and value (think DUST)
To compute the real property tax on a parcel of land: Multiply the assessed value by the
tax rate
The income cap technique uses ____. net annual income.
Which of these is not considered when determining whether an item is a fixture or personal
property? CORRECT ANSWER: Value of the annexed item
, Three independent groups of large department stores want to research and plan a merger to
become one large entity. They will have to plan the merger, re-evaluate stocks, and plan on
shifting their assets to put the merger together. They will need the help of: CORRECT
ANSWER: Advice and guidance from investment banks
What is it called when personal property is transformed into real property? CORRECT
ANSWER: Actual annexation
Constructive annexation occurs when property is so closely related to real property that the law
treats it as real property, even though it is not physically attached. The fixture is the item that was
transformed.
Roberta wishes to build her garage 2 feet from her side lot line. City code calls for all side
setbacks to be at least 5 feet. She will need to get what to be able to legally proceed and be
assured that future owners will not have a problem? CORRECT ANSWER: A variance
Mom & Dad's Cafe is located in an area that has recently been rezoned "residential." Will they be
allowed to continue operating as a restaurant? CORRECT ANSWER: Yes, because the
restaurant will be "grandfathered" into the area
When waterborne silt is deposited in a lake or river bed, the land gradually increases by the
process of: CORRECT ANSWER: Accretion
Building codes are primarily enforced by: CORRECT ANSWER: The issuance of permits
