Louisiana Real Estate Practice Exams (National)

(National) Real property can be converted to personal property by: - Answer-severance Legal descriptions using the government survey system are NOT generally used in: - Answer-the original 13 states Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of: - Answer-prior appropriation A tenant rented an apartment, signing a 15-month lease. After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have? - Answer-Tenancy at will A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor? - Answer-A license A judgment has been properly recorded. Any subsequent purchasers, whether they have actually examined the record or not, have been given: - Answer-constructive notice The main difference between tenancy in common and joint tenancy is that with tenancy in common, when a co-owner dies, - Answer-his undivided interest passes to his heirs A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store? - Answer-Conditional use permit or zoning variance An escheat occurs when: - Answer-a property owner dies without heirs or a valid will A deed restriction is applicable to the activities of: - Answer-all owners, present and future An environmental impact statement typically describes the effects of a proposed project on factors such as: - Answer-public health and safety Ordinances that specify construction standards are: - Answer-building codes Depreciation is calculated based on the: - Answer-cost of the building only A competitive market analysis is MOST often used for: - Answer-setting a listing price