Modern Real Estate Practice/Law &
Practice Midterm & Final Exam
Questions Fully Answered.
a.) trade fixtures - Answer Counters, Stools, and other restaurant equipment attached to real
property are considered
a.) trade fixtures
b.) encumbrances
c.) real property
d.) realty
a.) metes-and-bounds method - Answer A method of property description using monuments,
distances, and compass directions is the
a.) metes-and-bounds method
b.) plat map
c.) lot-and-block method
d.) rectangular survey method
b.) lien - Answer A claim against real property to secure repayment of a debt is a(n)
a.) deed restriction
b.) lien
c.) convenant
d.) easement
d.) describes the lots and blocks in a subdivision - Answer A plat map created by a survey
a.) shows the master plan of a community
b.) records the details of a condominium registration
,a.) an encumbrance
b.) fee simple
c.) chattel
d.) a license
c.) liquidated damages - Answer If a buyer defaults on a purchase contract and the seller keeps
the buyer's earnest money, which of the following remedies has the seller elected?
a.) money damages
b.) partial performance
c.) liquidated damages
d.) rescission
b.) doesn't comply with zoning requirements - Answer Nonconforming use is a term used in
reference to a property that
a.) needs deferred maintenance
b.) doesn't comply with zoning requirements
c.) has not been recorded
d.) extends over lots lines
d.) fraud - Answer The broker and the seller are aware that the roof on the property leaks.
Because no damage is visible and the buyer will have an inspection, they decide not to disclose
the damage. This is an example of
a.) lis pendens
b.) mistake of fact
c.) duress
d.) fraud
d.) ad valorem - Answer Assessed value as used by a county tax assessor is also called
, d.) ad valorem
c.) a mortgagee's title insurance policy - Answer A lender making a loan secured by a mortgage
will probably require the borrower to buy
a.) a mortgagor's title insurance policy
b.) mortgage insurance
c.) a mortgagee's title insurance policy
d.) an owner's title insurance policy
d.) trade fixtures are treated the same as all other fixtures - Answer All of the following are
true about fixtures except
a.) intention, attachments, adaptation, and agreement area all used to define a fixture
b.) if the seller is going to keep a fixture, it must be excluded in the purchase agreement
c.) fixtures typically start as personal property
d.) trade fixtures are treated the same as all other fixtures
b.) executed - Answer A contract that has been fully performed is
a.) unenforceable
b.) executed
c.) voidable
d.) executory
b.) quitclaim deed - Answer Which deed conveys title but has no covenants
a.) special warranty deed
b.) quitclaim deed
c.) bargain and sale deed
d.) general warranty deed
Practice Midterm & Final Exam
Questions Fully Answered.
a.) trade fixtures - Answer Counters, Stools, and other restaurant equipment attached to real
property are considered
a.) trade fixtures
b.) encumbrances
c.) real property
d.) realty
a.) metes-and-bounds method - Answer A method of property description using monuments,
distances, and compass directions is the
a.) metes-and-bounds method
b.) plat map
c.) lot-and-block method
d.) rectangular survey method
b.) lien - Answer A claim against real property to secure repayment of a debt is a(n)
a.) deed restriction
b.) lien
c.) convenant
d.) easement
d.) describes the lots and blocks in a subdivision - Answer A plat map created by a survey
a.) shows the master plan of a community
b.) records the details of a condominium registration
,a.) an encumbrance
b.) fee simple
c.) chattel
d.) a license
c.) liquidated damages - Answer If a buyer defaults on a purchase contract and the seller keeps
the buyer's earnest money, which of the following remedies has the seller elected?
a.) money damages
b.) partial performance
c.) liquidated damages
d.) rescission
b.) doesn't comply with zoning requirements - Answer Nonconforming use is a term used in
reference to a property that
a.) needs deferred maintenance
b.) doesn't comply with zoning requirements
c.) has not been recorded
d.) extends over lots lines
d.) fraud - Answer The broker and the seller are aware that the roof on the property leaks.
Because no damage is visible and the buyer will have an inspection, they decide not to disclose
the damage. This is an example of
a.) lis pendens
b.) mistake of fact
c.) duress
d.) fraud
d.) ad valorem - Answer Assessed value as used by a county tax assessor is also called
, d.) ad valorem
c.) a mortgagee's title insurance policy - Answer A lender making a loan secured by a mortgage
will probably require the borrower to buy
a.) a mortgagor's title insurance policy
b.) mortgage insurance
c.) a mortgagee's title insurance policy
d.) an owner's title insurance policy
d.) trade fixtures are treated the same as all other fixtures - Answer All of the following are
true about fixtures except
a.) intention, attachments, adaptation, and agreement area all used to define a fixture
b.) if the seller is going to keep a fixture, it must be excluded in the purchase agreement
c.) fixtures typically start as personal property
d.) trade fixtures are treated the same as all other fixtures
b.) executed - Answer A contract that has been fully performed is
a.) unenforceable
b.) executed
c.) voidable
d.) executory
b.) quitclaim deed - Answer Which deed conveys title but has no covenants
a.) special warranty deed
b.) quitclaim deed
c.) bargain and sale deed
d.) general warranty deed
