Real Estate Express Final Exam Questions and
Answers 2023/2024
(Nationally Accepted General Principles and Practices)
Real estate that includes non-physical interests, such as easements and restrictions
is known as __ - Answ Real Property
An item permanently attached to real property, such as an attached fence, is
included in the definition of real property.
Townships and sanctions - Answ A rectangular survey is composed of Townships
that are square tracts of land six miles on each side. A township then is divided into
36 Sections which are square tracts of land one mile on a side. One mile is 5,280
square feet. So, 5,280 x 5,280 = 27,878,400 square feet. An acre is 43,560 square
feet so one Section has (27,878,,560 = 640) acres.
What type of survey describes the perimeter of a tract of land. Its legal description
contains angles and distances. It begins at a reference point, moves to a Point of
Beginning (POB); traverses the perimeter of the property and returns to the POB. -
Answ metes and bounds
Eminent domain is the power of government to - Answ take private property for
public use
eminent domain uses - Answ A public entity can employ Eminent Domain to
acquire private property FOR PUBLIC USE, not to then sell to another private
owner for private use. But PUBLICLY OWNED property that has been acquired
through Eminent Domain can be LEASED to a private entity for a use that the
public will have access to, and the right to enjoyment such as a sports complex or
entertainment center.
what term refers to ownership of a single property by a single person or an entity.
- Answ ownership in severalty
When a person owns property in _______, they have the right of exclusive
occupancy (keep everyone else off); the right of enjoyment without interference;
and the right to waste, destroy or sell the property. - Answ fee simple
,A fee simple owner does have the right to grant an easement to someone to cross
the property or use the property. A fee simple owner CANNOT condemn his own
property.
If a Joint Tenant dies the Surviving Joint Tenants automatically acquire the
deceased interest per stirpes. Each receives a prorata share of the deceased
property. This is known as - Answ Right of Survivorship
A _____________ is an arrangement where a Trustors asset is transferred, to
benefit someone over time. A _____ is charged with managing the Trust. A
______ is set up while the person establishing the trust, the _____ , is alive. A
_____ is one that is set up and becomes effective only after the Trustor has died. -
Answ beneficiary trust
trustee
living trust
trustor
testamentary trust
What is the downside to a business owning its own property? - Answ it must
operate, maintain and repair the building and pay all costs
What term is used to describe revocable permission for the temporary private use
of someone's property. - Answ a license
*a ticket to a sporting event held on private property would be a license.
What are the types of liens? - Answ voluntary and involuntary
Property taxes are involuntary. A judgment lien is involuntary. A mechanic's lien is
involuntary. A mortgage is a voluntary lien.
When a deed is recorded, the purpose is to protect the owner's rights but also to
provide notice to any buyer regarding any liens or attachments provided regarding
the condition of the title of the property they are buying. This is known as - Answ
constructive notice
*The purpose of the recorded records at the court house is to provide notice to all
members of the community.
, The primary purpose of a deed is to transfer title from a seller to a buyer. The seller
who believes he is transferring "marketable" title without any problems will sign
and deliver a _______. A seller who only wants to warrant no problems during the
period of time he owned the property will provide a___________. A seller who
does not want to guarantee anything will simply sign a _______. - Answ General
Warranty Deed.
Special or Limited Warranty Deed.
Quit Claim Deed
Enforcing repayment of a lien: - Answ The powers granted the lender in the
promissory note and mortgage which are filed of record as a lien against the title is
one of the means of enforcing the lien against the property.
Distribution of Foreclosure Proceeds - Answ When a property is sold on the
courthouse steps because the borrower failed to pay the loan, the first item to be
paid is the costs of the sale, including advertising, attorney fees and trustee fees.
Then any outstanding property taxes are paid. Then the liens against the property,
ranked in order by filing date, until the money is exhausted. If there happens to be
any money left over it will be paid to the debtor.
A _________ usually occurs only if the value of the property is less than the debt
owed. The lender files suit asking a court to order the borrower to pay the
mortgage debt by a certain date or the lender will automatically gain full title to the
property. - Answ strict foreclosure
Constitutional Rights to Ownership - Answ The U. S. Constitution's Fifth
Amendment mentions the right to property. The Founding Fathers upheld the
economic view of property. They believed that private property ownership, as
defined under common law, pre-existed government. The state and federal
governments were the mere contractual agents of the people, not sovereign lords
over them. All rights, not specifically delegated to the government, remained with
the people-including the common-law provisions of private property.
Zoning calls for defined areas that allow particular uses of property. Sometimes a
use such as residential will be allowed next to a use such as industrial or
manufacturing. In that event, to fulfill the objective of zoning, which is to "protect
the people" a more moderate use will be allowed between the two zoned areas,
called _____ - Answ buffer zones
Answers 2023/2024
(Nationally Accepted General Principles and Practices)
Real estate that includes non-physical interests, such as easements and restrictions
is known as __ - Answ Real Property
An item permanently attached to real property, such as an attached fence, is
included in the definition of real property.
Townships and sanctions - Answ A rectangular survey is composed of Townships
that are square tracts of land six miles on each side. A township then is divided into
36 Sections which are square tracts of land one mile on a side. One mile is 5,280
square feet. So, 5,280 x 5,280 = 27,878,400 square feet. An acre is 43,560 square
feet so one Section has (27,878,,560 = 640) acres.
What type of survey describes the perimeter of a tract of land. Its legal description
contains angles and distances. It begins at a reference point, moves to a Point of
Beginning (POB); traverses the perimeter of the property and returns to the POB. -
Answ metes and bounds
Eminent domain is the power of government to - Answ take private property for
public use
eminent domain uses - Answ A public entity can employ Eminent Domain to
acquire private property FOR PUBLIC USE, not to then sell to another private
owner for private use. But PUBLICLY OWNED property that has been acquired
through Eminent Domain can be LEASED to a private entity for a use that the
public will have access to, and the right to enjoyment such as a sports complex or
entertainment center.
what term refers to ownership of a single property by a single person or an entity.
- Answ ownership in severalty
When a person owns property in _______, they have the right of exclusive
occupancy (keep everyone else off); the right of enjoyment without interference;
and the right to waste, destroy or sell the property. - Answ fee simple
,A fee simple owner does have the right to grant an easement to someone to cross
the property or use the property. A fee simple owner CANNOT condemn his own
property.
If a Joint Tenant dies the Surviving Joint Tenants automatically acquire the
deceased interest per stirpes. Each receives a prorata share of the deceased
property. This is known as - Answ Right of Survivorship
A _____________ is an arrangement where a Trustors asset is transferred, to
benefit someone over time. A _____ is charged with managing the Trust. A
______ is set up while the person establishing the trust, the _____ , is alive. A
_____ is one that is set up and becomes effective only after the Trustor has died. -
Answ beneficiary trust
trustee
living trust
trustor
testamentary trust
What is the downside to a business owning its own property? - Answ it must
operate, maintain and repair the building and pay all costs
What term is used to describe revocable permission for the temporary private use
of someone's property. - Answ a license
*a ticket to a sporting event held on private property would be a license.
What are the types of liens? - Answ voluntary and involuntary
Property taxes are involuntary. A judgment lien is involuntary. A mechanic's lien is
involuntary. A mortgage is a voluntary lien.
When a deed is recorded, the purpose is to protect the owner's rights but also to
provide notice to any buyer regarding any liens or attachments provided regarding
the condition of the title of the property they are buying. This is known as - Answ
constructive notice
*The purpose of the recorded records at the court house is to provide notice to all
members of the community.
, The primary purpose of a deed is to transfer title from a seller to a buyer. The seller
who believes he is transferring "marketable" title without any problems will sign
and deliver a _______. A seller who only wants to warrant no problems during the
period of time he owned the property will provide a___________. A seller who
does not want to guarantee anything will simply sign a _______. - Answ General
Warranty Deed.
Special or Limited Warranty Deed.
Quit Claim Deed
Enforcing repayment of a lien: - Answ The powers granted the lender in the
promissory note and mortgage which are filed of record as a lien against the title is
one of the means of enforcing the lien against the property.
Distribution of Foreclosure Proceeds - Answ When a property is sold on the
courthouse steps because the borrower failed to pay the loan, the first item to be
paid is the costs of the sale, including advertising, attorney fees and trustee fees.
Then any outstanding property taxes are paid. Then the liens against the property,
ranked in order by filing date, until the money is exhausted. If there happens to be
any money left over it will be paid to the debtor.
A _________ usually occurs only if the value of the property is less than the debt
owed. The lender files suit asking a court to order the borrower to pay the
mortgage debt by a certain date or the lender will automatically gain full title to the
property. - Answ strict foreclosure
Constitutional Rights to Ownership - Answ The U. S. Constitution's Fifth
Amendment mentions the right to property. The Founding Fathers upheld the
economic view of property. They believed that private property ownership, as
defined under common law, pre-existed government. The state and federal
governments were the mere contractual agents of the people, not sovereign lords
over them. All rights, not specifically delegated to the government, remained with
the people-including the common-law provisions of private property.
Zoning calls for defined areas that allow particular uses of property. Sometimes a
use such as residential will be allowed next to a use such as industrial or
manufacturing. In that event, to fulfill the objective of zoning, which is to "protect
the people" a more moderate use will be allowed between the two zoned areas,
called _____ - Answ buffer zones
