REAL ESTATE LAW EXAM LATEST 2024 ACTUAL EXAM
The American Bar Association's Model Code of Professional Responsibility and the
American Bar Association's Model Rules of Professional Conduct are, together,
commonly referred to as? - ANSWER: the ABA standard
A routine real estate closing may be handled on - ANSWER: a flat fee or hourly fee,
but not a contingency fee.
To act ____________ means that an attorney not only must have the necessary legal
skill but also must devote adequate time and thorough preparation to a client
matter. - ANSWER: competently
The following must be deposited in a client trust account - ANSWER: deposit money
and
retainer fees closing proceeds
true or false.
In a contingency fee matter, a client pays for costs incurred on behalf of the client,
whether or not the client wins the case. - ANSWER: True
What tasks or responsibilities may a paralegal perform under the supervision of an
attorney? - ANSWER: A paralegal may analyze and organize client data, conduct
factual and legal investigation, prepare documents for legal matters, outline
pleadings and discovery notices, interview clients and witnesses, and assist at
closings and trials.
True or false.
The professional code of ethics treats the entire body of attorneys in a firm as one
for conflict of interest purposes. - ANSWER: True
True or False?
Paralegals are permitted to draft and sign letters to clients confirming the client's
decision to decline representation. - ANSWER: False
True or False?
Retainer amounts may be put toward fees, costs, or both. - ANSWER: True
Most real estate litigation is billed - ANSWER: at hourly rates.
True or False?
If an estate for years is created for a period of more than one year, the lease
conveying the interest must be in writing in order to be enforceable. - ANSWER: true
True or False?
The greatest estate one may hold is a fee simple absolute. - ANSWER: True
, A ____________ is an object that at one time was personal property but, through
the process of attachment to real property, has become part of the real property? -
ANSWER: fixture
____________ rights are those rights pertaining to a landowner whose land abuts a
lake, ocean, or sea. - ANSWER: Littoral
The holder of a leasehold estate possesses all of the following property rights except:
- ANSWER: right of disposition
the purpose of a UCC-1 financing statement - ANSWER: The UCC-1 statement is set in
place to protect the seller and the buyer of real estate, it represents all items that
are being sold outside of the real estate contract. It also states the condition the
personal property, must be in at the time of the sale, which is extended to furniture,
rugs tables, etc.
____________ means acquiring title through taking possession of land that belongs
to another without the owner's consent and retaining possession for a statutory
period of time. - ANSWER: Adverse possession
True or False?
Littoral rights are those pertaining to a landowner whose land abuts a river. -
ANSWER: False
Define homestead property, and list the three contexts in which homestead property
is important. - ANSWER: Homestead property is defined as, the primary dwelling
house or residence of the head of the household plus adjoining land. The three
attributes that make homestead important are; one, the probate laws pertaining to
the property, two-property tax exemptions, and lastly the right of protection against
claims or creditors.
Adverse possession must be hostile, actual, open and notorious, under claim of right,
continuous, and exclusive. - ANSWER: chapter 2 question 10
A purchaser of acreage should make the closing on the property contingent on what
factors? - ANSWER: It should be made contingent on the circumstances of obtaining
satisfactory financing and having a qualified person conduct soil and other
engineering test to property, and its suitability for future use. So then the
engineering report can make it contingent as well.
A condominium is legally created when a ___ is recorded in the land records for the
county in which the condominium is located. - ANSWER: declaration of condominium
True or False?
A condominium association must be organized no later than the date the last
condominium unit is conveyed. - ANSWER: False
The American Bar Association's Model Code of Professional Responsibility and the
American Bar Association's Model Rules of Professional Conduct are, together,
commonly referred to as? - ANSWER: the ABA standard
A routine real estate closing may be handled on - ANSWER: a flat fee or hourly fee,
but not a contingency fee.
To act ____________ means that an attorney not only must have the necessary legal
skill but also must devote adequate time and thorough preparation to a client
matter. - ANSWER: competently
The following must be deposited in a client trust account - ANSWER: deposit money
and
retainer fees closing proceeds
true or false.
In a contingency fee matter, a client pays for costs incurred on behalf of the client,
whether or not the client wins the case. - ANSWER: True
What tasks or responsibilities may a paralegal perform under the supervision of an
attorney? - ANSWER: A paralegal may analyze and organize client data, conduct
factual and legal investigation, prepare documents for legal matters, outline
pleadings and discovery notices, interview clients and witnesses, and assist at
closings and trials.
True or false.
The professional code of ethics treats the entire body of attorneys in a firm as one
for conflict of interest purposes. - ANSWER: True
True or False?
Paralegals are permitted to draft and sign letters to clients confirming the client's
decision to decline representation. - ANSWER: False
True or False?
Retainer amounts may be put toward fees, costs, or both. - ANSWER: True
Most real estate litigation is billed - ANSWER: at hourly rates.
True or False?
If an estate for years is created for a period of more than one year, the lease
conveying the interest must be in writing in order to be enforceable. - ANSWER: true
True or False?
The greatest estate one may hold is a fee simple absolute. - ANSWER: True
, A ____________ is an object that at one time was personal property but, through
the process of attachment to real property, has become part of the real property? -
ANSWER: fixture
____________ rights are those rights pertaining to a landowner whose land abuts a
lake, ocean, or sea. - ANSWER: Littoral
The holder of a leasehold estate possesses all of the following property rights except:
- ANSWER: right of disposition
the purpose of a UCC-1 financing statement - ANSWER: The UCC-1 statement is set in
place to protect the seller and the buyer of real estate, it represents all items that
are being sold outside of the real estate contract. It also states the condition the
personal property, must be in at the time of the sale, which is extended to furniture,
rugs tables, etc.
____________ means acquiring title through taking possession of land that belongs
to another without the owner's consent and retaining possession for a statutory
period of time. - ANSWER: Adverse possession
True or False?
Littoral rights are those pertaining to a landowner whose land abuts a river. -
ANSWER: False
Define homestead property, and list the three contexts in which homestead property
is important. - ANSWER: Homestead property is defined as, the primary dwelling
house or residence of the head of the household plus adjoining land. The three
attributes that make homestead important are; one, the probate laws pertaining to
the property, two-property tax exemptions, and lastly the right of protection against
claims or creditors.
Adverse possession must be hostile, actual, open and notorious, under claim of right,
continuous, and exclusive. - ANSWER: chapter 2 question 10
A purchaser of acreage should make the closing on the property contingent on what
factors? - ANSWER: It should be made contingent on the circumstances of obtaining
satisfactory financing and having a qualified person conduct soil and other
engineering test to property, and its suitability for future use. So then the
engineering report can make it contingent as well.
A condominium is legally created when a ___ is recorded in the land records for the
county in which the condominium is located. - ANSWER: declaration of condominium
True or False?
A condominium association must be organized no later than the date the last
condominium unit is conveyed. - ANSWER: False
