NCSO ACSA RE EXAM PREP: LATEST KEY QUESTIONS AND ANSWERS FOR AN A+

NCSO ACSA RE EXAM PREP: LATEST KEY QUESTIONS AND ANSWERS FOR AN A+ 1. Laura currently has a freehold estate. which of the following would result in her having a less than freehold estate? a. leasing a property for 5 years b. selling the mineral rights to a third party c. sale -leaseback; d. granting her father a life estate c. in a sale lease -back the owner sells the property to an investor. the investor then leases the property back to the prior owner. the prior owner stays in possession and becomes a tenant holding a less than freehold estate. 2. Nancy is running a business out od her home, in violation of the deed restrictions for her subdivision. if another owner wishes to stop her from proceeding, he should obtain: a. a writ of attachment b. a lis pendens c. an injunction d. a desist and refrain order c an injunction is a court order saying to stop that. it could be used to stop a neighbor from violating private restrictions. 3. Who is more likely to earn a sales commission, the broker who: a. attempted to bind the principal to the contract b. secured an offer with a deposit c. secured acceptance to an offer d. communicates acceptance of the offer by the seller to the buyer c. the broker most likely to earn commission is the boker who earned a binding contract between the seller and buyer. the contract becomes binding once acceptance has been communicated back to the buyer 4. In creating commercial lease agreement, an attorney drawing the contract should be certain to include which of the following for the lease to be valid? a. the signature of the tenant who is already in possession of the property and paying rent on it b. the term ,consideration and an adequate description of the premises c. the words 'let' and 'demise' d. all of the above b. the lease must include the term, consideration, and an adequate description of the premises. It does not need the words 'let' and 'demise' as long as the intention to rent the property appears. The signature of the tenant already on possession and paying rent is not required. 5. when a landowner explains to the planning commission that exceptional circumstances exist which will not be determined to the public and he should therefore be allowed to use his land in a manner prohibited by current zoning, he is seeking: a. variance b. an exception c. rezoning d. redevelopment a when the owner of one piece of land permission to use hi land in a manner prohibited by current zoning, he is seeking a variance. If several lots were involved, it would be rezoning. 6. Attorney -in-fact is which of the following a. lawyer acting as the administrator of an estate b. principal who has been given implied powers of agency c. an agent performing a dual agency d. a legally competent person who has been given a power of attorney d .attorney-in -fact is a legally competent person who has been given a power of attorney 7. 'the degree, quality, nature and extend of interest a person has in the property' defines an 'estate' in real property. an estate a. is never held in perpetuity b. can be held with another estate in the same property c. can only be created by deed d. must always be received by a grant b there can be more the one estate in real property. For example, a landlord holds a fee simple estate and at the same time the tenant holds a less than freehold estate. 8. A subdivision new homes is encumbered by a blanket construction loan. as each of these encumbered homes are sold, the beneficiary should issue which of the following? a. request for partial reconveyance b. reconveyance deed c. partial reconveyance deed d. all of the above a as each parcel is sold, the beneficiary (lender) will issue a 'request for partial reconveyance' to the trustee. the trustee then records a 'partial reconveyance deed' which removes that home from the construction loan encumbrance. 9. Jack sells his home to Barry who sets up his residency but fails to record the deed. Jack then gives a deed to Diane for the same home. What is the outcome? a. Diane owns the property b. Barry and Diane are co-owners c. Diane has recourse over Barry d. Barry has title d. The The act of Barry's taking possession gives constructive notice of his rights 10. what is a quiet title action? a. purchasing property for a secret buyer b. court action to remove a loud neighbor c foreclosure lawsuit d court suit to remove a cloud on the title d. quiet title action is a court suit to clear up defects in or challenge to title, such as cloud on title 11. Before a title insurance policy is issued, the title insurance company examines various records affecting the title to the parcel, called the chain of title. It then develops a summary of the chain of title called. a. title guarantee b. an abstract of title c. title insurance policy d. an aknowlegement of title b. an abstract of title is a summary of the records relating tothe title of that particular property. 12. an easement differs from a license in that a license a. must be in writing b. is assignable c. is an estate in the land of another d. a license is the revocable non assignable permission to do something on hte land of another. 13. the usual ceiling height in a home purchased with FHA financing is: a. 7-1/2 feet b. 8 feet c. 8-1/2 feet d. 10 feet b. the usual ceiling height in a home purchased with FHA financing is 8 feet. 14. recording a judgment gives what type of notice? a. actual notice b. constructive notice c. incomplete notice d. no notice b Recording gives constructive notice who is usually responsible for providing streets, utilities, sidewalks and curbs in a new subdivision? a. the country b. the city c. the builder d. the local office of building and safety b. the builder is usually responsible for installing these items in a new subdivision.