DE Real Estate Law Exam
Study online at https://quizlet.com/_9dhxh6
1. Which type of deed conveys real property from a decedents estate to a
buyer?: Executor's Deed
2. What's the term for a notice given directly to and received by a person?: -
Actual Notice
3. Terry has a costume shop in a commercial building. He has a one-year lease
that automatically renews for another year unless either Terry or the landlord
terminates. What type of leasehold estate is this?: Estate from period-to-period
4. Per FIRPTA, trusts with foreign beneficiaries must withhold what percentage
from the sale of U. S. properties?: 35%
5. A taxpayer can claim a capital gains exclusion _______.: Once every two
years.
6. When a consumer or another licensee files a complaint against a licensee,
to which entity does the commission refer the complaint for an investigation?-
: The Division of Professional Regulation
7. Which type of leasehold lasts for a defined period of time and automatically
terminates when that period ends?: Estate for years
8. Which type of legal description is this: "Plat of Block 28, Woodmen Heights
Tract, recorded in Map Book 27, page 68, at the Eldor County Records Office"?-
: Lot & block
9. Reuben purchased a property from a seller who gave him a general warranty
deed. What's true of Reuben's deed to this property?: The deed provides the
greatest protection available from a grantor to a grantee.
10. In a title theory state, which of the following is a true statement?: It's
generally much easier for a lender to foreclose on a property.
11. Mariel is buying a home and is looking forward to the tax deductions. She
may deduct which of the following?: Loan origination fee
12. In a face-to-face closing, who meets with whom?: Both the buyer and seller
13. In a real estate transaction, which of the following is established when
the parties enter into an agreement voluntarily with full understanding of the
contract terms?: Consent
14. Your neighbor hires a middle school student to mow his lawn every two
weeks. He draws up a written contract in which he clearly outlines the stu-
dent's mowing responsibilities and the payment the student will receive in
return. Which of the following is true in this situation?: If the neighbor and the
student are content to uphold their agreement, the fact that it's not legally binding
doesn't matter.
15. The Schmidts just sold their home to Jose and Maria Lopez, who have
moved to the state from Mexico while Maria has a visiting professorship at the
University of Delaware. The Lopezes intend to keep the property as a second
1/9
, DE Real Estate Law Exam
Study online at https://quizlet.com/_9dhxh6
home. What's true about the use of Form 5403, Declaration of Estimated
Income Tax, in this situation?: The Schmidts won't have to pay when the form is
filed but may still owe capital gains tax on their state income tax return.
16. Which of these acts has special provisions for borrowers who are victims
of over-charging?: Real Estate Settlement Procedures Act
17. Which of the following is true about air rights?: They allow the owner to use
the open space above buildings.
18. Which of the following is a key consideration and starting reference for a
metes and bounds description?: Point of beginning
19. True or False: An implied agreement is not based on any formal agreement,
either written or implied, between the principals.: True
20. What is an example of "good consideration" in real estate?: Gifting a house
to a family member.
21. Which investment cycle is an investor in when there is depreciated basis
and tax-deferral through 1031 exchanges?: Reversion
22. Which of the following will be issued only if title is acceptable and an
attorney provides a certificate of title opinion?: Title insurance policy
23. From an agent's perspective, what's one benefit of a buyer representation
agreement?: It defines how and how much the agent will be paid.
24. Cluster zoning would include single-family homes, townhomes, apart-
ments, and condominiums on a single parcel, provided that the developer
leaves a portion ________.: Open for a playground, a park, and a walking path.
25. James Sawyer evicted his tenant, Kate Abbot, for nonpayment. However,
she didn't vacate the apartment after the required 72 hours and has yet to
move out. This is an example of _______.: Estate at sufferance.
26. Local authorities lack police power over which of the following?: Federal
government construction projects.
27. Kurt bought a vacant lot in a development that was 85% completed. When
he started working with the builder to lay out where the house and driveway
would lie, it was determined that he would need an easement because his
driveway would spill over onto the adjacent lot by a few feet. What type of
easement is this?: Easement appurtenant
28. The CFPB uses education to accomplish its mission, such as the ______
publications: Know Before You Owe
29. After Wynn and Lianne enter into a contract for Lianne to buy Wynn's
house, Lianne finds out that there are serious problems with the foundation.
Lianne has already signed the contract. Which of the following can she do, if
anything?: Lianne can declare the contract void, since a possible misrepresentation
of the property invalidated her consent.
2/9
Study online at https://quizlet.com/_9dhxh6
1. Which type of deed conveys real property from a decedents estate to a
buyer?: Executor's Deed
2. What's the term for a notice given directly to and received by a person?: -
Actual Notice
3. Terry has a costume shop in a commercial building. He has a one-year lease
that automatically renews for another year unless either Terry or the landlord
terminates. What type of leasehold estate is this?: Estate from period-to-period
4. Per FIRPTA, trusts with foreign beneficiaries must withhold what percentage
from the sale of U. S. properties?: 35%
5. A taxpayer can claim a capital gains exclusion _______.: Once every two
years.
6. When a consumer or another licensee files a complaint against a licensee,
to which entity does the commission refer the complaint for an investigation?-
: The Division of Professional Regulation
7. Which type of leasehold lasts for a defined period of time and automatically
terminates when that period ends?: Estate for years
8. Which type of legal description is this: "Plat of Block 28, Woodmen Heights
Tract, recorded in Map Book 27, page 68, at the Eldor County Records Office"?-
: Lot & block
9. Reuben purchased a property from a seller who gave him a general warranty
deed. What's true of Reuben's deed to this property?: The deed provides the
greatest protection available from a grantor to a grantee.
10. In a title theory state, which of the following is a true statement?: It's
generally much easier for a lender to foreclose on a property.
11. Mariel is buying a home and is looking forward to the tax deductions. She
may deduct which of the following?: Loan origination fee
12. In a face-to-face closing, who meets with whom?: Both the buyer and seller
13. In a real estate transaction, which of the following is established when
the parties enter into an agreement voluntarily with full understanding of the
contract terms?: Consent
14. Your neighbor hires a middle school student to mow his lawn every two
weeks. He draws up a written contract in which he clearly outlines the stu-
dent's mowing responsibilities and the payment the student will receive in
return. Which of the following is true in this situation?: If the neighbor and the
student are content to uphold their agreement, the fact that it's not legally binding
doesn't matter.
15. The Schmidts just sold their home to Jose and Maria Lopez, who have
moved to the state from Mexico while Maria has a visiting professorship at the
University of Delaware. The Lopezes intend to keep the property as a second
1/9
, DE Real Estate Law Exam
Study online at https://quizlet.com/_9dhxh6
home. What's true about the use of Form 5403, Declaration of Estimated
Income Tax, in this situation?: The Schmidts won't have to pay when the form is
filed but may still owe capital gains tax on their state income tax return.
16. Which of these acts has special provisions for borrowers who are victims
of over-charging?: Real Estate Settlement Procedures Act
17. Which of the following is true about air rights?: They allow the owner to use
the open space above buildings.
18. Which of the following is a key consideration and starting reference for a
metes and bounds description?: Point of beginning
19. True or False: An implied agreement is not based on any formal agreement,
either written or implied, between the principals.: True
20. What is an example of "good consideration" in real estate?: Gifting a house
to a family member.
21. Which investment cycle is an investor in when there is depreciated basis
and tax-deferral through 1031 exchanges?: Reversion
22. Which of the following will be issued only if title is acceptable and an
attorney provides a certificate of title opinion?: Title insurance policy
23. From an agent's perspective, what's one benefit of a buyer representation
agreement?: It defines how and how much the agent will be paid.
24. Cluster zoning would include single-family homes, townhomes, apart-
ments, and condominiums on a single parcel, provided that the developer
leaves a portion ________.: Open for a playground, a park, and a walking path.
25. James Sawyer evicted his tenant, Kate Abbot, for nonpayment. However,
she didn't vacate the apartment after the required 72 hours and has yet to
move out. This is an example of _______.: Estate at sufferance.
26. Local authorities lack police power over which of the following?: Federal
government construction projects.
27. Kurt bought a vacant lot in a development that was 85% completed. When
he started working with the builder to lay out where the house and driveway
would lie, it was determined that he would need an easement because his
driveway would spill over onto the adjacent lot by a few feet. What type of
easement is this?: Easement appurtenant
28. The CFPB uses education to accomplish its mission, such as the ______
publications: Know Before You Owe
29. After Wynn and Lianne enter into a contract for Lianne to buy Wynn's
house, Lianne finds out that there are serious problems with the foundation.
Lianne has already signed the contract. Which of the following can she do, if
anything?: Lianne can declare the contract void, since a possible misrepresentation
of the property invalidated her consent.
2/9
