NUR 1211 FINAL EXAM2 NEWEST 2024 ACTUAL EXAM COMPLETE 250 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+.pdf

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Q1) Which of the following ways of specializing is common in the real estate
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brokerage business? n



A. By type of mortgage financing required
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B. By years of experience in the business
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C. By type of property
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D. By background of client - correct answer - C. By type of property
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Q2) Which of the following is included in the legal concept of land?
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A. A corn crop
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B. A lake
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C. A felled tree
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D. An abandoned vehicle - correct answer - B. A lake
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Q3) A property abuts a non-navigable stream. What does the owner own?
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A. Land to the low-water mark
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B. Underlying land to the middle of the waterway
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C. Land to the high-water mark
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D. All water to the middle of the waterway - correct answer -
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B. Underlying land to the middle of the waterway
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Q4) A retailer installs special display counters to exhibit her products. At the
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end of the lease term, the retailer moves to another state, leaving the counter
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s in the store. At this point the counters are considered which of the following
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?
A. trade fixtures, and therefore real property
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B. trade fixtures and therefore personal property
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C. real property, since the trade fixtures were abandoned
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D. personal property that must be returned to the retailer - correct answer -
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C. real property, since the trade fixtures were abandoned
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Q5) How is a legal life estate created?
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A. By an owner's voluntary grant
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B. By operation of law
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C. Through the four unities
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D. Through a defeasible conveyance - correct answer -
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B. By operation of law
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Q6) Which of the following is true of a homestead?
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A. A homestead interest can be conveyed by one spouse
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B. A homestead interest cannot be exempt from creditors
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C. A homestead interest is a form of legal life estate
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D. A homestead is any privately owned single-family residence -
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correct answer - C. A homestead interest is a form of legal life estate
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Q7) Three people have identical rights in a property, share an indivisible inter
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est, but may sell or transfer their interest without consent of the others. This t
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ype of ownership is
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A. joint tenancy.
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B. tenancy by the entireties.
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C. estate in severalty.
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D. tenancy in common. - correct answer - D. tenancy in common.
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Q8) A condominium estate is distinguished by
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A. ownership of a share in an association and a condominium lease on the o
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wned unit. n



B. tenancy in common interest in airspace and common areas of the property
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.
C. fee simple ownership of a unit and an undivided share of the common are
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as.
D. fee simple ownership of an equal share of the entire property. -
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correct answer -
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C. fee simple ownership of a unit and an undivided share of the common are
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as.




Q9) An easement by prescription requires that
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A. the use be continuous, known, and permitted by the owner for a period of t
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ime.
B. the use be continuous, open, and hostile for a required period of time.
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C. the owner of an adjoining property be landlocked.
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D. the owner of the affected property be an adverse possessor. -
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correct answer -
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B. the use be continuous, open, and hostile for a required period of time.
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Q10) In a lien-theory state
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A. liens are recorded in trusts as opposed to title records.
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B. the lender records a lien while the borrower retains title to the mortgaged prop
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erty.
C. liened properties are foreclosed by strict foreclosure.
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D. trustees retain title during a mortgage period. - correct answer -
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B. the lender records a lien while the borrower retains title to the mortgaged
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property.




Q11) Five liens have been recorded against a certain house, in the following
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order: first mortgage, mechanic's lien, second mortgage, real estate tax lien,
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special assessment lien. Which lien will be the last one to be paid from the pr
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oceeds of the sale of the house?
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A. Special assessment lien
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B. Mechanic's lien
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C. Second mortgage lien
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D. Real estate tax lien - correct answer - C. Second mortgage lien
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