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REAL ESTATE LAW EXAM
and a chandelier. The buyer has also agreed to purchase a dinette set and a table
lamp from the seller as well. Which is most correct? - (correct Answer) - The
built-in bookcase and chandelier are included in the real estate contract, because
they are part of the real estate. The dinette and table lamp are A house is under
contract for sale; it has a built-in bookcase chattels and would be sold
separately.
All laws - state, county, municipal, private - must fit within the constraints of
this document: - (correct Answer) - US CONSTITUTION
An item of personalty that is affixed to the realty so as to be used as part of it
is: - (correct Answer) - A FIXTURE
Bob owns a bakery in Maplecrest, NJ. Business is not going well, and he is already
a few payments behind on his mortgage. The income from the bakery is not enough to
repay his debt -- he owes Bank of America $100,000 on his mortgage and the
Maplecrest Credit Union $25,000 for a loan he took out to buy his high-end baking
oven. If BofA forecloses on his mortgage, will they be able to access the oven as
well as the property as security for the loan, since the oven has been attached to
the floor of the kitchen? - (correct Answer) - No, as long as the credit union
filed a UCC lien protecting its security interest on the oven, the credit union
gets the oven.
One of these is an example of a Federal Agency, empowered to enforce federal law: -
(correct Answer) - environmental protection agency
One of these is an example of Federal Legislative Enactments: - (correct Answer) -
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
In In re North Carolina Swine Farm Nuisance Litigation, the court dealt with the
issue of whether plaintiffs possessed sufficient property interest to maintain a
nuisance action. What did the court decide? - (correct Answer) - Yes, because they
have shown that they are lawfully occupying the property
The following are examples of private laws - (correct Answer) - . A Purchase and
Sale Agreement
. Rules adopted by a Homeowner's Association
In Kelo v. City of New London, a redevelopment was challenged by homeowners whose
homes would be razed to make room for the new development. The homeowners
challenged the government's ability to take their homes. This case went all the way
to the U.S. Supreme Court. What was the primary issue in the case before the
Supreme Court? - (correct Answer) - Whether the City's redevelopment plan served a
"public purpose"
What is Case Precedent? - (correct Answer) - 1. Reliance on common law and prior
court decisions to resolve a dispute
2. Other parties can use and rely on a court's interpretation of similar facts or
similar issues
3. Can be used as a guideline for contracts and transactions after a judicial
decision
Real estate is best defined as... - (correct Answer) - land and all permanent
attachments
Should the is US Supreme Court hear challenges to changes in laws impacting climate
change and the environment, which of the following outcomes is likely with a more
conservative court: - (correct Answer) - Environmental regulations could be
loosened or rescinded, resulting in lower carbon emissions standards, more national
parkland becoming available for development, fewer wetlands subject to use
restrictions.
, Susan Hewitt is a licensed broker in the State of NJ. She is confused as to her
role in dealing with both buyers and sellers in the same transaction. What sources
of law would help her clarify her role with both buyers and sellers? Select all
that apply. - (correct Answer) - - State laws on broker relationships
-State brokerage licensing regulation
-The listing contract for the property
-Case law dealing with this issue
The state court system mimics the federal - trial level, appellate level and top
level. In NJ, the Trial Court is called: - (correct Answer) - the superior court
This Amendment was added to the Constitution following the Civil War, and was
necessary in order to ensure that the southern states complied with the new federal
laws providing citizenship status and "equal protection of the laws" to former
slaves. - (correct Answer) - fourteenth amendment
What is the name of the Federal Agency responsible for management and conservation
of federal lands and natural resources? - (correct Answer) - Department of the
Interior
Which constitutional amendment requires that the federal government cannot take
private property and convert it to public use without due process and just
compensation? - (correct Answer) - fifth amendment
Which government branches have laws that impact real estate transactions? -
(correct Answer) - Federal
State
County
Correct! City and/or Borough
Which is not considered a permanent attachment to land? - (correct Answer) -
chattels
Which of the following is not real property? - (correct Answer) - monthly rent
The owner of this type of estate has the most complete bundle of rights in real
estate that can possibly be owned. It is the largest, most broad form of estate
ownership, and has the most value. - (correct Answer) - fee simple rate
All liens can lead to the sale of the property to compensate the creditor or taxing
authority in the event of default. How are the liens prioritized? - (correct
Answer) - Property Tax liens and assessment liens have priority over other liens,
regardless of when they were created.
A freehold estate is - (correct Answer) - An ownership estate
A person who has permission to use land, but has no other rights, has - (correct
Answer) - license to use
An easement is - (correct Answer) - The right to use the property of another for a
specific purpose
With an Easement Appurtenant, which parcel has the burden of the easement? -
(correct Answer) - the servient estate
Give an example of a major RE development project in NYC that has been built, in
part, on air rights. - (correct Answer) - hudson yards
To A, so long as the property is used for church purposes" creates a: - (correct
Answer) - fee simple conditional
Name two types of future interests: - (correct Answer) - reversion&remainder
The process whereby a person holding a claim against property can have the property
sold to pay the claim is: - (correct Answer) - foreclosure of lien
Adverse Possession may establish, for the occupant: - (correct Answer) - a claim to
title
Fountainblue Hotel Corp v. 45 25 Inc. stands for the proposition that: - (correct
Answer) - There is no right to unobstructed sunlight
In Right Field Rooftops LLC v. Chicago Baseball Holdings, the court dealt with the
issue of whether the rooftop businesses across from Wrigley Field were entitled to
a protected view into the ballpark. What did the court decide and why? - (correct
Answer) - The court decided that they were not entitled to a protected view into
the ballpark. The court decided that since these rooftop businesses sold alcohol
and food, taking away the view of the ballpark was not going to affect their
business to the point where they wouldn't have any more business. Also, the people
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REAL ESTATE LAW EXAM
and a chandelier. The buyer has also agreed to purchase a dinette set and a table
lamp from the seller as well. Which is most correct? - (correct Answer) - The
built-in bookcase and chandelier are included in the real estate contract, because
they are part of the real estate. The dinette and table lamp are A house is under
contract for sale; it has a built-in bookcase chattels and would be sold
separately.
All laws - state, county, municipal, private - must fit within the constraints of
this document: - (correct Answer) - US CONSTITUTION
An item of personalty that is affixed to the realty so as to be used as part of it
is: - (correct Answer) - A FIXTURE
Bob owns a bakery in Maplecrest, NJ. Business is not going well, and he is already
a few payments behind on his mortgage. The income from the bakery is not enough to
repay his debt -- he owes Bank of America $100,000 on his mortgage and the
Maplecrest Credit Union $25,000 for a loan he took out to buy his high-end baking
oven. If BofA forecloses on his mortgage, will they be able to access the oven as
well as the property as security for the loan, since the oven has been attached to
the floor of the kitchen? - (correct Answer) - No, as long as the credit union
filed a UCC lien protecting its security interest on the oven, the credit union
gets the oven.
One of these is an example of a Federal Agency, empowered to enforce federal law: -
(correct Answer) - environmental protection agency
One of these is an example of Federal Legislative Enactments: - (correct Answer) -
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
In In re North Carolina Swine Farm Nuisance Litigation, the court dealt with the
issue of whether plaintiffs possessed sufficient property interest to maintain a
nuisance action. What did the court decide? - (correct Answer) - Yes, because they
have shown that they are lawfully occupying the property
The following are examples of private laws - (correct Answer) - . A Purchase and
Sale Agreement
. Rules adopted by a Homeowner's Association
In Kelo v. City of New London, a redevelopment was challenged by homeowners whose
homes would be razed to make room for the new development. The homeowners
challenged the government's ability to take their homes. This case went all the way
to the U.S. Supreme Court. What was the primary issue in the case before the
Supreme Court? - (correct Answer) - Whether the City's redevelopment plan served a
"public purpose"
What is Case Precedent? - (correct Answer) - 1. Reliance on common law and prior
court decisions to resolve a dispute
2. Other parties can use and rely on a court's interpretation of similar facts or
similar issues
3. Can be used as a guideline for contracts and transactions after a judicial
decision
Real estate is best defined as... - (correct Answer) - land and all permanent
attachments
Should the is US Supreme Court hear challenges to changes in laws impacting climate
change and the environment, which of the following outcomes is likely with a more
conservative court: - (correct Answer) - Environmental regulations could be
loosened or rescinded, resulting in lower carbon emissions standards, more national
parkland becoming available for development, fewer wetlands subject to use
restrictions.
, Susan Hewitt is a licensed broker in the State of NJ. She is confused as to her
role in dealing with both buyers and sellers in the same transaction. What sources
of law would help her clarify her role with both buyers and sellers? Select all
that apply. - (correct Answer) - - State laws on broker relationships
-State brokerage licensing regulation
-The listing contract for the property
-Case law dealing with this issue
The state court system mimics the federal - trial level, appellate level and top
level. In NJ, the Trial Court is called: - (correct Answer) - the superior court
This Amendment was added to the Constitution following the Civil War, and was
necessary in order to ensure that the southern states complied with the new federal
laws providing citizenship status and "equal protection of the laws" to former
slaves. - (correct Answer) - fourteenth amendment
What is the name of the Federal Agency responsible for management and conservation
of federal lands and natural resources? - (correct Answer) - Department of the
Interior
Which constitutional amendment requires that the federal government cannot take
private property and convert it to public use without due process and just
compensation? - (correct Answer) - fifth amendment
Which government branches have laws that impact real estate transactions? -
(correct Answer) - Federal
State
County
Correct! City and/or Borough
Which is not considered a permanent attachment to land? - (correct Answer) -
chattels
Which of the following is not real property? - (correct Answer) - monthly rent
The owner of this type of estate has the most complete bundle of rights in real
estate that can possibly be owned. It is the largest, most broad form of estate
ownership, and has the most value. - (correct Answer) - fee simple rate
All liens can lead to the sale of the property to compensate the creditor or taxing
authority in the event of default. How are the liens prioritized? - (correct
Answer) - Property Tax liens and assessment liens have priority over other liens,
regardless of when they were created.
A freehold estate is - (correct Answer) - An ownership estate
A person who has permission to use land, but has no other rights, has - (correct
Answer) - license to use
An easement is - (correct Answer) - The right to use the property of another for a
specific purpose
With an Easement Appurtenant, which parcel has the burden of the easement? -
(correct Answer) - the servient estate
Give an example of a major RE development project in NYC that has been built, in
part, on air rights. - (correct Answer) - hudson yards
To A, so long as the property is used for church purposes" creates a: - (correct
Answer) - fee simple conditional
Name two types of future interests: - (correct Answer) - reversion&remainder
The process whereby a person holding a claim against property can have the property
sold to pay the claim is: - (correct Answer) - foreclosure of lien
Adverse Possession may establish, for the occupant: - (correct Answer) - a claim to
title
Fountainblue Hotel Corp v. 45 25 Inc. stands for the proposition that: - (correct
Answer) - There is no right to unobstructed sunlight
In Right Field Rooftops LLC v. Chicago Baseball Holdings, the court dealt with the
issue of whether the rooftop businesses across from Wrigley Field were entitled to
a protected view into the ballpark. What did the court decide and why? - (correct
Answer) - The court decided that they were not entitled to a protected view into
the ballpark. The court decided that since these rooftop businesses sold alcohol
and food, taking away the view of the ballpark was not going to affect their
business to the point where they wouldn't have any more business. Also, the people
