principles of real estate practice
Principles of Real EstatePrinciples
Practice ?estate
of real Verified
practiceQuestions and Answers
Study online at https://quizlet.com/_6j61qz
1. which of the following ways of specialization is com- b
mon in the real estate brokerage business
A) by background of client
B) by type of property
C) by years of experience in the business
D) by type of mortgage financing required
2. which of the following is included in the legal concept b
of land
A) A corn crop
B) a lake
C) a felled tree
D) an abandoned vehicle
3. a property abuts a non navigable stream. What does b
the owner own
A) land to the low water mark
B) underlying the land to the middle of the Waterway
C) land to the high-water mark
D) all water to the middle of the waterway
4. a retailer installs special display counters to exhibit c
her products. At the end of the lease term, the realtor
move to another state, leaving the counters in the
store. At this point the counters are considered which
of the following
A) trade fixtures, and therefor real property
B) trade fixtures and their for personal property
C) real property, since the trade fixtures were aban-
doned
D) personal property that must be returned to the
retailer
Principles of Real Estate Practice ? Verified Questions and Answers
, principles of real estate practice
Principles of Real EstatePrinciples
Practice ?estate
of real Verified
practiceQuestions and Answers
Study online at https://quizlet.com/_6j61qz
5. how is a legal life estate created b
A) by an owner's voluntary Grant
B) by operation of law
C) through the four unities
D) through a defeasible conveyances
6. which of the following is true of a homestead c
A) a homestead interest can be conveyed by one
spouse
B) a homestead interest cannot be exempt from cred-
itors
C) a homestead interest is a form of legal life estate
D) a homestead is any privately owned single family
residence
7. 3 people have identical rights in a property, share d
and indivisible interest, but may sell or transfer their
interest without consent of the others. This type of
ownership is
A) joint tenancy
B) tenancy by the entireties
C) estate in severalty
D) tenancy in common
8. a condominium estate is distinguished by c
A) ownership of a share in an association and a con-
dominium lease on the owned unit
B) Tenancy in common interest in airspace and com-
mon areas of the property
C) fee simple ownership of a unit and an undivided
share of the common area
Principles of Real Estate Practice ? Verified Questions and Answers
, principles of real estate practice
Principles of Real EstatePrinciples
Practice ?estate
of real Verified
practiceQuestions and Answers
Study online at https://quizlet.com/_6j61qz
D) fee simple ownership of an equal share of the entire
property
9. an easement by prescription requires that b
A) the used be continuous, known, and permitted by
the owner for a period Of time
B) the used to be continuous, open, and hostile for a
required period Of time
C) the owner of an adjoining property be landlocked
D) the owner of the affected property be an adverse
possessor
10. in a lien theory state b
A) Lien are recorded and Trust as opposed to title
record
B) the lender records lien while the borrower retains
title to the mortgage property
C) liened properties are foreclosed by strict foreclo-
sure
D) trustees retain title during a mortgage period
11. 5 liens have been recorded against a certain house, c
and the following order: First Mortgage, mechanics
lien, second mortgage, real estate tax lien, special
assessment lien. Which lien will be the last one to be
paid from the proceeds of the sale of the house
A) special assessment lien
B) mechanics lien
C) second mortgage lien
D) real estate tax lien
12. for a conveyance by deed between private parties to d
be valid, the deed must be
Principles of Real Estate Practice ? Verified Questions and Answers
Principles of Real EstatePrinciples
Practice ?estate
of real Verified
practiceQuestions and Answers
Study online at https://quizlet.com/_6j61qz
1. which of the following ways of specialization is com- b
mon in the real estate brokerage business
A) by background of client
B) by type of property
C) by years of experience in the business
D) by type of mortgage financing required
2. which of the following is included in the legal concept b
of land
A) A corn crop
B) a lake
C) a felled tree
D) an abandoned vehicle
3. a property abuts a non navigable stream. What does b
the owner own
A) land to the low water mark
B) underlying the land to the middle of the Waterway
C) land to the high-water mark
D) all water to the middle of the waterway
4. a retailer installs special display counters to exhibit c
her products. At the end of the lease term, the realtor
move to another state, leaving the counters in the
store. At this point the counters are considered which
of the following
A) trade fixtures, and therefor real property
B) trade fixtures and their for personal property
C) real property, since the trade fixtures were aban-
doned
D) personal property that must be returned to the
retailer
Principles of Real Estate Practice ? Verified Questions and Answers
, principles of real estate practice
Principles of Real EstatePrinciples
Practice ?estate
of real Verified
practiceQuestions and Answers
Study online at https://quizlet.com/_6j61qz
5. how is a legal life estate created b
A) by an owner's voluntary Grant
B) by operation of law
C) through the four unities
D) through a defeasible conveyances
6. which of the following is true of a homestead c
A) a homestead interest can be conveyed by one
spouse
B) a homestead interest cannot be exempt from cred-
itors
C) a homestead interest is a form of legal life estate
D) a homestead is any privately owned single family
residence
7. 3 people have identical rights in a property, share d
and indivisible interest, but may sell or transfer their
interest without consent of the others. This type of
ownership is
A) joint tenancy
B) tenancy by the entireties
C) estate in severalty
D) tenancy in common
8. a condominium estate is distinguished by c
A) ownership of a share in an association and a con-
dominium lease on the owned unit
B) Tenancy in common interest in airspace and com-
mon areas of the property
C) fee simple ownership of a unit and an undivided
share of the common area
Principles of Real Estate Practice ? Verified Questions and Answers
, principles of real estate practice
Principles of Real EstatePrinciples
Practice ?estate
of real Verified
practiceQuestions and Answers
Study online at https://quizlet.com/_6j61qz
D) fee simple ownership of an equal share of the entire
property
9. an easement by prescription requires that b
A) the used be continuous, known, and permitted by
the owner for a period Of time
B) the used to be continuous, open, and hostile for a
required period Of time
C) the owner of an adjoining property be landlocked
D) the owner of the affected property be an adverse
possessor
10. in a lien theory state b
A) Lien are recorded and Trust as opposed to title
record
B) the lender records lien while the borrower retains
title to the mortgage property
C) liened properties are foreclosed by strict foreclo-
sure
D) trustees retain title during a mortgage period
11. 5 liens have been recorded against a certain house, c
and the following order: First Mortgage, mechanics
lien, second mortgage, real estate tax lien, special
assessment lien. Which lien will be the last one to be
paid from the proceeds of the sale of the house
A) special assessment lien
B) mechanics lien
C) second mortgage lien
D) real estate tax lien
12. for a conveyance by deed between private parties to d
be valid, the deed must be
Principles of Real Estate Practice ? Verified Questions and Answers
