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Community property is that owned by:
a. the church
b. parent and child if the child is over 21
c. the city or community
d. husband or wife when purchased with community funds - 🧠 ANSWER
✔✔husband or wife when purchased with community funds
When real estate under lease is sold, the lease: a. expires within 30 days,
unconditionally b. is broken c. remains binding on the new owner unless
otherwise stipulated in the lease itself d. must be renewed - 🧠 ANSWER
,✔✔remains binding on the new owner unless otherwise stipulated in the
lease itself
Income approach for an appraisal would be most widely used: a. on a
newly opened subdivision b. on commercial and investment property rented
to tenants c. on property heavily mortgaged d. on property heavily insured -
🧠 ANSWER ✔✔on commercial and investment property rented to tenants
The right to cross over property owned by another is called: a. adverse
possession b. an easement c. a homestead d. a lien - 🧠 ANSWER ✔✔an
easement
Taxes on real estate automatically become: a. a lien b. an easement c. a
relinquishment d. a mortgage - 🧠 ANSWER ✔✔a lien
Deeds are recorded in the: a. City hall b. County courthouse c. State capitol
building d. Tenancy in common - 🧠 ANSWER ✔✔County courthouse
Real property owned by the husband or wife prior to marriage is: a.
community property b. separate property c. personal property d. tenancy in
common - 🧠 ANSWER ✔✔separate property
, Eminent domain is: a. the action of taking property for public use b. a
written agreement c. the right to take property for public use d. evidenced
by zoning - 🧠 ANSWER ✔✔the right to take property for public use
The deed which states that the title conveyed is good from the sovereignty
of the soil to the grantee and that no one else can successfully claim the
property is a: a. special warranty deed b. general warranty deed c. quit
claim deed d. bargain and sale deed - 🧠 ANSWER ✔✔general warranty
deed
One who acquires property under a deed is: a. an optionee b. a vendor c. a
grantee d. a trustee - 🧠 ANSWER ✔✔a grantee
The tax on a given piece of real estate is determined by multiplying the tax
rate of the assessing body by the: a. selling price b. appraised value of the
property c. assessed valuation d. market value less depreciation - 🧠
ANSWER ✔✔assessed valuation
The law which requires certain contracts to be in writing to be enforceable
is called the: a. written instrument act b. statute of limitations c. statute of
frauds d. license act - 🧠 ANSWER ✔✔statute of frauds
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