Multiple Choice
Identify the choice that best completes the
statement or answers the question.
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1.
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An example of the right to use the land of another, without possessing it would
be a(n)
a. | lease. | c. | fee simple absolute. | b. | easement. | d. | defeasible fee. |
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2.
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An easement that involves two tracts of land, one a dominant estate and the
other a servient estate, is a(n)
a. | gross easement. | c. | easement by prescription. | b. | easement by
necessity. | d. | appurtenant
easement. |
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3.
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The right of ingress means that the entity that has the easement has the right
to
a. | enter the property. | b. | exit the property. | c. | posses the
property. | d. | build on the property. |
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4.
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An easement that is created by the open, notorious, continuous and exclusive use
of a property without the owner’s approval is a(n)
a. | easement by necessity. | b. | prescriptive easement. | c. | gross
easement. | d. | appurtenant easement. |
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5.
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A person may enter the land of another and use it for a specific, limited time.
The person knows that this privilege can be revoked at any time. The person MOST LIKELY has
a(n)
a. | license. | c. | personality privilege. | b. | easement | d. | reality privilege. |
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6.
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The right to take crops, soil, or anything of value from the land of another is
called a
a. | pur autre vie rights. | b. | personal property profit. | c. | profit a
prendre. | d. | profit and loss. |
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7.
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An agreement between parties to perform, or not to perform, specified acts is a
a. | concession. | b. | contingency. | c. | covenant. | d. | commitment. |
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8.
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An example of an estate that is based on calendar time is a
a. | leasehold estate. | c. | dower estate. | b. | life estate. | d. | freehold
estate. |
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9.
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A person who is responsible for the management of a business and is personally
liable for business losses in a partnership is the
a. | general partner. | b. | limited partner. | c. | passive
partner. | d. | liability partner. |
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10.
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The type of ownership that blends severalty and tenancy-in-common ownership is
a(n)
a. | cooperative. | b. | condominium. | c. | home in a
subdivision. | d. | commercial building. |
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11.
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A person who receives shares of stock in a corporation and has a proprietary
lease to a unit within a building has purchased a
a. | cooperative. | b. | condominium. | c. | home in a
subdivision | d. | commercial building. |
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12.
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A time-share estate in which the buyer receives a deed to the property would be
BEST described by the term
a. | right-to-use. | c. | vacation ownership. | b. | right-to-occupy. | d. | interval
ownership. |
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13.
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The process of changing an apartment building to a condominium community is
called
a. | commingling | c. | conditional use. | b. | conversion | d. | constructive
notice |
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14.
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The developers of a special-purpose property, such as a hospital, library, or
museum, would be granted a
a. | conditional-use permit. | c. | spot permit | b. | nonconforming
permit. | d. | variance
permit. |
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15.
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The federal or state government may, through special legislation, regulate land
use in geographical areas of a community that might be high risk. This area would be known as a
a. | county study zone. | c. | state study zone. | b. | federal study zone. | d. | special study
zone. |
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16.
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Which of the following is NOT one of the broad land-use classifications
a. | Commercial. | b. | Industrial. | c. | Rental. | d. | Residential. |
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17.
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The legitimate intent of zoning is to
a. | ensure the health, safety, and welfare of the community. | b. | demonstrate the
police power of the state. | c. | set limits on the number of businesses in a
given area. | d. | protect neighborhoods from encroachment by
industries. |
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18.
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A written lease agreement between the tenant and the owner will MOST LIKELY be
interpreted as a(n)
a. | unilateral contract. | c. | revocable contract. | b. | bilateral contract. | d. | gratuitous
contract. |
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19.
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A lease gives the tenant a(n)
a. | reversionary right. | c. | exclusive possession. | b. | leased fee
interest. | d. | life
estate. |
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20.
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A lease with a definite beginning and a definite ending date is an
a. | estate for years | c. | estate at will | b. | estate from period to
period | d. | estate at
sufferance |
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21.
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A lease that will automatically renew until proper notice to terminate has been
given is a
a. | tenancy for years. | b. | periodic tenancy. | c. | tenancy at
will. | d. | tenancy at sufferance. |
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22.
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A lease that can terminate at any time by the landlord or tenant is an
a. | estate for years. | c. | estate at will. | b. | interval estate. | d. | estate at
sufferance. |
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23.
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After the lease expires, a tenant remains in the property without the consent of
the landlord. This situation is BEST described be the term
a. | tenancy for years. | c. | tenancy at will. | b. | periodic tenancy. | d. | tenancy at
sufferance. |
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24.
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The landlord’s interest in a leased property is called a
a. | fee simple interest. | b. | defeasible interest. | c. | leased fee
interest. | d. | leasehold interest. |
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25.
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The reversionary right is the right of the
a. | tenant to possess the property until the end of the lease. | b. | lender to foreclose
on the property when the tenant defaults. | c. | vendee to lease the property in a land
installment sale. | d. | landlord to get possession back after the lease
expires. |
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26.
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In the assignment of a lease, the assignor is the
a. | tenant. | b. | lender. | c. | owner. | d. | agent. |
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27.
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Unless a novation has been Granted, who is usually secondarily liable when a
lease has been assigned
a. | the new tenant. | b. | the original tenant. | c. | both the original
and the new tenant. | d. | the owner and the new
tenant. |
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28.
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Less than all the leasehold interests are transferred in a(n)
a. | assignment | c. | gross lease | b. | sublease | d. | net lease |
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29.
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A tenant has agreed to pay real estate ownership expenses of property taxes,
insurance, and maintenance. The tenant entered into a
a. | gross lease | b. | percentage lease | c. | net
lease | d. | graduated lease |
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30.
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The lessor receives a fixed monthly rent payment, plus a percentage of gross
income based on all sales. This type of lease is called a (n)
a. | sales -leaseback | c. | index lease | b. | lease purchase | d. | percentage
lease |
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31.
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The covenant that requires that the lessor gives the lessee exclusive possession
of the property, and that prohibits lessor from entering the property without notice, is the
a. | covenant of quiet enjoyment | c. | covenant of
seisin | b. | covenant of exclusive possession | d. | covenant of further
assurances |
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32.
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Generally, the landlord is required to keep the property in good condition by
maintaining the common areas. The warranty that requires this is:
a. | the warranty of maintenance. | c. | the warranty of
transferability | b. | the warranty of habitability | d. | the warranty of good
title |
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33.
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When the lessee breaches the lease, it gives the lessor the right to proceed
with
a. | actual eviction by filing a suit for possession | b. | actual eviction by
filing a suit for specific performance | c. | constructive eviction by filing a suit
for possession | d. | constructive eviction by filing a suit for
specific performance |
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34.
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a lease would be LEAST LIKELY to be terminated when the
a. | property is taken by eminent domain. | c. | lessor sells the
property | b. | life tenant who had leased the property dies. | d. | lessee buys the land from the
lessor |
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35.
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In a sale-leaseback, the grantor becomes a
a. | lessor | c. | new owner | b. | lessee | d. | landlord |
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36.
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All of the following are grounds for actual eviction EXCEPT
a. | nonpayment of rent | c. | the lessor’s breach of the lease | b. | unlawful use of the
premises | d. | the tenant’s
noncompliance with health and safety codes. |
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37.
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KMK Law Firm just agreed to lease space in downtown Cincinnati as a lessee
for the next 20 years. Which of the following terms does BEST describes KMK’s interest in the
property?
a. | Freehold interest | b. | Reversionary interest | c. | Leasehold
interest | d. | Leased fee interest |
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38.
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The ABC Company (the tenant), agreed to lease a space for ten years. Five
years later, ABC sold its company to XYZ. If the lease contains no provision regarding an assignment.
ABC may
a. | assign the leasehold interest to XYZ | c. | assign the leasehold interest to
XYZ on approval of its attorney | b. | not assign the leasehold interest to XYZ under
any circumstances | d. | not
assign the leasehold interest, but they may sublease the space to XYZ |
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39.
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A landlord has defaulted on his mortgage payment. Which of the following clauses
would BEST protect the tenant?
a. | The Survivorship Clause | b. | The Nondisturbance Clause | c. | The Renewal
Clause | d. | The Right of First Refusal Clause |
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40.
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The owner of a 20-unit apartment building sold the property to a new buyer and
assigned his leased fee interest to her. At the closing, the security deposits will be
a. | Returned to the tenants by the original owner | c. | applied toward the current
month’s rent payment | b. | prorated between the original owner and the new
owner | d. | transferred to the
new owner |
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41.
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Last night, an apartment building was completely destroyed by a fire. Are the
tenants required to honor the remaining term of the lease?
a. | Yes, because a lease is not affected by the destruction of the
property | c. | No, because a lease is terminated by the destruction of the
property | b. | Yes, because the owner still has a mortgage payment to make next
month | d. | No, because the owner
will file a claim with the insurance company and rebuild the
property. |
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42.
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All the following are associated with a net lease EXCEPT
a. | double net | c. | property taxes and insurance | b. | triple
net | d. | property taxes and
mortgage payments |
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43.
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When land is to be condemned or taken under the power of eminent domain, which
of the following must apply?
a. | The taking must be for a public purpose | c. | An Adverse claim must be
taken | b. | Statutory dedication must be executed | d. | A Constructive notice must be
given |
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44.
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A person is selling limited partnerships in a real estate venture. The offering
is being made within state lines, and all purchasers are residents of the state. The offering is MOST
LIKELY regulated by
a. | the Securities and Exchange Commission | b. | the real estate commission | c. | blue-sky
laws | d. | white-sky laws |
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45.
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Deed restrictions are a means whereby
a. | local zoning laws are enforced | c. | villages and cities can control
construction details | b. | the planning commission’s work is made
effective | d. | the seller can
limit or control the buyer’s use |
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46.
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A person has a claim affecting the title to a person’s property. The owner
has no mortgages against the property and has been trying to sell it. The person is concerned about
the possibility of a bona fide purchaser buying it before he obtains a judgment. To protect himself
during the course of the court action, the person should
a. | publish a notice in a newspaper | b. | seek an attachment | c. | bring a quick
summary proceeding | d. | notify the owner that any attempt to sell the
property will be considered fraud |
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47.
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What is the major difference between a general lien and specific lien?
a. | A general lien may be filed only on personal property, while a specific lien is filed
on real estate | b. | A general lien may be filed by a corporation, while a specific lien is filed by a
specific individual | c. | A general lien may be filed by an attorney,
while a specific lien can be filed by anyone | d. | A general lien may be filed against real and
personal property, while a specific lien may be filed against only specific
property. |
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48.
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When property is abandoned, it may revert to the country or state by the process
of
a. | escheat | b. | eminent domain | c. | testate | d. | intestate |
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49.
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Which of the following is NOT an example of constructive notice?
a. | Recording a deed at the courthouse | b. | A legal notice in the
newspaper | c. | An unrecorded lien | d. | Possession of the
property |
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50.
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The process an airport would use to take property for public use is
a. | eminent domain | b. | escheat | c. | adverse
possession | d. | condemnation |
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51.
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Lis pendens is BEST described by which of the following?
a. | a notice filed when the property is foreclosed | b. | constructive notice
that a property owner is in litigation that could result in a future lien on the
property | c. | actual notice that a judgment has been secured against a property
owner | d. | a notice that allows the court to maintain custody of a property until it is sold in
bankruptcy |
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52.
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Three people decided to pool their resources for investment purposes. this
process is called
a. | syndication | c. | a limited partnership | b. | a suit for
performance | d. | illegal in most
states |
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53.
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Which of the following would NOT be associated with an adverse possession
claim?
a. | Title by prescription | c. | Squatter’s rights | b. | Suit to quiet the
title | d. | A
license |
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54.
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A party’s legal interest or rights to property, which must be possessory
or may become possessory in the future, and can be measured in terms of duration, refers to
a(n)
a. | noninheritable estate | c. | estate in trust | b. | inheritable estate | d. | estate in land |
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55.
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The highest form of ownership that the law recognizes is a
a. | legal life estate | c. | fee simple estate | b. | conventional life estate | d. | defeasible fee
estate |
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56.
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The terms remainder or reversion would be associated with which of the following
types of estate?
a. | fee simple absolute | b. | legal life estates | c. | defeasible fee
estates | d. | conventional life estates |
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57.
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The deed says that the property is held in severalty. This means the property is
owned by
a. | one person or entity | b. | two or more people | c. | the grantor’s
two children | d. | a spouse before a divorce |
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58.
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When two people each have 100 percent ownership of a property, they are
a. | life estate tenants | c. | joint tenants | b. | tenants-by-the entirety | d. | tenants-in-common |
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59.
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In community property states, property owned by a spouse before marriage is
called
a. | community property | c. | separate property | b. | personal property | d. | dower property |
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60.
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The word appurtenant is BEST defined as
a. | tangible property that is considered real property | c. | any rights, benefits, or
attachments that would transfer with the real property | b. | intangible property, such as easements and
water rights | d. | real and
personal property transferred in the deed |
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61.
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A group of investors formed a business structure wherein one person is
personally liable for operation and the other partners can only lose the amount they have invested.
this type of business arrangement BEST describes a
a. | general partnership | b. | limited partnership | c. | tenancy in
partnership | d. | minority partnership |
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62.
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A pass-through entity that allows members to pay taxes on income received and
avoids taxation at a business level is a
a. | limited corporation | c. | limited liability company | b. | limited
proprietorship | d. | limited
liability corporation |
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63.
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When two or more parties enter into a business venture with the intention of it
ending within a limited timeframe, the parties have entered into a
a. | joint administration | b. | joint enterprise | c. | joint
interest | d. | joint venture |
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64.
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Which of the following is exempt from the ADA?
a. | Hotels, motels and restaurants | c. | a residential apartment building
that is owner-occupied | b. | a church or synagogue | d. | a shopping
center |
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65.
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Which of the following persons can have a service animal under the ADA?
a. | a person who has a cat trained as a comfort animal | b. | a person who has a
prescription from a doctor for a therapy animal | c. | a person who ha a dog trained to assist
him/her with a hearing disability | d. | a person who has a prescription from a doctor
for an emotional support animal |
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66.
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An owner is continuing the current use of a property after the zoning board has
changed the land use. The owner is said to have
a. | converted use | b. | variance use | c. | nonconforming
use | d. | spot use |
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67.
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An individual seeking to be excused from the dictated of a zoning ordinance
should request a(n)
a. | building of permit | b. | alternate use permit | c. | nonconforming
use | d. | variance |
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68.
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Property is being sold at a foreclosure sale. Which of the following will be
paid first from the proceeds of the sale?
a. | Real estate agents commission | c. | Internal Revenue Service
Liens | b. | Property taxes and special assessments | d. | Mortgage holder in the first lien
position |
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69.
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A person has looked at many properties but he really likes a condo that has a
great view of the city, Which of the following questions is NOT important when he makes a decision
about making an offer on the property?
a. | what is the monthly assessment for the condo? | b. | how do I get a copy
of the bylaws? | c. | What is the agent’s commission on the sale? | d. | are there any
unsatisfied liens against the association? |
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70.
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The unities of time, title, interest, possession, and person would be found in
which type of ownership?
a. | tenancy in common | b. | tenancy by the entirety | c. | joint
tenancy | d. | severalty |
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