Exam 49: Real Property

A) Conditional
B) Life
C) Leasehold
D) Future interest
E) Fee simple absolute

Correct Answer

verified

Show Answer

A) Appurtenance
B) Profit
C) Easement
D) Fixation
E) Joint use

Correct Answer

verified

Show Answer

A) Regardless of the form of ownership held by Trudy and Mark, Alex would get the house because Mark left all his property to Alex in his will.
B) Because of the form of ownership held by Trudy and Mark, the will could have conveyed the house to Alex only if the house was specifically mentioned; therefore, since the will simply referenced property, Alex would not get the house.
C) Alex would get the house as Mark's child regardless of whether Mark left it to him in the will.
D) Alex would get ownership of the house, but he would have a duty to allow Trudy to live there the remainder of her life.
E) Alex would not receive the house upon Mark's death because full ownership immediately passed to Trudy.

Correct Answer

verified

Show Answer

A) That all taxes have been paid.
B) That she has legal title and that there are no liens or restrictions on the property of which she is unaware.
C) That Kathy has the legal title, not Bruce, and that she, therefore, has responsibility for all repairs.
D) All of these.
E) That all taxes have been paid and that there are no liens or restrictions on the property, but not that Kathy has legal title.

Correct Answer

verified

Show Answer

A) Declaration of Covenants, Conditions and Restrictions
B) Agreement of Association Rights and Duties
C) Contract of Recognition and Association
D) Acknowledgement of Ownership and Restrictions
E) Condominium Governing Agreement

Correct Answer

verified

Show Answer

A) Earnest money
B) A down payment
C) Guaranteed funds
D) Good faith money
E) Proof money

Correct Answer

verified

Show Answer

Correct Answer

verified

Show Answer

A) George will likely win only if he told Sally and Ruthy about the easement before their purchase.
B) George will likely win regardless of whether he told Sally and Ruthy about the easement before their purchase.
C) George will likely win only if he can establish that he paid a fair price for the easement.
D) George will likely win only if he told Sally and Ruthy about the easement before their purchase, and if he can establish that he paid a fair price for the easement.
E) Ruthy and Sally will likely win because easements are terminated when property is sold.

Correct Answer

verified

Show Answer

Correct Answer

verified

The first exception arises when there is...

View Answer

Show Answer

A) Tenancy in common
B) Joint tenancy
C) License
D) Fee simple
E) Fee simple absolute

Correct Answer

verified

Show Answer

A) The court ruled that the defendant, as an ordinary life tenant, had no right to cut the timber for his or her own commercial gain.
B) The court ruled that the defendant had a right to cut the timber only if at least 30 days' notice was given to the remaindermen.
C) The court ruled that the defendant had a right to cut the timber for commercial gain.
D) The court ruled that the defendant had a right to cut the timber for commercial gain only if she could establish that she was economically challenged and needed the funds in order to maintain her lifestyle.
E) The court ruled that the defendant was prohibited from cutting the timber for commercial gain unless she established that the market for timber was expected to decline significantly due to economic conditions.

Correct Answer

verified

Show Answer

A) Adverse title
B) Opposed possession
C) Unopposed possession
D) Adverse possession
E) Obtained title

Correct Answer

verified

Show Answer

A) She receives all her mother's things including the house.
B) Because of the form of ownership previously held by Trudy and Mark, she only receives a portion of the ownership of the house with the remainder being held by any other children of Trudy or Mark, including Alex.
C) She receives only a life estate with the remainder going to Alex when she dies.
D) She does not receive anything because the entire title had already passed to Alex.
E) She must provide Alex with a one-half interest in the house only because her mother did not live longer than 6 months following the death of Mark.

Correct Answer

verified

Show Answer

A) It describes a form of co-ownership by married couples.
B) It describes a form of co-ownership by relatives, including married couples as well as brothers and sisters.
C) It is another name for tenants in common.
D) It is another name for joint tenancy.
E) It is a form of co-ownership still in existence in some states by which the husband has absolute control regarding any decisions made regarding improvement of the property.

Correct Answer

verified

Show Answer

A) Conditional estate
B) Life estate
C) Leasehold
D) Future interest
E) Fee simple absolute

Correct Answer

verified

Show Answer

A) He is correct but only because he was not the previous owner who allegedly transferred the interest to Alice.
B) He is correct but only if in addition to not being the transferor to Alice, he had no knowledge of any previous transfer to Alice.
C) He is correct.
D) He is incorrect, and his general warranty deed likely imposes upon him a duty to resolve the dispute involving Alice through proving her wrong, settling with her, or other means.
E) He is incorrect only if Alice was truly granted the property and is not engaged in fraud.

Correct Answer

verified

Show Answer

A) Closing
B) Termination
C) Conclusion
D) Transfer
E) Wrap-up

Correct Answer

verified

Show Answer

A) Quitclaim
B) Special warranty
C) Approved
D) General warranty
E) Specific

Correct Answer

verified

Show Answer