Exam 19: real property and land use

Real estate law has its roots in both English common law and Spanish civil law.

_________ occurs when a person acquires ownership on a piece of property by adversely possessing a parcel of land for the period of time specified by a state statute.

A(n)________ gives the mortgagor the right,after a foreclosure,to reacquire property within a statutory limited period.

Which of the following is not a type of recording statute?

The Americans with Disabilities Act places requirements on employers regarding accommodating the disabled but does not address accessibility to commercial facilities.

Which of the following are situations in which ownership rights are shared by two or more individuals?

________ each own a specific undivided fractional interest in a parcel of real property.

In a(n)________,the potential buyer pays the seller for the right,but not the obligation,to purchase the property during a given time period.

As a general rule,a real estate broker may act for more than one person in a real property transaction without the knowledge of all parties to the transaction.

In a(n)________ listing,the broker has the right to sell the property,and any sale of the property during the term of the listing will entitle the broker to a commission.

Explain the concept of wraparound financing and how it can benefit a borrower and lender.

The ownership interests of tenants in common are always equal.

Fact pattern 19-1 Prudence wants to develop a shopping center in her town.She is very interested in developing the center at the location of an old dump.She can purchase the property cheaply,and it is near one of the fastest growing areas of the city.She is concerned,however,about being held liable for all cleanup costs.She has heard about federal and state funds that may be available; but she is concerned that if she purchases the property knowing that contamination is likely there,she will not be eligible to participate in government assistance programs for cleanup.She decides to discuss her problem with Bruce,a law student studying environmental law. -Refer to fact pattern 19-1.Which of the following is a term used for the dump in which Prudence is interested?

In a(n)________ listing,the listing broker will receive a commission only if he or she procures a ready,willing,and able buyer.

Nations do not have the right to expropriate foreign property under the power of eminent domain.

A loan is usually secured by a lien on property known as a(n)________.

Which of the following is not true of a joint tenancy?

What must a person do to acquire a parcel of land by adverse possession?

The person conveying real property is the _______,and the person to whom the property is conveyed is the ________.

In a ________ financing transaction,the second lender lends the owner the additional funds and agrees to take over the servicing of the first loan.