Question 1

A transfer of real property is also known as a:

Accepted Answer

A)  commitment 
B)  quitclaim 
C)  conveyance 
D)  recording 
A)  commitment 
B)  quitclaim 
C)  conveyance 
D)  recording C

Question 2

Which types of property interests can be sold?

Accepted Answer

A)  fee simple absolute only 
B)  fee simple absolute and fee simple defeasible 
C)  fee simple defeasible and life estate 
D)  fee simple absolute and life estate 
E)  fee simple absolute,fee simple defeasible,and life estate 
A)  fee simple absolute only 
B)  fee simple absolute and fee simple defeasible 
C)  fee simple defeasible and life estate 
D)  fee simple absolute and life estate 
E)  fee simple absolute,fee simple defeasible,and life estate E

Question 3

In a Torrens system,the owner of property has a certificate of title showing the ownership.

Accepted Answer

A) True 
 B)False  True

Question 4

The surface rights and the subsurface rights for the same parcel of real property can be owned by two different persons.

Accepted Answer

A) True 
 B)False

Question 5

If a reversion follows a life estate,upon the termination of the life estate,the property will transfer to someone other than the party who granted the life estate.

Accepted Answer

A) True 
 B)False

Question 6

In which of the following forms of concurrent ownership may one party unilaterally transfer her portion without the consent of the other party(ies)?

Accepted Answer

A)  joint tenancy 
B)  tenancy in common 
C)  tenancy by the entirety 
D)  A,B,and C 
E)  A and B only 
A)  joint tenancy 
B)  tenancy in common 
C)  tenancy by the entirety 
D)  A,B,and C 
E)  A and B only

Question 7

Fee simple defeasible can be thought of as complete ownership with a limitation,which if violated,results in the loss of the property.

Accepted Answer

A) True 
 B)False

Question 8

A lessee who is complying with terms of the lease cannot acquire the leased premises by adverse possession.

Accepted Answer

A) True 
 B)False

Question 9

A boat dock is a form of condominium-type ownership.

Accepted Answer

A) True 
 B)False

Question 10

In joint tenancy,any owner may transfer her interest without the consent of the other joint tenants.

Accepted Answer

A) True 
 B)False

Question 11

Larry owns a life estate in a condominium in Clearwater,with the remainder going to Larry's nephew.Larry sells his life estate to Bob.Which is true?

Accepted Answer

A)  Bob's interest in the property will end when Larry dies. 
B)  Bob will have the property for the rest of his life. 
C)  Larry will get the property at Bob's death if Larry is still alive. 
D)  The sale is ineffective because the holder of a life estate cannot sell it. 
A)  Bob's interest in the property will end when Larry dies. 
B)  Bob will have the property for the rest of his life. 
C)  Larry will get the property at Bob's death if Larry is still alive. 
D)  The sale is ineffective because the holder of a life estate cannot sell it.

Question 12

Recording statutes for real property:

Accepted Answer

A)  are optional in most parts of the country 
B)  allow potential buyers to check whether there are any liens or mortgages on a piece of property 
C)  guarantee that buildings meet certain minimum standards as far as condition goes 
D)  eliminate the need to acquire title insurance because the chain of title can be traced 
A)  are optional in most parts of the country 
B)  allow potential buyers to check whether there are any liens or mortgages on a piece of property 
C)  guarantee that buildings meet certain minimum standards as far as condition goes 
D)  eliminate the need to acquire title insurance because the chain of title can be traced

Question 13

Which of the following is true about a life estate?

Accepted Answer

A)  The holder of a life estate may sell that interest to another. 
B)  The holder of a life estate may not lease the property to a tenant because it is uncertain when the holder of the life estate may die. 
C)  The holder of a life estate may lose his right if the remainder person desires to re-enter the land. 
D)  The holder of the life estate must be related to the remainder person. 
A)  The holder of a life estate may sell that interest to another. 
B)  The holder of a life estate may not lease the property to a tenant because it is uncertain when the holder of the life estate may die. 
C)  The holder of a life estate may lose his right if the remainder person desires to re-enter the land. 
D)  The holder of the life estate must be related to the remainder person.

Question 14

The holder of a life estate can do all of the following with her life estate except:

Accepted Answer

A)  sell it 
B)  give it away 
C)  leave it to someone in her will 
D)  mortgage it 
E)  lease it to another 
A)  sell it 
B)  give it away 
C)  leave it to someone in her will 
D)  mortgage it 
E)  lease it to another

Question 15

Remainders and remnants are two types of future interests.

Accepted Answer

A) True 
 B)False

Question 16

Mary and Alice,friends,own a beachfront cottage as joint tenants.Because of gambling losses in Las Vegas,Alice must suddenly sell her half to Teri,which she does without telling Mary.The property is now owned by:

Accepted Answer

A)  Mary and Alice as joint tenants 
B)  Mary and Alice as tenants in common 
C)  Mary 
D)  Teri and Mary as joint tenants 
E)  Teri and Mary as tenants in common 
A)  Mary and Alice as joint tenants 
B)  Mary and Alice as tenants in common 
C)  Mary 
D)  Teri and Mary as joint tenants 
E)  Teri and Mary as tenants in common

Question 17

A sale or conveyance is the least common method for transferring ownership rights in real property.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following would prevent someone from acquiring land by adverse possession?

Accepted Answer

A)  She lived on it secretly so that the original owner could not find out she was there. 
B)  She never had to fight the original owner in order to remain on the land. 
C)  She lived on the land without the original owner's permission. 
D)  She was the only person who lived on the land in question. 
A)  She lived on it secretly so that the original owner could not find out she was there. 
B)  She never had to fight the original owner in order to remain on the land. 
C)  She lived on the land without the original owner's permission. 
D)  She was the only person who lived on the land in question.

Question 19

The owner of land that is subject to the easement cannot make any use of the land subject to the easement.

Accepted Answer

A) True 
 B)False

Question 20

If Bob holds a life estate and sells it to Sally,the life estate will terminate upon Sally's death.

Accepted Answer

A) True 
 B)False

Exam 48: Real Property

A transfer of real property is also known as a:

Which types of property interests can be sold?

In a Torrens system,the owner of property has a certificate of title showing the ownership.

The surface rights and the subsurface rights for the same parcel of real property can be owned by two different persons.

If a reversion follows a life estate,upon the termination of the life estate,the property will transfer to someone other than the party who granted the life estate.

In which of the following forms of concurrent ownership may one party unilaterally transfer her portion without the consent of the other party(ies)?

Fee simple defeasible can be thought of as complete ownership with a limitation,which if violated,results in the loss of the property.

A lessee who is complying with terms of the lease cannot acquire the leased premises by adverse possession.

A boat dock is a form of condominium-type ownership.

In joint tenancy,any owner may transfer her interest without the consent of the other joint tenants.

Larry owns a life estate in a condominium in Clearwater,with the remainder going to Larry's nephew.Larry sells his life estate to Bob.Which is true?

Recording statutes for real property:

Which of the following is true about a life estate?

The holder of a life estate can do all of the following with her life estate except:

Remainders and remnants are two types of future interests.

Mary and Alice,friends,own a beachfront cottage as joint tenants.Because of gambling losses in Las Vegas,Alice must suddenly sell her half to Teri,which she does without telling Mary.The property is now owned by:

A sale or conveyance is the least common method for transferring ownership rights in real property.

Which of the following would prevent someone from acquiring land by adverse possession?

The owner of land that is subject to the easement cannot make any use of the land subject to the easement.

If Bob holds a life estate and sells it to Sally,the life estate will terminate upon Sally's death.

Legal Heritage and the Information Age

Court Systems and Jurisdiction

Judicial, Alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Strict Liability and Product Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Internet Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Sales and Lease Warranties

Creation of Negotiable Instruments

Transferability and Holder In Due Course

Liability,Defenses and Discharge

Checks, the Banking System, and E-Money

Creditor's and Debtor's Rights

Secured Transactions and Electronic Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment,Worker Protection,and Immigration Laws

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Businesses, Entrepreneurs, and General Partnerships

Limited Partnerships and Limited Liability Limited Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Business

Investor Protection and Online Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection and Global Warming

Antitrust Law and Unfair Trade Practices

Personal Property and Bailment

Landlord Tenant Law and Land Use Regulation

Insurance

Accountants' Liability

Wills, Trusts, and Elder Law

Family Law

International and World Trade Law

Filters