Question 1

Which of the following types of ownership estates is the most complete bundle of rights,and therefore carries the greatest value?

Accepted Answer

A) Fee simple absolute 
B) Fee simple conditional 
C) Ordinary life estate 
D) Legal life estate 
A) Fee simple absolute 
B) Fee simple conditional 
C) Ordinary life estate 
D) Legal life estate

Question 2

A fixture is an object that formerly was personal property but has become real property.Of the following four rules for determining whether an object has become a fixture,which is the most dominant (i.e.if there is a conflict,which rule prevails)?

Accepted Answer

A) Manner of the attachment 
B) Character of the article and manner of adaptation 
C) Intention of the parties 
D) Relation of the parties 
A) Manner of the attachment 
B) Character of the article and manner of adaptation 
C) Intention of the parties 
D) Relation of the parties

Question 3

Which of the following types of liens is automatically superior to any other lien?

Accepted Answer

A) Property tax and assessment lien 
B) Mortgage lien 
C) Lien arising from a court judgment unrelated to ownership of the property 
D) Mechanics' lien 
A) Property tax and assessment lien 
B) Mortgage lien 
C) Lien arising from a court judgment unrelated to ownership of the property 
D) Mechanics' lien

Question 4

Restrictive covenants impose constraints on the use of the land,yet are limited in terms of their enforcement.All of the following are true regarding the enforcement of restrictive covenants EXCEPT:

Accepted Answer

A) Courts have been reluctant to maintain restrictive covenants for an unreasonably long time and in some cases states have enacted a time limit on their applicability. 
B) Courts may refuse to enforce restrictive covenants due to changing neighborhood character. 
C) Courts may refuse to enforce restrictive covenants due to abandonment of the property. 
D) Restrictive covenants can be enforced by those who do not hold a legal interest in the property. 
A) Courts have been reluctant to maintain restrictive covenants for an unreasonably long time and in some cases states have enacted a time limit on their applicability. 
B) Courts may refuse to enforce restrictive covenants due to changing neighborhood character. 
C) Courts may refuse to enforce restrictive covenants due to abandonment of the property. 
D) Restrictive covenants can be enforced by those who do not hold a legal interest in the property.

Question 5

Property rights can be divided into two classes,real and personal.Which of the following is an example of real property?

Accepted Answer

A) Vehicles 
B) Stocks and bonds 
C) Patents 
D) Commercial building 
A) Vehicles 
B) Stocks and bonds 
C) Patents 
D) Commercial building

Question 6

Direct co-ownership implies that each co-owner holds a titled interest in the property,but without exclusive possession with respect to the other co-owners.Which of the following types of direct co-ownership is considered the closest to the fee simple absolute estate?

Accepted Answer

A) Tenancy in common 
B) Tenancy by the entirety 
C) Condominium 
D) Partnership 
A) Tenancy in common 
B) Tenancy by the entirety 
C) Condominium 
D) Partnership

Which of the following types of ownership estates is the most complete bundle of rights,and therefore carries the greatest value?

A fixture is an object that formerly was personal property but has become real property.Of the following four rules for determining whether an object has become a fixture,which is the most dominant (i.e.if there is a conflict,which rule prevails)?

Which of the following types of liens is automatically superior to any other lien?

Restrictive covenants impose constraints on the use of the land,yet are limited in terms of their enforcement.All of the following are true regarding the enforcement of restrictive covenants EXCEPT:

Property rights can be divided into two classes,real and personal.Which of the following is an example of real property?

Direct co-ownership implies that each co-owner holds a titled interest in the property,but without exclusive possession with respect to the other co-owners.Which of the following types of direct co-ownership is considered the closest to the fee simple absolute estate?

The Nature of Real Estate and Real Estate Markets

Conveying Real Property Interests

Government Controls and Real Estate Markets

Market Determinants of Value

Forecasting Ownership Benefits and Value: Market Research

Valuation Using the Sales Comparison and Cost Approaches

Valuation Using the Income Approach

Real Estate Finance: The Laws and Contracts

Residential Mortgage Types and Borrower Decisions

Sources of Funds for Residential Mortgages

Real Estate Brokerage and Listing Contracts

Contracts for Sale and Closing

The Effects of Time and Risk on Value

Mortgage Calculations and Decisions

Commercial Mortgage Types and Decisions

Sources of Commercial Debt and Equity Capital

Investment Decisions: Ratios

Investment Decisions: NPV and IRR

Income Taxation and Value

Enhancing Value Through Ongoing Management

Leases and Property Types

Development: The Dynamics of Creating Value

Filters

Exam 2: Legal Foundations to Value

Which of the following types of ownership estates is the most complete bundle of rights,and therefore carries the greatest value?

A fixture is an object that formerly was personal property but has become real property.Of the following four rules for determining whether an object has become a fixture,which is the most dominant (i.e.if there is a conflict,which rule prevails)?

Which of the following types of liens is automatically superior to any other lien?

Restrictive covenants impose constraints on the use of the land,yet are limited in terms of their enforcement.All of the following are true regarding the enforcement of restrictive covenants EXCEPT:

Property rights can be divided into two classes,real and personal.Which of the following is an example of real property?

Direct co-ownership implies that each co-owner holds a titled interest in the property,but without exclusive possession with respect to the other co-owners.Which of the following types of direct co-ownership is considered the closest to the fee simple absolute estate?

The Nature of Real Estate and Real Estate Markets

Conveying Real Property Interests

Government Controls and Real Estate Markets

Market Determinants of Value

Forecasting Ownership Benefits and Value: Market Research

Valuation Using the Sales Comparison and Cost Approaches

Valuation Using the Income Approach

Real Estate Finance: The Laws and Contracts

Residential Mortgage Types and Borrower Decisions

Sources of Funds for Residential Mortgages

Real Estate Brokerage and Listing Contracts

Contracts for Sale and Closing

The Effects of Time and Risk on Value

Mortgage Calculations and Decisions

Commercial Mortgage Types and Decisions

Sources of Commercial Debt and Equity Capital

Investment Decisions: Ratios

Investment Decisions: NPV and IRR

Income Taxation and Value

Enhancing Value Through Ongoing Management

Leases and Property Types

Development: The Dynamics of Creating Value

Filters