Business: Property and Real Estate

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Final Examination – Anderson Princiles

1.Airspace above a parcel of land is:
(a) real property
(b) personal property
(c) an encumbrance
(d) a fixture

2.All of the following are real property except:
(a) fruit trees
(b) chattels
(c) stock in a mutual water company
(d) built-in stove

3.In a dispute over fixtures, courts tend to favor:
(a) sellers over buyers
(b) landlords over tenants
(c) lenders over borrowers
(d) grantors over grantees

4.The right of a landowner along a river to take water is called: (a) percolating rights
(b) river water rights
(c) user rights
(d) riparian rights

5.All of the following "run with the land," except:
(a) easements
(b) private deed restrictions
(c) water rights
(d) current harvest rights

6.The SE 1/4 of the NW 1/4, and the SW 1/4 of the NE 1/4, and the SW 1/4 of Section 22 contains: (a) 2 1/2 acres
(b) 240 acres
(c) 45 acres
(d) 165 acres

7.A person appointed by the court to handle the estate is the: (a) executor (trix)
(b) administrator (trix)
(c) devisor (ee)
(d) testator (trix)

8.A type of deed that contains an after acquired clause is a: (a) grant deed
(b) quiet deed
(c) quitclaim deed
(d) gift deed

9.A deeds to B and B takes possession but does not record the deed. A then tells a friend C about the deed to B. A then deeds the same property to C, who records the deed. Based on this information, title probably vests in: (a) A

(b) B
(c) C
(d) both B and C

10.If a married person with one child dies intestate and leaves separate property, the descendant's interest passes to the: (a) surviving spouse and child
(b) surviving child, and not the surviving spouse
(c) surviving spouse, and not the surviving child
(d) surviving parents

11.The highest form of ownership a person can have in a piece of property is: (a) fee simple absolute
(b) fee simple qualified
(c) life estate
(d) testate estate

12.A deeds a life estate to B and upon B's death, title returns to A. This is an example of what type of life estate? (a) estate in reversion
(b) estate in reservation
(c) estate in remainder
(d) estate in severalty

13.A valid joint tenancy must have the four unities of:
(a) time, title, interest, remainder
(b) title, time, possession, interest
(c) interest, right, possession, time
(d) time, title, occupancy, possession
14.In which one of the following ways are joint tenancy and community property similar? (a) title can only be held by husband and wife
(b) both provide the right of survivorship
(c) all owners have the right to will their interest in the property (d) ownership shares are equal

15.A property tax bill is an example of:
(a) a voluntary lien
(b) a general lien
(c) an involuntary hen
(d) two of the above are correct

16.An easement with only a servient tenement is an:
(a) easement in gross
(b) easement appurtenant
(c) easement egress
(d) easement for encumbrance

17.If an owner files a proper Notice of Completion in the County Recorder's office, unpaid subcontractors have how many days to file a lien? (a) 30 days
(b) 60 days
(c) 90 days
(d) 180 days

18.The of the following are true, except:
(a) a violation of a condition in a deed may cause loss of title (b) a suit for removal of an encroaching fence must be brought within 10 years from the date of the encroachment (c) easements can be eliminated when the dominant tenement deeds to the servient tenement (d) to be valid, a Notice of Completion must be recorded within 10 days after the completion...
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