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Question 1 of 10
1. Question
Which of the following statements best define trust as a form of ownership of property?
Correct
The title is passed from the trustor to the trustee in a trust. On behalf of the beneficiary, the trustee holds the title.
Incorrect
The title is passed from the trustor to the trustee in a trust. On behalf of the beneficiary, the trustee holds the title.
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Question 2 of 10
2. Question
How long does the homeowner have to reinvest the protected equity from the selling of the home in order to benefit from the homestead exclusion?
Correct
Within six months, the state homestead law requires reinvestment in a new home.
Incorrect
Within six months, the state homestead law requires reinvestment in a new home.
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Question 3 of 10
3. Question
Which of the following is the most common voluntary lien type?
Correct
The first three forms of liens are involuntarily imposed on the house. A mortgage lien is voluntary because, in exchange for the funds that we borrow, we contribute to the lien.
Incorrect
The first three forms of liens are involuntarily imposed on the house. A mortgage lien is voluntary because, in exchange for the funds that we borrow, we contribute to the lien.
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Question 4 of 10
4. Question
Several people concurrently own a piece of property. They may not own the property as?
Correct
Multi-tenancy is the ownership of just one individual. The other forms of ownership are all for two or more individuals.
Incorrect
Multi-tenancy is the ownership of just one individual. The other forms of ownership are all for two or more individuals.
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Question 5 of 10
5. Question
For building a porch, lumber is delivered to a home. At what point, if any, will the wood become a fixture?
Correct
Until the deck is installed and becomes part of the real estate, the timber is personal property.
Incorrect
Until the deck is installed and becomes part of the real estate, the timber is personal property.
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Question 6 of 10
6. Question
When surveying your land, a survey or you employ discusses concepts such as baselines and meridians. What legal description system would he most likely use?
Correct
Only the government or the rectangular survey system is connected with these words.
Incorrect
Only the government or the rectangular survey system is connected with these words.
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Question 7 of 10
7. Question
As joint tenants, A, B, and C own land. A is selling her stake to D. What does the new ownership status mean?
Correct
C and B remain joint tenants in the situation mentioned, but D becomes a common tenant with respect to that share.
Incorrect
C and B remain joint tenants in the situation mentioned, but D becomes a common tenant with respect to that share.
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Question 8 of 10
8. Question
Which of these would not create a cloud on the real estate title?
Correct
Lien of the Mechanic, eminent domain action pending, and action pending for unfavorable ownership limit the ownership of the property or may limit it. Although zoning may affect profitability or value, title to a property is not affected.
Incorrect
Lien of the Mechanic, eminent domain action pending, and action pending for unfavorable ownership limit the ownership of the property or may limit it. Although zoning may affect profitability or value, title to a property is not affected.
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Question 9 of 10
9. Question
In order to construct a sewer line, Owner A provides the county with a subsurface easement across its land. This is better defined as which of the following?
Correct
As it relates to the question, you have to analyze both parts of each answer. Since an adjacent landowner is not benefiting from this easement, it is not an easement appurtenant. It excludes decisions appurtenant easement by grant and condemnation. . Owner A provided the county with the easement; the county did not take the easement against her will. It excludes eminent domain gross easement by condemnation.
Incorrect
As it relates to the question, you have to analyze both parts of each answer. Since an adjacent landowner is not benefiting from this easement, it is not an easement appurtenant. It excludes decisions appurtenant easement by grant and condemnation. . Owner A provided the county with the easement; the county did not take the easement against her will. It excludes eminent domain gross easement by condemnation.
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Question 10 of 10
10. Question
Which of the following is the best definition of combining the servant tenement with the dominant tenement?
Correct
The joining of the two properties or rights is one of the ways in which easements are terminated.
Incorrect
The joining of the two properties or rights is one of the ways in which easements are terminated.