FINA 382 Exam 1

Commercial brokers specialize in:

Income producing properties

Which of the following are considered to be real estate: trade fixtures; emblements; desktop computer; appurtenances

appurtenances

The best determinant of whether an item is real or personal property is:

the intent of the parties

To transfer ownership of real property, which document should be used?

deed

A farm, consisting of 160 acres of cultivated land, is sold. Which of the following requires an expressed agreement, in addition to the deed, in order to transfer ownership? cultivated crops; subsurface rights; farm house; detached garage

cultivated crops

Correction lines, which occur at intervals in the rectangular survey system, are necessary because

of the curvature of the earth

Within any given township, section 18 can be found: east of section 13; west of section 17; north of section 3; south of section 27

west of section 17

The system of land ownership where the king or the government retains all rights to real estate is known as the:

feudal system

Physical characteristics of land include all of the following except: immobility; indestructibility; fixity; nonhomogeneity

fixity

When land is appropriated for use as a public road, this is done under:

the power of eminent domain

A parcel of land described as the N 1/2 of SE 1/4 sold for $14,000 per acre, what was the selling price?

$1,120,000

Property taxes are characteristic of the

allodial system of land ownership

A woman who lived in a retirement home and had no relatives, told her friend that she wanted her to have all of her property after she died, however she never made a will. Upon her death, her estate would

escheat to the state

Which estate is the most complete estate to own? fee simple estate; qualified fee; less than freehold; life estate

fee simple estate

An easement by prescription may be created by

continuous use

A power company wants to lay a service line across customer properties and must acquire an irrevocable right to do so. This right would be called

an easement in gross

Mrs. Coffee has a life estate for the duration of her own life. She

can sell the mineral rights

Land and anything permanently attached to the land is the definition of:

real property

A claim that one person has on the property of another to secure payment of a debt is called a:

lien

The right one person has to use land belonging to another

easement

The parcel of land which benefits from an easement is called a:

dominant estate

All of the following are rights in real estate are retained by the government except: police power; encumbrance; taxation; escheat

encumbrance

Property owned by one person is referred to as

ownership in severalty

A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the common areas would be held

as tenants in common

A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would own the property as

tenants in common

Joint tenants must acquire their interests in jointly held property

at the same time

Three people are going to purchase an investment property as co-owners, and will take title as join tenants. As joint tenants,

all will have equal interests in the property

The surviving co-owner may automatically become owner of the deceased co-owner's share when the property is held

as tenancy by entirely or as joint tenants

The fact that a surviving cotenant acquires all the right, title, and interest of the deceased cotenant is a characteristic of

the right of survivorship

A condominium rules declaration may be changed by

whatever is stated in the rules declaration

A condominium owner can obtain all of the following EXCEPT: severalty ownership of his share of the common elements; title insurance on his nit; a separate mortgage; joint tenancy ownership of his unit.

severalty ownership of his share of the common elements

Individual ownerships of separate portions of a

building plus joint ownership of the common

elements is characteristic of a

condominium

A corporation that owns or leases the land and

building and, in turn, leases space to its

shareholders is characteristic of a

cooperative

Within a condominium development, common

elements are owned by

all unit owners, who hold undivided interests in the elements

A Nebraska residential landlord, in order to enter a

rental, must give the tenant at least:

notice one day to the next

A residential landlord (Nebraska) is required to

give _____ day's notice to cure a breach of lease

(not including non-payment of rent).

14 days

Bill and Tammy, brother and sister, want to own a

property as co-owners. Bill contributed 60% of the

money to the purchase and Tammy only 40% and

wish to retain a 60:40 ownership ratio. Neither of

them are married or have children and both want

the other to inherit their entire upon their passing.

by taking title as tenants in common and naming each other in their respective wills

Tom, Bill, Janet and Mary, investors all unrelated

to each other, are purchasing a parcel of real estate.

They wish to take title as joint tenants. Which of

the following statements is correct

each will have an equal interest in the property

To divide jointly held property so that each owner can hold a sole ownership:

partition

A rental contract gives the tenant

the right of possession

A lease which requires a fixed constant amount of rent for each payment period of the term is called a

gross lease

If a shopping center building collapsed and several of the tenants' stores could not be reopened, the effect on the tenants' leases would be

constructive eviction

A lease with a specific starting and ending date and no automatic renewal provision:

estate for years

The only way a tenant to terminate a lease for years is by

mutual agreement

When the tenant pays a base rent plus some or all of the operating expenses of a property, the result is a

net lease

From the tenant's viewpoint a lease is preferred over a month to month oral agreement:

assurance of a definite period

Residential leases that are week to week may be terminated by either party upon:

one week's notice

Damages which are considered "normal wear and tear"

will be paid for by the landlord

Nebraska periodic residential leases may be:

i. one week

ii. one month

iii. one year

i or ii

A landlord required a lessee to pay $800 in addition to a $400 deposit and a $100 pet deposit.

The monthly rent is $400 per month

The action is legal, a landlord may require a

tenant to pay any amount as prepaid rent in

addition to the deposits.

A tenant residing in a residential unit in Nebraska

must be given at least ____ day's notice of the failure to pay rent and termination of the rental agreement.

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