FINA 382 UNL Exam 1

The power of governments to appropriate private property for the public welfare is known as

a. appropriation. b. zoning. c. police power. d. eminent domain.

D

By what action does the government take property for public use?

a. Zoning b. Public vote c. Condemnation d. Adverse possession

C

By what power do government bodies enforce zoning?

a. Dominant estate b. Police power c. Eminent domain d. Condemnation

B

The government receives the authority to take the property of one who dies without a will and without heirs by virtue of

a. police power. b. laws of agency. c. escheat. d. eminent domain.

C

The greatest estate or ownership in real property is

a. a fee simple estate. b. a life estate. c. a qualified estate.

d. an estate at sufferance.

A

Which estate is the most complete estate to own?

a. Life estate b. Qualified fee c. Less than freehold d. Fee simple estate

D

A property owner who holds fee simple title to land will have all of the following "sticks" in his bundle of rights EXCEPT the right to

a. restrict the use of it. b. violate building, health and safety codes. c. devise it. d. occupy and use it.

B

An easement

a. is always appurtenant. b. is an estate at sufferance. c. runs with the land. d. is an estate at will.

C

Developers avoid land locked properties by creating an easement

a. in gross. b. in common. c. by necessity. d. by prescription.

C

Which entity would be most likely to hold an easement in gross?

a. A corporation on the same road b. Adjacent property owner c. A power company d. A tenant at will

C

Deed restrictions are examples of

a. private control of land. b. police power. c. government limitations on land. d. Increased power in the hands of the zoning authority.

A

Which of the following is a lien on real property?

a. Basements b. Paid property taxes c. Mortgages d. Right of way

C

All of the following may constitute a lien on real property EXCEPT

a. a restrictive covenant in a deed. b. unpaid real property taxes. c. a judgment against the owner. d. a mortgage.

A

A property owner leases a house to a tenant until a buyer is found for the house. Such a tenancy is called a

a. periodic tenancy. b. tenancy at will. c. tenancy for years. d. tenancy in common.

B

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

a. partners. b. community property. c. tenants in common. d. joint tenants.

C

When property is held by two or more owners as tenants in common, upon the death of one owner, that person's ownership interest would pass to

a. the remaining owner or owners. b. whoever is designated in the decedent's will. c. the surviving owner and/or his heirs. d. the surviving spouse only.

B

With regard to real property estates, tenancy in common refers to

a. survivorship. b. occupancy by 2 or more persons. c. ownership. d. community property.

C

The term "undivided interest" means

a. each co-owner has the right to use the entire property. b. the property has not previously been sold.

c. no co-owner can sell his interest. d. when one co-owner dies, the remaining co-owners acquire his interest.

A

Sylvia and Bart, sister and brother, purchased a parcel of real property. Each had an undivided one-half interest. This could be an example of

a. dower ownership. b. curtesy rights. c. severalty. d. co-ownership.

D

The most widely recognized aspect of joint tenancy is the

a. right of equal use. b. right of survivorship. c. simultaneous creation of ownership. d. right of equal interest

B

Community property could include

a. property acquired by one spouse before marriage. b. property inherited by one spouse or the other.

e. property acquired before marriage and maintained with community funds. d. gifts made to one spouse or the other.

C

Upon termination of a rental contract,

a. possession is returned to the lessee. b. ownership reverts to the lessor. c. possession is returned to the lessor. d. ownership reverts to the lessee.

C

A couple's one year lease has expired, but they continued living on the premises. If they now pay rent on a monthly basis, this type of tenancy is

a. at sufferance. b. by the entireties. c. at will. d. periodic.

D

A valid lease must contain

a. a clean-up deposit. b. an option. c. the signatures of at least three parties. d. a property description.

D

A rental contract gives the tenant

a. temporary ownership. b. the right of possession. c. a freehold estate. d. the right to encumber.

B

In any valid lease, the lessor by law gives an implied covenant of

a. satisfaction. b. quiet enjoyment. c. undue duress. d. reconveyance.

B

Under the terms of a normal net lease, the lessee is responsible for all of the following EXCEPT

a. water bills. b. mortgage payments. c. taxes. d. repairs.

B

If a lease on a commercial building contains an escalation clause, the

a. rent could change. b. tenant must maintain the elevators. c. rent must go up and down regularly.

d. rent stays the same but the term may change.

A

The total transfer of a tenant's rights to another person is called

a. a sublet. b. a waiver. c. an option. d. an assignment.

D

A valid, written lease will automatically be terminated by

a. imprisonment of tenant. b. death of the lessor. c. sale of the leased premises. d. court eviction of the tenant.

D

A residential apartment tenant would be expected to pay the landlord for

a. any change in the apartment. b. normal wear and tear. c. sun-faded carpet. d. damage to the apartment caused by the tenant.

D

Each of the following ownerships combines common ownership and exclusive possession of a dwelling unit.

All require dues to support the common elements. Which one allows separate, individual ownership of a dwelling and a lot?

a. Condominium b. Cooperative apartment c. Planned unit development d. Timeshare unit

C

Regarding ownership of condominiums,

a. owners register with the Federal Securities and Exchange Commission. b. there is the right of survivorship. c. owners hold fee simple title to airspace within their units. d. purchasers own the airspace above their units.

C

Individual units in a condominium development are classed as

a. cooperative elements. b. personal property. c. real property. d. common elements.

C

Individual ownerships of separate portions of a building plus joint ownership of the common elements is characteristic of a

a. PUD. b. co-op. c. condominium. d. cooperative.

C

The governing body of a cooperative is called a

a. cooperative commission. b. cooperator. c. board of directors. d. cooperation.

C

In order to create a condominium development, a developer may a.

convert an existing building. b. construct a new building. c. both a and b. d. neither a nor b.

C

Which of the following is real property?

a. Cotton ready to be harvested b. Swing set from Wal-Mart set in concrete c. Farm equipment

d. Lawn mower

B

Improvements made to real property become part of the real property because of

a. devise. b. reliction. c. attachment. d. descent

C

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

a. the intent of the parties. b. its size and weight. c. its value. d. the appraiser's opinion.

A

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?

a. Farm house b. Detached garage c. Subsurface rights d. Cultivated crops

D

Easements, rights of way, and condominium parking stalls are examples of

a. trade fixtures. b. appurtenances. c. emblements. d. riparian rights.

B

The most accurate way to uniquely locate and bound a parcel of real property is to use

a. latitude and longitude. b. an aerial photograph. c. a topographical map. d. a full legal description.

D

All of the following are acceptable means of describing real property EXCEPT

a. rectangular survey method. b. metes and bounds. c. allodial method. d. lot and block.

C

When would a metes and bounds survey be preferred?

a. For mail delivery b. To describe irregularly shaped parcels c. To describe property in a subdivision

d. When a brief description is needed

B

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

a. to allow for magnetic fields which interfere with compasses. b. to correct the mistakes made by surveyors. c. because of the curvature of the earth. d. because of the gravitational pull of the moon.

C

Six hundred and forty acres is usually the size of a

a. township. b. range.

c. check. d. section.

D

How many acres does a parcel of land 660' by 660' contain?

a. One hundred acres b. Ten acres c. One acre d. One-eighth acre

B

Which of the following will always involve a plat?

a. Tax assessor's parcel numbers b. U.S. Geodetic survey system c. U.S. rectangular survey d. Lot and Block system

D

Property taxes are characteristic of the

a. English common system of land ownership. b. Napoleonic system of land ownership. c. allodial system of land ownership. d. feudal system of land ownership.

C