Legal Aspects of Real Estate (Final Exam) Answers 100% Verified

Legal Aspects of Real Estate (Final Exam) Legal Aspects of Real Estate (Final Exam) 1. When do growing crops become personal property? A. Upon constructive severance B. When the landowner sells the entire property to another C. When they are planted D. At the end of the tenancy A 2. A case involving questions of both federal and state law may be brought in: A. state court only B. federal court only C. state or federal court D. a special court that is reserved for cases with mixed federal and state issues C 3. Which type of easement burdens the servient tenement, but no dominant tenement is involved? A. Appurtenant easement B. Easement in gross C. Express easement D. Dominant easement B 4. Amy owns shares of stock in the corporation that holds title to the building she lives in, and she has a long-term lease on her unit. Amy lives in a/an: A. community apartment complex (CAC) B. condominium C. cooperative D. planned development C 5. Suppose an agent has no express authority when she commits an act that benefits the principal, but the principal approves the act after the fact. This creates an agency by: A. estoppel B. express agreement C. implication D. ratification D 6. A government takes title to a portion of a private citizen's property, in order to widen a road. In return, the government pays the owner the fair market value of the land that was taken. This occurs through what type of legal action? A. Condemnation B. Dedication C. Eminent domain D. Escheat A 7. A tenant who transfers an entire leasehold estate to another party is a/an: A. sublessee B. sublessor C. assignee D. assignor D 8. Most California lenders prefer a deed of trust to a mortgage because: A. a deed of trust offers more protection to borrowers in case of default B. a deed of trust requires a larger downpayment C. a deed of trust allows nonjudicial foreclosure D. a deed of trust allows judicial foreclosure C 9. A real estate agent's duty to inspect the listed property does not apply to: A. a lease with an option to purchase B. a manufactured home C. a new home in a subdivision offered for sale for the first time D. a residential four-plex C 10. Which of the following parties can be named grantee of a deed? A. A mentally incompetent senior citizen B. A minor child C. A valid corporation D. All of the above D 11. Which of the following is true? A. All leases must be in writing and signed by both parties B. Leases for over a year must be in writing and signed by the lessor C. Residential leases need not be in writing, unless the security deposit is greater than the equivalent of six months' rent D. Residential leases don't have to be in writing, but commercial leases do B 12. Broker Jones operates her brokerage business under the name Glorious Realty. She registered a fictitious business name statement for the name Glorious Realty; her real estate license is issued in her name, Tabitha Jones. A. This is legal, because she took the necessary step of registering her fictitious business name B. Broker Jones has violated the license law; her real estate license must be issued under the fictitious name C. Broker Jones has done nothing wrong, because all she needs is a valid real estate license D. This is legal, as long as Broker Jones uses the name Glorious Realty in all her advertising and business dealings B 13. A mechanic's lien is: A. also called a construction lien B. an involuntary, specific lien C. used to secure payment for either materials or services that benefit a piece of real property D. All of the above D 14. A change in a zoning ordinance that imposes requirements on one particular property that are different (either stricter or looser) from those that apply to surrounding properties is called: A. a rezone, and is illegal B. a rezone, and is legal C. spot zoning, and is illegal D. spot zoning, and is legal C 15. The Real Estate Settlement Procedures Act (RESPA) prohibits: