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WRA Pre Exam Review Questions & answers
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WRA Pre Exam ReviewWhat rights to property come with ownership? - CORRECT ANSWER-Control;
Disposition; Quiet enjoyment; Encumber; Exclude; Possession.
What form of ownership allows title to a deceased spouse's property to pass to
the surviving spouse without probate? - CORRECT ANSWER-Survivorship
marital property. A special form of joint tenancy with right of survivorship. Just for
married people.
What are some examples of encumbrances? - CORRECT ANSWER-Easement;
Liens; Encroachments; Property taxes and Special assessments.
What type of interest is a leasehold estate? - CORRECT ANSWER-Personal
property interest.
In what form of ownership does a condominium unit owner hold the condominium
unit? - CORRECT ANSWER-Severalty
In what form of ownership does a condominium unit owner hold the common
elements? - CORRECT ANSWER-Tenancy-in-common
Under what form of ownership does an individual purchase stock in a corporation
and receive a lease for a unit from the corporation? - CORRECT
ANSWER-Cooperative
What kind of estate do you have if you own your home, even if it is subject to a
mortgage? - CORRECT ANSWER-It is a fee simple absolute, which is a kind of
freehold estate.
Which type of property is automatically included in the purchase of real estate? -
CORRECT ANSWER-Real property (land, structures, fixture) Trees, buildings,
etc. Personal property is only included if the parties include it in the accepted
offer to purchase.
,What is achieved by recording a deed to property? - CORRECT
ANSWER-Constructive notice of ownership.
How does title insurance serve as evidence of title? - CORRECT ANSWER-It is
an insurance policy to protect the policy holder from defects in title.
What protection does an abstract of title provide to a property owner? -
CORRECT ANSWER-An abstract of title does not provide coverage for gaps in
title or clouds on title.
What is a gap endorsement (gap insurance)? - CORRECT ANSWER-It protects
the property owner from clouds or claims on the title that might appear between
the date of the title commitment and the date the deed showing the new owner is
recorded (the gap). The title commitment is also called the preliminary report.
What type of lien attaches to both real and personal property? - CORRECT
ANSWER-General lien. A specific lien attaches only to the property securing the
debt. A chattel mortgage is an example of a specific lien - "chattel mortgage " is
an old-fashioned term for a mortgage on personal property such as a car loan
secured by the car.
Which deed offers the most comprehensive guarantee of title? - CORRECT
ANSWER-Warranty deed.
Which deed offers the least guarantee of title? - CORRECT ANSWER-Quit claim
deed.
Land Use Controls and Regulations - 5 items. - CORRECT ANSWER-Private
land use controls: Restrictions, Deed Conditions, Covenants. Public Controls of
Permitted Use, Conditional Use, Non-conformingUse, Variance, Setbacks
(Zoning). PUDS (Planned Unit Development).
How does one determine the permitted uses for a particular area? - CORRECT
ANSWER-Zoning ordinances, many municipalities post their zoning ordinances
online, contact the local zoning authority for more information on zoning
ordinances.
, What type of zoning allows land to be used in a way that was already in
existence when a zoning ordinance was enacted but does not comply with
current zoning regulations? - CORRECT ANSWER-Non-conforming use.
A vacant parcel of land that was zoned residential has been re-zoned to
conservancy of natural resources. What type of zoning has occurred? -
CORRECT ANSWER-Downzoning.
An owner of a property would like to transfer title. Will the existing deed
conditions stay in place or are they terminated upon transfer of title? - CORRECT
ANSWER-The existing deed conditions "run with the land ". They will survive the
transfer.
What is a planned unit development? - CORRECT ANSWER-Is zoning district
written and negotiated specifically for the subject property. It may allow a
developer to cluster buildings and services together in a way that would not be
permissible under the municipality's regular zoning ordinances.
What is a deed restriction? - CORRECT ANSWER-A private land use control.
Example, all houses in the neighborhood must be painted one of five approved
colors, no play structures in backyards. Violation of a deed restriction may result
in a fine or an injunction to stab the prohibited act.
How do agents conduct a market analysis to establish a market value? -
CORRECT ANSWER-They compare comparable properties including active,
expired, pending, and completed transactions. Market value is an opinion of
value for which a property would likely sell to a buyer in an arm's length
transaction.
What principle of value represents the effect on a property when surrounding
properties are not of a similar quality or condition? - CORRECT
ANSWER-Regression
Which principle of value is relied on most by a licensee conducting a market
analysis? - CORRECT ANSWER-Substitution
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