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Real Estate Law 11th Edition By Jennings - Test Bank
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Chapter 03 Extent of Real Estate Interests TRUEFALSE 1. Land ownership includes air rights and subsurface rights. (A) True (B) False Answer : (A) 2. Air rights and subsurface rights cannot be conveyed independently. (A) True (B) False Answer : (B) 3. Because a landowner owns the airspace abo...

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  • August 31, 2023
  • 44
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • complete test bank
  • all chapters included
  • real estate law 11th edition by jennings

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  • Real Estate Law Test Bank
  • Real Estate Law Test Bank
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Chapter 21 Legal Issues in Land and Economic Development

TRUEFALSE

1. Impact fees are paid by developers to help the federal government pay for government agencies
responsible to regulate them.

(A) True

(B) False

Answer : (B)


2. ​Equitable servitudes require privity.

(A) True

(B) False

Answer : (B)


3. ​Equitable servitudes can be used instead of covenants.

(A) True

(B) False

Answer : (A)


4. ​Unimproved land sites must have prior document approval by HUD.

(A) True

(B) False

Answer : (A)


5. ​Covenants must touch and concern the land to be enforceable.

(A) True

(B) False

Answer : (A)


6. ​School impact fees are unconstitutional.

(A) True

,(B) False

Answer : (B)


7. ​Once a developer finishes a project, homeowners become responsible for enforcement of deed
restrictions.

(A) True

(B) False

Answer : (A)


8. ​In some cases, courts have enforced a pattern of development as a deed restriction.

(A) True

(B) False

Answer : (A)


9. ​Equitable servitudes are a doctrine based on patterns of development.

(A) True

(B) False

Answer : (A)


10. ​A developer can amend deed restrictions up until the final lot or home is sold.

(A) True

(B) False

Answer : (B)


11. ​Limited partners can have their name used in the partnership name and still have limited
liability.

(A) True

(B) False

Answer : (B)


12. ​Partnerships pay income tax on the profits earned.

,(A) True

(B) False

Answer : (B)


13. ​Partners can deduct their portion of partnership losses from their personal income.

(A) True

(B) False

Answer : (A)


14. ​The transfer of a limited partner's interest results in the dissolution of the partnership.

(A) True

(B) False

Answer : (B)


15. ​Under the UPA, partnership profits are split equally.

(A) True

(B) False

Answer : (A)


16. ​Limited liability companies are authorized in all states.

(A) True

(B) False

Answer : (A)


17. ​Subchapter S shareholders can deduct corporate losses from their personal income.

(A) True

(B) False

Answer : (A)


18. To qualify for Subchapter S treatment, there must be at least 100 shareholders.

(A) True

, (B) False

Answer : (B)


19. ​Corporate shareholders' liability is limited to the amount of their investment.

(A) True

(B) False

Answer : (A)


20. ​Regulation A applies to intrastate offerings of securities only.

(A) True

(B) False

Answer : (B)


21. ​To qualify for an intrastate offering, all interests sold must be to residents of the state where the
corporation or partnership is organized.

(A) True

(B) False

Answer : (A)


22. ​REIT investors cannot take REIT losses from their personal income.

(A) True

(B) False

Answer : (A)


23. ​Unanimous consent of all partners is required to admit a new general partner to a limited
partnership.

(A) True

(B) False

Answer : (A)


24. ​The sale of limited partnership interests is not considered the sale of securities.

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