REAL 4000 Test 1 Quiz | Latest Update | 2024/2025 | 100% Verified
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Module
REAL 4000
Institution
REAL 4000
REAL 4000 Test 1 Quiz | Latest Update |
2024/2025 | 100% Verified
What is tenant in common ownership?
A) A form of co-ownership with the right of survivorship
B) A form of co-ownership where each owner has an undivided interest and no right of
survivorship
C) A form of ownership where onl...
REAL 4000 Test 1 Quiz | Latest Update |
2024/2025 | 100% Verified
What is tenant in common ownership?
A) A form of co-ownership with the right of survivorship
B) A form of co-ownership where each owner has an undivided interest and no right of
survivorship
C) A form of ownership where only one person owns the property
✔✔ B) A form of co-ownership where each owner has an undivided interest and no right of
survivorship
What does marketable title mean?
A) A title that has unresolved legal issues
B) A title that is easy to sell
C) A title that is free from significant defects or encumbrances
✔✔ C) A title that is free from significant defects or encumbrances
What is novation in real estate contracts?
A) The act of cancelling a contract
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,B) The act of replacing an existing contract with a new one
C) The act of adding new terms to a contract
✔✔ B) The act of replacing an existing contract with a new one
What is curable depreciation in real estate?
A) Depreciation that cannot be fixed
B) Depreciation that can be corrected to improve a property's value
C) Depreciation due to market conditions
✔✔ B) Depreciation that can be corrected to improve a property's value
What does eminent domain allow the government to do?
A) Regulate property taxes
B) Take private property for public use with compensation
C) Zone property for residential or commercial use
✔✔ B) Take private property for public use with compensation
Here are additional multiple-choice questions:
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, What is a promissory note?
A) A legal document that transfers property ownership
B) A written promise to repay a loan under specific terms
C) A type of insurance policy
✔✔ B) A written promise to repay a loan under specific terms
What is a life estate?
A) Ownership of property that lasts for the lifetime of the owner and cannot be transferred
B) A lease agreement lasting for the life of the tenant
C) An ownership interest that lasts for the lifetime of an individual and then passes to another
party
✔✔ C) An ownership interest that lasts for the lifetime of an individual and then passes to
another party
What is the statute of frauds in real estate?
A) A law requiring that certain contracts be in writing to be enforceable
B) A rule that prohibits false advertising in real estate
C) A regulation that limits the amount of commission a real estate agent can charge
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