Restrictive covenants - Study guides, Revision notes & Summaries

Rockwell Exam Real Estate Classes Final Exam The owner of property located along a stream or river may have which type of water right? A. Alluvion B. Riparian C. Appropriation D. Littoral - answerB. Riparian Five people buy an investment property. They take title so that they each have equal ownership shares, and so that if one of them dies, his share will pass to his heirs. How did they take title? A. Community property B. Joint tenancy C. Tenancy in common D. Term tenancy - answerC...

Real Estate Contract Forms and Addenda Exam 2 (2023/2024) 100% Pass What is Paragraph 5 in the promulgated contract address? Earnest Money What does Earnest Money Serve? As liquidated damages in the event of default Is earnest money required? NO Failure to Deliver Earnest Money in a timely manner constitutes what? Default and gives the seller the right to exercise the default remedies established by agreement of the parties in Paragraph 15. What does Paragraph 23 of the One to Four Family Re...

What key information should a salesperson gather and verify regarding a development land? - Answer - Key documentation such as existing zoning verification - Restrictive covenants or title restrictions that apply to the property - Favourable or unfavourable environmental conditions - Transportation services - Other available services - List of expenses to plan for the effort involved in extending these services - Current economic climate for this type of investment - Physical features of...

Escrow Sample Test Questions and Answers Rated A An escrow is an arrangement that: a) Holds documents, b) Holds funds, c) Creates documents to affect a transfer of interest in property, d) is responsible for guaranteeing funds. A, B, C, E When is it necessary to have closing documents recorded prior to disbursement of escrow funds? a) it is not necessary, b) in almost all situations, c) when instructed by one of the parties to the escrow, d) only when the written instructions require recording...

Mary is interested in a parcel of real estate owned by Kathy. Mary has a title report that shows the property is encumbered by several liens. The lien with the highest priority is the lien: a. of lowest amount b. of highest amount c. first recorded d. first in date - Answer-c. first recorded The physical characteristics of land include: a. indestructibility b. homogeneity c. improvements d. supply - Answer-a. indestructibility Which of the following restrictive covenants is MOST likel...

Fl Cam License Final Exam Test 2024/2025 1. Condominium form of ownership is comprised of units owned by one or more persons and joint ownership of ________ share in the common elements. A. a percentage B. an undivided C. a proportional D. a complete - CORRECT ANSWER-B. an undivided Condominium means individual ownership of a unit coupled with joint ownership of an undivided share of the common elements as well as mandatory membership in the association. 2. Under the General Corpo...

Which statement concerning broker's price opinions (BPOs) is TRUE? A) The payment for a BPO must be paid to the broker and not directly to the sales associate who prepared the BPO. B) A broker's license is required to conduct a BPO. C) A BPO is also referred to as an appraisal of real property. D) All BPOs must conform to Uniform Standards of Professional Appraisal Practice (USPAP). - A Which document would contain information regarding the architectural design standards that must be...

The real estate exam consists of 110 questions, 80 on the national portion of the test and 30 on the Texas portion of the test. A. True B. False - ANSWER A. True The difference between the market value of a property and the sum of the liens against it is called: A. the equity B. due on sale C. the assessment D. the loan-to-value ratio - ANSWER A. the equity Which of the following are public restrictions on the use of real property? A. zoning laws B. condominium byla...

Arizona Real Estate State Exam with 100% Correct Answers |latest| Which of the following is NOT a specific lien? a. an unrecorded mortgage b. a mechanic's lien c. a judgement lien d. a blanket mortgage *Ans* c. a judgement lien Which of the following is NOT an encumbrance on real property? a. lease b. easement c. homestead right d. restrictive convenant *Ans* c. homestead right Which of the following is NOT an appurtenance? a. easement right b. mineral right c. water rights d. ...

These statements regarding restrictive covenants on real property are all true, EXCEPT: A) They run with the land B) They are enforceable in a court of equity unless contrary to public opinion C) They are limited to a specific time period D) They may be removed from the record without legal action - C) They are limited to a specific time period Restrictive covenants are usually not limited to a time period and runs with the life of the land. The MOST important factor in determining whethe...