Compucram Simulated Exam questions with correct answers

When selling an individual condominium unit which of the following would be appurtenant to the unit? Answer Cabinets in the unit Bob and Jerry take title together. Bob owns one half and Jerry owns one half of the same property. What form of co-ownership does the law presume? Answer Tenancy in common Owner's title insurance will cover: Answer Damages if the title is unmarketable When a city buys real estate they would take title as: Answer Sole and separate Developer George purchased 5 acres of residential land on the edge of town with frontage on the main highway. When the zoning board and city council refused to rezone the property to accommodate a commercial development, George sued for the value that he would have received had the land been rezoned to a higher classification. This type of legal challenge is known as: Answer Inverse condemnation An instrument that conveys a grantor's interest is called a: Answer Deed When the appraiser looks at the home Sandy has just purchased, he notices it has a fireplace and the comparable homes do not. He makes a $3,000 upward adjustment on his sales comparison approach worksheet. The $3,000 adjustment is based on what appraisal principle? Answer Contribution