Rockwell Exam Real Estate Classes Final Exam

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. Tenancy in common What would cause a judgment lien to be imposed on a landowner's property? A. Foreclosure B. Lawsuit C. Unpaid construction project D. Unpaid property taxes - answerB. Lawsuit Maria buys a home in a subdivision that is subject to restrictive covenants. The city Maria lives in allows fences, but the subdivision's restrictive covenants don't. Of the following, which is true? A. Restrictive covenants only limit lot size; they don't limit fencing B. The city is a government entity, so its rules take precedence over private restrictions C. The deed's restrictive covenants take precedence over the city because they are more restrictive D. Maria owns the property, so she has a legal right to build a fence regardless of the deed's restrictions - answerC. The deed's restrictive covenants take precedence over the city because they are more restrictive Siobhan listed her property with A BC Realty. She asks her agent, Robert, to draft deed covenants that will prevent a buyer from subdividing the land in the future. She'd also like the agent to create a trust from the sale, to benefit her disabled sister. Robert's reply should be: A. I can draft the trust, but an attorney will need to draft the covenants B. I can draft both of these documents C. I can draft the covenants, but an attorney will need to draft the trust D. I can't help you with either of these things; you'll need to contact an attorney - answerD. I can't help you with either of these things; you'll need to contact an attorney Mortgage interest rates are primarily influenced by the: A. Assessed value of the property B. Condition of the money market C. Credit history of the borrower D. Value of similar mortgaged properties in the area - answerB. Condition of the money market For income tax purpose