Real Estate Law 11th Edition By Jennings - Test Bank
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Real Estate Law Test Bank
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Real Estate Law Test Bank
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...
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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