Real Estate

March 26, 2018 | Author: Navleen Kaur | Category: Easement, Adverse Possession, Mortgage Law, Ownership, Lien


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Chapter 3 Multiple Choice Questions / Page 1Chapter 3 Multiple Choice Questions 1. Restrictions and limitations on real estate imposed by both private and public entities are collectively known as a. b. c. d. 2. easements. encroachments. eminent domain. encumbrances. A claim on property as security for a debt or other obligation is known as a(n) a. b. c. d. encroachment. lien. easement. profit. 3. A _______ refers to a lien on all of the assets of a debtor, while a _______ refers to a lien on carefully identified assets of the debtor. a. b. c. d. mechanics lien, special lien general lien, mechanics lien special lien, mechanics lien general lien, special lien 4. The lender in a mortgage arrangement is referred to as the _______, while the borrower is known as the _______. a. b. c. d. mortgagor, mortgagee mortgagee, mortgagor mechanic, lienee lienee, mechanic 5. An _______ is a legal right use the property owned by someone else in a specified manner. a. b. c. d. easement eminent domain encroachment estoppel 6. In an easement appurtenant, the property that benefits from the easement is known as a. b. c. d. servient estate. dominant estate. gross estate. encroachment. If Jane wishes to terminate the easement. easement profit license encroachment . d. servient estates. and continuously for a statutory time period. d. b. c. c. an easement may be created by a method known as a. 10. There is absolutely no way to terminate this type of easement without incurring legal liability. she could sell the property to someone else. prescription. Utility companies that have rights to place electric lines. 11. c. a. phone lines. she could send a certified letter to the neighborhood stating her desires and effectively end the neighbor’s rights. gross estates. b. gas lines.Chapter 3 Multiple Choice Questions / Page 2 7. Which of the following statements are consistent with the nature of easements? a. easements in gross. Jane could purchase the neighboring property as a means of eliminating the easement. Express grant Implied grant Express reservation All of the above 9. c. easements appurtenant. 8. the holder has the right to remove natural resources from another person’s property. If Jane wishes to terminate the easement. c. implication. In a(n) _______. with hostility. d. d. When someone other than the owner uses a property openly. grant. Which of the following are legitimate methods for creating easements? a. b. hold a. cable tv. d. b. etc. Suppose Jane buys a property subject to an easement that gives the next-door neighbor the legal right to drive across a portion of her property. b. reservation. 14. mechanic’s lien. 13. escheat. permits a creditor to take possession of the debtor’s real estate. If an owner of a mortgaged property adds improvements to that property that result in a mechanic’s lien being established. b. the loser’s property can be used as a security towards paying a debt. d. represents the creditor’s right of ownership in the real estate. Many states do not recognize mechanics’ liens. tax mortgage. 15. 16. use the land in a specific manner. 17.Chapter 3 Multiple Choice Questions / Page 3 12. The mechanic’s lien as the superior claim is always junior in priority. d. d. sell the land. All states recognize the mechanic’s lien as the superior claim. estoppel. possess the land in a specific manner. The security interest is known as a a. Appointment Implication Reservation Prescription . c. lease the land for a specific purpose. c. c. An easement is a right given to a person by a landowner to a. which of the following is true? a. c. An unauthorized invasion or intrusion of an improvement is known as an a. When a person wins a monetary award from a lawsuit. encroachment. b. A lien is best described as a claim that a. c. b. allows a third party to use one’s real estate in a prescribed manner. amounts to a financial security interest in the real estate. b. c. b. judgment lien. d. b. easement appurtenant. d. Some jurisdictions give the mortgagee priority. settlement lien. Which is not an appropriate method for establishing an easement? a. d. in the manner of a reasonable owner d. a. through _______ one might gain ownership by possession. Private restrictions that limit ownership interests in real property include all of the following except a. a. which is not a requirement under the law? a. c. zoning. Jones 19. b. judgment lien. adverse possession. One possessor must hold the claim for the entire statutory period c. that is. b. The mortgage document used as an encumbrance on an owner’s title is an example of a a. . _______ has the dominant estate. c. The claim must be open and notorious 21. c. a. d. agreement abandonment merger prescription 20. The possession must be actual and exclusive. c. broad lien. c. b. An easement is terminated by _______ when the dominant and servient estate are joined by common ownership. Although ownership and possession of real estate are not synonymous. d. easements. licenses. b. To claim a property under adverse possession. Smith Smith. 22. d. _______ has the servient estate. b.Chapter 3 Multiple Choice Questions / Page 4 18. Jones has an easement for an access road across Smith’s property. Smith. d. Smith Jones. The claim must be continuous b. zoning easements adverse possession liens 23. general lien. Jones Jones. d. special lien. Each wants to have a paved driveway. d. lenders. c. eminent domain. 25.Chapter 3 Multiple Choice Questions / Page 5 24. Ralph’s lot is a dominant estate. architects and engineers on construction projects. b. c. absolute estate. The owner of the property being encroached upon has the right to force the removal of the encroachment. c. b. anyone who furnishes labor for construction. b. vary from state to state. Ralph and Ed decide to share one driveway which will be built partially on each lot. 29. are the same for all of the forty-eight contiguous states. c. suppliers of materials. 28. Suppose that Ralph and Ed are neighbors. d. The burdened land in an easement appurtenant is the a. 26. Ralph’s lot is a servient estate. artificial estate. Ed’s lot is a servient estate. repair or alteration of a building. c. To save money. Which of the following statements is incorrect? a. but if that owner fails to force removal. filing. condemnation. d. license. d. b. d. c. d. 27. An easement may be terminated by a mutual agreement. Rights of an easement may be terminated by abandonment. b. are controlled by each individual city within a state. The people protected by mechanic’s liens include all except a. priority and termination of mechanic’s liens a. Ed’s lot is an easement in gross. the other party may claim the legal right to continue encroaching by a. Easements are temporary in nature and do not pass to subsequent owners. dominant estate. The creation. servient estate. are federal laws. Existence of an easement may be terminated by a merger. . adverse possession. b. Which of the following statements about easements is incorrect? a. A judge says the fence must come down. mortgagor. An _______ has been created. 33. license. escheat. Prescription Appointment Implication Reservation 32. grantee. in disputes over water or mineral rights. c. and the Smiths have the _______ estate. an easement has been created. in boundary disputes. a. mortgagee. the state receives title to his or her property through the power of a. A judge says the fence must come down. d. d. d. easement. estoppel. d. 34. Congress has regularly used the President’s yard as a short-cut for countless years without permission.Chapter 3 Multiple Choice Questions / Page 6 30. b. c. in divorce settlements. The Smiths put up a fence to stop the traffic. If a person dies intestate and has no heirs. . c. profit. easement appurtenant. c. servient 31. an easement has been created. as a result of a violation of a restrictive covenant. 35. b. encroachment. b. Adverse possession typically occurs a. grantor. What method has been used to create the easement? a. b. The President put up a fence to stop the traffic. Schoolchildren have regularly used the Smith’s yard as a short-cut for countless years without permission. dominant easement in gross. A revocable right to temporarily use real estate for a specific purpose is a(n) a. b. easement. c. d. The lender in a mortgage arrangement is known as the a. dominant easement appurtenant. d. b. servient easement in gross. hypothecation. c. Promises made by a landowner or predecessor in title about how the land will or will not be used are known as a. restrictive covenants. zoning laws. b and c only. b. a profit a prendre allows the holder to a. deed restrictions. use the land in a specified manner. Unlike an easement. c. d. . c. sell the property.Chapter 3 Multiple Choice Questions / Page 7 36. remove specified resources from the property. b. 37. d. possess the land in a specified manner.
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