Business: Property and Real Estate Essay

4255 WordsMar 9, 201118 Pages
Final Examination – Anderson Princiles 1. Airspace above a parcel of land is: (a) real property (b) personal property (c) an encumbrance (d) a fixture 2. All of the following are real property except: (a) fruit trees (b) chattels (c) stock in a mutual water company (d) built-in stove 3. In a dispute over fixtures, courts tend to favor: (a) sellers over buyers (b) landlords over tenants (c) lenders over borrowers (d) grantors over grantees 4. The right of a landowner along a river to take water is called: (a) percolating rights (b) river water rights (c) user rights (d) riparian rights 5. All of the following "run…show more content…
Once a valid homestead is recorded, which of the following terminates the homestead? (a) renting the property (b) death of one spouse (c) selling the home (d) two of the above will terminate the homestead 21. Which of the following two terms do not go together? (a) covenant – condition (b) encroachment – lien (c) grantor – grantee (d) abstract of judgment – writ of execution 22. Which of the following best describes the requirements to acquire title by adverse possession? (a) hostile, continuous use, pay mortgage, open and notorious (b) color of title, continuous use, pay property taxes, hostile (c) permission, color of title, pay property taxes, open and notorious (d) claim of right, hostile, secret use, pay mortgage and property tax 23. A judgment is considered to be what type of lien? (a) constructive (b) voluntary (c) general (d) specific 24. Real estate agencies can be created in several ways. The most common method is: (a) agreement (b) estoppel (c) ratification (d) implication 25. With the permission of the seller, Broker A submits a listing to MLS inviting cooperating brokers to help find a buyer. This is an offer of: (a) dual agency (b) general agency (c) subagency (d) power of
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