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Finance Quizzes | Online Assignment Help

1. The lessor may use the security deposit to:

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A. Pay the rent

B. Pay for damages to the property.

C. Pat to clean the premises when the tenant leaves.

D. A and b above

E. B and c above

2. which of the following is not a valid deed restriction?

A. Income level of the residents.

B. Landscaping requirements.

C. Type of structure allowed to be erected

D. Unit the size of house to be built

E. Size of pets the resident can keep.

3. A timesharing license is afee simple interest in the real estate conveyed to the buyer by deed with covenants if title.

4. Immobility is physical characteristic of real estate.

5. A common area is a space specified along each property line in a neighborhood within which no building may be erected.

6. Which of the following statement regarding an appurtenant easement is ?

7. If Rob conveys his interest ‘’to Beth for the life of Gary and then to Allen,’’ and Beth the life estate:

A. Terminates

B. Passes to Allen

C. Remains in the estate of Beth for the life of Gary

D. Reverts to Rob

E. None of the above

8. Which of the following rights empowers the ????

9. A buyer should always make sure they are receiving a free and clear title?

10. A person who is transferring their ownership to someone else is referred to as the grantor?

11.a timesharing estate is when a condominium owner rents their unit to a tenant?

12.subdivision controls and plat restrictions are enforced through community property laws.

13. The unauthorized intrusion of a plant or other improvement onto another person’s land is called an encroachment?

14. Chattel refers to objects that are not considered real estate?

15. The LLC form of ownership is

A. Very old form

B. Illegal in Michigan

C. Has the protection of the corporate form while taxes laws are similar to a partnership.

D. is similar to the syndication form.

E. None of the above.

16. Adverse possession occurs when the state government uses their power eminent domain to acquire land?

17. Title insurance protects the current owner from others who may claim to have an interest in your real estate?

18. A mechanics lien may be filed by a contractor for an unpaid debt on a person’s real estate?

19. A person can sell their subsurface right while retaining their surface right?

20. In a PUD all owners have ad valorem rights in the common areas?

21. The right of the state to zone land stems from police power?

22. The right of a landowner, whose land borders on a river or stream, to use that water is called a riparian right?

23. You must be married to own land as tenants by the entirety?

24.

25

26. What when deed restriction differ from zoning regulations?

27. A farmer owns a 40- acre filed planted in potatoes, when do the potatoes become personal property?

28. Site condominiums refers to

29. Title policy premiums are paid with your house payment?

30. The private ownership of land was made possible under the development of a democratic system?

31. Severally ownership is ownership by one person only?

32. The real estate property tax is an ad valorem tax?

33. Real property refers to land that is ready to build on?

34. The placing of a document in the public records so as to notify the public at large of its existence and contents is referred to as public notice?

35. Joint tenancy must be stated on the deed, or will, in order for it to be the type of ownership?

36. Condemnation is the process by which

a. The building inspector determines a building is unfit for use.

b. A lender recovers property after default

c. Churches buy property

d. Eminent domain is enforced

e. None above

37.

38. Annual property taxes are paid every April? not sure

39. The homestead protection law protects that life ?????

40. A relatively new form of ownership is the “planned partnership??

41.An encroachment is a type of plat restriction? .

42. Zoning ordinances are used to promote orderly development of land by

ANS: A, maintaining a set of building codes

43. The term “estate refers to

44. A cleaning fee id refundable charge for cleaning an apartment when the lease is terminated.

45. A deed is a document used to prove ownership in the real Estate?

46. Deed restriction can be removed by the buyer of the property?

47. Trade fixtures are established by the existence of an agreement not by method of attachment?

48. Barb leases a house for one year. During the year, the house is sold to people who used to live in the house. What are the new owners options?

49. Deed restrictions are created in a subdivision by the

A. Local zoning board.

B. Developer.

C. CC& R laws

D. Planning commission

E. none above

50.

51. Right to trade fixtures

52. A site refers to land with building improvement on it?

53. A site factor can be created with the use of descriptive terms?

54. Dower rights are the rights a husband has in real estate owned by his wife?

55. The Michigan Security Deposit Acts limits cleaning fees?

56. Which of the following is Not an involuntary transfer setting?

A. Eminent domain

B. Adverse possession

C. Erosion

D. Deed Restriction

E. None above

57. Which of the following applies to tenants in common?

A. May hold unequal ownership shares

B. Must acquire their interest from the same grantor

C. Survivorship applies to tenancy in common

D. Each tenant possesses a portion of the land and is entitled to the profits derived from that share

E. Upon the death of one of the tenants the property is divided equally among the other tenants.

67. An exiting structure that would be prohibited under current zoning laws is called a variance?

68. A period estate always renews itself unless the parties want to stop it.

69.The Michigan Security Deposit Act limits security deposit to

A. 2 months rent

B. 1 month rent plus first and last months rent

C. 1 month

D. None above

70. Smith and Lawson form a valid joint tenancy. Two years later gray buys in and the three of them establish a new joint tenancy. As result

A. Gray becomes a 50% owner

B. Lawson’s 50% interest shrinks to 33 1/3%

C. They cannot form a new joint tenancy

D. Smith’s interset will stay at 50%

E. None above

71. A remote garage door opener would be considered a fixture under which of the following tests?

A. Intention of the parties

B. Manner of attachment

C. Adaption of the item

D. Constructive annexation

E. Local custom

72. Easements by prescription are acquired via ownership by Accession?

73. A wall that divides two condominium units is called a party wall?

74. The documents typically used to transfer title from the state to the first private owner is known as the title deed?

75. A special assessment is?

A. When a landlord retains part of a tenant’s security deposit.

B. A qualification on a deed

C. A type of property tax

D. Dues that a condominium owner pays

E. None above

76. Where is section 31 located in a township?

A. Northeast corner

B. Northeast corner

C. Southeast corner

D. Southwest corner

77. A proprietary lease is used for a?

A. Commercial retail tenant

B. Land lease

C. Condominium unit

D. co-op building

78. Regarding real property description,

a. Mineral rights must run with the land

b. Air rights can be description and granted by deed

c. Building become part of the land by changes to the deed

d. annual crops are real property because they are attached by roots.

79. All of the following are types of liens except

a. A mortgage line

b. A judgment

c. A mechanics line

d. Property tax lien

e. All of the above are types of the liens

80. condominium by-laws

A. Are established by the state where the project is located

B. Are established by the city where the project is located.

C. Must be provided by the developer to the first buyer.

D. Must be provided by the subsequent sellers to each buyer

E. None of the above are applicable.

81. The legal permission to use the land of another for a special purpose could be called a?

a. Grant

b. Lease

c. Devise

d. License

82. Deed restrictions are examples of

a. Government limitation

b. Private limitation on land

c. Police power

d. A zoning classification

e. An encroachment

83. K conveyed land to M by means of a deed which described the land but made no mention of building or improvement. Does this deed convey ownership of the buildings and improvements to M?

a. Yes because once they are permanently installed, buildings and improvements cannot be separated from the land

b. Yes, buildings and improvements are considered to be part of the land

c. No, because buildings and improvements are classified as personal property

d. No because buildings and improvements must be conveyed by separate bills of sale.

84. Recording serves to

a. Create the first lien position

b. Create the second lien portion

c. Give constructive notice

d. Give actual notice

85. An abstract of title is

A. An insured summary of the conditions of a title

B. A complete history of all recorded documents affecting the title including encumbrances

C. The final decision of a judge

D. Another name for title insurance

86. Martin live in Kalamazoo county and owns land in Calhoun county, sells that land to Rob who lives in Kent county. The deed should be recorded in

a. Calhoun

b. Kalamazoo

c. Kent county

d. Both countries of Kalamazoo and Calhoun

87. Concerning the duration of deed restrictions, they

A. Revert upon the death of the grantee

B. Must be created for a definite period of time

C. Cease upon the death of the grantor

D. Run with the land

E. None of the above

Sally’s primary house

89. Walls and ceilings in a condominium structure are usually classes as

a. condominium elements

b. Horizontal elements

c. Proprietary elements

d. Common elements

e. none of the above

90. An urban homeowner wishing to add a second story onto his existing home would most likely have to:

a. Get the approval of the first mortgage

b. Get the approval of the second mortgage

c. Seek a buildings permit

d. Carry enough insurance to cover the new value

e. none of the above

91. With a fee simple estate the owner has all of the rights available under current law

If a condominium owner fails to pay his portion of maintenance fees, the response of the owners association will be to

A. Evict him

B. Plan a lien against his unit

C. Forcelose

D. Report him to the local authorities

E. None of the above

92. Property is a favorite security for liens because of its

a. Immobility

b. Significant appreciation

c. Inability to access via public records

d. Tax value

e. None above

93.Tax rates are set by:

a. Federal government

b. Local government

c. Bunty

d.state of Michigan

E. None above

93. Joy signed a lease which commits her to six months in the apartment. After that, she leave anytime after after giving the landlord a thirty- day notice. What two kinds of leasehold estate did she enter into?

a. Estate for years- periodic estate

b. Periodic estate- estate at will

c. Estate for years- estate at sufferance

d. None of the above

94. When using the U.S government rectangular survey system,

a. Ranges are numbered north and south for the meridian

b. Base lines run east and west

c. There are three principal meridians in the U.S

d. Township are numbered east and west from the meridian

e. None above

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