Advanced Property Ownership Issues Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following are emblements?

Question 2 2. Farmer Jane leases farmland from farmer Bob. Jane dies before she can harvest the crops on farmer Bob's land. Who has a right to the crops?

Question 3 3. What do we call the process of land being created by the gradual and permeant recession of a body of water?

Question 4 4. Bill's river bank was washed away by a violent storm and the soil from it ended up on Ted's river bank. Who owns the soil?

Question 5 5. Alan and Beth are married in a state that recognizes dower and curtesy. Alan owns property that he has just sold to Carl. If Carl is smart, what should he require on the deed?

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Question 6 6. What's a key difference between dower and curtesy?

Question 7 7. Who needs to reach an agreement on the purchase price at a short sale transaction?

Question 8 8. How does a bank typically end up with REO property?

Question 9 9. Which of the following is the best way to minimize acquiring a property at foreclosure that has title defects or encumbrances that will not be wiped out by the foreclosure?

Question 10 10. Nancy purchased a property at a foreclosure auction and afterwards discovers that the foreclosure was brought by the holder of the second mortgage on the property. Why should Nancy be concerned?

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Question 11 11. Tom, Dick and Harry are farmers in a state that uses the prior appropriate doctrine. Tom legally appropriated 100,000 gallons of water in 2001 and 25,000 more in 2005, Dick appropriated 100,000 gallons of water in 2003 and 25,000 more in 2004, and Harry appropriated 125,000 gallons of water in 2004. In 2008, there are only 350,000 gallons available. How much water does each get?

Question 12 12. When does a state usually own the bed of a body of water?

Question 13 13. If a legal instrument relating to a parcel of property is properly filed in a county recorder's office, you have ____ notice of it if you don't review the document.

Question 14 14. How can you find recorded legal instruments regarding a parcel of property in a state that uses a recording system?

Question 15 15. What do you call the document that governs how a condo association functions?

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Question 16 16. What do condo association fees cover?

Question 17 17. Which of the following documents actually forms the cooperative once it is filed with the appropriate government agency?

Question 18 18. Which of the following documents specifically addresses the the rights and obligations of a shareholder regarding the shareholder's unit?

Question 19 19. Mineral rights may include rights to all but which of the following?

Question 20 20. What gives the mineral estate the right to make reasonable use of the surface?

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Question 21 21. A timeshare divides rights in property by ____.

Question 22 22. Generally speaking, a timeshare is considered a ____ investment vehicle.

Question 23 23. A trustee holds _____ to real estate held in trust while beneficiaries hold _____.

Question 24 24. The seller of property in a contract for deed typically will retain _____ until the buyer completes the payments under the contract.

Question 25 25. Zack has the legal right to enter Hannah's land to cut firewood. When Zack sells his land next to Hannah, he loses the right to cut firewood but the new owner gets it. What's the best description of the type of profit a prendre that Zack had?

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Question 26 26. Donna wakes up one morning after a violent storm and discovered a large chunk of her riverbank is gone. This is an example of what?

Question 27 27. John and Jane are married. Jane brings a piece of real property to the marriage that she holds in fee simple. Jane dies and leaves nothing to John in her will. Assuming that John and Jane live in state that recognizes curtesy. What must John establish to assert the right?

Question 28 28. What do you call the outstanding balance owed on a loan after the property has been sold at a short sale?

Question 29 29. A _______ clause in a deed of trust or mortgage permits a nonjudicial foreclosure.

Question 30 30. When do upstream owners have an advantage over downstream owners concerning water rights?

Advanced Property Ownership Issues Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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