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Advanced Transfer of Real Property 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 legal document is involved with a trustee's sale?

Question 2 2. How does a trustee sell real estate to pay off a defaulted loan?

Question 3 3. Before a Notice of Sale is recorded, which of the following must be recorded?

Question 4 4. In property tax assessment, what's a mill equal to?

Question 5 5. What is the best first step in challenging a property tax assessment?

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Question 6 6. Local ____ are assessed annually, while ____ are assessed when the property is sold.

Question 7 7. What power gives the government the right to impose regulations upon property?

Question 8 8. Which of the following is not a factor considered when analyzing whether a taking has occurred under the Penn Central Transportation Company v. New York City case?

Question 9 9. John's land has no viable economic use because of a recent government regulation. Which of the following is correct?

Question 10 10. How can co-owners effectuate a voluntary partition in kind of their property?

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Question 11 11. Peter and Mary own 30 acres of farm land as joint tenants. Peter goes to court demanding partition in kind. The court orders partition in kind. What do Peter and Mary own after the partition?

Question 12 12. Which of the following is not a manner in which property can be partitioned between co-owners?

Question 13 13. A ____ gives a deed in lieu of foreclosure, and a ____ receives it.

Question 14 14. What may a bank require before it agrees to accept a deed in lieu of foreclosure?

Question 15 15. Which of the following is true of a deed in lieu of foreclosure?

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Question 16 16. A deed represents:

Question 17 17. A title searcher is most likely to include which of the following in a full title search report?

Question 18 18. A hindrance to a title such as a lien or judgement is considered:

Question 19 19. Which of the following is an example of a voluntary encumbrance?

Question 20 20. What is an encumbrance?

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Question 21 21. A title insurance policy verifies which of the following?

Question 22 22. What is typically the minimum amount of time it takes for a lender to begin foreclosure action against a borrower who is delinquent on home loan payments?

Question 23 23. What does acceleration mean in the context of the steps leading to judicial foreclosure?

Question 24 24. When will a lender seek a deficiency judgment?

Question 25 25. Henry enters into a purchase agreement to buy a house. The agreement does not feature any assignment of risk of loss in the event of substantial damage to the property prior to closing. Three days later, the house burns down. What will likely be the result?

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Question 26 26. Dave signs a purchase agreement to buy Charlie's house. The next day Charlie dies. Does Dave get the house?

Question 27 27. Zack enters into a purchase agreement to buy Donald's house. The next week a tornado destroys the house. Donald receives an insurance payment for the loss. Who is likely to get the insurance proceeds under the doctrine of equitable conversion?

Question 28 28. Who sells the property in a nonjudicial foreclosure sale relying upon a power of sale clause in a deed of trust?

Question 29 29. Harry's investment property has been assessed at $150,000. Harry does not live in his investment property and he doesn't qualify for any exemptions. The mill rate is 15. What is Harry's total annual property tax?

Question 30 30. Which provision to the Constitution requires just compensation for the taking of private property for a public purpose?

Advanced Transfer of Real Property 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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