KELLER WILLIAMS REAL STATE Flashcards

KELLER WILLIAMS REAL STATE Flashcards A contract that conveys the right to quiet enjoyment and use of property but does NOT convey title is aA) lease.B) bill of sale.C) dedication.D) quitclaim deed.

• lease.

All of the following are true about fixtures exceptA) if the seller is going to keep a fixture, it must be excluded in the purchase agreement.B) fixtures typically start as personal property.C) intention, attachment, adaptation, and agreement are all used to define a fixture.D) trade fixtures are treated the same as all other fixtures.

• trade fixtures are treated the same as all other fixture

A standard title search would uncoverA) deed restrictions.B) unrecorded mechanics' liens.C) parties in possession.D) encroachments.

• deed restrictions.

A mortgage or deed of trust recorded against real property to secure the repayment of a debt is a(n)A) lienB) promissory noteC) easementD) deed restriction

• lien

All of the following are considered real property rights EXCEPTA) land rights.B) deed rights.C) governmental rights.D) ownership rights.

• deed rights.

Which parties must sign a deed to make it valid?A) Grantees onlyB) Vendee onlyC) Offeror onlyD) Grantors only

• grantors only

A lot that measures 40 feet by 100 feet and sells for $2 per square foot, with a premium of $5 per front foot, would sell forA) $8,200.B) $8,000.C) $28,000.D) $1,960.

• $8,200.40 × 100 = 4,000 sq. ft.;4,000 sq. ft. × $2 per sq.

ft. = $8,000Frontage premium40 ft × $5 per ft = $200. Total sales price = $8,000 + $200 = $8,200.The covenant that warrants against claims of third parties isA) quiet enjoyment.B) further assurance.C) seisin.D) encumbrances.

• quiet enjoyment.

A buyer has the right to buy property at an agreed price within the next six months. This is a(n)A) option.B) purchase contract.C) listing agreement.D) right of first refusal.

• option

Nonconforming use is a term used in reference to property thatA) doesn't comply with zoning requirements.B) extends over lot lines.C) needs deferred maintenance.D) has not been recorded.

• doesn't comply with zoning requirements.

The common elements in a condominium are owned byA) all current owners as tenants in common.B) the OA and current shareholders in severalty.C) all former and current unit owners as tenants in common.D) all the members of the OA as joint tenants.

• all current owners as tenants in common.

A two-story home is 20 feet by 55 feet. what is the total square footage of the property?A) 1,100B) 3,000C)

2,200D) 1,000

• 2,20020x55=1,1001,100x2=2,200

A method of property description using monuments, distances, and compass directions is theA) lot-and-block method.B) rectangular survey method.C) metes-and-bounds method.D) plat map.

• metes-and-bounds method.

A buyer defaults on a purchase contract and the seller goes to court to force the buyer to buy. The seller's remedy isA) liquidated damages.B) monetary damages.C) specific performance.D) partial performance.

• specific performance

Recording documents does all of the following exceptA) creates constructive noticeB) sets priority of liensC) creates the chain of tittleD) makes deeds valid

• makes deeds valid

Counters, stools, and other restaurant equipment attached to real property are consideredA) real property.B) trade fixtures.C) encumbrances.D) realty.

• trade fixtures.

A second mortgage can be distinguished from a first mortgage by theA) date the mortgage was delivered and accepted.B) face amount of the mortgage.C) date the mortgage was given.D) date the mortgage was recorded.

• date the mortgage was recorded.

If a buyer defaults on a purchase contract and the seller keeps the buyer's earnest money, which of the following remedies has the seller elected?A) Liquidated damagesB) Money damagesC) Partial performanceD) Rescission

• Liquidated damages

If a buyer defaults on a purchase contract and the seller keeps the buyer's earnest money, which of the following remedies has the seller elected?A) Liquidated damagesB) RescissionC) Money damagesD) Partial performance

• Liquidated damages

Counters, stools, and other restaurant equipment attached to real property are consideredA) trade fixturesB) realtyC) encumbrancesD) real property

• trade fixtures

Which of the following would ordinarily be consider property?A) Area rugB) Grape vinesC) Freestanding refrigeratorD) Built in bookcases installed by tenant in his bookstore

• Grape vines

A method of property description using monuments, distances and compass direction is theA) metes-and-bounds method.B) rectangular survey method.C) plat map.D) lot-and-block method.

• Metes-and-bounds method

A contract that has NOT yet been fully performed isA) voidable.B) executory.C) unenforceable.D) executed.

• executory

The covenant that warrants against claims of third parties isA) further assurance.B) quiet enjoyment.C) encumbrances.D) seisin.

• quiet enjoyment

Which estate offers the maximum rights in real estate?A) Fee simple absoluteB) Estate for yearsC) Month-to-month leaseD) Estate at will

• Fee simple absolute

A standard title search would uncoverA) encroachments.B) unrecorded mechanics' liens.C) parties in possession.D) deed restrictions.

• deed restrictions

A contract that has been fully performed isA) voidable.B) executory.C) unenforceable.D) executed.

• executed.

A contract that has been fully performed isA) executedB) executoryC) voidableD) unenforced

• executed

An encroachment describes property thatA) does not comply with zoning.B) extends over adjoining lot lines.C) has not been recorded.D) needs deferred maintenance.

• extends over adjoining lot lines

A contract that conveys the right to use and possess a property for a definite period of time without transferring ownership is aA) general warranty deed.B) bill of nothing.C) lease.D) quitclaim deed.

• lease.

Which of the following would convey an owner's interest in real property?A) Deed of trustB) Bill of saleC) Promissory noteD) Any deed

• Any deed

All of the following are true about fixtures EXCEPTA) intention, attachment, adaptation, and agreement are all used to define a fixture.B) fixtures typically start as personal property.C) trade fixtures are treated the same as all other fixtures.D) if the seller is going to keep a fixture, it must be excluded in the purchase agreement.

• trade fixtures are treated the same as all other fixtures.

All of the following are considered real property right EXCEPTA) deed rights.B) governmental rights.C) ownership rights.D) land rights.

• deed rights

A claim against real property to secure repayment of a debt is a(n)A) lien.B) covenant.C) easement.D) deed restriction.

• lien.

A municipality has authorized the improvement of a particular property in a manner NOT authorized by the zoning ordinance. This is an example of aA) specific performance.B) variance.C) buffer zone.D) setback restriction.

• variance.

A buyer has the right to buy a property at an agreed price within the next six months. This is a(n)A) listing agreement.B) option.C) purchase contract.D) right of first refusal.

• option.

The obligation of real estate professionals in transactions involving properties built before 1978, which therefore might have lead-based paint, is toA) make sure sellers inspect the property and remove all lead-based paint.B) give buyers an EPA booklet and have them sign the

disclosure.C) give buyers the disclosure.D) make sure all parties are in compliance with the law.

• make sure all parties are in compliance with the law.

Which of the following would convey an owners interest in real propertyA) Any deedB) Deed of trustC) Bill of saleD) Promissory note

• Any deed