Real Estate Exam Capitus Flashcards

Real Estate Exam Capitus Flashcards Owner Baird purchased a water heater and attached it to the house. Six months later, the house was sold. What is true about the water heater?it will pass with the house even though it is not in the deed A deed made and delivered but not recorded is Valid between the grantor and grantee, but not valid against recorded claims of a subsequent purchaser who records his deed without having actual or constructive notice of any unrecorded interests If a person is acquires title to real property by descent, he

more than likely received it through a:

court action Dole and Howe own property as joint tenants. Under which of the following circumstances will severalty ownership result?Howe files a partition suit which liquidates the property, Howe sells her interest to Dole, Dole dies Use of privately owned land may be limited by private deed restrictions, either in the form of a covenant or condition.

Regarding such restrictions:

Covenant violations can result in either an injunction or a suit for damages.A broker is asked by a husband and wife how they should take title to the home that they are buying. The broke

should:

recommend they consult an attorney What types of deeds contain some covenants or warranties

either expressed or implied:

general warranty, special warranty, grant deed bundle of rightsThe total collection of rights which may be claimed by

private ownership is best described as:

the power of eminent domain allows the government to claim private property without the consent of the owner as long as just compensation is served and the claimed land is taken for the public use or benefit and the government can initiate a condemnation action if the owner will not sell general partnershippartnership in which partners share equally in both responsibility and liability Under most circumstances, a salesperson that sells a

home listed with another company is:

an agent of his employing broker Baird signs an agreement with Carr to use and and possess Carr's land until May 1. Their agreement creates a less-than-freehold estate, an estate for years, and a reversionary estate for Carr Smith buys land from Jones. Two months after delivery of the deed they decide to rescind the sale. Which of the following is required to place them in the same legal position they held before the sale?Delivery if a new deed from Smith as grantor to Jones as grantee

Property may be owner in severalty by:an individual or corporation

freehold estateAn estate in real property which continues for an indefinite period of time.

The listing broker can direct cooperating broker acting as a subagent to register buyers to lessen procuring clause problems for the listing broker, obtain earnest deposits only in the form of cashier's or certified checks, and show the property only in the evening Improvementis considered to be anything artificially attached to the land with the intent of being permanent and realty A partition action, is an action to?separate tenancies limited partnershippartnership in which only one partner is required to be a general partner The city of Atlanta has condemned Nelson's land in order to extent the rapid transit services because of eminent domain Broker Baird is employed by seller Carr to sell his house.Due to the location and adverse market condition, Baird spends a considerable amount of money advertising the property. If there was no agreement concerning expenses between Baird and Carr, what would be true?Baird would pay the expenses A service available for exclusive listings where one broker assumes the primary fiduciary responsibility toward the principal and shares his right to work on the listed property with other brokers is called multiple listing A creditor may seek satisfaction of a debt from the personal

assets of each co-owner of a :

general partnernship The right of survivorship is associated with Tenancy by the entireties and joint tenancy The acquisition of title to land created through the natural

forces of accretion is called:

accession Title held by a husband and wife may include all of the following forms of ownership tenants by the entireties, joint tenancy, tenancy in common Dole, a life tenant, grants Howe an easement across Dole's land. Later Dole dies. The easement will terminate What is automatically included with the conveyance of the title to the real estate?fixtures When a landowner tears down a fence, with the intention that it be permanently removed, and piles the material on the land, such material is real property Exclusive Agency Listing1) Only one broker is authorized to sell2) If the owner finds a buyer, no commission is owed A licensed real estate broker negotiates a sales contract on a house she has listed for sale. On a subsequent visit to the property she discovers terminate infestation in a

basement closet. She is required to inform:

her client and customer appurtenanceRuns with the land An easement created for the purpose of giving an owner

ingress and egress to his/her landlocked property is:

easement appurtenant and easement by necessity

Easements may be created by:CRAPING

Which of the following tenancies refers to ownership?in common The owner of a cooperative apartment unit: owns stock in a nonprofit corporation.

A deed conveys title at the time of:delivery and acceptance

Color of Title (Definition)Color of title is a document that purports to give title, but for reasons not apparent from its face, does not.An agency contract can be terminated by: -mutual agreement-revocation by the principal-death of either party An undivided interest of the whole is owner by: tenants in common and joint tenants general warranty deedContains covenants in which the grantor formally guarantees that good and marketable title is being conveyed.Easement by Perceptionarises when one party uses the property of another, without permission, for a minimum of 7 years landis considered to be the surface, subsurface, and the air above the surface, and the air above the surface and immobile permanent and non homogeneous cooperativea business organization owned and operated by a group of individuals for their mutual benefit Jones dies leaving no will. He leaves real property valued

at $75,000 and has no heirs. His estate would:

escheat to the state government Able, Baird and Carr own property as joint tenants. Upon

Carr's death his interest passes to:

Able and CArr What is true about concerning the signature of the grantors on a deed?it is acknowledge by the grantor, if the grantor's signature is not acknowledge the deed while valid may not be recorded, if the title is vested in two or more persons each person must sign the deed community propertyproperty obtained during the course of the marriage How do you test a fixture?MARIA avulsionthe sudden transfer of land by the action of water is Telephone lines indicate the existence of easement in gross Carr occupies an apartment in a multiple unit building.Each month she pays the association an assessment for her share of the mortgage payment, property taxes, and a fee for building maintenance. The form of ownership that

Carr shares with the other individual unit owners is called:

a cooperative The land on which a high-rise condominium stands is

owned by:

the individual owners as tenants in common A nonfactual statement of opinion that a reasonable person

would recognize would be called:

puffery Owner Dole believes that he is capable of selling his own home but is considering employing broker Falk. Under which two types of listing agreements might owner Dole personally quote buyers a price lower that quoted by broker Falk and, if accepting the lower price, legally refuse to pay broker Falk a commission?exclusive agency listing or exclusive right to sell listing

A person dies without leaving a will. He or she is said to have died in intestate Granting ClauseWords in a deed of conveyance that state the grantor's intention to convey the property at the present time. This clause is generally worded as "convey and warrant"; "grant"; "grant, bargain, and sell"; or the like.What are the requirements for obtaining title to real property by adverse possession?-occupation of the property is a manner that is hostile to the rightful owner, occupation is exclusive, and continued occupancy of the property for the required statutory period easement in grossA personal right to use the land of another.Special Warranty Deedidentical to a general warranty deed except that the covenant against encumbrances applies only to the time that the grantor owned the property

A valid deed must contain:signature of the grantor and granting clause

For ten years Falk had verbal permission to park his car in

Baird's driveway Baird sold to Dole. This means:

Falk had a license from Baird; Dole may continue it or discontinue it as he chooses Prior to Dole's marriage to Carr, he owned 40 acres of land. While they were married Dole paid $85,000 for a new house and Carr inherited an apartment building valued at $220,000. If they live in a state which recognized community property ownership, which of the following represents their community property?House A tenant in common may-sell, will, or give all or part of his interest without affecting the estates of the other tenants in common-file a partition suit to force the sale of property Notes Secured by Mortgages is considered? personal property For a purchaser if real estate the greatest protection is provided by what type of deed?general warranty deed Right of SurvivorshipUpon the death of a joint tenant or tenant by the entirety the interest does not pass to the tenant's heirs but to the other join tenant(s).Murphy owns a 65 acre tract of land bordering the Flint River. As a result of gradual accumulation of the soil along the river bank, Murphy acquired an additional 10 feet of property. Title to the additional land was acquired through

the process of:

accession(alluvion) Smith properly executed a power of attorney authorizing Jones to sign a deed for him pursuant to the closing of a sales contract. Unknown to Jones or the purchaser at the time, Smith died the night before Jones signed the deed.

Under these circumstances:

the conveyance is not valid and a power-of-attorney is effective only during the lifetime of the person granting such authority A deed is acknowledged bythe grantor the power of eminent domain can only beused for the benefit for public use What are some methods of terminating an agency relationship between a broker and a seller?the house burns to the ground, broker and seller agree to cancel the listing prior to its termination date, and the