Real Estate Law Exam Questions Flashcards

Real Estate Law Exam Questions Flashcards When a grantee asks a real estate licensee for advise on how to hold title to property, the agent should ......not offer advise of this kind because it involves the practice of law Y owns some land in Ohio. X started living on Y's land in

• The soonest that X could acquire the title by adverse

possession is when?2031 to be entitled to use variance, a property owner us ordinarily required ti show that.........strict application of the zoning law would cause unnecessary hardship The rule of capture provides that....a property owner who drills a well owns all of the oil or gas it produces, even though some migrated unders a neighbors land an easement allows the present and any future owner of lot D to drive across a neighbor's (lot s ) property to reach her own. What is this called?appurtenant easement X granted R a life estate in some property. When R dies, will pass to B or B's heirs. B is called the remainderman a non possessory interest in real property is calledencumbrance Dual agency must.....be disclosed in writing and be consented to by the parties when the agent has an ongoing business relationship with one party and not the other L is in the process of selling her house. On the closing date, the built in microwave is at the repair shop. As a result, the microwave.....will be considered part of the sale under the doctrine of constructive annexation A owns some undeveloped property that is zoned for commercial use. The city later rezones that area to allow only residential use. A's property could be used for residential purposes, but commercial development would be much more profitable. In fact, the property would be worth $ 500,000.00 for commercial development, but only $100,000.00 for residential development. Which statement is true?This zoning law is constitutional, since it does not prevent the only kind of development the property is suited for.The proceeds of a foreclosure sale did not yield enough money to pay off the first mortgage holder. What can the mortgage holder do?they can seek a deficiency judgement against the debtor by filing a separate court action What can limit a courts jurisdiction?- amount of money at issue in a case- geographical boundaries- subject matter of the case An example of what a real estate licensee is NOT allowed to do......

• draft deeds for sellers-keep the earnest money if the deed

falls through-use an open-ended expiration date on an open listing agreement when is blockbusting an acceptable practice? Never, under any circumstance Under Ohio's statute of frauds, which contract does not have to be in writing to be enforceable ?a 3 month listing agreement for vacant land

tenancies by the entireties .......automatically confer dower rights The federal fair housing act declares that it is the policy of the Unites States to do what?provide for fair housing throughout the U.S.A valid will in Ohio needs 2 witnesses who ...... have no interest in the will In most cases, which statement about condominiums is

FALSE?

A blanket mortgage covers the entire condominium property A real estate licensee is allowed to...... offer real estate to the market only on the terms allowed by the seller One appointed by the court to distribute the assets of an estate is called an administrator HUD's office of equal oppertunity handles complaints based on what?Federal fair housing act In determining whether an item is a fixture, the most important test is what?The intention of the annexer Continuing education for active licensees under the age of 70 requires students to take

• hours of core law, 3 hours of civil rights law, and 3 hours

of ethics as part of the 30 hour requirement Under the Ohio Civil Rights law, complaints relating to housing discrimination are handled by who?The Ohio Civil Rights Commission What is the main purpose of the doctrine of Stare Decises ?to make court decisions more consistent and predictable To enact a zoning ordinance, an unchartered city in Ohio must........appoint a planning commssion to prepare z comprehensive plan for the city Title to real estate cannot pass from grantor to grantee without what?present donative intent of the grantor When a new person takes the place of one of the parties to a contract, and the withdrawing party is relieved of all liability, it is called novation A real estate agency is terminated by operation of law if....the broker loses his real estate license Which type of lien is involuntary and specific? Mechanic 's lien When does the Ohio's statute concerning abandoned mineral interests apply?When the holder of the mineral interest is someone other than the owner of the surface property The agent may terminate the agency relationship by renouncing it when?At any time When a contract is terminated and each party returns whatever consideration the other had provided, it is called what?recission Title to real estate generally passes from grantor to grantee with what?delivery and acceptance of the deed A valid will must be made by a testator who.... is of sound mind and memory The term "steering" refers todirecting customers to different listings based on their race or ancestry and the racial or ethnic composition of the neighborhoods J owns property along a navigable river in Ohio. Which is true?

• The federal government owns the river bedB. J is not

entitled to use the water because it is owned by the federal governmentC. J owns the section of the river bed adjoining

per property out to the middle of the riverD. The state

government owns the river bedAnswer: C

What is the purpose of the license law?protect the public against fraudulent practice Unless the listing agreement says otherwise, a broker is entitled to a commission only if a ready, willing ,and able buyer offers to buy on the sellers terms A real estate agency agreement must have what? an expiration date If a grantor is 17 years old, the only type of deed presented at close would be a Fiduciary's deed How many persons may share ownership in severalty?1 Your role as a real estate salesperson in property held by an estate is what?to list property the executor or administrator has the power to sell a real estate agent representing the seller is a fiduciary in relation to the ?seller Who may bring a complaint to the superintendent? Anyone is allowed what must all brokers have ?a place of business to operate as brokers The federal fair housing act prohibits discrimination against who?families with children If a tenancy is terminated before a crop is ready to harvest, a tenant farmer has the right to re-enter the land later to harvest the crop. This rule is known as.....The doctrine of emblements the fullest and most complete real property ownership interest is called?fee simple absolute B's property has an easement appurtenant that allows B to hunt on the neighbor's land. When the neighbor sells his land to B, the easement terminates through what?Merger B blackmails S into signing a contract to sell him her home for less than half its value. The contract is ....voidable due to duress A seller's real estate agent drafted a purchase contract for the transaction instead of using a form. That is?the unauthorized practice of law In ohio, for all real estate purchase contracts, the seller is requiredt o Disclose all known latent defects in the property to the buyer, whether or not the buyer asks about them H wrote a will leaving everything to his son when he dies.When H does die, his wife can ....elect to take against the will, and may be able to take the mansion house When property escheats, the title ....reverts to the state A real estate agent is usually considered a... general agent To sue someone for voilating the fair housing provisions of the Ohio civil rights law, the plaintiff has to file suit in the court of common pleas within how many days of the violation?

• year

An example of a person who does not need a real estate license is.......a salaried employee of ABC Corporation when selling the company's own property a sales associate canpersonally buy a listing only after disclosure to the seller that the sales associate is a principal Can trade fixtures be removed?Yes, before the the lease expires T rents a house. Th lease gives T the right to occupy the house from August 1st, 2010 through December 31st,

• What is this called?

Estate for years