General: Multiple Choice Ch. 9-12

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red_star1412
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General: Multiple Choice Ch. 9-12
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2013-03-11 16:29:34
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real estate multiple choice
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general book multiple choice chapters 9-12
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  1. All of the following systems are used to express a legal description EXCEPT

    A. lot-and-block
    B. rectangular survey
    C. benchmarks
    D. meters-and-bounds
    C. benchmarks
    (this multiple choice question has been scrambled)
  2. Air lots, condominium descriptions, and other vertical measurements may be computed from the U.S. Geological Survey

    A. datum
    B. benchmark
    C. principal meridian
    D. baseline
    A. datum
    (this multiple choice question has been scrambled)
  3. A man sells 6 acres of prime undeveloped property to a woman for $2.25 per square foot. How much did the woman pay?

    A. $733,860
    B. $612,360
    C. $466,560
    D. $588,060
    D. $588,060

    43,560 square feet x 6 = $261,360 square feet

    261,360 square feet x $2.25 = $588,060
    (this multiple choice question has been scrambled)
  4. Which township section number is directly north of Section 7?

    A. section 1
    B. section 6
    C. section 5
    D. section 8
    B. section 6
    (this multiple choice question has been scrambled)
  5. Which of the following MOST accurately describes the dimensions of a quarter-section?

    A. 1/2 mile by 1 mile
    B. 1/4 mile by 1/4 mile
    C. 1/2 mile by 1/2 mile
    D. 1/8 mile by 1/8 mile
    C. 1/2 mile by 1/2 mile

    A section is one square mile.
    (this multiple choice question has been scrambled)
  6. A man is willing to pay $1,200 per acre. He is planning to buy to SE 1/4 of the SE 1/4 of the SE 1/4 of Section 11. How much will he pay for the land?

    A. $6,000
    B. $24,000
    C. $3,000
    D. $12,000
    D. $12,000

    1/4 x 640 = 160

    160 x 1/4 = 40

    40 x 1/4 = 10 acres

    10 acres x $ 1,200 = $12,000
    (this multiple choice question has been scrambled)
  7. Years ago, a farm was typically a quarter section. How many acres is that?

    A. 160 acres
    B. 20 acres
    C. 80 acres
    D. 320 acres
    A. 160 acres

    A quarter of 640 acres is 160 acres.
    (this multiple choice question has been scrambled)
  8. How many acres are contained in a parcel describe as follows: The NE 1/4 of the NW 1/4; the N 1/2 of the NW 1/4, NE 1/4, of the Section 10?

    A. 74 acres
    B. 70 acres
    C. 40 acres
    D. 60 acres
    D. 60 acres
    (this multiple choice question has been scrambled)
  9. The basic units of the rectangular survey system are the

    A. principal meridians
    B. base line
    C. township squares
    D. ranges
    C. township squares
    (this multiple choice question has been scrambled)
  10. Metes-and-bounds descriptions may be required in rectangular survey system descriptions in all of the following situations EXCEPT

    A. when a tract is too large to be described by quarter sections
    B. when a tract is too small to be described by quarter-sections
    C. when describing an irregular tract
    D. when a tract does not follow the lot or block lines of a recorded subdivision or section
    A. when a tract is too large to be described by quarter sections
    (this multiple choice question has been scrambled)
  11. What is the square footage for the following property described by the metes-and-bounds method?

    Beginning at a point on the southerly side of Smith Street, 200 feet easterly from the corner formed by the intersection of the southerly side of Smith Street and the easterly side of Johnson Street; then East 200 feet; then South 100 feet; then West 200 feet; then North 100 feet to the POB.

    A. 20,000 square feet
    B. 10,000 square feet
    C. 5,000 square feet
    D. 15,000 square feet
    A. 20,000 square feet

    the property is 200 x 100 = 20,000 square feet
    (this multiple choice question has been scrambled)
  12. The end of a metes-and-bounds land description is always a

    A. benchmark
    B. monument
    C. point of beginning
    D. base line
    C. point of beginning
    (this multiple choice question has been scrambled)
  13. The lot-and-block system starts with the preparation of a(n)

    A. subdivision plat
    B. survey
    C. range map
    D. air lot
    A. subdivision plat
    (this multiple choice question has been scrambled)
  14. Generally, in a court-ordered sale, which of the of the following is paid first?

    A. real estate taxes
    B. child support liens
    C. 1st mortgage
    D. mechanics' liens
    A. real estate taxes
    (this multiple choice question has been scrambled)
  15. Which of the following is an example of a specific lien?

    A. corporate franchise liens
    B. Internal Revenue Service liens
    C. mortgage lien
    D. decedent's debts
    C. mortgage lien
    (this multiple choice question has been scrambled)
  16. The millage breakout for ad valorem taxes are; library: .5; school: 1; school debt service: .5; community college: 1; vocational school: .5; and all others: 5. If the property is assessed at $165,000, how much is the tax bill?

    A. $1,800.50
    B. $1,402.50
    C. $1,405.75
    D. $1,200.25
    B. $1,402.50
    (this multiple choice question has been scrambled)
  17. All of the follwoing are liens against real property EXCEPT

    A. lis pendens
    B. home improvement loan of a deceased property owner
    C. a mortgage
    D. real estate taxes
    A. lis pendens
    (this multiple choice question has been scrambled)
  18. Which of the following characteristics apply to a real estate tax lien?

    A. general, involuntary loan
    B. general, voluntary loan
    C. specific, voluntary loan
    D. specific, involuntary loan
    D. specific, involuntary loan
    (this multiple choice question has been scrambled)
  19. Which of the following would permit a law enforcement officer to seize and sell a debtor's property?

    A. satisfaction of judgement
    B. writ of attachment
    C. lis pendens
    D. writ of execution
    D. writ of execution
    (this multiple choice question has been scrambled)
  20. Which of the following is a general, statutory, and involuntary lien on both real and personal property?

    A. special assessment
    B. federal tax lien
    C. consumer loan lien
    D. mechanic's lien
    B. federal tax lien
    (this multiple choice question has been scrambled)
  21. In February, a homeowner contracted with a general contractor to have his billiard room converted to a sauna, but he never paid for the work. The homeowner stopped making mortgage payments to his mortgage company in June. The owner is 2 years delinquent in property taxes to the county. The state gives mechanics' liens priority. If all of these creditors obtain judgements against the owner in November, what will be the priority of their liens (first to last)?

    A. contractor → county → mortgage company
    B. county → mortgage company → contractor
    C. county → contractor → mortgage company
    D. contractor → mortgage company → county
    C. county → contractor → mortgage company
    (this multiple choice question has been scrambled)
  22. A town wants to construct new concrete curbs in a residential neighborhood. How will the town most likely raise the money necessary for the improvement?

    A. ad valorem tax
    B. utility lien
    C. equalized assessment
    D. special assessment
    D. special assessment
    (this multiple choice question has been scrambled)
  23. All of the following liens must be recorded to be effective EXCEPT

    A. voluntary lien
    B. real estate tax lien
    C. money judgement
    D. mechanic's lien
    B. real estate tax lien
    (this multiple choice question has been scrambled)
  24. The market value of an undeveloped parcel is $40,000. Its assessed value is 40% of market value, and properties in its county are subject to an equalization factor of 1.50. If the tax rate is $4 per $100, what is the amount of the tax owed on the property?

    A. $1,080
    B. $960
    C. $480
    D. $1,800
    B. $960
    (this multiple choice question has been scrambled)
  25. To give notice of a potential claim against the property and to establish priority, a creditor may file a(n)

    A. attachment
    B. specific lien
    C. lis pendens
    D. general lien
    C. lis pendens
    (this multiple choice question has been scrambled)
  26. A man was considering having a new garage built. He talked about the project with a contractor. In April, while the man was on vacation, the contractor began building the garage according to the man's specifications. Work was complete by the end of May. In June, the man returned from vacation and refused to pay for the garage. The contractor decides to file a mechanic's lien in July. Is the contractor entitled to a lien?

    A. no, because there was no express or implied contract between the man and the contractor
    B. yes, because the garage is not a part of an owner-occupied residence
    C. no, because notice of the lien should have been filed in May, when the work was completed
    D. yes, because the garage was constructed according to the man's specification
    A. no, because there was no express or implied contract between the man and the contractor
    (this multiple choice question has been scrambled)
  27. Which of the following is an example of a unilateral contract?

    A. lease
    B. agreement of sale
    C. option
    D. listing agreement
    C. option
    (this multiple choice question has been scrambled)
  28. A seller accepted all of the terms that the buyer offered, making only one small change in the amount of the earnest money. At the moment, these agreements constitute a(n)

    A. counteroffer
    B. executed contract
    C. offer
    D. acceptance
    A. counteroffer
    (this multiple choice question has been scrambled)
  29. The buyer changed her mind about the buying a particular lot. She called her agent and said, "Withdraw my offer." Her action is called a

    A. rejection
    B. breach of contract
    C.counteroffer
    D. revocation
    D. revocation
    (this multiple choice question has been scrambled)
  30. A real estate broker announces to the salespeople in her office that she will pay a $1,000 bonus to the top-selling salesperson each quarter. This contract is a(n)

    A. implied bilateral contract
    B. express unilateral contract
    C. implied unilateral contract
    D. express bilateral contract
    B. express unilateral contract
    (this multiple choice question has been scrambled)
  31. A buyer makes an offer on a house, and the seller accepts. What is the current status of this relationship?

    A. the buyer and seller have an express, bilateral executed contract
    B. the buyer and seller have an express, bilateral executory contract
    C. the buyer and seller have an implied, unilateral executory contract
    D. the buyer and seller do not have a valid contract until the seller delivers title at closing
    B. the buyer and seller have an express, bilateral executory contract
    (this multiple choice question has been scrambled)
  32. A woman offers to buy a man's house for the full $215,000 asking price. The offer contains the following clause: "Possession of the premises on August 1." The man is delighted to accept the woman's offer and signs the contract. First, however, the man crosses out "August 1" and replaces it with "August 3," because he won't be back from vacation on the first of the month. He then begins scheduling movers. What is the status of this agreement?

    A. the man has rejected the woman's offer and made a counteroffer, which the woman is free to accept or reject
    B. while the man technically rejected the woman's offer, his behavior in scheduling movers creates an implied contract between the parties
    C. the man has accepted the woman's offer. Because the reason for the change was out of the man's control, the change is of no legal effect one he signed the contract.
    D. because the man changed the date of possession rather than the amount, the man and woman have a valid contract
    A. the man has rejected the woman's offer and made a counteroffer, which the woman is free to accept or reject
    (this multiple choice question has been scrambled)
  33. A contract that is entered into by a person who is under the age contractual capacity is

    A. void
    B. valid
    C. unenforceable
    D. voidable
    D. voidable
    (this multiple choice question has been scrambled)
  34. A woman is buying a man's house and wants to take over the mortgage. The lender releases the man from the obligation, substituting the woman as the party liable for the debt. This new agreement is called a(n)

    A. consideration
    B. novation
    C. assignment
    D. conversion
    B. novation
    (this multiple choice question has been scrambled)
  35. A buyer and a seller enter into a sales contract for the sale of a home. The seller changes his mind at the last minute, and the buyer suffers a financial loss of $1,500 and must rent a home in which to live. Unless the contract provides otherwise, all of the following are legal actions that are likely to succeed EXCEPT

    A. the seller is not liable because the buyer should not have incurred the $1,500 cost before the sale
    B. the buyer may sue the seller for specific performance, forcing the sale of the home to the buyer
    C. the buyer may sue the seller for damages to recover the $1,500 loss
    D. the buyer may sue the seller for the rent he paid
    A. the seller is not liable because the buyer should not have incurred the $1,500 cost before the sale
    (this multiple choice question has been scrambled)
  36. On March 7, a buyer and a seller execute a contract for the purchase of the seller's property. Closing is set for June 10. On April 15, the property is struck by lighting and virtually destroyed by the resulting fire. If the Uniform Vendor and Purchaser Risk Act has been adopted by the state in which the property is located, which party bears liability for the loss?

    A. under the act, the buyer and the seller share the loss equally
    B. under the act, the seller bears the loss alone
    C. under the act, neither the buyer not the seller bears the loss. a state fund covers the loss
    D. the act does not apply. the buyer bears the loss alone, by virtue of his equitable title
    B. under the act, the seller bears the loss alone
    (this multiple choice question has been scrambled)
  37. A seller is having difficulty finding a buyer for his house. A woman wants to buy the house but is not sure whether she will be transferred out of the country by her employer. The seller agrees to accept a $500 payment from the buyer, in return for which the house will be taken off the market for 3 months. The buyer may purchase the house for a certain prpice any time during that period. This is a(n)

    A. sales contract
    B. land contract
    C. option contract
    D. unenforceable contract
    C. option contract
    (this multiple choice question has been scrambled)
  38. All of the following are essential to a valid real estate sales contract EXCEPT

    A. an earnest money deposit, held in an escrow account
    B. legally competent parties
    C. consideration
    D. an adequate description of the property
    A. an earnest money deposit, held in an escrow account
    (this multiple choice question has been scrambled)
  39. A 14-year-old comes into a brokerage office and says, "I want to make an offer on this property. Here is a certified check for 10% of the asking price. Please help me with the paperwork." Why should the broker be concerned?

    A. the sales contract may be disaffirmed by the minor
    B. because one of the parties is a minor, the contract is illegal
    C. the sales contract will be void because the minor's age is a matter of public record
    D. the earnest money deposit must be at least 20% of the asking price when a minor is involved in the transaction
    A. the sales contract may be disaffirmed by the minor
    (this multiple choice question has been scrambled)
  40. In case the buyer decides not to buy for no legal reason, the contract may provided that the earnest money is there as

    A. actual damages
    B. punitive damages
    C. nominal damages
    D. liquidated damages
    D. liquidated damages
    (this multiple choice question has been scrambled)
  41. The buyer and seller agreed to a closing date of September 7 and that time is of the essence. Which of the following is the closest meaning of the phrase?

    A. if closing is not held on September 7. there is an automatic extension built in
    B. closing must be on or before September 7
    C. the date of closing may only be delayed by one day at a time
    D. if either party gives notice, the date can be moved back
    B. closing must be on or before September 7
    (this multiple choice question has been scrambled)
  42. If either party gives notice, the date can be moved back. A promise made by one party, requesting something in exchange for that promise is called a(n)

    A. consideration
    B. acceptance
    C. offer
    D. rescission
    C. offer
    (this multiple choice question has been scrambled)
  43. If a man threatens another man to get him to sign a contract to sell property for a low price, the contract is voidable because it violates the doctrine of

    A. reality of consent
    B. offer and acceptance
    C. consideration
    D. legally competent parties
    A. reality of consent
    (this multiple choice question has been scrambled)
  44. If a contract seems to be valid, but either party can sue the other to force performance, the contract is said to be

    A. rescinded
    B. breached
    C. unenforceable
    D. voided
    C. unenforceable
    (this multiple choice question has been scrambled)
  45. What is the minimum consideration in a valid contract?

    A. anything the parties agree is good and valuable
    B. any item that can be appraised with a market value
    C. $1
    D. specified goods or services
    A. anything the parties agree is good and valuable
    (this multiple choice question has been scrambled)
  46. If a contract does NOT contain a time or date for performance, when should the act be done?

    A. within a reasonable time
    B. within 2 weeks
    C. within 1 week
    D. within 1 month
    A. within a reasonable time
    (this multiple choice question has been scrambled)
  47. If a man allows a woman to back out of a contract, returns the earnest money to her, and both are back to the positions they held before the contract, the contract has been

    A. executed
    B. rescinded
    C. assigned
    D. cancelled
    B. rescinded
    (this multiple choice question has been scrambled)
  48. When is an offer considered to be accepted?

    A. when the broker notifies the buyer that the seller has accepted the offer
    B. one business day after the offer is accepted and signed by the seller
    C. the moment the seller accepts the buyer's offer
    D. when the buyer gives a signed receipt to the broker to show the buyer has received the acceptance
    A. when the broker notifies the buyer that the seller has accepted the offer
    (this multiple choice question has been scrambled)
  49. Additional conditions that must be satisfied before a sales contract is fully enforceable are called

    A. binders
    B. amendments
    C. contingencies
    D. addendums
    C. contingencies
    (this multiple choice question has been scrambled)
  50. The amount of the earnest money in a sales contract should accomplish what purpose?

    A. pay the broker's commission
    B. cover any expenses the buyer might incur if the seller defaults
    C. discourage the buyer from walking away from the agreement
    D. pay for any required inspections
    C. discourage the buyer from walking away from the agreement
    (this multiple choice question has been scrambled)
  51. The purchaser's right to inspect the property shortly before closing the sale is called the

    A. open house
    B. title search
    C. subordination agreement
    D. walk-through
    D. walk-through
    (this multiple choice question has been scrambled)
  52. The grantor is conveying an interest that is less than fee simple absolute. This explanation of the extent of ownership will be found in the

    A. seisin clause
    B. exceptions and reservations
    C. habendum clause
    D. granting clause
    C. habendum clause
    (this multiple choice question has been scrambled)
  53. A woman conveys property to a buyer by a written document that contains 5 covenants protecting the buyer's title. What is the woman's role in this transaction?

    A. devisee
    B. devisor
    C. grantee
    D. grantor
    D. grantor
    (this multiple choice question has been scrambled)
  54. The verification that the grantor's signature is both genuine and voluntary is a(n)

    A. acknowledgment
    B. attachment
    C. consideration
    D. judgement
    A. acknowledgment
    (this multiple choice question has been scrambled)
  55. Which of the following is an example of involuntary alienation?

    A. will
    B. sale
    C. escheat
    D. gift
    C. escheat
    (this multiple choice question has been scrambled)
  56. The transfer of any interest in a parcel of real estate is typically in a document called the

    A. attachment
    B. mortgage
    C. deed
    D. title
    C. deed
    (this multiple choice question has been scrambled)
  57. All of the following are necessary to a valid deed EXCEPT

    A. the grantee's signature
    B. delivery
    C. words of conveyance
    D. recital of consideration
    A. the grantee's signature
    (this multiple choice question has been scrambled)
  58. "I do hereby convey to my nearest relative all my interest in the property known as 123 Main Street, Bismarck, North Dakota, to have and to hold, in consideration of receipt of the amount of $10 and other good and valuable consideration." When signed, this document is a(n)

    A. invalid conveyance by deed, because the property conveyed is inadequately described
    B. invalid conveyance by deed, because the grantee is inadequately identified
    C. invalid conveyance by deed, because there is no recital of exceptions and reservations
    D. valid conveyance by deed
    B. invalid conveyance by deed, because the grantee is inadequately identified
    (this multiple choice question has been scrambled)
  59. The type of deed that imposes the least liability on the grantor is a

    A. quitclaim deed
    B. bargain and sale deed
    C. special warranty deed
    D. general warranty deed
    A. quitclaim deed
    (this multiple choice question has been scrambled)
  60. Title is NOT considered transferred until the deed is

    A. delivered to the grantee
    B. delivered to and accepted by the grantee
    C. released from escrow
    D. signed by the grantor
    B. delivered to and accepted by the grantee
    (this multiple choice question has been scrambled)
  61. Which of the following is a guarantee that the grantor has the right to convey the property?

    A. covenant of quiet enjoyment
    B. covenant against encumbrances
    C. covenant of further assurance
    D. covenant of seisin
    D. covenant of seisin
    (this multiple choice question has been scrambled)
  62. A bargain and sale deed contains how many express warranties?

    A. 2
    B. 0
    C. 3
    D. 5
    B. 0
    (this multiple choice question has been scrambled)
  63. Which type of deed is used by a grantor whose interest in the real estate may be unknown?

    A. quitclaim deed
    B. bargain-and-sale deed
    C. special warranty deed
    D. general warranty deed
    A. quitclaim deed
    (this multiple choice question has been scrambled)
  64. Under state law, one-half of an intestate decedent's property goes to the decedent's spouse, one-fourth is divided equally among the decedent's children, and one-fourth goes to the state. If there is no spouse, the children divide three-fourths equally. A citizen of this state dies intestate, survived by an ex-spouse and 7 adult children. If the estate is $865,550, how much will each child receive under state law?

    A. $0
    B. $123,650.00
    C. $61,825.25
    D. $92,737.50
    D. $92,737.50

    the ex-spouse gets nothing. the state get one-fourth; and the three-fourth will be divided equally among the 7 children
    (this multiple choice question has been scrambled)
  65. In one state, transfer tax is $1.20 for each $300 (or fraction of $300) of the sales price of any parcel of real estate. If a seller's property sold for $250,000, what will be the amount of the transfer tax due?

    A. $97.00
    B. $1,250.50
    C. $999.99
    D. $1,000.80
    D. $1,000.80
    (this multiple choice question has been scrambled)
  66. In front of witnesses, a woman says to a man, "I never made a will, but I want you to have my property when I die." If the man becomes the owner of the property, it is because the state recognizes what kind of will?

    A. testamentary
    B. nuncupative
    C. holographic
    D. probated
    B. nuncupative
    (this multiple choice question has been scrambled)
  67. In one state, the transfer tax is $0.80 per $500 or fraction thereof. There is no tax charged on the first $500 of the price. What tax must the seller pay if the property sells for $329,650?

    A. $526.40
    B. $527.20
    C. $528.00
    D. $525.60
    B. $527.20
    (this multiple choice question has been scrambled)
  68. A modification to the original will is called a(n)

    A. probate
    B. addendum
    C. amendment
    D. codicil
    D. codicil
    (this multiple choice question has been scrambled)
  69. All of the following are reasons for probate EXCEPT

    A. to ensure that the heirs do not fight among themselves
    B. to confirm that the will is valid
    C. to identify which persons get any of the estate
    D. to determine the exact assets of the deceased person
    A. to ensure that the heirs do not fight among themselves
    (this multiple choice question has been scrambled)
  70. When a corporation transfers ownership of property, the deed must be signed by a(n)

    A. grantee
    B. authorized officer
    C. shareholder
    D. broker
    B. authorized officer
    (this multiple choice question has been scrambled)
  71. The granting clause in a special warranty deed generally contains the words

    A. "grantor remises, releases, alienates, and conveys"
    B. "grantor remises, releases, and quitclaims"
    C. "grantor conveys and warrants"
    D. "grantor grants, bargains, and sells"
    A. "grantor remises, releases, alienates, and conveys"
    (this multiple choice question has been scrambled)
  72. If a person dies intestate, the estate passes to the deceased person's heirs according to the

    A. state's statute of descent and distribution
    B. judgement of the executor
    C. federal escheat laws
    D. deceased person's will
    A. state's statute of descent and distribution
    (this multiple choice question has been scrambled)
  73. What limits are set by the covenants in a general warranty deed?

    A. the covenants are limited to matters that occurred during the time the grantor owned the property
    B. the covenants are limited to the matters that occurred before the grantor owned the property
    C. none
    D. the covenants are limited to the matters that occurred within the last 10 years
    C. none
    (this multiple choice question has been scrambled)

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