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| True or False: Real property law has its origins in common law and is governed by state statutes and state case law. |
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| True or False: When the federal government exercises its eminent domain power, it must initiate the proceeding inthe appropriate state court. |
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| True or False. Once a mortgage loan is closed in the primary market, it can be bought and sold in the secondary market. |
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| True or False. A fully amoritized loan never should have a balloon payment at the end of the loan term. |
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| True or False: A wrap-around mortgage is one financed in part by the seller, who receives payments from the buyer and then forwards the appropriate portion to the first mortgage holder. |
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| True or False: The mortgagee under a mortgage transaction is the owner of the property that is subject to the mortgage. |
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| True or False: Foreclosure of a first mortgage generally will terminate a second mortgage lien on the secured real estate. |
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| True or False. In the ideal situation, the effective date for an owner's title policy is the date of the recording of the deed. |
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| True or False. A determination of whether property is located in a flood hazard zone is made by the title examiner. |
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| True or False. The failure of a landlord to perform his or her obligations under a lease agreement always excuses the tenant from paying rent. |
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| True or False: In the absence of some specific provision to the contrary, the original tenant under an assignment or sublease agreement is released from his or her responsibility under the lease. |
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| Under common law rules, the class of persons to whom a property owner owes the greatest duty of care against injuries that may be incurrec on his or her land is a)guest; b)trespasser; c)invitee; d)all of the above. |
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| A lease agreement is made between a landlord and a tenant on May 15 and provides that the tenant shall take possession on July 1. The lease is effective and commences on a) May 15; b)July 1; c)the date the tenant actually takes possession of the property; d)none of the above. |
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| Which of the following constitutes the minimnum requirement for a valid mortgage: a) names of parties; b)valid description of property; c)effective delivery to mortgage lender; d)both a and b; e)all of the above. |
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| A mortgage given to secure any and all debt between the mortgagor and the mortgagee is called a(n) a)deed of trust; b)wrap mortgage; c)open-end mortgage; d) installment mortgage |
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| Which of the following is not a future covenant in a general warranty deed? a)covenant of quiet enjoyment; b)covenant of seisin; c)covenant of further assurance; d0covenant of warranty |
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| A joint tenancy differs from a tenancy in common in what ways? |
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| 1)must be stated specifically in document conveying title; 2)JT requires all four unities of ownership; 3)JT has presumption of right of survivorship unless specific State statute says otherwise |
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| Primogeniture was a concept in feudal property law by which land was automatically inherited by whom? |
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Definition
| The owner's eldest living son. |
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| A life estate may be: a)sold; b)assigned; c)inherited; d)all of the above |
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| A conveyance of land from Ben "to Joe fr life and at Joe's death, to Ben" gives Ben what type of interest in the land? |
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| A conveyance of land from Ruth "to Lenny for life, then to Mable" gives Mable what type of interest in the land? |
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| A document that transfers legal title of real property from one party to another is called what? |
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| A __________ is a debt or an encumbrance on real or personal property |
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| The common law remedy for the return of real property that is posessed unlawfully by another is __________ |
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| The document filed with the registrar of deeds to notify the world that litigation is pending that would affect the title of the real estate is a ________ ______________ |
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| A _____________ is one who rents real of personal property from another. |
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