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Exam 25: Real Property and Land Use Regulation

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Question 41

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Ben is a successful investment banker who earns $400,000 per year.Ben marries Elena,a nurse at a county hospital.At the time of their marriage,Ben owns real estate worth $1 million and securities worth $1.5 million,while Elena has no savings or property.After four years,Ben and Elena opt for a divorce.Over the four years of their marriage,Ben earns $400,000 in the first two years and $500,000 in the remaining two.Elena earns $25,000 in the first three years and $150,000 in the final year of their marriage.Their living expenses were $130,000 per year,and they have $1,450,000 of their earnings saved in a bank account.During the marriage,Ben's real estate increases in value to $1.5 million,and his securities increase in value to $3 million.If Ben and Elena file for divorce in a state that recognizes community property,what would be Ben's share of the real estate and securities holdings at the end of their marriage?

A) real estate worth $1 million and securities worth $1.5 million
B) real estate worth $500,000 and securities worth $2.5 million
C) real estate worth $1.5 million and securities worth $3 million
D) real estate worth $2.5 million and securities worth $2 million

E) B) and D)
F) A) and B)

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Question 42

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A transfer of the right to the possession and use of real property for a set term in return for certain consideration is known as a ________.

A) title transfer
B) lease
C) novation
D) deed

E) A) and B)
F) C) and D)

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Question 43

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A ________ is a form of co-ownership that includes the right of survivorship.

An easement is an example of a nonpossessory interest in another's real property.

Kate,Kelly,Rita,and Lucy own a large commercial building as joint tenants with a right of survivorship.Kate sells her one-quarter interest in the building to Bao.After the sale,Bao,Kelly,Rita,and Lucy are ________.

Which of the following legislation makes it unlawful for a party to refuse to sell,rent,finance or advertise housing to any person because of his or her race,color,national origin,sex,religion,disability,or family status?

Reversion occurs when the rights of possession return to a third party upon the expiration of a limited estate.

A ________ grants the owner all the incidents of a fee simple absolute except that ownership may be taken away if a specified condition occurs or does not occur.

A joint tenant does not have the right to sell or transfer his or her interest in the property.

A tenancy for years terminates automatically,without notice,upon the expiration of the stated term.

A ________ is an exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance.

Subsurface rights cannot be sold separately from surface rights.

Properties owned by state and federal governments are subject to the doctrine of adverse possession.

Which of the following is the implied default title conveyed in the sale of real estate?

Which of the following is true of a tenancy by the entirety?

What is a life estate?

The two forms of future interests in rights of possession are reversion and ________.

Buildings constructed on land are considered personal property.

The legal right a real property owner has to possess,use,and enjoy the property is known as a(n) ________.

Plant life and vegetation growing on the surface of land are considered personal property.