Exam (elaborations)
Exam Prep Sales Agent Attempt #1 - TREBS 2024 updated already passed
- Course
- Institution
Exam Prep Sales Agent Attempt #1 - TREBS 2024 updated already passed
[Show more]
Content preview
Exam Prep Sales Agent Attempt #1 -TREBS 2024 updated already passed
An example of an appurtenance to land is:
A. An easement in gross
B. A bill of sale
C. An assignment
D. A sublet - correct answer ✔✔Rationale: A is the correct answer. Appurtenances are those rights,
privileges, and improvements that belong to and pass with the transfer of real property but are not
necessarily a part of the property, such as rights-of-way, easements, water rights, and property
improvements. An easement that is not created for the benefit of the land owned by the owner of the
easement. For example, a utility easement would be an easement in gross.
What is a legal description that uses longitude, latitude, townships and sections called?
A. Metes and bounds
B. A rectangular government survey
C. A recorded subdivision plat
D. Lot and block - correct answer ✔✔Rationale: B is the correct answer. The rectangular
government survey is also called the government survey system. This system uses latitude lines,
longitude lines, standard parallels, and baselines to divide the earth into areas. These areas are called
townships.
Which one of the following instruments does NOT transfer an interest in real estate?
A. An option
B. A lease
C. A bill of sale
D. An agreement of sale - correct answer ✔✔Rationale: C is the correct answer. A bill of sale is used to
convey personal property while a deed is an instrument used to convey real property.
When the government takes privately owned property for public use it is called:
,A. Easement
B. Eminent domain
C. Public domain
D. Adverse possession - correct answer ✔✔Rationale: B is the correct answer. It is the government's
right (under police power) to take privately held land for public use. The process of taking the land is
called
"condemnation."
A landowner may ask for a variance when he wishes to be allowed to deviate from:
A. Permitting
B. Deed restrictions
C. Zoning
D. Fire codes - correct answer ✔✔Rationale: C is the correct answer. Variance enables s
landowner to change the use of a property without changing the zoning. Variances may be given for
setback requirements, required number of parking spaces on the property, or minimum square footage
for the lot size. Spot zoning allows a zoning change on only a small part of the land.
To create an easement by prescription the following must happen:
A. Constant use of the land for the state number of years
B. Open and notorious use of land
C. Hostile and adverse use of the land
D. All of the above - correct answer ✔✔Rationale: D is the correct answer. A person may acquire an
easement by using the servient land a particular way for a long period of time. Such an easement is
called a
prescriptive easement. The user gets an easement by
openly, adversely, continuously, and exclusively using the land for a number of years specified by state
statute. Acquiring an easement by prescription today is similar to acquiring title to land by adverse
possession. The difference is simply that if the adverse use doesn't amount to possession but is merely
the use of the servient land, the adverse user acquires an easement to continue that use rather than
complete ownership of the land.
What is an example of a voluntary lien?
,A. Mechanic's lien
B. Income tax lien
C. Mortgage lien
D. Judgment lien - correct answer ✔✔Rationale: A is the correct answer. A mortgage lien is put on the
property voluntarily by the buyer. Mechanic's liens, judgment liens, and tax liens are all INVOLUNTARY
liens (put on by contractors, judges, and the IRS).
Kim lives in a home that has underground utility lines buried in the back yard. This is an example of a
utility easement. A utility easement is also called:
A. A fee simple estate
B. An easement in gross
C. A deed restriction easement
D. A renewal easement - correct answer ✔✔Rationale: The correct answer is B. The easement in gross
allows the utility company to erect and maintain utility
equipment on or under the homeowners' land. The owner of
the land is allowed reasonable use of the land over which
the easement runs.
Mike gave land to the university. Mike will not allow the university to use the land for any sports
activities. If the land is used for sports activities, the land will revert to Mike. This is a:
A. Fee simple estate
B. Life estate
C. Defeasible fee estate
D. Estate for years - correct answer ✔✔Rationale: C is the correct answer. In defeasible fee estates, the
grantor gives land to the grantee, subject to certain conditions. The effect of the defeasible fee is that it
restricts the use of the property by the possessor. Failure to observe the conditions causes the property
to revert to the grantor. A fee simple estate subject to a condition subsequent is very similar to a
defeasible fee estate. The only difference is that in a condition subsequent, the owner must go to court
to take the property back.
Recording a deed:
A. Guarantees fee simple title
, B. Is the final step in the transfer of title
C. Is required before resale of the property
D. Protects ownership and safeguards against fraudulent sale - correct answer ✔✔Rationale: D is the
correct answer. Recording a deed is done in the county where the property is located. This act protects
ownership and safeguards against fraudulent sale.
Of the following, what can't be assigned?
A. A lease
B. A real estate contract
C. A mortgage
D. A deed - correct answer ✔✔Rationale: D is correct. A deed cannot be assigned. A
mortgage can be transferred from the original lender or
borrower to a third party. An assignable lease is the saleable remaining portion of a lease that a licensee
wishes to sell. A real estate contract assignment cannot be done on all transactions.
A lien that is placed on the property by someone who furnished labor or materials for the property and
has not been paid is called a:
A. Mechanics lien
B. Tax lien
C. Deed of trust lien
D. Mortgage lien - correct answer ✔✔Rationale: The correct answer is A. A mechanics lien must be filed
in the county in which the property is located.
What type of notice is it called when a notice is given directly to a person and received by that person?
A. Constructive notice
B. Actual notice
C. Relative notice
D. Improper notice - correct answer ✔✔Rationale: B is the correct answer. Actual notice is given and
received directly to a person.
What is the notice called when the title transfer of a property is publicly recorded?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now