TBCh19F - CHAPTER 19 Real Property and Land Use TRUE-FALSE...

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C H A P T E R 1 9 Real Property and Land Use T RUE -F ALSE Q UESTIONS 1. Real estate law has its roots in both English common law and Spanish civil law. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 2. In the simplest type of ownership, property is owned by a partnership. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 3. A trust is a form of co-ownership of property. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 4. All tenants in common have an equal right to possession of the property. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 5. The ownership interests of tenants in common are always equal. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 6. The type of deed used by the seller determines the scope of the warranties the buyer is given. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 7. A warranty of habitability applies to subsequent sellers as well as to the original builder. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 8. Under a race recording statute, the first person to receive a valid deed will be deemed the owner of the property. 11
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12 MANAGERS AND THE LEGAL ENVIRONMENT ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 9. Title insurance protects the buyer of property against undisclosed liens. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 10. The person that conveys real property by deed is called the grantee. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 11. As a general rule, a real estate broker may act for more than one person in a real property transaction without the knowledge of all parties to the transaction. ANSWER: False SKILL LEVEL: AACSB Ethics OBJECTIVE: AICPA Legal 12. A sublease is legally the same thing as an assignment of a lease. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 13. A variance allows a landowner to construct something ordinarily not permitted under existing zoning regulations. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 14. English common law created a type of co-ownership of real property between husband and wife called joint tenancy. ANSWER: False SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 15. A real estate investment trust sells beneficial shares that permit small investors to own a diversified portfolio of real estate, similar to a mutual fund. ANSWER: True SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 16. Sales of real property interests to nonresident aliens may be regulated by the state but are not regulated by the federal government. ANSWER: False
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CHAPTER 19 REAL PROPERTY AND LAND USE 13 SKILL LEVEL: AACSB Analytic OBJECTIVE: AICPA Legal 17. A right of first refusal gives the seller the right to modify a buyer’s offer if a third party offers to purchase the property on the same terms. ANSWER:
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This note was uploaded on 10/18/2011 for the course BUSS 240 taught by Professor Na during the Fall '10 term at Strayer.

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TBCh19F - CHAPTER 19 Real Property and Land Use TRUE-FALSE...

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