Practice Final Examination2-2

General Examination 1. The four unities of title, time, interest and possession normally would be found in which of the following: A. tenancy in common C. mortgage or trust deed B. partnership D. joint tenancy 2. In 1994, Fred built a building that had six stories. Several years later, a zoning ordinance was passed banning any building six stories or higher in the area. This is an example of: A. a nonconforming use B. a situation in which the building would have to be demolished C. a situation in which the top floor would have to be closed D. a variance 3. A rectangular piece of land was sold for $6,400 at 40 cents per square foot. The land had a depth of 200 feet. What price did the buyer pay per front foot? A. $16 B. $80 C. $40 D. none of these 4. A life tenant may do which of the following? A. commit economic waste of a property C. lease the property to another B. encumber the reversionary interest D. convey the life estate interest by a will 5. For a property that borders a navigable waterway, which of the following statements is true as it relates to riparian water rights? A. the boundary line for the subject property extends to the high watermark B. the boundary line for the subject property is characterized by reaching to the edge of the water C. the property owner is seen to own to the center of the waterway, but only the land, not the water itself D. the property owner has rights to the inland downslope of the bank as documented in public records set forth by 6. If a buyer takes over the seller's tax escrow account held by the lender, the entry at closing on the settlement statement would be a: A. debit to the seller; credit to the buyer C. debit to the seller; debit to the buyer B. credit to the seller; credit to the buyer D. credit to the seller; debit to the buyer 7. Tom died owning a farm as a joint tenant with his son, Jerry. Tom had personal debts of over $50,000 and no assets other than his share of the farm. Which of the following is true? A. Tom's creditors can take the farm B. Jerry is liable for the debts, since he is the heir C. Jerry is liable for the debt because he is the son of Tom D. Jerry owns the farm and has no obligation for Tom's debts 8. Jane purchased a house from John and after the closing, she learns that John lied to her by stating that the electrical system in the home was in proper working order, when it was actually faulty. Based on the fraudulent manner in which John acted, which of the following is true regarding their contract? A. it remains valid C. it's unenforceable B. it's voidable D. it's void 9. A tenant in common may transfer his or her interest under which of the following circumstances? A. only with the permission and approval of the other tenants in common B. at any time, without permission or approval, even under protest C. only at the expiration of the lease D. only for valuable consideration
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