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CRES LAW & Practice 3 Exam Questions and Answers
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A building permit is evidence: - ANSWER-Of an applicant's compliance with municipal and county regulations A court proceeding in which an ownership interest of two or more persons is broken up it's called - ANSWER-Partition A part of Phil Wilsons property is on the Bowers land; this is called an - ANSWER- Encroachment A person who owns a fee simple interest in a unit in a multiunit building together with a specified undivided percentage of all common elements would be the owner of a - ANSWER-Condominium A quitclaim deed - ANSWER-Does not ensure against encumbrances and guarantees nothing Acknowledgment(another term for notarized)is required to - ANSWER-Validate the signatures on a deed for recording Al Jones, Harold Murphy, and Josh Hagstrom are joint tenants owning a parcel of land. Hagstrom conveys his interest to his friend, Willy Phillips. After the conveyance, Jones and Murphy: - ANSWER-Remain joint tenants owning an undivided 2/3 interest in the land An Easement that is not created for the benefit of the land owned by the owner of the easement, but that attaches personally to the easement owner is known as an - ANSWER-Easement in Gross An exercise of police power by a municipality to regulate and control the character and use of the property is called a - ANSWER-Zoning ordinance An undivided interest held by two or more parties, without the right of survivorship is - ANSWER-Tenancy in common And undivided interest held by two or more parties, without the right of survivorship is - ANSWER-Tenancy in common
By will Calhoun devices (gives his will) his property to his daughter Mary, for the duration of her life (a life Estate) "at her death to her children". At her fathers death, Mary, 30 years or age and childless, sells the property outright ("fee simple estate") The deed transferring the title to a new owner Davis is: - ANSWER-Invalid Condemnation of private property for public use is called the right of - ANSWER- Eminent domain Herman sold his unit and had to pay a stock transfer fee, he sold his: - ANSWER- Cooperative The parents die and the three children want to purchase the home with the stipulation that the last child to survive will have 100% ownership of the house. How should they take title to facilitate this - ANSWER-Joint tenancy The parts of property that are normally in common use by all condo residents are known as - ANSWER-Common elements The permanent right to use anothers land for the benefit of a neighboring parcel is known as - ANSWER-An appurtenant easement The phrase "to have and to hold" would appear in a deed in the - ANSWER-Habendum clause The remnant of an estate that the grantor hold after he's granted a life estate to another person, if the estate will return to the grantor, is called - ANSWER-Reversionary interest the state of inheritance or life estate, is known as - ANSWER-Freehold Title to real property usually passes to the grantee when the deed is - ANSWER- Delivered and accepted Two brothers, John and Bill, owned valuable property left to them by their father, as joint tenants. Both married later, then Bill died intestate. His widow would acquire - ANSWER-No interest in the property What is a life estate - ANSWER-Property given for the duration of an individual's life time When a grantor does not wish to convey certain rights of ownership, he or she - ANSWER-May note the exceptions on the deed When a life estate terminates a person inherits whatever remains in a new estate. The name of the estate which remains is referred to as - ANSWER-The remainder estate
The clauses in a deed that limit the future uses of a property are known as - ANSWER- Deed restrictions The government must meet all of the following requirements in order to exercise the rights of eminent domain during condemnation except - ANSWER-Obtain the consent of the property owner The joint ownership that is recognized in some states but not Colorado, of property acquired by husband and wife during marriage is known as - ANSWER-Tenancy by entirety the most comprehensive type of ownership of land is - ANSWER-A fee simple estate Which of the following would be considered community property - ANSWER-Income earned by a spouse during the marriage Which of the following would not be included in a deed restriction? - ANSWER- Allowable racial or ethnic origins of purchasers Which one of the following deeds contains the most covenants - ANSWER-General warranty Which one of the following is not a police power - ANSWER-Liens Which type of deed limits the covenants of the grantor when he conveys real estate: - ANSWER-Special Warranty Your neighbors use your driveway to reach their garage on their property. Your attorney explains that the ownership of the neighbors real estate includes an easement appurtenant giving them the driveway right. Your property is the - ANSWER-Servient tenement