Deck 25: Real Property and Land Use Regulation

Question 1

Certain personal property is so closely associated with real property that it becomes part of the realty. Such items are called ________.

A) fixtures
B) intangible property
C) real property
D) surreal property

Answer 1

fixtures

Question 2

Jonas is a successful investment banker who earns $400,000 per year. He marries Penny, a nurse at a county hospital. At the time of their marriage, Jonas owns real estate worth $1 million and securities worth $1.5 million, while Penny has no savings or property. After four years, Jonas and Penny opt for a divorce. Over the four years of their marriage, Jonas earns $400,000 in the first two years and $500,000 in the remaining two. Penny 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, Jonas's real estate increases in value to $1.5 million, and his securities increase in value to $3 million. If they file for divorce in a state that recognizes community property, what amount would each receive from community property?

A) $1,300,000
B) $2,297,500
C) $725,000
D) $1,050,000

Answer 2

$725,000

Question 3

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

Answer 3

real estate worth $1.5 million and securities worth $3 million

Question 4

Which of the following defines a form of future interest in real property known as a remainder?

A) It is a right of possession that returns to the grantor after the expiration of a limited or contingent estate.
B) It is a right of possession that returns to a third party on the expiration of a limited or contingent estate.
C) It is a form of concurrent possession of a multiple-dwelling building in which a corporation owns the building, and the residents own shares in the corporation.
D) It is a form of concurrent possession that includes the right of survivorship.

Question 5

A reversion is a right of possession that returns to ________ after the expiration of a limited or contingent estate.

A) the grantor
B) a third party
C) a third party's decedent's estate
D) the county recorder of deeds

Question 6

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

A) return
B) remainder
C) escrow
D) replevin

Question 7

What is adverse possession, and what are the usual requirements to achieve it?

Question 8

A rental agreement between a landlord and a tenant is known as a ________.

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

Question 9

Compare and contrast: a gross lease, a modified gross lease, a net lease, a double net lease, and a triple net lease.

Question 10

What is the implied warranty of habitability? Where and when does it apply? Give examples of what conditions would and would not constitute a breach of this warranty. What remedies are available to an aggrieved tenant?