All of the following systems are used to express a legal description EXCEPT
Air lots, condominium descriptions, and other vertical measurements may be computed from the U.S. Geological Survey
A man sells 6 acres of prime undeveloped property to a woman for $2.25 per square foot. How much did the woman pay?
43,560 square feet x 6 = $261,360 square feet
261,360 square feet x $2.25 = $588,060
Which township section number is directly north of Section 7?
D. section 6
Which of the following MOST accurately describes the dimensions of a quarter-section?
B. 1/2 mile by 1/2 mile
A section is one square mile.
A man is willing to pay $1,200 per acre. He is planning to buy to SE 1/4 of the SE 1/4 of the SE 1/4 of Section 11. How much will he pay for the land?
1/4 x 640 = 160
160 x 1/4 = 40
40 x 1/4 = 10 acres
10 acres x $ 1,200 = $12,000
Years ago, a farm was typically a quarter section. How many acres is that?
A. 160 acres
A quarter of 640 acres is 160 acres.
How many acres are contained in a parcel describe as follows: The NE 1/4 of the NW 1/4; the N 1/2 of the NW 1/4, NE 1/4, of the Section 10?
C. 60 acres
The basic units of the rectangular survey system are the
A. township squares
Metes-and-bounds descriptions may be required in rectangular survey system descriptions in all of the following situations EXCEPT
A. when a tract is too large to be described by quarter sections
What is the square footage for the following property described by the metes-and-bounds method?
Beginning at a point on the southerly side of Smith Street, 200 feet easterly from the corner formed by the intersection of the southerly side of Smith Street and the easterly side of Johnson Street; then East 200 feet; then South 100 feet; then West 200 feet; then North 100 feet to the POB.
B. 20,000 square feet
the property is 200 x 100 = 20,000 square feet
The end of a metes-and-bounds land description is always a
C. point of beginning
The lot-and-block system starts with the preparation of a(n)
A. subdivision plat
Generally, in a court-ordered sale, which of the of the following is paid first?
D. real estate taxes
Which of the following is an example of a specific lien?
D. mortgage lien
The millage breakout for ad valorem taxes are; library: .5; school: 1; school debt service: .5; community college: 1; vocational school: .5; and all others: 5. If the property is assessed at $165,000, how much is the tax bill?
All of the follwoing are liens against real property EXCEPT
B. lis pendens
Which of the following characteristics apply to a real estate tax lien?
D. specific, involuntary loan
Which of the following would permit a law enforcement officer to seize and sell a debtor's property?
A. writ of execution
Which of the following is a general, statutory, and involuntary lien on both real and personal property?
D. federal tax lien
In February, a homeowner contracted with a general contractor to have his billiard room converted to a sauna, but he never paid for the work. The homeowner stopped making mortgage payments to his mortgage company in June. The owner is 2 years delinquent in property taxes to the county. The state gives mechanics' liens priority. If all of these creditors obtain judgements against the owner in November, what will be the priority of their liens (first to last)?
C. county → contractor → mortgage company
A town wants to construct new concrete curbs in a residential neighborhood. How will the town most likely raise the money necessary for the improvement?
A. special assessment
All of the following liens must be recorded to be effective EXCEPT
A. real estate tax lien
The market value of an undeveloped parcel is $40,000. Its assessed value is 40% of market value, and properties in its county are subject to an equalization factor of 1.50. If the tax rate is $4 per $100, what is the amount of the tax owed on the property?
To give notice of a potential claim against the property and to establish priority, a creditor may file a(n)
B. lis pendens
A man was considering having a new garage built. He talked about the project with a contractor. In April, while the man was on vacation, the contractor began building the garage according to the man's specifications. Work was complete by the end of May. In June, the man returned from vacation and refused to pay for the garage. The contractor decides to file a mechanic's lien in July. Is the contractor entitled to a lien?
A. no, because there was no express or implied contract between the man and the contractor
Which of the following is an example of a unilateral contract?
A seller accepted all of the terms that the buyer offered, making only one small change in the amount of the earnest money. At the moment, these agreements constitute a(n)
The buyer changed her mind about the buying a particular lot. She called her agent and said, "Withdraw my offer." Her action is called a
A real estate broker announces to the salespeople in her office that she will pay a $1,000 bonus to the top-selling salesperson each quarter. This contract is a(n)
B. express unilateral contract
A buyer makes an offer on a house, and the seller accepts. What is the current status of this relationship?
A. the buyer and seller have an express, bilateral executory contract
A woman offers to buy a man's house for the full $215,000 asking price. The offer contains the following clause: "Possession of the premises on August 1." The man is delighted to accept the woman's offer and signs the contract. First, however, the man crosses out "August 1" and replaces it with "August 3," because he won't be back from vacation on the first of the month. He then begins scheduling movers. What is the status of this agreement?
B. the man has rejected the woman's offer and made a counteroffer, which the woman is free to accept or reject
A contract that is entered into by a person who is under the age contractual capacity is
A woman is buying a man's house and wants to take over the mortgage. The lender releases the man from the obligation, substituting the woman as the party liable for the debt. This new agreement is called a(n)
A buyer and a seller enter into a sales contract for the sale of a home. The seller changes his mind at the last minute, and the buyer suffers a financial loss of $1,500 and must rent a home in which to live. Unless the contract provides otherwise, all of the following are legal actions that are likely to succeed EXCEPT
D. the seller is not liable because the buyer should not have incurred the $1,500 cost before the sale
On March 7, a buyer and a seller execute a contract for the purchase of the seller's property. Closing is set for June 10. On April 15, the property is struck by lighting and virtually destroyed by the resulting fire. If the Uniform Vendor and Purchaser Risk Act has been adopted by the state in which the property is located, which party bears liability for the loss?
B. under the act, the seller bears the loss alone
A seller is having difficulty finding a buyer for his house. A woman wants to buy the house but is not sure whether she will be transferred out of the country by her employer. The seller agrees to accept a $500 payment from the buyer, in return for which the house will be taken off the market for 3 months. The buyer may purchase the house for a certain prpice any time during that period. This is a(n)
D. option contract
All of the following are essential to a valid real estate sales contract EXCEPT
B. an earnest money deposit, held in an escrow account
A 14-year-old comes into a brokerage office and says, "I want to make an offer on this property. Here is a certified check for 10% of the asking price. Please help me with the paperwork." Why should the broker be concerned?
C. the sales contract may be disaffirmed by the minor
In case the buyer decides not to buy for no legal reason, the contract may provided that the earnest money is there as
A. liquidated damages
The buyer and seller agreed to a closing date of September 7 and that time is of the essence. Which of the following is the closest meaning of the phrase?
D. closing must be on or before September 7
If either party gives notice, the date can be moved back. A promise made by one party, requesting something in exchange for that promise is called a(n)
If a man threatens another man to get him to sign a contract to sell property for a low price, the contract is voidable because it violates the doctrine of
C. reality of consent
If a contract seems to be valid, but either party can sue the other to force performance, the contract is said to be
What is the minimum consideration in a valid contract?
B. anything the parties agree is good and valuable
If a contract does NOT contain a time or date for performance, when should the act be done?
C. within a reasonable time
If a man allows a woman to back out of a contract, returns the earnest money to her, and both are back to the positions they held before the contract, the contract has been
When is an offer considered to be accepted?
D. when the broker notifies the buyer that the seller has accepted the offer
Additional conditions that must be satisfied before a sales contract is fully enforceable are called
The amount of the earnest money in a sales contract should accomplish what purpose?
D. discourage the buyer from walking away from the agreement
The purchaser's right to inspect the property shortly before closing the sale is called the
The grantor is conveying an interest that is less than fee simple absolute. This explanation of the extent of ownership will be found in the
A. habendum clause
A woman conveys property to a buyer by a written document that contains 5 covenants protecting the buyer's title. What is the woman's role in this transaction?
The verification that the grantor's signature is both genuine and voluntary is a(n)
Which of the following is an example of involuntary alienation?
The transfer of any interest in a parcel of real estate is typically in a document called the
All of the following are necessary to a valid deed EXCEPT
B. the grantee's signature
"I do hereby convey to my nearest relative all my interest in the property known as 123 Main Street, Bismarck, North Dakota, to have and to hold, in consideration of receipt of the amount of $10 and other good and valuable consideration." When signed, this document is a(n)
A. invalid conveyance by deed, because the grantee is inadequately identified
The type of deed that imposes the least liability on the grantor is a
D. quitclaim deed
Title is NOT considered transferred until the deed is
A. delivered to and accepted by the grantee
Which of the following is a guarantee that the grantor has the right to convey the property?
A. covenant of seisin
A bargain and sale deed contains how many express warranties?
Which type of deed is used by a grantor whose interest in the real estate may be unknown?
B. quitclaim deed
Under state law, one-half of an intestate decedent's property goes to the decedent's spouse, one-fourth is divided equally among the decedent's children, and one-fourth goes to the state. If there is no spouse, the children divide three-fourths equally. A citizen of this state dies intestate, survived by an ex-spouse and 7 adult children. If the estate is $865,550, how much will each child receive under state law?
the ex-spouse gets nothing. the state get one-fourth; and the three-fourth will be divided equally among the 7 children
In one state, transfer tax is $1.20 for each $300 (or fraction of $300) of the sales price of any parcel of real estate. If a seller's property sold for $250,000, what will be the amount of the transfer tax due?
In front of witnesses, a woman says to a man, "I never made a will, but I want you to have my property when I die." If the man becomes the owner of the property, it is because the state recognizes what kind of will?
In one state, the transfer tax is $0.80 per $500 or fraction thereof. There is no tax charged on the first $500 of the price. What tax must the seller pay if the property sells for $329,650?
A modification to the original will is called a(n)
All of the following are reasons for probate EXCEPT
D. to ensure that the heirs do not fight among themselves
When a corporation transfers ownership of property, the deed must be signed by a(n)
C. authorized officer
The granting clause in a special warranty deed generally contains the words
B. "grantor remises, releases, alienates, and conveys"
If a person dies intestate, the estate passes to the deceased person's heirs according to the
C. state's statute of descent and distribution
What limits are set by the covenants in a general warranty deed?