Unit 14

a farmer temporarily installs produce coolers in a leased farm stand in order to prevent spoilage. the coolers would be considered which of the following?

• trade fixtures that are real property

• trade fixtures that are personal property

• temporary real property

• emblements

property can be converted from real to personal property and from personal property to real property by means of which processes, respectively?

• assemblage and plottage

• application and dissolution

• severance and affixing

• planting and harvesting

maria acquires a property from her uncle Alfonso. when maria dies, the estate will pass to alfonso's other niece, serena. the type of estate that maria has in the property is a

• conventional life estate

• legal life estate

• fee simple defeasible estate

• tenancy by the entireties

what are the essential parties involved in an estate in trust?

• owner, trustor and lawyer

• owner, trustor and trustee

• trustee, title company and beneficiary

• trustor, trustee and beneficiary

what is a lien theory state in contrast to a title theory state?

• a state in which liens are given priority over other encumbrances

• a state in which a mortgagor retains title to the property when a mortgage lien is created

• a state in which the holder of a mortgage lien receives title to the mortgaged property until the debt is satisfied

• a state in which liens must be recorded to be enforceable

which of the following provides the strongest evidence of marketable title?

• a general warranty deed

• a title certificate

• title insurance

• an attorneys opinion

a store owner enters into a lease that charges rent per square foot, a common area fee, and a portion of the store owners gross income from the property. this kind of lease is a

• triple charge, or triple net lease

• proprietor's lease

• percentage lease

• retailer's gross lease

a owner leases a property to a business in exchange for rent. the tenant is required to pay all operating expenses as well. this is an example of a

• proprietary lease

• percentage lease

• gross lease

• net lease

which of the following characteristics metes and bound descriptions?

• they use meridians and base lines

• they identify an enclosed area, beginning and ending at the same point

• they use lot and block numbers

• they incorporate elevation into the descriptions

a buyer agrees to all terms of a sellers offer except the length of time for a contingency to procure financing. the buyer extends the financing period in the offer by 1 week, signs the form, and mails it back to the seller. at this point, the sellers offer

• is void

• becomes an executory contract

• becomes a counteroffer

• has been accepted, since the modification was a contingency