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WorksheetsReal Estate Final Exam pt 6
Total questions: 26
Worksheet time: 20mins
Title insurance has a one-time premium paid at closing and protects the insured against loss from
Hail and Flood damages
All damages made from a Natural Disaster
all defects up to the policy's effective date which are not specifically excluded in the policy
An abstract of title is
A summary of all recorded instruments pertaining to a given property
existing properties
given details of title
A tract of land described as the SW ¼ of the SE ¼ of the NE ¼ of the NW ¼ contains
5 acres
2 1/2 acres
3 acres
Which of the following is not a major acceptable means of describing property?
phone number
House Number
name
A legal description of property using physical features is called a description by
Monuments
square foot
value
Real property described by beginning at a certain point and measuring and indicating the direction and length of the boundaries of the property until the point of beginning is again reached is called
WIdth
length
Metes and Bounds
scale
An example of a government lot is
parking lot owned by the goverment
A parcel of land along the shore of lake or river usually containing less than forty acres
The sections in a township are numbered in a “snake” like pattern that always begins in what corner of the township?
The NE Corner
The SE corner
The NW Corner
The Indian Meridian is located
about midway through the state running north and south.
Up north west
Down South
Not sure
Limited partners are
Limited as to their liability for debts of the partnership
Partners for a limited time period
People who help you for a limited time
A person bought an apartment in a large building and received a deed conveying a fee simple title, plus a fractional share of common elements, and a tax bill on the apartment. This type of living unit is a
The Corterie
Condominium
Shared Common living
Ownership of real property restricted to a husband and wife holding title with right of survivorship is
Tenancy by the entirety
Tenancy in Common
Joint Tenancy
Four widowers decided to buy a home and live together. They took title in equal shares, but agreed that as each of them died the share would pass to the remainder of the group until the only one left would own the entire property in severalty. Under this plan, the men took title to the home as
Tenants in common
Tenancy in severalty
Joint Tenancy
If property is held by two or more owners as tenants in common, upon the death of the owner, ownership of the deceased would pass to the
Heirs or whoever is designated under the deceased owner's will
reminderman
tenants in common
Estates owned by those who rent or lease property from others are
Property Managers
Owner
Land Lords
Lease Hold Estates
Real estate occupied as a home by an owner who enjoys special rights and privileges is a(n)
Homestead
Free Hold Estate
Official owners
Tenants
Which of the following does the law recognize as the highest type of interest in real estate?
Fee Simple Estate
Life Estate
Net Estate
Which of the following is an economic characteristic of land?
City
Scar
Scarcity
Property of a temporary or moveable nature is
Agreement
Movable Item
Personal Property
Real Property
Riparian rights are best described as those rights
An owner has from a natural water course abutting or crossing the land
water related
Under our land system, we have certain rights which are called “bundle of rights.” Which of the following is included in the “bundle of rights?”
Bundle of variety set of laws
Rights of disposition
The definition of real property includes all of the following, EXCEPT
Trade Fixture
Items attached to home
personal property turned to real property
The term REALTOR refers to
Both Brokers and Sales Agent
Sales Agent
All Brokers
only brokers and associates who are members of the national associates of realtors
The provisions requiring a person to be licensed as a real estate broker or sales associate shall apply to any person who _____ for compensation.
None of the above
Solicits prospective purchasers of real property or leases, rents or offers to rent real estate
Have a license
Took the 90 hour course
The provisions of the Oklahoma Real Estate License Code originate in the state legislature. The agency created in 1950 to administer and enforce the Code is the
OREC
OFHA
OREO
The real estate market may be described in all of the following ways EXCEPT
Personal Property
immovable Market
Movable Market
