Instructor: Jan E. Beran
Finance 382 Real Estate Principles and Practice
Student’s Name ______________________________________________________ Version B
FILL IN YOUR NAME (Lastname, Firstname) WHERE INDICATED, BE SURE TO FILL IN THE CORRESPONDING
BUBBLES. Do not put your SSN on your bubble sheet. Mark the version of your test ( B ) on your bubble sheet in column K, (Fill in
Bubbles 1=A, 2=B, 3=C and 4=D). Sheets without a name or without a version code will not be graded, and a ZERO will be recorded
as your score. When completed, put your bubble sheet in the corresponding pile. I will not re-sort or hand grade the exam sheets.
There are four section tests plus a comprehensive final. In addition you must take 2 of the first 3 tests (I recommend
taking all three). If you take all three tests, the two tests with the highest scores will be counted toward your grade. You
have 50 minutes to complete the exam.
Fall 2015 Exam 1. Jacobus Ch1-4, 17 and 23 and Neb. Landlord Tenant
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. A corporation that owns or leases the land and building and, in turn, leases space to its shareholders is
characteristic of a
a. joint venture.
c. time share.
b. cooperative.
d. condominium.
2. A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would
own the property as
a. partners.
c. tenants in common.
b. joint tenants.
d. community property.
3. A farm, consisting of 160 acres of cultivated land, is sold. Which of the following requires an expressed
agreement, in addition to the deed, in order to transfer ownership?
a. Farm house
c. Cultivated crops
b. Detached garage
d. Subsurface rights
4. Current legal thinking with regard to owner’s obligations under a residential rental contract is that
a. if a service is not promised in writing, it will not be forthcoming.
b. the owner has an obligation only to collect the rent and pay the utilities.
c. only expressed agreements may be pursued in court.
d. the owner is obligated to keep the premises repaired.
5. Three people are going to purchase an investment property as co-owners, and will take title as joint tenants. As
joint tenants,
a. all will have equal interests in the property.
b. each will acquire their interests at the different moments in time.
c. all will enjoy unequal rights of possession.
d. each will receive a separate deed for his/her share.
1
Version: B
6. Which of the following is true? (assume Nebraska residential landlord tenant law)
a. A landlord may charge two month’s rent as a combined rent and pet deposit
b. A landlord may not charge a security deposit
c. A landlord may charge one month’s rent as a deposit, first month’s rent and last month’s
rent prior to giving the tenant possession
d. A landlord may charge any amount of deposit as long as they pay interest on the deposit
7. To transfer ownership of real property, which document should be used?
a. Security agreement
c. Deed
b. Bill of sale
d. Endorsement on a Certificate of title
8. A power company wants to lay a service line across customer properties and must acquire an irrevocable right to
do so. This right would be called
a. a license.
c. an irrevocable lien.
b. an easement appurtenant.
d. an easement in gross.
9. A woman who lived in a retirement home and had no relatives, told her friend that she wanted her to have all of
her property after she died, however she never made a will. Upon her death, her estate would
a. pass to the friend, since that was her wish.
b. pass to an entity determined by the probate court.
c. escheat to the state.
d. pass to the retirement home where she lived.
10. Correction lines, which occur at intervals in the rectangular survey system, are necessary
a. because of the gravitational pull of the moon.
b. because of the curvature of the earth.
c. to correct the mistakes made by surveyors.
d. to allow for magnetic fields which interfere with compasses.
11. An easement by prescription may be created by
a. the dominant tenement.
c.
b. continuous use.
d.
payment of taxes.
the party benefiting from the easement.
12. A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the
common areas would be held
a. community property.
c. as joint tenants.
b. as tenants in common.
d. in severalty.
13. A condominium rules declaration may be changed by
a. the condominium owner’s association.
b. approval of the majority of the condominium unit owners.
c. whatever is stated in the rules declaration.
d. at least 50% of the owner-occupied units.
2 of
6
Version: B
14. Which estate is the most complete estate to own?
a. Fee simple estate.
c.
b. Less than freehold.
d.
Qualified fee.
Life estate.
15. Commercial brokers specialize in
a. Residential acreages
b. Income producing properties
Agribusiness properties
Land and buildings for industrial sites
c.
d.
16. Individual ownerships of separate portions of a building plus joint ownership of the common elements is
characteristic of a
a. PUD.
c. cooperative.
b. co-op.
d. condominium.
17. A residential landlord (Nebraska) is required to give _____ day’s notice to cure a breach of lease (not including
non-payment of rent).
a. 14 days
c. 3 days
b. 60 days
d. 5 days
18. A dominant estate refers to:
a. the parcel of land which benefits from an easement
b. an unauthorized intrusion of a building onto land of another
c. the parcel of land which serves another parcel
d. a claim against one property by another for payment of a debt
19. The right one person has to use land belonging to another
a. Escheat
c. Eminent domain
b. Easement
d. Encroachment
20. Physical characteristics of land include all of the following except:
a. Fixity
c. Immobility
b. Nonhomogeneity
d. Indestructibility
21. A tenant will be responsible for damages which would be:
a. nominal
c. exceeding ordinary wear and tear
b. normal wear and tear
d. customary
22. Joe and Mark lived together in a home they purchased. Joe died in an automobile accident. Mark now owns the
property in severalty. They held title as:
a. tenants by the entirety
c. joint tenants
b. owners in severalty
d. tenants in common
3 of
6
Version: B
23. If a residential tenant fails to pay rent, before commencing an action for possession, the landlord must give written
notice at least:
a. thirty day’s notice
b. thirty day’s notice to vacate unless paid within fourteen days
c. five day’s notice
d. three day’s notice
24. A valid, written lease will automatically be terminated by
a. court eviction of the tenant.
c. death of the lessor.
b. imprisonment of tenant.
d. sale of the leased premises.
25. Joe and Tom, unrelated to each other purchase Blackacre together. To protect their heirs and assure that their
interest in Blackacre goes to their individual heirs they should take title in::
a. tenancy in common
c. joint tenancy
b. severalty
d. tenancy by the entirety
26. A residential apartment tenant would be expected to pay the landlord for
a. sun-faded carpet.
b. any change in the apartment.
c. normal wear and tear.
d. damage to the apartment caused by the tenant.
27. Which of the following are considered to be real estate?
a. Appurtenances
c. Trade Fixtures
b. Emblements
d. Desktop computer
28. A condominium owner can obtain all of the following EXCEPT
a. a separate mortgage.
b. title insurance on his nit.
c. joint tenancy ownership of his unit.
d. severalty ownership of his share of the common elements.
29. All of the following are rights in real estate are retained by the government except:
a. Police Power
c. Taxation
b. Encumbrance
d. Escheat
30. A lease under which the amount of rent is based upon the tenant’s sales volume is known as
a. an escalation lease.
c. a percentage lease.
b. usury.
d. a gratuity lease.
31. Joint tenants must acquire their interests in jointly held property
a. at the same time.
c. from a partition action.
b. from different sources.
d. in separate instruments.
4 of
6
Version: B
32. Within any given township, section 18 can be found
a. west of section 17.
c. south of section 27.
b. north of section 3.
d. east of section 13.
33. Mrs. Coffee has a life estate for the duration of her own life. She
a. cannot lease it.
c. can devise it.
b. can sell the mineral rights.
d. cannot sell it.
34. The best determinant of whether an item is real or personal property is
a. its size and weight.
c. the intent of the parties.
b. its value.
d. the appraiser’s opinion.
35. The total transfer of a tenant’s rights to another person is called
a. an option.
c. an assignment.
b. a waiver.
d. a sublet.
36. Ownership in severalty occurs when
a. two or more persons have identical interests in the same property concurrently.
b. property is owned by one person.
c. husband and wife share ownership of the same property.
d. two or more persons own the same property in any form of title.
37. Upon termination of a rental contract,
a. possession is returned to the lessee.
b. ownership reverts to the lessor.
c.
d.
ownership reverts to the lessee.
possession is returned to the lessor.
38. The system of land ownership where the king or the government retains all rights to real estate is known as the:
a. feudal system
c. chattel system
b. fee ownership
d. allodial system
39. A residential landlord failed to maintain the premises according to the minimum housing code. The tenant may:
a. Withhold rent until repairs are made
b. Give the landlord a 14/30 day notice to make the necessary repairs or 30 days to vacate.
c. Move immediately
d. Make the repairs and deduct the amount from the deposit
40. The surviving co-owner may automatically become owner of the deceased co-owner’s share when the property is
held
a. as tenancy in common.
c. as a trust.
b. as tenancy by the entirely or as joint
d. in severalty.
tenants.
41. A claim that one person has on the property of another to secure payment of a debt is called a:
a. appurtenance
c. easement
b. lien
d. encroachment
5 of
6
Version: B
42. A parcel of land described as the N 1/2 of the SE 1/4 sold for $14,000 per acre, what was the selling price?
a. $280,000
c. $1,120,000
b. $560,000
d. $2,240,000
43. Under the terms of a normal net lease, the lessee is responsible for all of the following EXCEPT
a. repairs.
c. mortgage payments.
b. taxes.
d. water bills.
44. When land is appropriated for use as a public road, this is done under:
a. the police power
c. confiscation
b. the power of eminent domain
d. duress eminent domain
45. A Nebraska residential landlord, in order to enter a rental, must give the tenant at least:
a. No notice is required
c. Notice one day to the next
b. Written notice
d. Twenty four hour notice
46. The fact that a surviving cotenant automatically acquires all the right, title and interest of the deceased cotenant is
characteristic of
a. tenancy in severalty
c. life tenancy
b. the right of survivorship
d. tenancy in common
47. Property taxes are characteristic of the
a. feudal system of land ownership.
b. allodial system of land ownership.
c. English common system of land ownership.
d. Napoleonic system of land ownership.
48. Land and anything permanently attached to the land:
a. is the definition of a fixture
c. is the definition of personal property
b. is the definition of chattel
d. is the definition of real property
49. Within a condominium development, common elements are owned by
a. the owner’s association.
b. all unit owners, who hold undivided interests in the elements.
c. individual unit owners as community property.
d. the condominium developer.
50. Nebraska residential leases are what type of leasehold?
a. Tenancy at sufferance
c. Periodic tenancy
b. Estate for years
d. Tenancy at will
6 of
6
Instructor: Jan E. Beran
Finance 382 Real Estate Principles and Practice
Student’s Name ______________________________________________________ Version C
FILL IN YOUR NAME (Lastname, Firstname) WHERE INDICATED, BE SURE TO FILL IN THE CORRESPONDING
BUBBLES. Do not put your SSN on your bubble sheet. Mark the version of your test ( C ) on your bubble sheet in column K, (Fill in
Bubbles 1=A, 2=B, 3=C and 4=D). Sheets without a name or without a version code will not be graded, and a ZERO will be recorded
as your score. When completed, put your bubble sheet in the corresponding pile. I will not re-sort or hand grade the exam sheets.
There are four section tests plus a comprehensive final. In addition you must take 2 of the first 3 tests (I recommend
taking all three). If you take all three tests, the two tests with the highest scores will be counted toward your grade. You
have 50 minutes to complete the exam.
Fall 2015 Exam 1. Jacobus Ch1-4, 17 and 23 and Neb. Landlord Tenant
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. A corporation that owns or leases the land and building and, in turn, leases space to its shareholders is
characteristic of a
a. condominium.
c. time share.
b. cooperative.
d. joint venture.
2. A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would
own the property as
a. joint tenants.
c. tenants in common.
b. community property.
d. partners.
3. A farm, consisting of 160 acres of cultivated land, is sold. Which of the following requires an expressed
agreement, in addition to the deed, in order to transfer ownership?
a. Cultivated crops
c. Detached garage
b. Subsurface rights
d. Farm house
4. Current legal thinking with regard to owner’s obligations under a residential rental contract is that
a. the owner has an obligation only to collect the rent and pay the utilities.
b. if a service is not promised in writing, it will not be forthcoming.
c. the owner is obligated to keep the premises repaired.
d. only expressed agreements may be pursued in court.
5. Three people are going to purchase an investment property as co-owners, and will take title as joint tenants. As
joint tenants,
a. each will receive a separate deed for his/her share.
b. all will enjoy unequal rights of possession.
c. each will acquire their interests at the different moments in time.
d. all will have equal interests in the property.
1
Version: C
6. Which of the following is true? (assume Nebraska residential landlord tenant law)
a. A landlord may not charge a security deposit
b. A landlord may charge one month’s rent as a deposit, first month’s rent and last month’s
rent prior to giving the tenant possession
c. A landlord may charge two month’s rent as a combined rent and pet deposit
d. A landlord may charge any amount of deposit as long as they pay interest on the deposit
7. To transfer ownership of real property, which document should be used?
a. Deed
c. Security agreement
b. Endorsement on a Certificate of title
d. Bill of sale
8. A power company wants to lay a service line across customer properties and must acquire an irrevocable right to
do so. This right would be called
a. an easement in gross.
c. an irrevocable lien.
b. an easement appurtenant.
d. a license.
9. A woman who lived in a retirement home and had no relatives, told her friend that she wanted her to have all of
her property after she died, however she never made a will. Upon her death, her estate would
a. pass to the friend, since that was her wish.
b. pass to an entity determined by the probate court.
c. escheat to the state.
d. pass to the retirement home where she lived.
10. Correction lines, which occur at intervals in the rectangular survey system, are necessary
a. because of the gravitational pull of the moon.
b. because of the curvature of the earth.
c. to allow for magnetic fields which interfere with compasses.
d. to correct the mistakes made by surveyors.
11. An easement by prescription may be created by
a. continuous use.
c.
b. the dominant tenement.
d.
payment of taxes.
the party benefiting from the easement.
12. A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the
common areas would be held
a. in severalty.
c. as tenants in common.
b. community property.
d. as joint tenants.
13. A condominium rules declaration may be changed by
a. approval of the majority of the condominium unit owners.
b. whatever is stated in the rules declaration.
c. the condominium owner’s association.
d. at least 50% of the owner-occupied units.
2 of
6
Version: C
14. Which estate is the most complete estate to own?
a. Life estate.
c.
b. Fee simple estate.
d.
Less than freehold.
Qualified fee.
15. Commercial brokers specialize in
a. Land and buildings for industrial sites
b. Income producing properties
Agribusiness properties
Residential acreages
c.
d.
16. Individual ownerships of separate portions of a building plus joint ownership of the common elements is
characteristic of a
a. PUD.
c. co-op.
b. condominium.
d. cooperative.
17. A residential landlord (Nebraska) is required to give _____ day’s notice to cure a breach of lease (not including
non-payment of rent).
a. 14 days
c. 5 days
b. 3 days
d. 60 days
18. A dominant estate refers to:
a. an unauthorized intrusion of a building onto land of another
b. a claim against one property by another for payment of a debt
c. the parcel of land which benefits from an easement
d. the parcel of land which serves another parcel
19. The right one person has to use land belonging to another
a. Escheat
c. Encroachment
b. Easement
d. Eminent domain
20. Physical characteristics of land include all of the following except:
a. Nonhomogeneity
c. Fixity
b. Immobility
d. Indestructibility
21. A tenant will be responsible for damages which would be:
a. nominal
c. exceeding ordinary wear and tear
b. normal wear and tear
d. customary
22. Joe and Mark lived together in a home they purchased. Joe died in an automobile accident. Mark now owns the
property in severalty. They held title as:
a. joint tenants
c. owners in severalty
b. tenants in common
d. tenants by the entirety
3 of
6
Version: C
23. If a residential tenant fails to pay rent, before commencing an action for possession, the landlord must give written
notice at least:
a. five day’s notice
b. three day’s notice
c. thirty day’s notice to vacate unless paid within fourteen days
d. thirty day’s notice
24. A valid, written lease will automatically be terminated by
a. death of the lessor.
c. sale of the leased premises.
b. imprisonment of tenant.
d. court eviction of the tenant.
25. Joe and Tom, unrelated to each other purchase Blackacre together. To protect their heirs and assure that their
interest in Blackacre goes to their individual heirs they should take title in::
a. joint tenancy
c. severalty
b. tenancy in common
d. tenancy by the entirety
26. A residential apartment tenant would be expected to pay the landlord for
a. damage to the apartment caused by the tenant.
b. normal wear and tear.
c. sun-faded carpet.
d. any change in the apartment.
27. Which of the following are considered to be real estate?
a. Emblements
c. Trade Fixtures
b. Appurtenances
d. Desktop computer
28. A condominium owner can obtain all of the following EXCEPT
a. a separate mortgage.
b. title insurance on his nit.
c. joint tenancy ownership of his unit.
d. severalty ownership of his share of the common elements.
29. All of the following are rights in real estate are retained by the government except:
a. Police Power
c. Taxation
b. Encumbrance
d. Escheat
30. A lease under which the amount of rent is based upon the tenant’s sales volume is known as
a. a percentage lease.
c. an escalation lease.
b. usury.
d. a gratuity lease.
31. Joint tenants must acquire their interests in jointly held property
a. in separate instruments.
c. from different sources.
b. at the same time.
d. from a partition action.
4 of
6
Version: C
32. Within any given township, section 18 can be found
a. west of section 17.
c. north of section 3.
b. south of section 27.
d. east of section 13.
33. Mrs. Coffee has a life estate for the duration of her own life. She
a. cannot sell it.
c. cannot lease it.
b. can sell the mineral rights.
d. can devise it.
34. The best determinant of whether an item is real or personal property is
a. its size and weight.
c. the appraiser’s opinion.
b. the intent of the parties.
d. its value.
35. The total transfer of a tenant’s rights to another person is called
a. an assignment.
c. an option.
b. a waiver.
d. a sublet.
36. Ownership in severalty occurs when
a. two or more persons have identical interests in the same property concurrently.
b. property is owned by one person.
c. husband and wife share ownership of the same property.
d. two or more persons own the same property in any form of title.
37. Upon termination of a rental contract,
a. ownership reverts to the lessee.
b. possession is returned to the lessor.
c.
d.
ownership reverts to the lessor.
possession is returned to the lessee.
38. The system of land ownership where the king or the government retains all rights to real estate is known as the:
a. feudal system
c. fee ownership
b. allodial system
d. chattel system
39. A residential landlord failed to maintain the premises according to the minimum housing code. The tenant may:
a. Withhold rent until repairs are made
b. Move immediately
c. Make the repairs and deduct the amount from the deposit
d. Give the landlord a 14/30 day notice to make the necessary repairs or 30 days to vacate.
40. The surviving co-owner may automatically become owner of the deceased co-owner’s share when the property is
held
a. as tenancy in common.
c. as a trust.
b. in severalty.
d. as tenancy by the entirely or as joint
tenants.
41. A claim that one person has on the property of another to secure payment of a debt is called a:
a. appurtenance
c. encroachment
b. lien
d. easement
5 of
6
Version: C
42. A parcel of land described as the N 1/2 of the SE 1/4 sold for $14,000 per acre, what was the selling price?
a. $280,000
c. $1,120,000
b. $560,000
d. $2,240,000
43. Under the terms of a normal net lease, the lessee is responsible for all of the following EXCEPT
a. repairs.
c. water bills.
b. taxes.
d. mortgage payments.
44. When land is appropriated for use as a public road, this is done under:
a. duress eminent domain
c. the power of eminent domain
b. the police power
d. confiscation
45. A Nebraska residential landlord, in order to enter a rental, must give the tenant at least:
a. Notice one day to the next
c. Written notice
b. Twenty four hour notice
d. No notice is required
46. The fact that a surviving cotenant automatically acquires all the right, title and interest of the deceased cotenant is
characteristic of
a. life tenancy
c. tenancy in severalty
b. tenancy in common
d. the right of survivorship
47. Property taxes are characteristic of the
a. English common system of land ownership.
b. Napoleonic system of land ownership.
c. allodial system of land ownership.
d. feudal system of land ownership.
48. Land and anything permanently attached to the land:
a. is the definition of real property
c. is the definition of personal property
b. is the definition of chattel
d. is the definition of a fixture
49. Within a condominium development, common elements are owned by
a. all unit owners, who hold undivided interests in the elements.
b. the owner’s association.
c. individual unit owners as community property.
d. the condominium developer.
50. Nebraska residential leases are what type of leasehold?
a. Estate for years
c. Tenancy at sufferance
b. Periodic tenancy
d. Tenancy at will
6 of
6
Instructor: Jan E. Beran
Finance 382 Real Estate Principles and Practice
Student’s Name ______________________________________________________ Version D
FILL IN YOUR NAME (Lastname, Firstname) WHERE INDICATED, BE SURE TO FILL IN THE CORRESPONDING
BUBBLES. Do not put your SSN on your bubble sheet. Mark the version of your test (D) on your bubble sheet in column K, (Fill in
Bubbles 1=A, 2=B, 3=C and 4=D). Sheets without a name or without a version code will not be graded, and a ZERO will be recorded
as your score. When completed, put your bubble sheet in the corresponding pile. I will not re-sort or hand grade the exam sheets.
There are four section tests plus a comprehensive final. In addition you must take 2 of the first 3 tests (I recommend
taking all three). If you take all three tests, the two tests with the highest scores will be counted toward your grade. You
have 50 minutes to complete the exam.
Fall 2015 Exam 1. Jacobus Ch1-4, 17 and 23 and Neb. Landlord Tenant
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. A corporation that owns or leases the land and building and, in turn, leases space to its shareholders is
characteristic of a
a. time share.
c. condominium.
b. cooperative.
d. joint venture.
2. A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would
own the property as
a. joint tenants.
c. partners.
b. tenants in common.
d. community property.
3. A farm, consisting of 160 acres of cultivated land, is sold. Which of the following requires an expressed
agreement, in addition to the deed, in order to transfer ownership?
a. Cultivated crops
c. Farm house
b. Subsurface rights
d. Detached garage
4. Current legal thinking with regard to owner’s obligations under a residential rental contract is that
a. the owner has an obligation only to collect the rent and pay the utilities.
b. if a service is not promised in writing, it will not be forthcoming.
c. only expressed agreements may be pursued in court.
d. the owner is obligated to keep the premises repaired.
5. Three people are going to purchase an investment property as co-owners, and will take title as joint tenants. As
joint tenants,
a. each will acquire their interests at the different moments in time.
b. all will enjoy unequal rights of possession.
c. all will have equal interests in the property.
d. each will receive a separate deed for his/her share.
1
Version: D
6. Which of the following is true? (assume Nebraska residential landlord tenant law)
a. A landlord may charge one month’s rent as a deposit, first month’s rent and last month’s
rent prior to giving the tenant possession
b. A landlord may not charge a security deposit
c. A landlord may charge two month’s rent as a combined rent and pet deposit
d. A landlord may charge any amount of deposit as long as they pay interest on the deposit
7. To transfer ownership of real property, which document should be used?
a. Bill of sale
c. Endorsement on a Certificate of title
b. Security agreement
d. Deed
8. A power company wants to lay a service line across customer properties and must acquire an irrevocable right to
do so. This right would be called
a. an irrevocable lien.
c. an easement appurtenant.
b. a license.
d. an easement in gross.
9. A woman who lived in a retirement home and had no relatives, told her friend that she wanted her to have all of
her property after she died, however she never made a will. Upon her death, her estate would
a. pass to the retirement home where she lived.
b. pass to an entity determined by the probate court.
c. pass to the friend, since that was her wish.
d. escheat to the state.
10. Correction lines, which occur at intervals in the rectangular survey system, are necessary
a. to correct the mistakes made by surveyors.
b. because of the gravitational pull of the moon.
c. because of the curvature of the earth.
d. to allow for magnetic fields which interfere with compasses.
11. An easement by prescription may be created by
a. continuous use.
c.
b. the dominant tenement.
d.
payment of taxes.
the party benefiting from the easement.
12. A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the
common areas would be held
a. as tenants in common.
c. in severalty.
b. as joint tenants.
d. community property.
13. A condominium rules declaration may be changed by
a. at least 50% of the owner-occupied units.
b. whatever is stated in the rules declaration.
c. approval of the majority of the condominium unit owners.
d. the condominium owner’s association.
2 of
6
Version: D
14. Which estate is the most complete estate to own?
a. Qualified fee.
c.
b. Life estate.
d.
Fee simple estate.
Less than freehold.
15. Commercial brokers specialize in
a. Residential acreages
b. Income producing properties
Land and buildings for industrial sites
Agribusiness properties
c.
d.
16. Individual ownerships of separate portions of a building plus joint ownership of the common elements is
characteristic of a
a. condominium.
c. co-op.
b. cooperative.
d. PUD.
17. A residential landlord (Nebraska) is required to give _____ day’s notice to cure a breach of lease (not including
non-payment of rent).
a. 60 days
c. 14 days
b. 5 days
d. 3 days
18. A dominant estate refers to:
a. the parcel of land which serves another parcel
b. a claim against one property by another for payment of a debt
c. an unauthorized intrusion of a building onto land of another
d. the parcel of land which benefits from an easement
19. The right one person has to use land belonging to another
a. Escheat
c. Eminent domain
b. Easement
d. Encroachment
20. Physical characteristics of land include all of the following except:
a. Indestructibility
c. Nonhomogeneity
b. Immobility
d. Fixity
21. A tenant will be responsible for damages which would be:
a. nominal
c. customary
b. exceeding ordinary wear and tear
d. normal wear and tear
22. Joe and Mark lived together in a home they purchased. Joe died in an automobile accident. Mark now owns the
property in severalty. They held title as:
a. tenants in common
c. joint tenants
b. owners in severalty
d. tenants by the entirety
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23. If a residential tenant fails to pay rent, before commencing an action for possession, the landlord must give written
notice at least:
a. three day’s notice
b. five day’s notice
c. thirty day’s notice to vacate unless paid within fourteen days
d. thirty day’s notice
24. A valid, written lease will automatically be terminated by
a. court eviction of the tenant.
c. sale of the leased premises.
b. death of the lessor.
d. imprisonment of tenant.
25. Joe and Tom, unrelated to each other purchase Blackacre together. To protect their heirs and assure that their
interest in Blackacre goes to their individual heirs they should take title in::
a. tenancy by the entirety
c. joint tenancy
b. tenancy in common
d. severalty
26. A residential apartment tenant would be expected to pay the landlord for
a. normal wear and tear.
b. damage to the apartment caused by the tenant.
c. any change in the apartment.
d. sun-faded carpet.
27. Which of the following are considered to be real estate?
a. Desktop computer
c. Appurtenances
b. Trade Fixtures
d. Emblements
28. A condominium owner can obtain all of the following EXCEPT
a. joint tenancy ownership of his unit.
b. severalty ownership of his share of the common elements.
c. title insurance on his nit.
d. a separate mortgage.
29. All of the following are rights in real estate are retained by the government except:
a. Police Power
c. Taxation
b. Encumbrance
d. Escheat
30. A lease under which the amount of rent is based upon the tenant’s sales volume is known as
a. an escalation lease.
c. a percentage lease.
b. a gratuity lease.
d. usury.
31. Joint tenants must acquire their interests in jointly held property
a. in separate instruments.
c. at the same time.
b. from a partition action.
d. from different sources.
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32. Within any given township, section 18 can be found
a. west of section 17.
c. east of section 13.
b. south of section 27.
d. north of section 3.
33. Mrs. Coffee has a life estate for the duration of her own life. She
a. can sell the mineral rights.
c. cannot lease it.
b. can devise it.
d. cannot sell it.
34. The best determinant of whether an item is real or personal property is
a. the appraiser’s opinion.
c. its size and weight.
b. its value.
d. the intent of the parties.
35. The total transfer of a tenant’s rights to another person is called
a. an assignment.
c. a sublet.
b. a waiver.
d. an option.
36. Ownership in severalty occurs when
a. two or more persons have identical interests in the same property concurrently.
b. husband and wife share ownership of the same property.
c. property is owned by one person.
d. two or more persons own the same property in any form of title.
37. Upon termination of a rental contract,
a. ownership reverts to the lessee.
b. possession is returned to the lessor.
c.
d.
possession is returned to the lessee.
ownership reverts to the lessor.
38. The system of land ownership where the king or the government retains all rights to real estate is known as the:
a. feudal system
c. chattel system
b. allodial system
d. fee ownership
39. A residential landlord failed to maintain the premises according to the minimum housing code. The tenant may:
a. Move immediately
b. Make the repairs and deduct the amount from the deposit
c. Give the landlord a 14/30 day notice to make the necessary repairs or 30 days to vacate.
d. Withhold rent until repairs are made
40. The surviving co-owner may automatically become owner of the deceased co-owner’s share when the property is
held
a. as tenancy in common.
c. in severalty.
b. as tenancy by the entirely or as joint
d. as a trust.
tenants.
41. A claim that one person has on the property of another to secure payment of a debt is called a:
a. appurtenance
c. lien
b. easement
d. encroachment
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42. A parcel of land described as the N 1/2 of the SE 1/4 sold for $14,000 per acre, what was the selling price?
a. $280,000
c. $1,120,000
b. $560,000
d. $2,240,000
43. Under the terms of a normal net lease, the lessee is responsible for all of the following EXCEPT
a. mortgage payments.
c. water bills.
b. repairs.
d. taxes.
44. When land is appropriated for use as a public road, this is done under:
a. the police power
c. duress eminent domain
b. confiscation
d. the power of eminent domain
45. A Nebraska residential landlord, in order to enter a rental, must give the tenant at least:
a. Written notice
c. Twenty four hour notice
b. No notice is required
d. Notice one day to the next
46. The fact that a surviving cotenant automatically acquires all the right, title and interest of the deceased cotenant is
characteristic of
a. tenancy in severalty
c. the right of survivorship
b. life tenancy
d. tenancy in common
47. Property taxes are characteristic of the
a. allodial system of land ownership.
b. feudal system of land ownership.
c. English common system of land ownership.
d. Napoleonic system of land ownership.
48. Land and anything permanently attached to the land:
a. is the definition of personal property
c. is the definition of chattel
b. is the definition of a fixture
d. is the definition of real property
49. Within a condominium development, common elements are owned by
a. all unit owners, who hold undivided interests in the elements.
b. individual unit owners as community property.
c. the owner’s association.
d. the condominium developer.
50. Nebraska residential leases are what type of leasehold?
a. Tenancy at will
c. Tenancy at sufferance
b. Periodic tenancy
d. Estate for years
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ID: B
Fall 2015 Exam 1. Jacobus Ch1-4, 17 and 23 and Neb. Landlord Tenant
Answer Section
MULTIPLE CHOICE
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
B
C
C
D
A
C
C
D
C
B
B
B
C
A
B
D
A
A
B
A
C
C
D
A
A
D
A
D
B
C
A
A
B
C
C
B
D
A
B
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
B
B
C
C
B
C
B
B
D
B
C
1 of
2
ID: B
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
B
B
C
C
B
C
B
B
D
B
C
2 of
2
ID: C
Fall 2015 Exam 1. Jacobus Ch1-4, 17 and 23 and Neb. Landlord Tenant
Answer Section
MULTIPLE CHOICE
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
B
C
A
C
D
B
A
A
C
B
A
C
B
B
B
B
A
C
B
C
C
A
B
D
B
A
B
D
B
A
B
A
B
B
A
B
B
A
D
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
D
B
C
D
C
A
D
C
A
A
B
1 of
2
ID: C
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
D
B
C
D
C
A
D
C
A
A
B
2 of
2
ID: D
Fall 2015 Exam 1. Jacobus Ch1-4, 17 and 23 and Neb. Landlord Tenant
Answer Section
MULTIPLE CHOICE
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
B
B
A
D
C
A
D
D
D
C
A
A
B
C
B
A
C
D
B
D
B
C
A
A
B
B
C
B
B
C
C
A
A
D
A
C
B
A
C
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
B
C
C
A
D
D
C
A
D
A
B
1 of
2
ID: D
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
B
C
C
A
D
D
C
A
D
A
B
2 of
2