Sunday, March 6, 2011

Chapter 7

1) The sales tax is secondary source of revenue for most state governments.

False-pg. 167- It is the primary source

2) An area with a low property tax burden but sufficient government services has an advantage in attracting prospective home buyers and businesses.


3) A PETE estate is a freehold estate that ends upon the death of an individual, either the holder of the life estate or another named person.

False-pg.178-Life estate

4) A tenancy at sufferance is when a lessee has injured themselves on the leased property and has refused to pay rent.

False-pg179- A tenancy at sufferance is when the lease term has expired and the lessee remains in the property without paying rent.

5) The two main classifications of easement are appurtenant and gross.


6) Which of the following is referred to a poor mans will?

a) Joint tenancy – pg.186

b) Community property

c) Tenancy in common

d) None of the above

7) Which is the appropriate order in which liens will be paid back given the property is liquidated?

a) 1) Tax Liens, 2) Mortgage Liens, 3) Mechanic’s Liens –pg.185

b) 1) Mechanic’s Liens, 2) Tax Liens, 3) Mortgage Liens

c) 1) Mortgage Liens, 2) Tax Liens, 3) Mechanic’s Liens

d) 1)Tax Liens, 2) Mechanic’s Liens, 3) Mortgage Liens

8) Which of the following is a type of easement?

a) Conservation easement

b) Easement by prescription

c) Easement by implication

d) All of the above- pg.181

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