(B) Choices (A), (C), and (D) would require large amounts of money and would benefit large numbers of people. A special assessment is used for a small project with targeted beneficiaries.
(A) Choices (B), (C), and (D) do not terminate an estate for years, that is, a lease. Only the ending of the lease terminates the lease. However, whether a lease continues after the death of a tenant can vary by state, so be sure you know what your state law is in regard to leases.
(A) Choice (A) is one of the bundle of rights that comes with property ownership. Choice (B) is limited to the lifetime of the property owner, or the lifetime of someone designated by the owner. Choice (C) are rights to property held by a married couple in some states. Choice (D) is incorrect because the question does not mention anything about a trust.
(D) $278 ÷ 30 = $9.27 $9.27 × 29 = $268.83
(B) Choice (A) is incorrect because they owed the taxes for July and that part of August during which they owned the house. Choice (C) is incorrect because the Allens will not be paying any third-quarter taxes because the Morrises paid them on the property. Choice (D) is incorrect because mortgages, not taxes, are amortized.
(A) Choice (B) is incorrect because a conventional mortgage may also be a conforming mortgage. Choice (C) is incorrect because a conventional mortgage may be a fixed-rate or an adjustable-rate mortgage. Choice (D) is incorrect because a conventional mortgage may pay just the interest without paying down any principal, which is a straight-term mortgage.
(D) Choice (A) is meant to confuse, but no such title exists. Choice (B) is incorrect because it is what the seller must produce at the closing—a title that the seller has the right to convey and that is free and clear of encumbrances. Choice (C) is incorrect because it is a report that details the history of ownership of a property.
(B) The buyer typically pays for choices (A) and (D). The seller typically bears the full cost of deed preparation, choice (C).
(A) Choice (B) is incorrect because the brothers would only be paying the utilities. Choice (C) is incorrect because it does not usually apply to a store. Choice (D) is incorrect because the store already exists; a ground lease is for unimproved land.
(D) Choice (A) is incorrect because the presence of witnesses is not one of the five factors needed to make a contract valid. Did you notice the word “always†in the question? Depending on the state, a real estate sales contract doesn’t need to be in writing, so choice (B) is not the correct answer. Choice (C) may make a contract difficult to enforce, but it doesn’t make it invalid.
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