ALP ALP Real Estate & Property Law

Question 1

What legal instrument transfers ownership of real property from a seller to a buyer?

Accepted Answer

Deed

Answer

Mortgage

Answer

Title insurance policy

Answer

Purchase agreement

Question 2

What is 'eminent domain' in U.S. property law?

Accepted Answer

The government's power to take private property for public use with just compensation

Answer

A type of easement granted to utility companies

Answer

A zoning designation for residential districts

Answer

A landlord's right to recover possession from a tenant

Question 3

A 'lien' on real property represents:

Accepted Answer

A legal claim against the property as security for a debt or obligation

Answer

Full and unencumbered ownership of the property

Answer

A right of way across the property for a specific purpose

Answer

A long-term lease arrangement

Question 4

What does title insurance protect against in a real estate transaction?

Accepted Answer

Financial losses from title defects or ownership disputes discovered after closing

Answer

Physical damage to the property after purchase

Answer

Failure of either party to close the transaction

Answer

Loss of the real estate agent's commission

Question 5

An 'easement' in property law is best described as:

Accepted Answer

The right to use another person's land for a specific, defined purpose

Answer

Complete fee simple ownership of a parcel of land

Answer

A lien securing repayment of a mortgage loan

Answer

A variance from an applicable zoning ordinance

Question 6

Which type of deed provides a buyer with the greatest level of title protection?

Accepted Answer

General warranty deed

Answer

Quitclaim deed

Answer

Special warranty deed

Answer

Sheriff's deed