FREE ALTA Industry Standards and Principles Questions and Answers

Question 1

Real estate is the foundation of all _________.

Accepted Answer

wealth

Answer

transportation

Answer

commerce

Answer

insurance

Question 2

The title business is closely related to which of the following professions?

Accepted Answer

Law and accounting

Answer

Engineering and law

Answer

Law, engineering, and accounting

Answer

Engineering and accounting

Question 3

Title to a land gives the owner what rights?

Accepted Answer

All of the above.

Answer

The right to enter upon and possess the land.

Answer

The right to occupy and use the land.

Answer

The right to control and enjoy the land.

Question 4

The highest quality estate a person can have in real estate is known as what?

Accepted Answer

Fee simple

Answer

Fee complex

Answer

Leasehold

Answer

Life estate

Question 5

Of the following characteristics, which best describes real property?

Accepted Answer

Permanent

Answer

Transient

Answer

Movable

Answer

Destructible

Question 6

Of the following descriptions, which does the term “land” encompass?

Accepted Answer

The exposed surface of the Earth.

Answer

Trees and buildings.

Answer

Objects embedded in the property.

Answer

Objects attached to the property.

Question 7

What distinction determines if material incorporated into a building is either real property or personal property?

Accepted Answer

The intent of the owner

Answer

The wishes of the owner’s family

Answer

Subdivision restrictions

Answer

Zoning ordinances

Question 8

Of the following characteristics, which make it possible for numerous people to hold simultaneous interest in the same piece of land?

Accepted Answer

Both B and C

Answer

Destructibility

Answer

Permanence

Answer

Immovability

Question 9

Both ownerships and titles are created in which of the following ways?

Accepted Answer

Deeds of conveyance

Answer

Wills

Answer

Court decisions

Answer

All of the above.

Question 10

The validity of a deed depends on which of the following attributes?

Accepted Answer

Its execution is according to legal technical requirements.

Answer

The kind of paper it is written on.

Answer

The signatures of both the grantor and the grantee.

Answer

The county in which it is recorded.