Question 1

Ernest is a third-party trustee who is holding a title for the lender of a home loan that is secured by a trust deed. The title gives Ernest limited rights sufficient to carry out the terms of the trust. What kind of title does Ernest hold?

Options :

A : clean title

B : dirty title

C : naked title

D : skinny title

Answer: C

Question 2

What would make claims based on a contract unenforceable?

Options :

A : specific performance, rescission, and forfeiture

B : the statute of limitations and doctrine of laches

C : assignment, mediation, and arbitration

D : mutual assent, lawful objective, and reality of consent

Answer: B

Question 3

The four phases of an environmental site assessment are, in order:

Options :

A : management, investigation, testing, remediation

B : remediation, investigation, testing, management

C : investigation, testing, remediation, management

D : testing, investigation, remediation, management

Answer: A

Question 4

John is a landlord. He has an applicant for an apartment who uses a cane. John tells her that she should go to the complex across the street, as they have more first-floor units available, and he doesn't want her to have to climb the stairs in his building. She thanks him for the tip. Evaluate.

Options :

A : John steered the applicant, which is never okay, even if she expressed appreciation.

B : John did nothing wrong. He simply evaluated the applicant and tried to do what was best for her.

C : John steered the applicant, but it was okay since she expressed appreciation.

D : John steered the applicant, which was a risky move, but it paid off this time.

Answer: A

Question 5

Four investors agree to co-ownership of an investment property. They have arranged the ownership structure so that if one of them dies, the decedent's ownership stake passes to the remaining investors. What form of co-ownership do the investors have?

Options :

A : joint tenancy

B : sole ownership

C : community property

D : tenants in common

Answer: A