Question 1

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

Question 2

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 3

Which of these is a federal law that aims to protect people and the environment from the harmful effects of air pollution?

Options :

A : Clean Air Act

B : Safe Drinking Water Act

C : Superfund Amendments and Reauthorization Act

D : CERCLA

Answer: A

Question 4

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 5

Which of the following is NOT an option that a seller has after receiving a counteroffer?

Options :

A : discharge the contract

B : allow the offer to expire

C : accept the offer

D : reject the offer in writing

Answer: A