Real Estate

5. Which is not typically part of property due diligence?

a) Review of assets historic financial and operational performance

b) Audit of prior owners corporate financial statement

c) Engineering study of the buildings physical condition

d) Legal review of key documents

6 A town home owner who owns her property in fee simple:

(A) has the most restrictive form of legal title to her property.

(B) has the most complete form of property ownership.

(C) owns only the dwelling, not the land.

(D) is not bound by HOA covenants.

7. Which of the following is NOT included in the bundle of rights?

(A) Right to leave property to another (B) Right to transfer title of a property (C) Right of occupancy (D) Right of eminent domain

8. The bundle of rights of ownership typically includes which of the following rights:

(a) the right to pay back a mortgagee for the funds lent for the exclusive use of purchasing the property.

(b) the right to use it, as one wishes, without regard to the rules of the lease

(c) the right to sell it, after showing a satisfactory profit which may result as a condition of extended ownership.

(d) the right to use it, subject to zoning requirements