FREE REAL ESTATE AND STUDY GAMES ABOUT RE EXAM

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FREE REAL ESTATE AND STUDY GAMES ABOUT RE EXAM

CHEAT SHEET

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -62 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Community Property

Answer:

All property acquired by a husband and wife after marriage unless it is acquired by gift, will or inheritance.

Question 2: Estate For Years

Answer:

A leasehold with a specific starting and ending date - it survives death or the sale of the property

Question 3: Leasehold

Answer:

the tenant's interest in the property. The tenant holds the lease.

Question 4: Leasehold Estate

Answer:

An interest in real property giving a party possession without ownership

Question 5: Personal property may become real property

Answer:

Attachment, adaption, agreement

Question 6: Condominium

Answer:

the owner actually owns real estate. This ownership is usually the air space and an interest as a tenant in common of the land.

Question 7: Adverse possession

Answer:

When someone uses your property, you may end up losing the property or having your rights to the property restricted.Question 8: To be eligible for a broker's license, if the business is a partnership, the designated person must be

Answer:

a general partner

Question 9: Dedication

Answer:

give up property voluntarily to the government. An example is a developer giving up streets in a subdivision.Question 10: To be eligible for a broker's license, if the business is a limited liability company, the designated person must be

Answer:

a manager of the company

Question 11: Life Estate With Reversion

Answer:

Set up so that at the end the property goes back to the original owner

Question 12: Tenancy in common

Answer:

Equal or unequal undivided ownership between two or more people is what characterizes this type of ownership. If an owner dies, the deceased person's share is conveyed to his or her heirs, not the other owners.

Question 13: Tenancy by the entirety

Answer:

Available only to married couples. This means that property may not be sold without the agreement of both parties. The right of survivorship exists to the extent that if one spouse dies, his/her interest reverts to the other spouse.

Question 14: Anti-trust Laws

Answer:

promote competition in an open marketplace

Question 15: Partition

Answer:

a legal proceeding to divide property owned by two or more people.

Question 16: Tax credit

Answer:

subtracted from taxes due.

Question 17: Fee Simple Estate

Answer:

Absolute ownership with all the rights associated with ownership of real property

Question 18: Grantee

Answer:

receives the property.

Question 19: Concurrent ownership

Answer:

co-owners hold title to undivided interest in the property

Question 20: 1968 Federal Fair Housing Act

Answer:

Protects race, color, religion, and national origin.

Question 21: Chattel Real Intangible Property

Answer:

Mortgages, leases, options and easements

Question 22: Homestead

Answer:

The residence property of a landowner; protected from forced sale by general creditors.

Question 23: Leased fee

Answer:

the owner or landlord's interest.

Question 24: Life Estate

Answer:

Ownership for the duration of one's life - cannot be willed to heirs; The three parties are the Grantor, Grantee and Remainder man.

Question 25: Avulsion

Answer:

the sudden loss of land by an act of nature like a landslide.

Question 26: Cooperative

Answer:

the owner owns shares in a corporation that owns a building. The shareholder also gets a proprietary lease, which enables the shareholder to occupy a unit.

Question 27: Exclusive agency listing

Answer:

Agents get paid in this type of agreement only if they sell the property. No fee is earned if the owner alone sells the property.