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REAL ESTATE FUNDAMENTALS NEWEST ACTUAL EXAM COMPLETE 230 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
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REAL ESTATE FUNDAMENTALS NEWEST 2026-2027
ACTUAL EXAM COMPLETE 230 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
Garett was approached by another school to lease a portion of
his office space to them for an upcoming training seminar. If he
was to lease the space, what would this be referred to as?* -
ANSWER- Sublease
Garett was approached by another school to lease the entire
office space to them for an upcoming training seminar. If he
were to lease the space, it would be referred to as what?* -
ANSWER- Assignment
This waives a tenant's right to any legal defense, thereby
allowing a landlord to pursue a judgment for unpaid rent in the
court of law: - ANSWER- Confession of Judgement
Patricia owns an apartment building, and one of her leased units
is overdue on rent. She begins the eviction ___________toward
actual eviction to take back process and provides notice of intent
to evict. Thereafter, she files a the rental unit: * - ANSWERSuit for Possession
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This is the warranty which guarantees that any leased property
must be habitable for a tenant?" - ANSWER- Warranty of
Habitability
Xiomara receives an invoice in the mail for her commercial
lease. On the lease is one base payment and no additional fees.
In its basic form, what type of lease would this be? - ANSWERGross Lease
Xiomara receives an invoice in the mail for her commercial
lease. On the invoice, there is a base fee of rent as well as a
portion of property taxes, building insurance, and maintenance
fees. In its basic form, what type of lease would this be?* -
ANSWER- Net Lease
This is a lease where any of the real property constructed
becomes the property of the landlord at the end of the lease
term? - ANSWER- Ground Lease
Mike, a residential landlord, just placed a new tenant, Julie, who
signed a long-term lease of 5 years. Julie gave a $2,000 security
deposit to be held while she lives in Mike's property. By law,
after how many years is Mike requirad to place Julie's security
deposit in an interest bearing account? - ANSWER- 3 Years
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Dr. Gum wants to install brand new dental equipment in his
practice. However, most of his equity is currently tied up in the
building that he owns. What might be a feasible option for Dr.
Gum in order to free up equity while not having to move his
practice? - ANSWER- Sale and Leaseback
Xiomara receives an invoice in the mail for her commercial
lease. On the invoice, there is a base fee of rent as well as a
portion of property taxes, building insurance, and maintenance
fees. In its basic form, what type of lease would this be? * -
ANSWER- Net Lease
When title is held by one owner or entity, it is referred to as
what? - ANSWER- Severalty
John wants to sell his portion of ownership interest in a lake
house in which he is a tenant in common. What must he do
before he sells his interest? - ANSWER- Nothing, he can do
what he wants with his share
These are the four unities that must be present for joint tenancy
to exist: - ANSWER- Possession, Interest, Time, and Title
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To be considered tenants in common, ownership interests must
be distributed how? - ANSWER- unproportional shares
distributed however owners see fit
Pat and Carlton are tenants in common. Pat dies testate, and
John is assigned as the devisee. Based upon this, who would
Cartton own the property with? - ANSWER- With John
Under joint tenancy, how is ownership interest distributed? -
ANSWER- They must be equal to all parties
Zack. Chris, Kenny, and Nate own a hunting cabin together as
Joint Tenants, Nate dies, and his wife Patty is now in charge of
his estate. Therefore, who would be the rightful owners of this
hunting cabin? " - ANSWER- Zack, Chris, and Kenny
This causes a fractional ownership interest to be passed directly
back to the other co-owners in a Joint Tenancy: - ANSWERRight of Survivorship
This is the form of ownership that is given specifically to
husband and wife?* - ANSWER- Tenants by EntiretyÂ
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