PPLE EXAM EXAM STUDY GUIDE 2026
PRACTICE QUESTIONS WITH FULL SOLUTION
GRADED A+
◉ What is the main difference between tendency in common and
joint tendency is that with tendency in common, when a co-owner
dies? Answer: the undivided interest passes to his heirs
◉ A tenant rented an apartment signing a 15 month lease. After the
lease expired, the tenant paid 1 month's rent and got a receipt. What
kind of leasehold does this tenant have? Answer: Tenancy at will
◉ Although states make specific laws governing water rights and the
rights in land that borders water, most states generally follow one of
two basic doctrines regarding water rights. Either riparian and
littoral rights are automatically conveyed with property, or all water
rights are controlled by the state under the doctrine of? Answer:
prior appropriation
◉ Legal description using the government survey system are not
generally used in? Answer: the original 13 states
◉ An owner hired a construction company to build a swimming pool
at a new home. The owner failed to pay the bill once the work was
,completed and the construction company filed a lien to obtain
payment of the debt. The encumbrance created is called? Answer: a
mechanic's lien
◉ Building codes are? Answer: ordinances that specify construction
standards
◉ An environmental impact statement (IES) Answer: projects the
impact on environment or proposed project
◉ A lawsuit for inverse condemnation may be brought by Answer:
the homeowner
◉ A deed restriction is applicable to the activities of? Answer: all
owners present and future
◉ A land owner wishes to build a neighborhood grocery store on a
busy street in an area zoned for residential use. What would most
likely be used to obtain permission for this store? Answer:
Conditional use permit or zoning variance
◉ When preparing a market data estimate of value, what category of
adjustment is NOT essential? Answer: the original cost of the
building
, ◉ Depreciation is calculated based on the? Answer: cost of the
building only
◉ A competitive market analysis is MOST often used for? Answer:
setting a listing price
◉ A prospective seller asks a salesperson to recommend a listing
price for a property. The salesperson should suggest? Answer: a
competitive market analysis to determine the property's value
◉ A couple owns an older home in a neighborhood that is becoming
a commercial area. Because of the change in the use of the land, the
couple can expect the value of their parcel to increase at some future
time. This is an example of the principle of Answer: anticipation
◉ A formal appraisal will ALWAYS be REQUIRED when the Answer:
lender wants to sell the mortgage to the secondary market
◉ If all other factors are equal, in which location is a parking lot
likely to bring the highest sales price? Answer: Business district
zoned for a six-story office building
◉ Federal Truth-in-lending laws are also known as? Answer:
regulation z.
PRACTICE QUESTIONS WITH FULL SOLUTION
GRADED A+
◉ What is the main difference between tendency in common and
joint tendency is that with tendency in common, when a co-owner
dies? Answer: the undivided interest passes to his heirs
◉ A tenant rented an apartment signing a 15 month lease. After the
lease expired, the tenant paid 1 month's rent and got a receipt. What
kind of leasehold does this tenant have? Answer: Tenancy at will
◉ Although states make specific laws governing water rights and the
rights in land that borders water, most states generally follow one of
two basic doctrines regarding water rights. Either riparian and
littoral rights are automatically conveyed with property, or all water
rights are controlled by the state under the doctrine of? Answer:
prior appropriation
◉ Legal description using the government survey system are not
generally used in? Answer: the original 13 states
◉ An owner hired a construction company to build a swimming pool
at a new home. The owner failed to pay the bill once the work was
,completed and the construction company filed a lien to obtain
payment of the debt. The encumbrance created is called? Answer: a
mechanic's lien
◉ Building codes are? Answer: ordinances that specify construction
standards
◉ An environmental impact statement (IES) Answer: projects the
impact on environment or proposed project
◉ A lawsuit for inverse condemnation may be brought by Answer:
the homeowner
◉ A deed restriction is applicable to the activities of? Answer: all
owners present and future
◉ A land owner wishes to build a neighborhood grocery store on a
busy street in an area zoned for residential use. What would most
likely be used to obtain permission for this store? Answer:
Conditional use permit or zoning variance
◉ When preparing a market data estimate of value, what category of
adjustment is NOT essential? Answer: the original cost of the
building
, ◉ Depreciation is calculated based on the? Answer: cost of the
building only
◉ A competitive market analysis is MOST often used for? Answer:
setting a listing price
◉ A prospective seller asks a salesperson to recommend a listing
price for a property. The salesperson should suggest? Answer: a
competitive market analysis to determine the property's value
◉ A couple owns an older home in a neighborhood that is becoming
a commercial area. Because of the change in the use of the land, the
couple can expect the value of their parcel to increase at some future
time. This is an example of the principle of Answer: anticipation
◉ A formal appraisal will ALWAYS be REQUIRED when the Answer:
lender wants to sell the mortgage to the secondary market
◉ If all other factors are equal, in which location is a parking lot
likely to bring the highest sales price? Answer: Business district
zoned for a six-story office building
◉ Federal Truth-in-lending laws are also known as? Answer:
regulation z.
