ROCKWELL REAL ESTATE 2026 STUDY GUIDE QUESTIONS
AND ANSWERS GUARANTEE A+
✔✔Estate At Will - ✔✔An estate at will has no specific term or rental interval.Rent is not
paid on a regular basis, or else it takes some form other than money.A landlord has to
give notice to terminate an estate at will.
✔✔Estate At Sufferance - ✔✔An estate at sufferance arises when a tenant who lawfully
took possession of the property stays on after the lease ends, without the permission of
the landlord.
✔✔Severalty - ✔✔Ownership in severalty is ownership by one individual (either one
natural person or one artificial person).
✔✔Concurrent Ownership - ✔✔Property is owned concurrently (co-owned) when two or
more persons have undivided interests in it.The forms of concurrent ownership
recognized in Washington are tenancy in common, joint tenancy, and community
property.
✔✔Tenancy In Common - ✔✔In a tenancy in common, the co-tenants' undivided
interests may be equal or unequal.There is no right of survivorship, so a tenant in
common's interest may be willed.
✔✔Joint Tenancy - ✔✔Joint tenants have equal undivided interests in the property.The
key characteristic of a joint tenancy is the right of survivorship.When a joint tenant dies,
her interest automatically passes to the surviving joint tenants.
✔✔Four Unities - ✔✔To establish or maintain a joint tenancy, there must be unity of
interest, time, title, and possession.
✔✔Unity Of Possession - ✔✔Both joint tenancy and tenancy in common involve unity of
possession.This means that all of the co-tenants have a right to possess the entire
property.
✔✔Community Property - ✔✔Community property is a form of co-ownership that exists
only between two married people.Everything that a married person owns in Washington
is either community property or his or her separate property.Each spouse has a 50%
undivided interest in the community property.
✔✔Seperate Property - ✔✔To be classified as a spouse's separate property, property
acquired during marriage must be one of the following: (1) acquired by gift or
inheritance, (2) purchased with separate funds, or (3) profits or proceeds from separate
property.
,✔✔Joinder - ✔✔The signatures of both spouses are necessary to list, sell, encumber, or
purchase community real property.
✔✔General Partnership - ✔✔In a general partnership, all of the partners have a say in
managing the company, and they are personally liable for the partnership's debts.
✔✔Partnership Property - ✔✔If property is acquired in a partnership's name, or if the
deed refers to the partnership, then the property is partnership property.Partners may
possess the property for partnership purposes.But an individual partner isn't a co-owner
of the partnership property, and has no transferable interest in it.
✔✔Limited Partnership - ✔✔A limited partnership has one or more general partners
who manage the business and have unlimited liability.It also has limited partners, who
may participate in management but usually are passive investors, and who have limited
liability.
✔✔Limited Liability - ✔✔Investors who have limited liability are not legally responsible
for the debts, the obligations, or the actions of the entity in which they have invested.
✔✔Corporation - ✔✔A corporation is an artificial person that is separate from its
stockholders.The stockholders have limited liability and elect a board of directors to
oversee the business.The board appoints the officers, who manage the business.
✔✔LLC - ✔✔In a limited liability company, all of the members have limited
liability.Unlike general partners, the managing members of an LLC are not personally
liable for the company's debts and obligations.And in contrast to most corporations,
LLCs are not subject to double taxation.
✔✔Joint Venture - ✔✔In a joint venture, two or more legal entities join together to
accomplish a particular project.A joint venture is not an ongoing business.
✔✔REIT - ✔✔In a real estate investment trust, there are at least one hundred investors,
and they have limited liability.To avoid double taxation, the REIT must distribute most of
its income to its investors.
✔✔Securities - ✔✔Securities are investment instruments that represent a financial
interest in an enterprise without direct managerial control over it, such as shares in a
corporation.Securities are subject to regulation by the Securities and Exchange
Commission at the federal level and to blue sky laws at the state level.
✔✔Condominium - ✔✔In a condominium, an owner has title to his dwelling unit.But he
shares ownership of the condominium's common elements with the other unit owners as
tenants in common.For most purposes, including financing and taxation, each unit is
treated as a separate property.
, ✔✔Common Elements - ✔✔The common elements are parts of the condominium
property that may be used by all of the residents.Ownership of a specific undivided
interest in the common elements is assigned to each unit in the condominium.
✔✔Limited Common Elements - ✔✔Certain features in a condominium, such as
assigned parking spaces or balconies, may be designated as limited common
elements.Ownership of a limited common element is shared by all of the unit
owners.However, the use of a limited common element is reserved for the owner of one
unit.
✔✔Cooperative - ✔✔In a cooperative, the units are not separately owned; instead, a
corporation has title to the whole property.A tenant owns shares in the corporation and
has a proprietary lease for a particular unit.The entire cooperative is taxed and financed
as a single property.
✔✔Timeshare - ✔✔A timeshare involves purchase of the right to use a property during
a particular time slot on a recurring basis.Real estate licensees may handle resales of
timeshares, but not first-time sales, which can be sold only by persons registered as
timeshare salespersons.
✔✔Patent - ✔✔A patent transfers real property from government ownership to private
ownership.
✔✔Warranty Deed - ✔✔The covenants in a warranty deed (sometimes known as a
general warranty deed) cover title defects arising before and during the grantor's period
of ownership.A warranty deed offers the grantee the most protection, and gives the
grantor the most liability.
✔✔Special Warranty Deed - ✔✔A special warranty deed limits its warranties to the
period the grantor owned the property.
✔✔After-Acquired Title - ✔✔Warranty deeds and special warranty deeds convey after-
acquired title.If the grantor did not own the property when the deed was executed, but
acquires title later, then title passes to the grantee.
✔✔Quitclaim Deed - ✔✔A quitclaim deed offers no warranties, conveys no after-
acquired title, and creates no liability for the grantor.It is typically used to clear away
clouds on title.
✔✔Essential Elements - ✔✔A deed must be in writing. It must identify the parties, be
signed by a competent grantor, and specify a living grantee.It must include words of
conveyance and an adequate property description.The deed must also be
acknowledged, delivered, and accepted.
AND ANSWERS GUARANTEE A+
✔✔Estate At Will - ✔✔An estate at will has no specific term or rental interval.Rent is not
paid on a regular basis, or else it takes some form other than money.A landlord has to
give notice to terminate an estate at will.
✔✔Estate At Sufferance - ✔✔An estate at sufferance arises when a tenant who lawfully
took possession of the property stays on after the lease ends, without the permission of
the landlord.
✔✔Severalty - ✔✔Ownership in severalty is ownership by one individual (either one
natural person or one artificial person).
✔✔Concurrent Ownership - ✔✔Property is owned concurrently (co-owned) when two or
more persons have undivided interests in it.The forms of concurrent ownership
recognized in Washington are tenancy in common, joint tenancy, and community
property.
✔✔Tenancy In Common - ✔✔In a tenancy in common, the co-tenants' undivided
interests may be equal or unequal.There is no right of survivorship, so a tenant in
common's interest may be willed.
✔✔Joint Tenancy - ✔✔Joint tenants have equal undivided interests in the property.The
key characteristic of a joint tenancy is the right of survivorship.When a joint tenant dies,
her interest automatically passes to the surviving joint tenants.
✔✔Four Unities - ✔✔To establish or maintain a joint tenancy, there must be unity of
interest, time, title, and possession.
✔✔Unity Of Possession - ✔✔Both joint tenancy and tenancy in common involve unity of
possession.This means that all of the co-tenants have a right to possess the entire
property.
✔✔Community Property - ✔✔Community property is a form of co-ownership that exists
only between two married people.Everything that a married person owns in Washington
is either community property or his or her separate property.Each spouse has a 50%
undivided interest in the community property.
✔✔Seperate Property - ✔✔To be classified as a spouse's separate property, property
acquired during marriage must be one of the following: (1) acquired by gift or
inheritance, (2) purchased with separate funds, or (3) profits or proceeds from separate
property.
,✔✔Joinder - ✔✔The signatures of both spouses are necessary to list, sell, encumber, or
purchase community real property.
✔✔General Partnership - ✔✔In a general partnership, all of the partners have a say in
managing the company, and they are personally liable for the partnership's debts.
✔✔Partnership Property - ✔✔If property is acquired in a partnership's name, or if the
deed refers to the partnership, then the property is partnership property.Partners may
possess the property for partnership purposes.But an individual partner isn't a co-owner
of the partnership property, and has no transferable interest in it.
✔✔Limited Partnership - ✔✔A limited partnership has one or more general partners
who manage the business and have unlimited liability.It also has limited partners, who
may participate in management but usually are passive investors, and who have limited
liability.
✔✔Limited Liability - ✔✔Investors who have limited liability are not legally responsible
for the debts, the obligations, or the actions of the entity in which they have invested.
✔✔Corporation - ✔✔A corporation is an artificial person that is separate from its
stockholders.The stockholders have limited liability and elect a board of directors to
oversee the business.The board appoints the officers, who manage the business.
✔✔LLC - ✔✔In a limited liability company, all of the members have limited
liability.Unlike general partners, the managing members of an LLC are not personally
liable for the company's debts and obligations.And in contrast to most corporations,
LLCs are not subject to double taxation.
✔✔Joint Venture - ✔✔In a joint venture, two or more legal entities join together to
accomplish a particular project.A joint venture is not an ongoing business.
✔✔REIT - ✔✔In a real estate investment trust, there are at least one hundred investors,
and they have limited liability.To avoid double taxation, the REIT must distribute most of
its income to its investors.
✔✔Securities - ✔✔Securities are investment instruments that represent a financial
interest in an enterprise without direct managerial control over it, such as shares in a
corporation.Securities are subject to regulation by the Securities and Exchange
Commission at the federal level and to blue sky laws at the state level.
✔✔Condominium - ✔✔In a condominium, an owner has title to his dwelling unit.But he
shares ownership of the condominium's common elements with the other unit owners as
tenants in common.For most purposes, including financing and taxation, each unit is
treated as a separate property.
, ✔✔Common Elements - ✔✔The common elements are parts of the condominium
property that may be used by all of the residents.Ownership of a specific undivided
interest in the common elements is assigned to each unit in the condominium.
✔✔Limited Common Elements - ✔✔Certain features in a condominium, such as
assigned parking spaces or balconies, may be designated as limited common
elements.Ownership of a limited common element is shared by all of the unit
owners.However, the use of a limited common element is reserved for the owner of one
unit.
✔✔Cooperative - ✔✔In a cooperative, the units are not separately owned; instead, a
corporation has title to the whole property.A tenant owns shares in the corporation and
has a proprietary lease for a particular unit.The entire cooperative is taxed and financed
as a single property.
✔✔Timeshare - ✔✔A timeshare involves purchase of the right to use a property during
a particular time slot on a recurring basis.Real estate licensees may handle resales of
timeshares, but not first-time sales, which can be sold only by persons registered as
timeshare salespersons.
✔✔Patent - ✔✔A patent transfers real property from government ownership to private
ownership.
✔✔Warranty Deed - ✔✔The covenants in a warranty deed (sometimes known as a
general warranty deed) cover title defects arising before and during the grantor's period
of ownership.A warranty deed offers the grantee the most protection, and gives the
grantor the most liability.
✔✔Special Warranty Deed - ✔✔A special warranty deed limits its warranties to the
period the grantor owned the property.
✔✔After-Acquired Title - ✔✔Warranty deeds and special warranty deeds convey after-
acquired title.If the grantor did not own the property when the deed was executed, but
acquires title later, then title passes to the grantee.
✔✔Quitclaim Deed - ✔✔A quitclaim deed offers no warranties, conveys no after-
acquired title, and creates no liability for the grantor.It is typically used to clear away
clouds on title.
✔✔Essential Elements - ✔✔A deed must be in writing. It must identify the parties, be
signed by a competent grantor, and specify a living grantee.It must include words of
conveyance and an adequate property description.The deed must also be
acknowledged, delivered, and accepted.
