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REAL ESTATE U FINAL EXAM 100 QUESTIONS AND
CORRECT DETAILED ANSWERS 2025/2026
ALREADY GRADED A+
Principal - CORRECT ANSWER>>- The employer of an agent or broker;
the broker's or agent's client.
Price Fixing - CORRECT ANSWER>>- Conspiring to establish fixed fees or
prices for services or products.
Market Allocation - CORRECT ANSWER>>- An agreement between
members of a trade conspiring to refrain from competition in specific
market areas.
Independent Contractor Relationship - CORRECT ANSWER>>- A
person that provides services to another under terms specified in
a contract or within a verbal agreement. An independent
contractor is not an employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
Bundle of Rights - CORRECT ANSWER>>- The premise that the
ownership of real estate consists of the ownership of the various rights
associated with it. These rights include the right to use and/or copy, the
right to sell in whole or in part, the right to lease, the right to bequeath
and the right to do none of the foregoing.
- Includes the right to quiet enjoyment.
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Littoral Rights - CORRECT ANSWER>>- The right of a property owner
whose land borders on a body of water, such as a lake, ocean or sea, to
reasonable use and enjoyment of the shore and water the property
borders on.
Riparian Rights - CORRECT ANSWER>>The right of a property owner
whose land borders a natural water course, such as a river, to
reasonable use and enjoyment of the water that flows past the
property. Riparian literally means "riverbank."
Specific Lien - CORRECT ANSWER>>A lien that only binds to a specific
asset or property. Ex: Mortgage.
Voluntary Lien - CORRECT ANSWER>>A contractual or consensual lien
that is created by an action taken by the debtor, such as a mortgage
loan to buy real estate. Ex: Mortgage
Tax Lien - CORRECT ANSWER>>A lien imposed by law upon a property
to secure the payment of taxes.
Easement - CORRECT ANSWER>>A right to cross or otherwise use
someone else's property for a specified person.
Encumbrance - CORRECT ANSWER>>Any right to or interest in the land
interfering with its use or transfer, or subjecting it to an obligation.
Affirmative Easement Appurtenant - CORRECT ANSWER>>Parcels
without access to a public way may have an easement of access over
adjacent land if crossing that land is absolutely necessary to reach the
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landlocked parcel and there has been some original intent to provide
the lot with access.
Full Covenant and Warranty Deed - CORRECT ANSWER>>A type of
deed where the grantor guarantees that he or she holds clear title to a
piece of real estate and has a right to sell it to the grantee. This type of
deed contains the strongest guarantee of title.
Quitclaim Deed - CORRECT ANSWER>>A deed which conveys simply
the grantor's rights or interest in real estate, without any agreement or
covenant as to the nature or extent of that interest, or any other
covenants; usually used to remove a cloud from the title.
Habendum Clause - CORRECT ANSWER>>A clause in a deed or lease
that defines the type of interest and rights to be enjoyed by the grantee
or lessee. Also known as the "to have and to hold" clause.
Delivery and Acceptance - CORRECT ANSWER>>Legal policy mandates
that a deed to real property be a matter of public record; therefore,
subsequent to delivery and acceptance, a deed must be property
recorded.
Chain of Title - CORRECT ANSWER>>The sequence of historical
transfers of title to a property. It runs from the present owner back to
the original owner of the property.
Title - CORRECT ANSWER>>Legal term for a bundle of rights in a piece
of property in which a party may own either a legal interest or
equitable interest.
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Closing Statement - CORRECT ANSWER>>A document commonly used
in real estate transactions, detailing the fees, commissions, insurance,
etc., that must be transacted for a successful transfer of ownership to
take place.
Essential Elements of a Contract - CORRECT ANSWER>>1)
Consideration
2) Must be in writing
3) Must have competent parties
Estate for Years - CORRECT ANSWER>>A leasehold estate for any
specific period of time. An estate for years is not automatically
renewed.
Express Contract - CORRECT ANSWER>>A contract in which all
elements of a contract are specifically stated (offer, acceptance,
consideration)
Attorney Review Clause - CORRECT ANSWER>>Clause found in real
estate contracts that may allow buyers to walk away from an agreed
upon sale for any reason.
Mortgage Contingency Clause - CORRECT ANSWER>>A clause in a
contract that states a mortgage must be obtained in order for the
contract to be binding.
REAL ESTATE U FINAL EXAM 100 QUESTIONS AND
CORRECT DETAILED ANSWERS 2025/2026
ALREADY GRADED A+
Principal - CORRECT ANSWER>>- The employer of an agent or broker;
the broker's or agent's client.
Price Fixing - CORRECT ANSWER>>- Conspiring to establish fixed fees or
prices for services or products.
Market Allocation - CORRECT ANSWER>>- An agreement between
members of a trade conspiring to refrain from competition in specific
market areas.
Independent Contractor Relationship - CORRECT ANSWER>>- A
person that provides services to another under terms specified in
a contract or within a verbal agreement. An independent
contractor is not an employee.
- The agent does not have to work in a specific location
- The broker cannot control the agent's work activities
Bundle of Rights - CORRECT ANSWER>>- The premise that the
ownership of real estate consists of the ownership of the various rights
associated with it. These rights include the right to use and/or copy, the
right to sell in whole or in part, the right to lease, the right to bequeath
and the right to do none of the foregoing.
- Includes the right to quiet enjoyment.
,2
Littoral Rights - CORRECT ANSWER>>- The right of a property owner
whose land borders on a body of water, such as a lake, ocean or sea, to
reasonable use and enjoyment of the shore and water the property
borders on.
Riparian Rights - CORRECT ANSWER>>The right of a property owner
whose land borders a natural water course, such as a river, to
reasonable use and enjoyment of the water that flows past the
property. Riparian literally means "riverbank."
Specific Lien - CORRECT ANSWER>>A lien that only binds to a specific
asset or property. Ex: Mortgage.
Voluntary Lien - CORRECT ANSWER>>A contractual or consensual lien
that is created by an action taken by the debtor, such as a mortgage
loan to buy real estate. Ex: Mortgage
Tax Lien - CORRECT ANSWER>>A lien imposed by law upon a property
to secure the payment of taxes.
Easement - CORRECT ANSWER>>A right to cross or otherwise use
someone else's property for a specified person.
Encumbrance - CORRECT ANSWER>>Any right to or interest in the land
interfering with its use or transfer, or subjecting it to an obligation.
Affirmative Easement Appurtenant - CORRECT ANSWER>>Parcels
without access to a public way may have an easement of access over
adjacent land if crossing that land is absolutely necessary to reach the
,3
landlocked parcel and there has been some original intent to provide
the lot with access.
Full Covenant and Warranty Deed - CORRECT ANSWER>>A type of
deed where the grantor guarantees that he or she holds clear title to a
piece of real estate and has a right to sell it to the grantee. This type of
deed contains the strongest guarantee of title.
Quitclaim Deed - CORRECT ANSWER>>A deed which conveys simply
the grantor's rights or interest in real estate, without any agreement or
covenant as to the nature or extent of that interest, or any other
covenants; usually used to remove a cloud from the title.
Habendum Clause - CORRECT ANSWER>>A clause in a deed or lease
that defines the type of interest and rights to be enjoyed by the grantee
or lessee. Also known as the "to have and to hold" clause.
Delivery and Acceptance - CORRECT ANSWER>>Legal policy mandates
that a deed to real property be a matter of public record; therefore,
subsequent to delivery and acceptance, a deed must be property
recorded.
Chain of Title - CORRECT ANSWER>>The sequence of historical
transfers of title to a property. It runs from the present owner back to
the original owner of the property.
Title - CORRECT ANSWER>>Legal term for a bundle of rights in a piece
of property in which a party may own either a legal interest or
equitable interest.
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Closing Statement - CORRECT ANSWER>>A document commonly used
in real estate transactions, detailing the fees, commissions, insurance,
etc., that must be transacted for a successful transfer of ownership to
take place.
Essential Elements of a Contract - CORRECT ANSWER>>1)
Consideration
2) Must be in writing
3) Must have competent parties
Estate for Years - CORRECT ANSWER>>A leasehold estate for any
specific period of time. An estate for years is not automatically
renewed.
Express Contract - CORRECT ANSWER>>A contract in which all
elements of a contract are specifically stated (offer, acceptance,
consideration)
Attorney Review Clause - CORRECT ANSWER>>Clause found in real
estate contracts that may allow buyers to walk away from an agreed
upon sale for any reason.
Mortgage Contingency Clause - CORRECT ANSWER>>A clause in a
contract that states a mortgage must be obtained in order for the
contract to be binding.
