REAL ESTATE EXPRESS EXAMS SET TESTED
QUESTIONS AND VERIFIED ANSWERS
●● What are the types of legal life estates?
Answer: Dower, a wife's interest in the husband's property; Curtesy, a
husband's interest in a wife's property; and Homestead, protection
against unsecured debts for the party who did not sign for the loan.
●● Due to the subdividing of lots on the lake, Jim's property is
surrounded on three sides by Louise's property. The only other boundary
is the lake. Jim can only get to his home by driving up Andrea's
driveway and behind her lake home to get to his own. How was the
easement in this situation created?
Answer: Necessity
●● Along a non-navigable stream, does an owner own the land, the
water, both, neither? What is this right?
Answer: The owner owns the land to the center of the stream and the
government owns the water. It is a Riparian Right.
●● Which are the four elements required for a valid contract?
Answer: Legally Competent Parties; Offer and Acceptance;
Consideration; and Legality of Object
, ●● Which of the following is not a fourfold unity?
Answer: Vesting
●● When is a real estate licensee considered a creditor?
Answer: If the licensee routinely assists sellers in determining whether a
proposed buyer in a land contract or purchase-money mortgage is
creditworthy.
●● Ensuring consumers are fully informed of all finance changes and
aware of the true annual interest rate are requirements of which
regulation?
Answer: Truth in Lending
●● Ramon did not pass his licensing examination. He didn't think it was
a possibility to fail and doesn't know what to do to re-take the test.
Ramon is not even sure he is allowed to take the examination a second
time. What are Ramon's options?
Answer: Both A and B
●● Kim, Chris, and Beth are all partners in a cosmetics firm. Kim is
leaving the partnership and wants to sell her shares of the business,
including the property owned by the partnership, to Chris and Beth. The
three partners own the property with the right of survivorship should one
or more of them die. The remaining partners are not interested in buying
Kim's interests. Kim has been unable to find a buyer for her share of the
partnership. She has now resorted to asking the court to either sell her
QUESTIONS AND VERIFIED ANSWERS
●● What are the types of legal life estates?
Answer: Dower, a wife's interest in the husband's property; Curtesy, a
husband's interest in a wife's property; and Homestead, protection
against unsecured debts for the party who did not sign for the loan.
●● Due to the subdividing of lots on the lake, Jim's property is
surrounded on three sides by Louise's property. The only other boundary
is the lake. Jim can only get to his home by driving up Andrea's
driveway and behind her lake home to get to his own. How was the
easement in this situation created?
Answer: Necessity
●● Along a non-navigable stream, does an owner own the land, the
water, both, neither? What is this right?
Answer: The owner owns the land to the center of the stream and the
government owns the water. It is a Riparian Right.
●● Which are the four elements required for a valid contract?
Answer: Legally Competent Parties; Offer and Acceptance;
Consideration; and Legality of Object
, ●● Which of the following is not a fourfold unity?
Answer: Vesting
●● When is a real estate licensee considered a creditor?
Answer: If the licensee routinely assists sellers in determining whether a
proposed buyer in a land contract or purchase-money mortgage is
creditworthy.
●● Ensuring consumers are fully informed of all finance changes and
aware of the true annual interest rate are requirements of which
regulation?
Answer: Truth in Lending
●● Ramon did not pass his licensing examination. He didn't think it was
a possibility to fail and doesn't know what to do to re-take the test.
Ramon is not even sure he is allowed to take the examination a second
time. What are Ramon's options?
Answer: Both A and B
●● Kim, Chris, and Beth are all partners in a cosmetics firm. Kim is
leaving the partnership and wants to sell her shares of the business,
including the property owned by the partnership, to Chris and Beth. The
three partners own the property with the right of survivorship should one
or more of them die. The remaining partners are not interested in buying
Kim's interests. Kim has been unable to find a buyer for her share of the
partnership. She has now resorted to asking the court to either sell her
