PEARSON VUE EVALUATION TEST QUESTIONS AND
ANSWERS SET A+
✔✔What are real property securities? - ✔✔Investment in which investors are inactive
participants, such as limited partnerships, investment contracts, and real estate
investments trusts.
Condos sold as investments with a mandatory rental pool agreement are also real
property securities because the investor gives up management control to another.
✔✔Part of a legal description on a deed stated " 38 degrees 7'". What type of
description was it? - ✔✔Metes and bounds
✔✔A brother and sister hold land as joint tenants. The sister conveys one-half of her
interest to her husband. Ownership would now be held by the - ✔✔Brother sister and
her husband as tenants in common
✔✔An owner granted a life estate to another but retained a future interest, which was a
- ✔✔Reversionary interest
-The interest reverts back to the owners
✔✔K, who had a life estate for the life of L, leased the property to M for five years. What
would happen if K were to die. - ✔✔K's heirs would be entitled to K's interest
-the life estate is based on L's life
✔✔A person other than the grantor has a future interest in a life estate. That interest
would be - ✔✔a remainder interest
-a third-party future interest is a remainder interest. An interest that reverted to the
grantor would be a reversionary interest
, ✔✔A life estate was lost by merger. Merger occurred when the - ✔✔remainder interest
holder purchased the life tenant's interest.
-The life interest and remainder interest are merged into a single interest
✔✔The statutory right of a widow in the estate of her deceased husband is a -
✔✔dower right
-in some states, a wife is entitled to a percentage of her husband's real property and/or
a life estate in the husband's home upon the husbands death
✔✔J had to pay a stock transfer fee when he sold his unit. What type of development
was it? - ✔✔Cooperative
- each owner owns stock in a corporation and has the right to occupy a unity under a
propriety lease. unlike condo ownership, co-op taxes and mortgage payments are
generally made by the corporation, not by the individual owners.
✔✔A leased far is sold. The growing crops belong to the - ✔✔tenant.
-Growing crops are emblements
✔✔Which of the following rights is considered personal property? - ✔✔Tenant Rights
Tenants rights are chattels real (other rights are real property)
✔✔Owning property as tenants in common permits each owner to - ✔✔own unequal
shares
- Tenant-in-common interests need not be equal
✔✔A swimming pool in a condo development would be regarded as - ✔✔a common
element
- common areas for all owners
✔✔L,M, and N are joint tenants. N sells his interest to O, the M dies.
Which statement is true:
a. Ms heirs, O, and L are joint tenants
b. M's heirs and L are joint tenants, but O is a tenant in common
c. L's, O's, and M's heirs are all tenants in common
d. L and O are tenants in common - ✔✔L and O are tenants in common
ANSWERS SET A+
✔✔What are real property securities? - ✔✔Investment in which investors are inactive
participants, such as limited partnerships, investment contracts, and real estate
investments trusts.
Condos sold as investments with a mandatory rental pool agreement are also real
property securities because the investor gives up management control to another.
✔✔Part of a legal description on a deed stated " 38 degrees 7'". What type of
description was it? - ✔✔Metes and bounds
✔✔A brother and sister hold land as joint tenants. The sister conveys one-half of her
interest to her husband. Ownership would now be held by the - ✔✔Brother sister and
her husband as tenants in common
✔✔An owner granted a life estate to another but retained a future interest, which was a
- ✔✔Reversionary interest
-The interest reverts back to the owners
✔✔K, who had a life estate for the life of L, leased the property to M for five years. What
would happen if K were to die. - ✔✔K's heirs would be entitled to K's interest
-the life estate is based on L's life
✔✔A person other than the grantor has a future interest in a life estate. That interest
would be - ✔✔a remainder interest
-a third-party future interest is a remainder interest. An interest that reverted to the
grantor would be a reversionary interest
, ✔✔A life estate was lost by merger. Merger occurred when the - ✔✔remainder interest
holder purchased the life tenant's interest.
-The life interest and remainder interest are merged into a single interest
✔✔The statutory right of a widow in the estate of her deceased husband is a -
✔✔dower right
-in some states, a wife is entitled to a percentage of her husband's real property and/or
a life estate in the husband's home upon the husbands death
✔✔J had to pay a stock transfer fee when he sold his unit. What type of development
was it? - ✔✔Cooperative
- each owner owns stock in a corporation and has the right to occupy a unity under a
propriety lease. unlike condo ownership, co-op taxes and mortgage payments are
generally made by the corporation, not by the individual owners.
✔✔A leased far is sold. The growing crops belong to the - ✔✔tenant.
-Growing crops are emblements
✔✔Which of the following rights is considered personal property? - ✔✔Tenant Rights
Tenants rights are chattels real (other rights are real property)
✔✔Owning property as tenants in common permits each owner to - ✔✔own unequal
shares
- Tenant-in-common interests need not be equal
✔✔A swimming pool in a condo development would be regarded as - ✔✔a common
element
- common areas for all owners
✔✔L,M, and N are joint tenants. N sells his interest to O, the M dies.
Which statement is true:
a. Ms heirs, O, and L are joint tenants
b. M's heirs and L are joint tenants, but O is a tenant in common
c. L's, O's, and M's heirs are all tenants in common
d. L and O are tenants in common - ✔✔L and O are tenants in common
