NATIONAL REAL ESTATE BROKER EXAM STUDY SET WITH
COMPLETE SOLUTIONS!!!! ALREADY GRADED A+ LATEST
UPDATE!!!
Bundle of rights - (ANSWER)PUTEE - Possession, Use, Transfer, Exclusion, Encumbrance
Real property - (ANSWER)Real estate (land + manmade attachments) + bundle of rights
Legal Title - (ANSWER)Full ownership of property + bundle of rights
Equitable Title - (ANSWER)Interest that gives the buyer the right to acquire legal title to a property if
certain contractual conditions occur.
Homestead - (ANSWER)Rights to principal residence
Fee simple - (ANSWER)Highest form of ownership interest - not limited by lifetime, defeasible [freehold]
Life Estate - (ANSWER)Passes to another (remainderman) upon death of named party. [freehold]
Conventional Life Estate - (ANSWER)Limited to the lifetime of a tenant, pur autre vie [freehold]
Legal Life Estate - (ANSWER)Statutory, designated to protect family survivors. [freehold]
Estate for years - (ANSWER)Specific, stated duration. No renewal [leasehold]
Estate from Period to Period (periodic) - (ANSWER)Renews automatically upon acceptance of rent; isn't
terminated unless specific action is taken [leasehold]
Estate at Will - (ANSWER)Indefinite estate created by will [leasehold]
,NATIONAL REAL ESTATE BROKER EXAM STUDY SET WITH
COMPLETE SOLUTIONS!!!! ALREADY GRADED A+ LATEST
UPDATE!!!
Estate at Sufferance - (ANSWER)Tenancy against Landlord's will without agreement [leasehold]
Tenancy in Severalty - (ANSWER)Possession
100% Ownership
Individual, Corporation or Ltd Partnership
Tenancy in Common - (ANSWER)Each owner can use the entire property (undivided interest, can be
unequal shares)
No right to survivorship (is inheritable)
Can happen by accident
Joint Tenancy - (ANSWER)Each owner can use the entire property - equal ownership shares with
undivided interest
Acquired at the same time by the same document
Right of survivorship - if one owner dies, remaining owners inherit their ownership (not inheritable)
Tenancy by the Entirety - (ANSWER)Marriage
Needs both signatures
Right of survivorship
Community Property - (ANSWER)Joint property ownership of unmarried tenants
Acquired by gift or inheritance
No right of survivorship
PITT - (ANSWER)Possession, Interest, Time, Title
Needed to create joint tenancy.
, NATIONAL REAL ESTATE BROKER EXAM STUDY SET WITH
COMPLETE SOLUTIONS!!!! ALREADY GRADED A+ LATEST
UPDATE!!!
Condominium (definition) - (ANSWER)Ownership of a unit of airspace and an undivided interest in the
common elements as a tenant in common with other tenants.
How is a condominium created? - (ANSWER)Developer's declaration
Condominium (features) - (ANSWER)May be sold, encumbered or foreclosed without affecting other unit
owners
Co-operatives - (ANSWER)Ownership of shares in owning corporation, plus proprietary lease in a unit.
The corporation has sole, undivided ownership.
Easement Appurtenant - (ANSWER)Dominant tenant's right to use or restrict adjacent servient tenant by
necessity to landlocked owners. (Attaches to the real estate)
Easement in Gross - (ANSWER)Personal easement, non-transferable and ends with the death of the
easement holder. Commercial easements in gross are transferable, granted to the business.
License - (ANSWER)Personal, doesn't attach (ends with death or contract), non-transferable, revocable
Lien theory state - (ANSWER)Lender of mortgaged property holds equitable title rather than legal title;
borrower holds legal title.
Title theory state - (ANSWER)Lender holds legal title to the mortgaged property until the mortgagor
satisfies the terms and obligations of the loan.
Superior liens - (ANSWER)By rank:
1) real estate taxes
COMPLETE SOLUTIONS!!!! ALREADY GRADED A+ LATEST
UPDATE!!!
Bundle of rights - (ANSWER)PUTEE - Possession, Use, Transfer, Exclusion, Encumbrance
Real property - (ANSWER)Real estate (land + manmade attachments) + bundle of rights
Legal Title - (ANSWER)Full ownership of property + bundle of rights
Equitable Title - (ANSWER)Interest that gives the buyer the right to acquire legal title to a property if
certain contractual conditions occur.
Homestead - (ANSWER)Rights to principal residence
Fee simple - (ANSWER)Highest form of ownership interest - not limited by lifetime, defeasible [freehold]
Life Estate - (ANSWER)Passes to another (remainderman) upon death of named party. [freehold]
Conventional Life Estate - (ANSWER)Limited to the lifetime of a tenant, pur autre vie [freehold]
Legal Life Estate - (ANSWER)Statutory, designated to protect family survivors. [freehold]
Estate for years - (ANSWER)Specific, stated duration. No renewal [leasehold]
Estate from Period to Period (periodic) - (ANSWER)Renews automatically upon acceptance of rent; isn't
terminated unless specific action is taken [leasehold]
Estate at Will - (ANSWER)Indefinite estate created by will [leasehold]
,NATIONAL REAL ESTATE BROKER EXAM STUDY SET WITH
COMPLETE SOLUTIONS!!!! ALREADY GRADED A+ LATEST
UPDATE!!!
Estate at Sufferance - (ANSWER)Tenancy against Landlord's will without agreement [leasehold]
Tenancy in Severalty - (ANSWER)Possession
100% Ownership
Individual, Corporation or Ltd Partnership
Tenancy in Common - (ANSWER)Each owner can use the entire property (undivided interest, can be
unequal shares)
No right to survivorship (is inheritable)
Can happen by accident
Joint Tenancy - (ANSWER)Each owner can use the entire property - equal ownership shares with
undivided interest
Acquired at the same time by the same document
Right of survivorship - if one owner dies, remaining owners inherit their ownership (not inheritable)
Tenancy by the Entirety - (ANSWER)Marriage
Needs both signatures
Right of survivorship
Community Property - (ANSWER)Joint property ownership of unmarried tenants
Acquired by gift or inheritance
No right of survivorship
PITT - (ANSWER)Possession, Interest, Time, Title
Needed to create joint tenancy.
, NATIONAL REAL ESTATE BROKER EXAM STUDY SET WITH
COMPLETE SOLUTIONS!!!! ALREADY GRADED A+ LATEST
UPDATE!!!
Condominium (definition) - (ANSWER)Ownership of a unit of airspace and an undivided interest in the
common elements as a tenant in common with other tenants.
How is a condominium created? - (ANSWER)Developer's declaration
Condominium (features) - (ANSWER)May be sold, encumbered or foreclosed without affecting other unit
owners
Co-operatives - (ANSWER)Ownership of shares in owning corporation, plus proprietary lease in a unit.
The corporation has sole, undivided ownership.
Easement Appurtenant - (ANSWER)Dominant tenant's right to use or restrict adjacent servient tenant by
necessity to landlocked owners. (Attaches to the real estate)
Easement in Gross - (ANSWER)Personal easement, non-transferable and ends with the death of the
easement holder. Commercial easements in gross are transferable, granted to the business.
License - (ANSWER)Personal, doesn't attach (ends with death or contract), non-transferable, revocable
Lien theory state - (ANSWER)Lender of mortgaged property holds equitable title rather than legal title;
borrower holds legal title.
Title theory state - (ANSWER)Lender holds legal title to the mortgaged property until the mortgagor
satisfies the terms and obligations of the loan.
Superior liens - (ANSWER)By rank:
1) real estate taxes
