REE 3043 Exam 1 UPDATED ACTUAL
Exam Questions and CORRECT Answers
Which methods does the federal government use to influence the real estate market? -
CORRECT ANSWER - income tax incentives, fair housing laws, granting housing
subsidies
The term "real estate" is used in three fundamental ways. These include all of the following
EXCEPT : - CORRECT ANSWER - to identify all types of property.
Which of the following statements define the role of Real Estate in our economy? - CORRECT
ANSWER - All of these statements are correct.
What two elements are involved in every real estate investment decision? - CORRECT
ANSWER - Initial cost and value of future benefit.
Approximately what portion of U.S. households owns their own home? - CORRECT
ANSWER - Approximately two-thirds
The total value of owner-occupied housing and investible commercial real estate in the United
States is estimated to be approximately: - CORRECT ANSWER - $16 Trillion
Judgment liens against an owner of real estate may be nullified or limited by: - CORRECT
ANSWER - state laws governing homesteads.
In Florida, designating a principal residence as a homestead: - CORRECT ANSWER -
usually creates automatic protection of the residence from general liens up to some limit.
Liens which arise from construction and other improvements to real estate are called: -
CORRECT ANSWER - mechanics' liens
, Rules used by the courts to determine whether something is a fixture include all EXCEPT -
CORRECT ANSWER - Law of Capture.
Which of the following marriage-related forms of co-ownership gives the surviving spouse, one-
third life estate in real property, but ignores personal property wealth, of the decedent? -
CORRECT ANSWER - Dower/Curtesy
The form of property ownership which involves choice of floating time intervals and resorts, has
a questionable history, and should never be viewed as a financial investment is: - CORRECT
ANSWER - Timeshare
Jasmine received an inheritance, from her grandfather, of 40 acres of land. She is trying to decide
if she should develop the land, sell it, or just keep it as is. Her lawyer told her she is free to do
whatever she wants. This is an example of which type of ownership estate? - CORRECT
ANSWER - Fee simple absolute.
The city of Grand Rapids installed a new water main on Oak Street. The city then decided to
charge the property owners along Oak Street a proportional cost of the new water main. If a
property owner refuses to pay their proportional share of the cost, the city may file - CORRECT
ANSWER - an assessment lien
A legally binding promise for which the grantor becomes liable is: - CORRECT
ANSWER - a covenant.
The task of examining the evidence, regarding property ownership, in the public records is
known as: - CORRECT ANSWER - a title search.
Legal ownership of real property is evidenced by: - CORRECT ANSWER - a deed.
The developer of a residential subdivision is usually required to file a ________ in public records
which shows the location of the streets as well as the lot and block numbers of each parcel within
the subdivision. - CORRECT ANSWER - plat map
Exam Questions and CORRECT Answers
Which methods does the federal government use to influence the real estate market? -
CORRECT ANSWER - income tax incentives, fair housing laws, granting housing
subsidies
The term "real estate" is used in three fundamental ways. These include all of the following
EXCEPT : - CORRECT ANSWER - to identify all types of property.
Which of the following statements define the role of Real Estate in our economy? - CORRECT
ANSWER - All of these statements are correct.
What two elements are involved in every real estate investment decision? - CORRECT
ANSWER - Initial cost and value of future benefit.
Approximately what portion of U.S. households owns their own home? - CORRECT
ANSWER - Approximately two-thirds
The total value of owner-occupied housing and investible commercial real estate in the United
States is estimated to be approximately: - CORRECT ANSWER - $16 Trillion
Judgment liens against an owner of real estate may be nullified or limited by: - CORRECT
ANSWER - state laws governing homesteads.
In Florida, designating a principal residence as a homestead: - CORRECT ANSWER -
usually creates automatic protection of the residence from general liens up to some limit.
Liens which arise from construction and other improvements to real estate are called: -
CORRECT ANSWER - mechanics' liens
, Rules used by the courts to determine whether something is a fixture include all EXCEPT -
CORRECT ANSWER - Law of Capture.
Which of the following marriage-related forms of co-ownership gives the surviving spouse, one-
third life estate in real property, but ignores personal property wealth, of the decedent? -
CORRECT ANSWER - Dower/Curtesy
The form of property ownership which involves choice of floating time intervals and resorts, has
a questionable history, and should never be viewed as a financial investment is: - CORRECT
ANSWER - Timeshare
Jasmine received an inheritance, from her grandfather, of 40 acres of land. She is trying to decide
if she should develop the land, sell it, or just keep it as is. Her lawyer told her she is free to do
whatever she wants. This is an example of which type of ownership estate? - CORRECT
ANSWER - Fee simple absolute.
The city of Grand Rapids installed a new water main on Oak Street. The city then decided to
charge the property owners along Oak Street a proportional cost of the new water main. If a
property owner refuses to pay their proportional share of the cost, the city may file - CORRECT
ANSWER - an assessment lien
A legally binding promise for which the grantor becomes liable is: - CORRECT
ANSWER - a covenant.
The task of examining the evidence, regarding property ownership, in the public records is
known as: - CORRECT ANSWER - a title search.
Legal ownership of real property is evidenced by: - CORRECT ANSWER - a deed.
The developer of a residential subdivision is usually required to file a ________ in public records
which shows the location of the streets as well as the lot and block numbers of each parcel within
the subdivision. - CORRECT ANSWER - plat map
