RECA - Fundamentals Study Guide Unit 7 Quiz (Weighted 9%) Questions and Correct Answers/ Latest Update / Already Graded

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RECA - Fundamentals Study Guide Unit
7 Quiz (Weighted 9%) Questions and
Correct Answers/ Latest Update /
Already Graded
Real Estate


Ans: Refers to the raw land plus any improvements that are permanent or

fixed to the land.




Real Property


Ans: Refers to the tangible attributes of the land (Real Estate) as well as

the intangible rights of ownership




What are some characteristics of land?


Ans: Durable, Rigid, Immobile, Unique, Scarce




Fee Simple

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Ans: The highest interest in real estate recognized by the law; the holder is

entitled to all rights to the property.




Leasehold


Ans: Grants a tenant exclusive use to a property for a period of time and

the tenant pays the landlord rent for use.




Life Estate


Ans: Grants a person a life interest in the land for their lifetime.




Joint Tenancy


Ans: co-ownership of property with equal interests and the right of

survivorship. If one owner dies, interests get passed to the other party




Sole Ownership