NATIONAL EXAM PORTION FOR OHIO REAL
ESTATE EXAM QUESTIONS AND 100% CORRECT
ANSWERS|LATEST 2025/2026|GRADED A+
Tenancy at Will - ANSWER No written agreement, and can be terminated at any time
by landlord or tenant
Tenancy at sufferance - ANSWER Tenant is allowed to live on property after lease is
over but before they are forced off the property
Tenants in common - ANSWER Ownership where tenants could have different
amounts of ownership. If passed away heir will take over the undivided ownership (no
survivorship)
Joint Tenants - ANSWER 2 or more people own equal rights with the right of
survivorship
Tenancy by the Entirety - ANSWER Spouses with equal undivided ownership interests
Net Lease - ANSWER lessee pays a portion or all of the taxes, insurance fees, and
maintenance costs for a property in addition to rent
Actual Eviction - ANSWER physical expulsion of a person from land or rental property
(relieves lessee from owing rent)
Constructive Eviction - ANSWER Landlord so materially disturbs a tenant's enjoyment
of the leased premises that the tenant is forced to move out and terminate the lease
Percentage Lease - ANSWER Based on a percentage of the monthly or annual gross
sales made on the premises
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,Ground Lease - ANSWER A lease of land only, on which the tenant usually owns a
building or is required to build as specified in the lease. Such leases are usually long-term
net leases; the tenant's rights and obligations continue until the lease expires or is
terminated through default.
Hold over Tenant - ANSWER A lessee who stays on property after the expiration of the
lease, can work in the lessee's favor if the lessor continues to accept rent, but the lessee may
be evicted if not
Gross Lease - ANSWER Lessee pays the property owner a flat rental fee in exchange for
the exclusive use of the property (includes taxes, utilities, and insurance)
Multi Peril Insurance - ANSWER insurance that bundles together multiple coverages
(business crime, business automobile, boiler and machinery, marine, or farm)
Capital Gain - ANSWER Net selling price of a property - its adjusted basis
Adjusted Basis - ANSWER Investor's initial cost + cost of physical improvements -
depreciation claimed as a tax deduction
Title Theory State - ANSWER Banks or mortgage lenders hold the title of a property
until it is paid in full
Foreclosure occurs through non-judicial proceedings, so lenders can foreclose without a
hearing
Lien Theory State (Ohio) - ANSWER Banks or mortgage lenders never retain title to the
property. Instead, the mortgage lender holds a lien against the property
Foreclosure occurs with judicial methods (lawsuits)
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, Acres to Square Feet - ANSWER 1 acre = 43,560
Acres to Square Yards - ANSWER 1 acre = 4840
Acres in a Section - ANSWER 640
Sections in a Township - ANSWER 36
Capitalization Rate - ANSWER Indicates the rate of return that is expected to be
generated on a real estate investment property
Formula:
Net Operating Income / Current Market Value
Land Contract (Contract for Deed) - ANSWER A written contract of seller financing,
where the buyer makes payments until the price is paid in full. As soon as the buyer is
making payments, they have an equitable title to the property
Mortgagor - ANSWER Borrower
Mortgagee - ANSWER Lender
General Lien - ANSWER Applies to all property
Specific Lien - ANSWER only applies to a specific property
Option - ANSWER The seller offers the buyer the option to buy a property by a
specified period of time at a fixed price
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ESTATE EXAM QUESTIONS AND 100% CORRECT
ANSWERS|LATEST 2025/2026|GRADED A+
Tenancy at Will - ANSWER No written agreement, and can be terminated at any time
by landlord or tenant
Tenancy at sufferance - ANSWER Tenant is allowed to live on property after lease is
over but before they are forced off the property
Tenants in common - ANSWER Ownership where tenants could have different
amounts of ownership. If passed away heir will take over the undivided ownership (no
survivorship)
Joint Tenants - ANSWER 2 or more people own equal rights with the right of
survivorship
Tenancy by the Entirety - ANSWER Spouses with equal undivided ownership interests
Net Lease - ANSWER lessee pays a portion or all of the taxes, insurance fees, and
maintenance costs for a property in addition to rent
Actual Eviction - ANSWER physical expulsion of a person from land or rental property
(relieves lessee from owing rent)
Constructive Eviction - ANSWER Landlord so materially disturbs a tenant's enjoyment
of the leased premises that the tenant is forced to move out and terminate the lease
Percentage Lease - ANSWER Based on a percentage of the monthly or annual gross
sales made on the premises
1
Wicky
,Ground Lease - ANSWER A lease of land only, on which the tenant usually owns a
building or is required to build as specified in the lease. Such leases are usually long-term
net leases; the tenant's rights and obligations continue until the lease expires or is
terminated through default.
Hold over Tenant - ANSWER A lessee who stays on property after the expiration of the
lease, can work in the lessee's favor if the lessor continues to accept rent, but the lessee may
be evicted if not
Gross Lease - ANSWER Lessee pays the property owner a flat rental fee in exchange for
the exclusive use of the property (includes taxes, utilities, and insurance)
Multi Peril Insurance - ANSWER insurance that bundles together multiple coverages
(business crime, business automobile, boiler and machinery, marine, or farm)
Capital Gain - ANSWER Net selling price of a property - its adjusted basis
Adjusted Basis - ANSWER Investor's initial cost + cost of physical improvements -
depreciation claimed as a tax deduction
Title Theory State - ANSWER Banks or mortgage lenders hold the title of a property
until it is paid in full
Foreclosure occurs through non-judicial proceedings, so lenders can foreclose without a
hearing
Lien Theory State (Ohio) - ANSWER Banks or mortgage lenders never retain title to the
property. Instead, the mortgage lender holds a lien against the property
Foreclosure occurs with judicial methods (lawsuits)
2
Wicky
, Acres to Square Feet - ANSWER 1 acre = 43,560
Acres to Square Yards - ANSWER 1 acre = 4840
Acres in a Section - ANSWER 640
Sections in a Township - ANSWER 36
Capitalization Rate - ANSWER Indicates the rate of return that is expected to be
generated on a real estate investment property
Formula:
Net Operating Income / Current Market Value
Land Contract (Contract for Deed) - ANSWER A written contract of seller financing,
where the buyer makes payments until the price is paid in full. As soon as the buyer is
making payments, they have an equitable title to the property
Mortgagor - ANSWER Borrower
Mortgagee - ANSWER Lender
General Lien - ANSWER Applies to all property
Specific Lien - ANSWER only applies to a specific property
Option - ANSWER The seller offers the buyer the option to buy a property by a
specified period of time at a fixed price
3
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