New Jersey Practice Exam
A farmer temporarily installs produce
coolers in a leased farm stand in order
to prevent spoilage.
The coolers would be considered which
of the following?
Trade fixtures that are personal property.
a. Trade fixtures that are real property.
b. Trade fixtures that are personal prop-
erty.
c. Temporary real property.
d. Emblements.
Property can be converted from real
to personal property and from personal
property to real property by means of
which processes, respectively?
Severance and affixing.
a. Assemblage and plottage.
b. Application and dissolution.
c. Severance and affixing.
d. Planting and harvesting.
The highest form of ownership interest
one can acquire in real estate is the
a. legal life estate. absolute fee simple estate.
b. conventional life estate.
c. defeasible fee simple estate.
d. absolute fee simple estate.
The distinguishing feature of a defeasi-
ble fee simple estate is that
a. it can be passed on to heirs. the estate may revert to a grantor or heirs
b. it has no restrictions on use. if the prescribed use changes.
c. the estate may revert to a grantor or
heirs if the prescribed use changes.
d. it is of unlimited duration.
Maria acquires a property from her uncle
Alfonso. When Maria dies, the estate will
, New Jersey Practice Exam
pass to Alfonso's other niece, Serena.
The type of estate that Maria has in the
property is a
conventional life estate.
a. conventional life estate.
b. legal life estate.
c. fee simple defeasible estate.
d. tenancy by the entireties.
One difference between a cooperative
estate and a condominium estate is that
a. a condominium owner owns a unit of
air space whereas the co-op owner owns
a proprietary lease.
b. a condominium sale adversely affects
a condominium owner owns a unit of air
other unit owners.
space whereas the co-op owner owns a
c. the coop owner owns stock and a
proprietary lease.
freehold real estate interest whereas the
condominium owner simply a proprietary
lease.
d. the condominium owner owns the
common elements and the airspace
whereas the coop owner only owns the
apartment.
Who are the essential parties involved in
an estate in trust?
a. Owner, trustor and lawyer. Trustor, trustee and beneficiary.
b. Owner, trustor and trustee.
c. Trustee, title company, and beneficiary.
d. Trustor, trustee and beneficiary.
A condominium owner enjoys a
a. share in an association that owns fee simple ownership of the airspace in a
one's apartment. unit and an undivided share of the entire
b. tenancy in common interest in air- property's common areas.
space and common areas of the proper-
ty.
, New Jersey Practice Exam
c. fee simple ownership of the airspace
in a unit and an undivided share of the
entire property's common areas.
d. fee simple ownership of a pro rata
share of the entire property.
With various types of junior liens, the
order of payment priority is generally es-
tablished according to
the date of recordation.
a. the date of recordation.
b. what form of tax is in question.
c. the order of disbursement.
d. whether the lien was subordinated.
What is a lien-theory state in contrast to
a title-theory state?
a. A state in which liens are given priority
over other encumbrances.
b. A state in which a mortgagor retains A state in which a mortgagor retains title
title to the property when a mortgage lien to the property when a mortgage lien is
is created. created.
c. A state in which the holder of a mort-
gage lien receives title to the mortgaged
property until the debt is satisfied.
d. A state in which liens must be record-
ed to be enforceable.
A property owner has an easement ap-
purtenant on her property. One day the
property is sold to another party who is
opposed to the easement. Following the
closing, this particular form of easement
transfers with the property.
a. terminates.
b. transfers with the property.
c. transfers with the owner to a new prop-
erty.
d. becomes a license on the property.
A farmer temporarily installs produce
coolers in a leased farm stand in order
to prevent spoilage.
The coolers would be considered which
of the following?
Trade fixtures that are personal property.
a. Trade fixtures that are real property.
b. Trade fixtures that are personal prop-
erty.
c. Temporary real property.
d. Emblements.
Property can be converted from real
to personal property and from personal
property to real property by means of
which processes, respectively?
Severance and affixing.
a. Assemblage and plottage.
b. Application and dissolution.
c. Severance and affixing.
d. Planting and harvesting.
The highest form of ownership interest
one can acquire in real estate is the
a. legal life estate. absolute fee simple estate.
b. conventional life estate.
c. defeasible fee simple estate.
d. absolute fee simple estate.
The distinguishing feature of a defeasi-
ble fee simple estate is that
a. it can be passed on to heirs. the estate may revert to a grantor or heirs
b. it has no restrictions on use. if the prescribed use changes.
c. the estate may revert to a grantor or
heirs if the prescribed use changes.
d. it is of unlimited duration.
Maria acquires a property from her uncle
Alfonso. When Maria dies, the estate will
, New Jersey Practice Exam
pass to Alfonso's other niece, Serena.
The type of estate that Maria has in the
property is a
conventional life estate.
a. conventional life estate.
b. legal life estate.
c. fee simple defeasible estate.
d. tenancy by the entireties.
One difference between a cooperative
estate and a condominium estate is that
a. a condominium owner owns a unit of
air space whereas the co-op owner owns
a proprietary lease.
b. a condominium sale adversely affects
a condominium owner owns a unit of air
other unit owners.
space whereas the co-op owner owns a
c. the coop owner owns stock and a
proprietary lease.
freehold real estate interest whereas the
condominium owner simply a proprietary
lease.
d. the condominium owner owns the
common elements and the airspace
whereas the coop owner only owns the
apartment.
Who are the essential parties involved in
an estate in trust?
a. Owner, trustor and lawyer. Trustor, trustee and beneficiary.
b. Owner, trustor and trustee.
c. Trustee, title company, and beneficiary.
d. Trustor, trustee and beneficiary.
A condominium owner enjoys a
a. share in an association that owns fee simple ownership of the airspace in a
one's apartment. unit and an undivided share of the entire
b. tenancy in common interest in air- property's common areas.
space and common areas of the proper-
ty.
, New Jersey Practice Exam
c. fee simple ownership of the airspace
in a unit and an undivided share of the
entire property's common areas.
d. fee simple ownership of a pro rata
share of the entire property.
With various types of junior liens, the
order of payment priority is generally es-
tablished according to
the date of recordation.
a. the date of recordation.
b. what form of tax is in question.
c. the order of disbursement.
d. whether the lien was subordinated.
What is a lien-theory state in contrast to
a title-theory state?
a. A state in which liens are given priority
over other encumbrances.
b. A state in which a mortgagor retains A state in which a mortgagor retains title
title to the property when a mortgage lien to the property when a mortgage lien is
is created. created.
c. A state in which the holder of a mort-
gage lien receives title to the mortgaged
property until the debt is satisfied.
d. A state in which liens must be record-
ed to be enforceable.
A property owner has an easement ap-
purtenant on her property. One day the
property is sold to another party who is
opposed to the easement. Following the
closing, this particular form of easement
transfers with the property.
a. terminates.
b. transfers with the property.
c. transfers with the owner to a new prop-
erty.
d. becomes a license on the property.
