ACEABLE AGENT REAL ESTATE PRINCIPLES
FINAL PAPER 2026 QUESTIONS WITH FULL
ANSWERS
◉ In Greenacre is deeded by Lou to Mary for Mary's life, Lou has
a. a life estate.
b. an estate in remainder.
c. an estate in reversion.
d. no interest. Answer: C. An estate in reversion
◉ When Aunt Winifred died, she left a life estate in Whiteacre to her
nephew George. When George dies, Whiteacre will go to George's
daughter Elizabeth. Elizabeth is
a. a reversioner.
b. a remainderman.
c. a holder of a life estate.
d. a joint tenant with right of survivorship.. Answer: B. A
remainderman
◉ If Greenacre is deemed by Lou to Mary for the life of Nancy, Nancy
has
a. a life estate.
,b. an estate in remainder.
c. an estate in reversion.
d. no interest.. Answer: D. No interest
◉ The owner of a life estate can
a. sell only the life estate.
b. never will the life estate.
c. sell the fee simple estate.
d. sell both the life estate and the fee simple
estate.. Answer: A. sell only the life estate
◉ Joint tenants have unity of
a. interest but not possession.
b. title but not interest.
c. possession and title only.
d. time, title, interest, and possession.. Answer: D. time, title, interest,
possession
◉ Jessica and John own Blackacre as joint tenants. Jessica's will
specifies that on her death her interest in Blackacre is to go to her
sister Mona. When Jessica dies...
a. Mona will be a tenant in common of Blackacre with John.
,b. Mona will be a joint tenant of Blackacre with John.
c. John will be sole owner of Blackacre.
d. the probate court will have to sell Black-acre and distribute the
proceeds to John and Mona.. Answer: C. John will be sole owner of
Blackacre
◉ Three joint tenants share interest in a property. If one joint
tenant's share is sold using the proper legal formalities, the new
owner will then be a
a. a joint tenant with the other joint tenants.
b. a tenant in common with the other joint tenants.
c. a tenant at sufferance.
d. a remainderman.. Answer: B. tenant in common with the other
joint tenants
◉ Community property is
a. all property acquired by a spouse or registered domestic partner.
b. all property acquired by the spouse during marriage.
c. the only form of ownership during
marriage.
d. all property acquired by a spouse or registered domestic partner
that is not separate property.. Answer: D. All property acquired by a
spouse or registered domestic partner during marriage except that
qualifying as separate property
, ◉ One of the forms of concurrent ownership is
a. ownership in severalty.
b. tenancy in partnership.
c. sole proprietorship.
d. separate ownership.. Answer: B. tenancy in partnership
◉ A partner has
a. an absolute right to use partnership
property.
b. the right to assign partnership property.
c. the right to convey partnership property by will.
d. the right to possession of partnership property for partnership
purposes.. Answer: D. the right to possession of partnership
property for partnership purposes
◉ Absolute control, as well as absolute liability belongs to
a. a sole proprietor.
b. a corporate shareholder.
c. a limited partner.
d. a trustee.. Answer: A. A sole proprietor
FINAL PAPER 2026 QUESTIONS WITH FULL
ANSWERS
◉ In Greenacre is deeded by Lou to Mary for Mary's life, Lou has
a. a life estate.
b. an estate in remainder.
c. an estate in reversion.
d. no interest. Answer: C. An estate in reversion
◉ When Aunt Winifred died, she left a life estate in Whiteacre to her
nephew George. When George dies, Whiteacre will go to George's
daughter Elizabeth. Elizabeth is
a. a reversioner.
b. a remainderman.
c. a holder of a life estate.
d. a joint tenant with right of survivorship.. Answer: B. A
remainderman
◉ If Greenacre is deemed by Lou to Mary for the life of Nancy, Nancy
has
a. a life estate.
,b. an estate in remainder.
c. an estate in reversion.
d. no interest.. Answer: D. No interest
◉ The owner of a life estate can
a. sell only the life estate.
b. never will the life estate.
c. sell the fee simple estate.
d. sell both the life estate and the fee simple
estate.. Answer: A. sell only the life estate
◉ Joint tenants have unity of
a. interest but not possession.
b. title but not interest.
c. possession and title only.
d. time, title, interest, and possession.. Answer: D. time, title, interest,
possession
◉ Jessica and John own Blackacre as joint tenants. Jessica's will
specifies that on her death her interest in Blackacre is to go to her
sister Mona. When Jessica dies...
a. Mona will be a tenant in common of Blackacre with John.
,b. Mona will be a joint tenant of Blackacre with John.
c. John will be sole owner of Blackacre.
d. the probate court will have to sell Black-acre and distribute the
proceeds to John and Mona.. Answer: C. John will be sole owner of
Blackacre
◉ Three joint tenants share interest in a property. If one joint
tenant's share is sold using the proper legal formalities, the new
owner will then be a
a. a joint tenant with the other joint tenants.
b. a tenant in common with the other joint tenants.
c. a tenant at sufferance.
d. a remainderman.. Answer: B. tenant in common with the other
joint tenants
◉ Community property is
a. all property acquired by a spouse or registered domestic partner.
b. all property acquired by the spouse during marriage.
c. the only form of ownership during
marriage.
d. all property acquired by a spouse or registered domestic partner
that is not separate property.. Answer: D. All property acquired by a
spouse or registered domestic partner during marriage except that
qualifying as separate property
, ◉ One of the forms of concurrent ownership is
a. ownership in severalty.
b. tenancy in partnership.
c. sole proprietorship.
d. separate ownership.. Answer: B. tenancy in partnership
◉ A partner has
a. an absolute right to use partnership
property.
b. the right to assign partnership property.
c. the right to convey partnership property by will.
d. the right to possession of partnership property for partnership
purposes.. Answer: D. the right to possession of partnership
property for partnership purposes
◉ Absolute control, as well as absolute liability belongs to
a. a sole proprietor.
b. a corporate shareholder.
c. a limited partner.
d. a trustee.. Answer: A. A sole proprietor
