HOGAN PREP – REAL ESTATE (NATIONAL) EXAM PREP -
VERIFIED ANSWERS AND QUESTIONS - MOST RECENT
EDITION 2026
1. What is real property? Land and anything permanently attached to it,
including structures and improvements.
2. What is personal property? Movable items not permanently attached to
land; also called "chattel."
3. What converts personal property to real property? Annexation —
attaching it to real property (becoming a fixture).
4. What are the tests to determine if an item is a fixture? Method of
attachment, adaptation to the property, intention of the parties, agreement of the
parties (MAAI).
5. What is a trade fixture? Personal property installed by a tenant for business
use; removable by the tenant before lease expiration.
6. What are the four elements of value (DUST)? Demand, Utility, Scarcity,
Transferability.
7. What is the bundle of rights? The rights of ownership: possess, use, enjoy,
exclude others, and dispose.
8. What is the difference between real estate and real property? Real estate
= land + improvements; Real property = real estate + bundle of legal rights.
9. What is a freehold estate? An ownership interest of indefinite duration.
10. What is a fee simple absolute? The highest form of ownership —
complete, unlimited ownership with no conditions.
11. What is a fee simple defeasible? Ownership that can be lost if a specified
condition is violated.
12. What is a life estate? Ownership that lasts only for the lifetime of a
specified person.
,13. Who is the life tenant? The person who holds the life estate and has the
right to use the property during their lifetime.
14. Who is the remainderman? The person who receives title after the life
estate ends.
15. What is an estate in reversion? The property returns to the original grantor
after the life estate ends.
16. What is a leasehold estate? A tenant's right to occupy property for a
specified period (non-freehold).
17. What are the four types of leasehold estates? Estate for years, periodic
tenancy, tenancy at will, tenancy at sufferance.
18. What is an estate for years? A lease with a definite beginning and ending
date.
19. What is tenancy at sufferance? When a tenant remains in possession after
the lease expires without the landlord's consent (holdover tenant).
20. What is tenancy at will? A lease that can be terminated by either party at
any time.
FORMS OF OWNERSHIP
21. What is joint tenancy? Co-ownership with the right of survivorship;
requires four unities (TTIP): Time, Title, Interest, Possession.
22. What is the right of survivorship? When a joint tenant dies, their share
passes automatically to surviving joint tenants.
23. What is tenancy in common? Co-ownership without survivorship; each
owner holds an undivided interest that can be unequal.
24. What is tenancy by the entirety? Ownership by a married couple; neither
spouse can sell without the other's consent.
25. What is community property? Property acquired during marriage in
community property states, owned equally by both spouses.
26. What is a condominium? Individual ownership of a unit plus undivided
interest in common areas.
27. What is a cooperative (co-op)? A corporation owns the building; residents
own shares and have proprietary leases.
, 28. What is a time-share? Multiple owners share the right to use a property for
specific time periods.
29. What is a trust? A legal arrangement where a trustee holds title for the
benefit of a beneficiary.
30. What is a land trust? A revocable living trust where real estate is the only
asset; the beneficiary controls the property.
ENCUMBRANCES & LIENS
31. What is an encumbrance? Anything that affects or limits the fee simple
title to a property (liens, easements, restrictions).
32. What is a lien? A financial claim against a property as security for a debt.
33. What is a specific lien? A lien against a specific property (e.g., mortgage,
mechanic's lien).
34. What is a general lien? A lien against all of a person's property (e.g.,
judgment lien, IRS lien).
35. What is a voluntary lien? A lien the owner willingly places on property
(e.g., mortgage).
36. What is an involuntary lien? A lien placed without the owner's consent
(e.g., tax lien, mechanic's lien).
37. What is lien priority? The order in which liens are paid; generally
determined by recording date, except property taxes and special assessments
which are always first.
38. What is a mechanic's lien? A lien filed by contractors or suppliers who
have not been paid for labor or materials.
39. What is a lis pendens? A recorded notice that a lawsuit is pending that may
affect title to the property.
40. What is an easement? The right to use another person's land for a specific
purpose.
41. What is an easement appurtenant? An easement that benefits an adjacent
parcel (dominant estate) over another parcel (servient estate).
42. What is an easement in gross? An easement that benefits a person or entity
rather than a parcel of land (e.g., utility lines).
VERIFIED ANSWERS AND QUESTIONS - MOST RECENT
EDITION 2026
1. What is real property? Land and anything permanently attached to it,
including structures and improvements.
2. What is personal property? Movable items not permanently attached to
land; also called "chattel."
3. What converts personal property to real property? Annexation —
attaching it to real property (becoming a fixture).
4. What are the tests to determine if an item is a fixture? Method of
attachment, adaptation to the property, intention of the parties, agreement of the
parties (MAAI).
5. What is a trade fixture? Personal property installed by a tenant for business
use; removable by the tenant before lease expiration.
6. What are the four elements of value (DUST)? Demand, Utility, Scarcity,
Transferability.
7. What is the bundle of rights? The rights of ownership: possess, use, enjoy,
exclude others, and dispose.
8. What is the difference between real estate and real property? Real estate
= land + improvements; Real property = real estate + bundle of legal rights.
9. What is a freehold estate? An ownership interest of indefinite duration.
10. What is a fee simple absolute? The highest form of ownership —
complete, unlimited ownership with no conditions.
11. What is a fee simple defeasible? Ownership that can be lost if a specified
condition is violated.
12. What is a life estate? Ownership that lasts only for the lifetime of a
specified person.
,13. Who is the life tenant? The person who holds the life estate and has the
right to use the property during their lifetime.
14. Who is the remainderman? The person who receives title after the life
estate ends.
15. What is an estate in reversion? The property returns to the original grantor
after the life estate ends.
16. What is a leasehold estate? A tenant's right to occupy property for a
specified period (non-freehold).
17. What are the four types of leasehold estates? Estate for years, periodic
tenancy, tenancy at will, tenancy at sufferance.
18. What is an estate for years? A lease with a definite beginning and ending
date.
19. What is tenancy at sufferance? When a tenant remains in possession after
the lease expires without the landlord's consent (holdover tenant).
20. What is tenancy at will? A lease that can be terminated by either party at
any time.
FORMS OF OWNERSHIP
21. What is joint tenancy? Co-ownership with the right of survivorship;
requires four unities (TTIP): Time, Title, Interest, Possession.
22. What is the right of survivorship? When a joint tenant dies, their share
passes automatically to surviving joint tenants.
23. What is tenancy in common? Co-ownership without survivorship; each
owner holds an undivided interest that can be unequal.
24. What is tenancy by the entirety? Ownership by a married couple; neither
spouse can sell without the other's consent.
25. What is community property? Property acquired during marriage in
community property states, owned equally by both spouses.
26. What is a condominium? Individual ownership of a unit plus undivided
interest in common areas.
27. What is a cooperative (co-op)? A corporation owns the building; residents
own shares and have proprietary leases.
, 28. What is a time-share? Multiple owners share the right to use a property for
specific time periods.
29. What is a trust? A legal arrangement where a trustee holds title for the
benefit of a beneficiary.
30. What is a land trust? A revocable living trust where real estate is the only
asset; the beneficiary controls the property.
ENCUMBRANCES & LIENS
31. What is an encumbrance? Anything that affects or limits the fee simple
title to a property (liens, easements, restrictions).
32. What is a lien? A financial claim against a property as security for a debt.
33. What is a specific lien? A lien against a specific property (e.g., mortgage,
mechanic's lien).
34. What is a general lien? A lien against all of a person's property (e.g.,
judgment lien, IRS lien).
35. What is a voluntary lien? A lien the owner willingly places on property
(e.g., mortgage).
36. What is an involuntary lien? A lien placed without the owner's consent
(e.g., tax lien, mechanic's lien).
37. What is lien priority? The order in which liens are paid; generally
determined by recording date, except property taxes and special assessments
which are always first.
38. What is a mechanic's lien? A lien filed by contractors or suppliers who
have not been paid for labor or materials.
39. What is a lis pendens? A recorded notice that a lawsuit is pending that may
affect title to the property.
40. What is an easement? The right to use another person's land for a specific
purpose.
41. What is an easement appurtenant? An easement that benefits an adjacent
parcel (dominant estate) over another parcel (servient estate).
42. What is an easement in gross? An easement that benefits a person or entity
rather than a parcel of land (e.g., utility lines).
