Real Estate Exam
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-exam-2436 416
A condomi ni um i s consi dered a subdi vi si on i f the ai rspace i s di vi ded i nto at
l east 5 uni ts. T hi s subdi vi si on can be a(n): i ndustri al bui l di ng. commerci al al l of the above
bui l di ng. resi denti al bui l di ng. al l of the above
T he hol di ng of real property i s: tenancy. tender. taken f or granted. tenement. tenancy
Susan l eases a resi dence f rom M r. Shi ne f or a peri od of 4 months on a wri tten
l ease. Af ter the l ease expi res Susan retai ns possessi on of the property wi thout the
an estate at suf f erance.
consent of M r. Shi ne. Susan hol ds: an estate at suf f erance. an estate at wi l l . an
estate f or years. al l of the above.
A brother and si ster hol d ti tl e to real property as j oi nt tenants. T he si ster gets Correct answer i s (d). When a j oi nt tenant conveys a porti on of hi s i nterest, the j oi nt
marri ed and deeds hal f her i nterest i n the property to her husband. H er husband: tenancy i s not af f ected i nsof ar as the ori gi nal remai ni ng j oi nt tenants are
owns no i nterest i n the property as she may not deed an undi vi ded i nterest i n the concerned. T hey conti nue as j oi nt tenants to each other wi th the "stranger" hol di ng
property wi thout her brother's consent. woul d be a co-tenant i n the property but as a tenant i n common. H owever, when, as i n thi s case, the remai ni ng j oi nt tenants no
woul d have ri ghts of survi vorshi p onl y as to a 1/3 i nterest. woul d be a j oi nt tenant l onger have an equal i nterest i n the property, the j oi nt tenancy i s di ssol ved and i t
but onl y as to a 1/4 undi vi ded i nterest. woul d be a tenant i n common. becomes a tenancy i n common.
, Real Estate Exam
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-exam-2436 416
A condomi ni um i s si mi l ar to an apartment i n that: each occupant i n each uni t has
Correct answer i s (a). Both the owner of a uni t i n a condomi ni um and a tenant renti ng
an estate i n real property. the person i n each uni t has a f ee i nterest. the l ocal tax
an apartment have an estate i n real property.
assessor must assess each property separatel y. none of the above.
I f Al f red deeded a ranch to M arl ey f or the l i f e of Cary: M arl ey hol ds a l i f e
Correct answer i s (b). T he l aw al l ows the durati on of a l i f e estate to be based on
estate and Al f red an estate i n remai nder. M arl ey hol ds a l i f e estate and Al f red an
the l i f e span of a thi rd party (i n thi s case, Cary). When Cary di es, the estate hel d
estate i n reversi on. M arl ey hol ds a f ee si mpl e estate and Cary a l i f e estate. Cary
by M arl ey wi l l revert to Al f red.
hol ds a l i f e estate and M arl ey an estate i n reversi on
When there i s a f orecl osure sal e of property whi ch has been homesteaded, the
Correct answer i s (a). I n a j udgment f orecl osure sal e on homesteaded property, al l
proceeds of the sal e must be used f i rst to: di scharge al l pri or l i ens and
pri or l i ens and encumbrances on the property must be sati sf i ed f i rst, then the
encumbrances on the property. di scharge the j udgment credi tor. di scharge the
homestead exempti on, then the j udgment credi tor sati sf i ed, i n that order.
homestead cl ai mant. gi ve the owner hi s equi ty i n the property.
Correct answer i s (b). A f ee si mpl e estate i s the greatest i nterest one can hol d i n
M r. F rankl i n was gi ven real property f or the term of hi s natural l i f e. Whi ch of the
real property. A f ee si mpl e estate can be transf erred by wi l l , sol d, or gi ven away.
f ol l owi ng statements i s i ncorrect? F rankl i n has a f reehol d estate. F rankl i n woul d
F rankl i n hol ds a l i f e estate whi ch i s a f reehol d estate even though i t i s onl y f or
have a f ee si mpl e estate. T he durati on of thi s estate i s onl y f or the l ength of the
hi s l i f e and can onl y be wi l l ed i f f or the l i f e of a thi rd party. T here i s no thi rd
l i f e of F rankl i n. T he estate can be encumbered by F rankl i n, but onl y f or the l i f e
party here; theref ore, i t coul d not be wi l l ed and i s a l esser i nterest than f ee
of F rankl i n.
si mpl e.
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-exam-2436 416
A condomi ni um i s consi dered a subdi vi si on i f the ai rspace i s di vi ded i nto at
l east 5 uni ts. T hi s subdi vi si on can be a(n): i ndustri al bui l di ng. commerci al al l of the above
bui l di ng. resi denti al bui l di ng. al l of the above
T he hol di ng of real property i s: tenancy. tender. taken f or granted. tenement. tenancy
Susan l eases a resi dence f rom M r. Shi ne f or a peri od of 4 months on a wri tten
l ease. Af ter the l ease expi res Susan retai ns possessi on of the property wi thout the
an estate at suf f erance.
consent of M r. Shi ne. Susan hol ds: an estate at suf f erance. an estate at wi l l . an
estate f or years. al l of the above.
A brother and si ster hol d ti tl e to real property as j oi nt tenants. T he si ster gets Correct answer i s (d). When a j oi nt tenant conveys a porti on of hi s i nterest, the j oi nt
marri ed and deeds hal f her i nterest i n the property to her husband. H er husband: tenancy i s not af f ected i nsof ar as the ori gi nal remai ni ng j oi nt tenants are
owns no i nterest i n the property as she may not deed an undi vi ded i nterest i n the concerned. T hey conti nue as j oi nt tenants to each other wi th the "stranger" hol di ng
property wi thout her brother's consent. woul d be a co-tenant i n the property but as a tenant i n common. H owever, when, as i n thi s case, the remai ni ng j oi nt tenants no
woul d have ri ghts of survi vorshi p onl y as to a 1/3 i nterest. woul d be a j oi nt tenant l onger have an equal i nterest i n the property, the j oi nt tenancy i s di ssol ved and i t
but onl y as to a 1/4 undi vi ded i nterest. woul d be a tenant i n common. becomes a tenancy i n common.
, Real Estate Exam
Study this set o nline at: https://www.cram.co m/flashcards/real-estate-exam-2436 416
A condomi ni um i s si mi l ar to an apartment i n that: each occupant i n each uni t has
Correct answer i s (a). Both the owner of a uni t i n a condomi ni um and a tenant renti ng
an estate i n real property. the person i n each uni t has a f ee i nterest. the l ocal tax
an apartment have an estate i n real property.
assessor must assess each property separatel y. none of the above.
I f Al f red deeded a ranch to M arl ey f or the l i f e of Cary: M arl ey hol ds a l i f e
Correct answer i s (b). T he l aw al l ows the durati on of a l i f e estate to be based on
estate and Al f red an estate i n remai nder. M arl ey hol ds a l i f e estate and Al f red an
the l i f e span of a thi rd party (i n thi s case, Cary). When Cary di es, the estate hel d
estate i n reversi on. M arl ey hol ds a f ee si mpl e estate and Cary a l i f e estate. Cary
by M arl ey wi l l revert to Al f red.
hol ds a l i f e estate and M arl ey an estate i n reversi on
When there i s a f orecl osure sal e of property whi ch has been homesteaded, the
Correct answer i s (a). I n a j udgment f orecl osure sal e on homesteaded property, al l
proceeds of the sal e must be used f i rst to: di scharge al l pri or l i ens and
pri or l i ens and encumbrances on the property must be sati sf i ed f i rst, then the
encumbrances on the property. di scharge the j udgment credi tor. di scharge the
homestead exempti on, then the j udgment credi tor sati sf i ed, i n that order.
homestead cl ai mant. gi ve the owner hi s equi ty i n the property.
Correct answer i s (b). A f ee si mpl e estate i s the greatest i nterest one can hol d i n
M r. F rankl i n was gi ven real property f or the term of hi s natural l i f e. Whi ch of the
real property. A f ee si mpl e estate can be transf erred by wi l l , sol d, or gi ven away.
f ol l owi ng statements i s i ncorrect? F rankl i n has a f reehol d estate. F rankl i n woul d
F rankl i n hol ds a l i f e estate whi ch i s a f reehol d estate even though i t i s onl y f or
have a f ee si mpl e estate. T he durati on of thi s estate i s onl y f or the l ength of the
hi s l i f e and can onl y be wi l l ed i f f or the l i f e of a thi rd party. T here i s no thi rd
l i f e of F rankl i n. T he estate can be encumbered by F rankl i n, but onl y f or the l i f e
party here; theref ore, i t coul d not be wi l l ed and i s a l esser i nterest than f ee
of F rankl i n.
si mpl e.
