Champions School of Real Estate Exam Prep National Chapter 1 & 2
Questions and Answers with Verified Solutions | Latest 2026 Update
Q: ownership for the duration of someone's life. The owner is called the life tenant.
The life tenant
Answer:
has all the rights and duties of an owner, except the right to choose who will get the
property
upon his or her death. Life Estate
Q: The person who gets the property after the life estate is ended is the
Answer:
__________ He gets fee simple. Remainderman
Q: If the life estate is based on the life of someone other than the life tenant, this is
called _______
Answer:
life estate pur autre vie
,Champions School of Real Estate Exam Prep National Chapter 1 & 2
Questions and Answers with Verified Solutions | Latest 2026 Update
Q: If a life estate is set up so that at the end of the life estate the property goes back
to the original
Answer:
owner, this is called a life estate with reversion
Q: Possession with no ownership
Answer:
leasehold estate
Q: lease with a specific starting and ending date. This lease survives
Answer:
death and/or the sale of the property. No notice is required to terminate. estate for
years
,Champions School of Real Estate Exam Prep National Chapter 1 & 2
Questions and Answers with Verified Solutions | Latest 2026 Update
Q: a lease with a fixed period that is automatically renewed unless the
Answer:
tenant or landlord acts to terminate it. A month-to-month lease is this type. Notice to
Terminate is usually required, typically 30 days' notice Periodic Tenancy
Q: a lease that can be terminated by either party at will without notice.
Answer:
Estate at Will
Q: occurs when a lease expires and the tenant refuses to move out. The landlord is
not receiving
Answer:
rent. Tenancy at Sufferance
Q: If the holdover tenant pays rent and the landlord accepts that rent, a
Answer:
_____________ is created Holdover Tenancy
, Champions School of Real Estate Exam Prep National Chapter 1 & 2
Questions and Answers with Verified Solutions | Latest 2026 Update
Q: The landlord pays all the expenses of the property. The tenant pays only rent.
Answer:
Gross Lease
Q: the tenant pays rent plus some of the expenses of the property
Answer:
Net Lease
Q: lease with scheduled rent increases often based on expected business growth.
Answer:
Graduated
Lease
Q: gives a tenant the right to purchase at a future date. The price is set when the
agreement is
Answer:
negotiated. It is advantageous to the tenant-buyer. Lease-purchase agreement -
Questions and Answers with Verified Solutions | Latest 2026 Update
Q: ownership for the duration of someone's life. The owner is called the life tenant.
The life tenant
Answer:
has all the rights and duties of an owner, except the right to choose who will get the
property
upon his or her death. Life Estate
Q: The person who gets the property after the life estate is ended is the
Answer:
__________ He gets fee simple. Remainderman
Q: If the life estate is based on the life of someone other than the life tenant, this is
called _______
Answer:
life estate pur autre vie
,Champions School of Real Estate Exam Prep National Chapter 1 & 2
Questions and Answers with Verified Solutions | Latest 2026 Update
Q: If a life estate is set up so that at the end of the life estate the property goes back
to the original
Answer:
owner, this is called a life estate with reversion
Q: Possession with no ownership
Answer:
leasehold estate
Q: lease with a specific starting and ending date. This lease survives
Answer:
death and/or the sale of the property. No notice is required to terminate. estate for
years
,Champions School of Real Estate Exam Prep National Chapter 1 & 2
Questions and Answers with Verified Solutions | Latest 2026 Update
Q: a lease with a fixed period that is automatically renewed unless the
Answer:
tenant or landlord acts to terminate it. A month-to-month lease is this type. Notice to
Terminate is usually required, typically 30 days' notice Periodic Tenancy
Q: a lease that can be terminated by either party at will without notice.
Answer:
Estate at Will
Q: occurs when a lease expires and the tenant refuses to move out. The landlord is
not receiving
Answer:
rent. Tenancy at Sufferance
Q: If the holdover tenant pays rent and the landlord accepts that rent, a
Answer:
_____________ is created Holdover Tenancy
, Champions School of Real Estate Exam Prep National Chapter 1 & 2
Questions and Answers with Verified Solutions | Latest 2026 Update
Q: The landlord pays all the expenses of the property. The tenant pays only rent.
Answer:
Gross Lease
Q: the tenant pays rent plus some of the expenses of the property
Answer:
Net Lease
Q: lease with scheduled rent increases often based on expected business growth.
Answer:
Graduated
Lease
Q: gives a tenant the right to purchase at a future date. The price is set when the
agreement is
Answer:
negotiated. It is advantageous to the tenant-buyer. Lease-purchase agreement -
