HUMBER REAL ESTATE END OF COURS EXAM 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔Mineral Rights - ✔✔The landowner's ability to take minerals from the earth or to sell
or lease this right to others.
✔✔Concurrent Ownership - ✔✔Ownership by two or more persons at the same time
✔✔Joint Tenency - ✔✔Ownership of property by two or more co-owners, each of whom
has an equal share and the right of survivorship
✔✔tenants in common - ✔✔shared ownership of a single property among two or more
persons; interests need not be equal and no right of survivorship exists
✔✔Right of Survivorship - ✔✔Upon the death of a joint tenant or tenant by the entirety
the interest does not pass to the tenant's heirs but to the other join tenant(s).
✔✔co-operative - ✔✔property owned by a corporation; members agree to occupy a
certain unit
✔✔Equity Co-operative (ownership) - ✔✔a corporation that owns the buildings with
members and shareholders
✔✔fractional ownership - ✔✔Fractional ownership is a method in which several
unrelated parties can share in, and mitigate the risk of, ownership of a real estate
property.
✔✔Co-ownership - ✔✔Title ownership held by two or more persons.
✔✔land lease - ✔✔A land lease--also called a ground lease--is a lease agreement that
permits the tenant to use a piece of land owned by the landlord in exchange for rent.
✔✔life lease - ✔✔interest in company in exchange for lump some payment
✔✔Timeshare - ✔✔An ownership arrangement in which co-owners each have an
exclusive right to use a condominium unit (or other property) for a specified time period
each year.
✔✔Fee ownership interest - ✔✔The buyer purchased an actual deed interest for a
specific period of time each year. After that the usage rights can be sold, gifted, or
included in a will
✔✔Fee Ownership - ✔✔owner has the right to use specific unit for certain time period
each year; like a timeshare, it can be gifted, sold, or passed down in a will
, ✔✔Deeded Timeshare - ✔✔A type of timeshare ownership that is fee simple, giving the
owner the right to use the
property until the owner sells it. This type of timeshare ownership is inheritable. Also
called interval ownership
✔✔ define trade - ✔✔the disposal or acquiring of real estate
✔✔define brokerages - ✔✔a business institution trading on behalf of others for
compensation
✔✔define cooperating brokerage - ✔✔a non-listing third-party broker that finds a buyer
for the property
✔✔define buyer's brokerage - ✔✔seller selling privately/independently of brokerage
✔✔Define landlord/lessor - ✔✔owner of rental property
✔✔Define tenant (lessee) - ✔✔person leasing/renting rental property
✔✔define representation - ✔✔relationship between two parties
✔✔define client - ✔✔person represented by a brokerage and is owed loyalty and
confidentiality.
✔✔Define customer - ✔✔person getting services from a brokerage
✔✔define representation agreement - ✔✔when a brokerage represents a buyer or a
seller as a client
✔✔define an agreement of purchase and sale - ✔✔agreement that negotiates terms
between a seller and buyer
✔✔define a remuneration agreement - ✔✔an agreement explaining how remuneration
percentage is paid to a brokerage
✔✔define real estate - ✔✔tangible aspects of a property
✔✔define real property - ✔✔Land and everything permanently attached to land,
including all rights and interests in the land.
✔✔define personal property - ✔✔movable consumer goods
✔✔define fixtures - ✔✔an object securely attached to the property (ie a faucet)
QUESTIONS AND SOLUTIONS RATED A+
✔✔Mineral Rights - ✔✔The landowner's ability to take minerals from the earth or to sell
or lease this right to others.
✔✔Concurrent Ownership - ✔✔Ownership by two or more persons at the same time
✔✔Joint Tenency - ✔✔Ownership of property by two or more co-owners, each of whom
has an equal share and the right of survivorship
✔✔tenants in common - ✔✔shared ownership of a single property among two or more
persons; interests need not be equal and no right of survivorship exists
✔✔Right of Survivorship - ✔✔Upon the death of a joint tenant or tenant by the entirety
the interest does not pass to the tenant's heirs but to the other join tenant(s).
✔✔co-operative - ✔✔property owned by a corporation; members agree to occupy a
certain unit
✔✔Equity Co-operative (ownership) - ✔✔a corporation that owns the buildings with
members and shareholders
✔✔fractional ownership - ✔✔Fractional ownership is a method in which several
unrelated parties can share in, and mitigate the risk of, ownership of a real estate
property.
✔✔Co-ownership - ✔✔Title ownership held by two or more persons.
✔✔land lease - ✔✔A land lease--also called a ground lease--is a lease agreement that
permits the tenant to use a piece of land owned by the landlord in exchange for rent.
✔✔life lease - ✔✔interest in company in exchange for lump some payment
✔✔Timeshare - ✔✔An ownership arrangement in which co-owners each have an
exclusive right to use a condominium unit (or other property) for a specified time period
each year.
✔✔Fee ownership interest - ✔✔The buyer purchased an actual deed interest for a
specific period of time each year. After that the usage rights can be sold, gifted, or
included in a will
✔✔Fee Ownership - ✔✔owner has the right to use specific unit for certain time period
each year; like a timeshare, it can be gifted, sold, or passed down in a will
, ✔✔Deeded Timeshare - ✔✔A type of timeshare ownership that is fee simple, giving the
owner the right to use the
property until the owner sells it. This type of timeshare ownership is inheritable. Also
called interval ownership
✔✔ define trade - ✔✔the disposal or acquiring of real estate
✔✔define brokerages - ✔✔a business institution trading on behalf of others for
compensation
✔✔define cooperating brokerage - ✔✔a non-listing third-party broker that finds a buyer
for the property
✔✔define buyer's brokerage - ✔✔seller selling privately/independently of brokerage
✔✔Define landlord/lessor - ✔✔owner of rental property
✔✔Define tenant (lessee) - ✔✔person leasing/renting rental property
✔✔define representation - ✔✔relationship between two parties
✔✔define client - ✔✔person represented by a brokerage and is owed loyalty and
confidentiality.
✔✔Define customer - ✔✔person getting services from a brokerage
✔✔define representation agreement - ✔✔when a brokerage represents a buyer or a
seller as a client
✔✔define an agreement of purchase and sale - ✔✔agreement that negotiates terms
between a seller and buyer
✔✔define a remuneration agreement - ✔✔an agreement explaining how remuneration
percentage is paid to a brokerage
✔✔define real estate - ✔✔tangible aspects of a property
✔✔define real property - ✔✔Land and everything permanently attached to land,
including all rights and interests in the land.
✔✔define personal property - ✔✔movable consumer goods
✔✔define fixtures - ✔✔an object securely attached to the property (ie a faucet)
