National Real Estate Exam: Pearson Vue Graded A+

Maria acquires a property from her uncle Alfonso. When Maria dies, the estate will pass to Alfonso's other niece Serena. The type of estate that Maria has in the property is: A. conventional life estate B. legal life estate C. fee simple defeasible estate D. tenancy by the entireties - ANSWER-conventional life estate One difference between a cooperative estate and a condominium estate is that: A. a condo owner owns a unit of air space whereas the coop owner owns a proprietary lease B. a condo sale adversely affects the other units C. the coop owner owns stock and a freehold estate interest whereas the condo owner simply a proprietary lease D. the condo owner owns the common elements and the airspace whereas the coop owner only owns the apartment - ANSWER-a condo owner owns a unit of air space whereas the coop owner owns a proprietary lease With various types of junior liens, the order of payment priority is generally established according to: A. the date of recordation B. what form of tax is in question C. the order of disbursement D. whether the lien was subordinated - ANSWER-the date of recordation What is a lien theory state in contrast to a title theory state? A.a state in which liens are given priority over other encumbrances B. a state in which a mortgagor retains title to the property when a mortgage lien is created C. a state in which the holder of a mortgage lien is receives total to the mortgaged property until the debt is satisfied D. a state in which liens must be recorded to be enforceable - ANSWER-a state in which a mortgagor retains title to the property when a mortgage lien is created A property owner has an easement appurtenant on her property. One day the property is sold to another party who is opposed to the easement. Following the closing, this particular form of easement: A. terminates B. transfers with the property C. transfers with the owner to a new property D. becomes a license on the property - ANSWER-transfers with the property