Nevada National Real Estate Exam 2023-
2024 with Complete Questions &
Answers .(100% SOLVED)
Amortized Loans - ANSWER-Constant payment including principle and interest until
paid off
Conventional Loan - ANSWER-No government back; private
Gross Lease - ANSWER-Fixed amount- Residential rental
Net Lease - ANSWER-Fixed plus maintenance; Triple Net = tax & insurance also
Percentage Lease - ANSWER-Fixed + % of profits ;; mall, retail spaces
Ground Lease - ANSWER-Long term land lease-- 99+ yr lead;; to build
Leaseback - ANSWER-Seller leases back after closing; model homes
Assign/sublease - ANSWER-Renting then leasing to someone else; air B& B
Novation - ANSWER-Substitution of Lessee or contract
Leasehold Estates - ANSWER-Death/sale will not terminate lease
Estate for years - ANSWER-Definite termination date/no notice required
Periodic estate - ANSWER-Monthly, weekly, annually, notice required for that period
Estate at will - ANSWER-Open ended, terminates by notice or death
Estate at sufferance - ANSWER-Wrongful holdover
Bundle of rights - ANSWER-Deep/C; disposition, enjoyment, exclusion, possession,
control
Annexation - ANSWER-Process of changing personal property to real property; how is it
attached?
Severance - ANSWER-the act of cutting off or apart; To detach
Emblements - ANSWER-Crops are personalty; fruits of labor
, Appurtenance - ANSWER-Runs with the land; goes to future owners; it is a right
Encumbrances - ANSWER-Effects on property ownership. Claim, charge or liability that
attaches to real estate; restrictions easements, encroachments that affect the condition
or use of the property
Liens - ANSWER-A charge against property that provide security for the debts or other
obligations of the property owner. Deed of trust; mortgage. Promise/obligation
Lid pendens - ANSWER-Pending court action; question about property
Encroachment - ANSWER-Illegal intrusion
Fee simple estate - ANSWER-Highest type of interest in real estate recognized by law;
Forever; Freehold
Fee simple absolute - ANSWER-No limitations except for public and private restrictions;
such as zoning laws and restrictive covenant's; HOA; can be willed
Fee simple defeasible - ANSWER-Qualified/limited; subject to the occurrence or non-
occurrence of a specified event
Feesimple subject to a condition subsequent - ANSWER-Exists provided condition is
not violated/; former owner retains a right every entry if the condition is broken.
Example. Condition; no conception of alcohol. Will need to go to court to exercise right
of reentry; Sue
Fee simple determinable - ANSWER-Qualified by a special limitation. Exists "so long
as" limitation is Met; former owner retains a possibility of reverter. No need to bring
court action.; So long as it is used for church - no Sue
Life estate - limited - ANSWER-To the duration of a lifetime, either the holder of the life
estate or of another designated person; not inheritable - limited by life- Cannot be willed,
not inheritable
Pur Autre Vie - ANSWER-Created by the owner by deed for the life of a person other
than the life tenant - life of another
Remainder interest - ANSWER-A future interest in the fee simple estate for the
remainder man - the identified person to whom the property will pass when the life
estate ends. Property to pass on to you; plan for future
Reversionary interest - ANSWER-Returned to the original owner or the original owners
heirs when the life estate ends
2024 with Complete Questions &
Answers .(100% SOLVED)
Amortized Loans - ANSWER-Constant payment including principle and interest until
paid off
Conventional Loan - ANSWER-No government back; private
Gross Lease - ANSWER-Fixed amount- Residential rental
Net Lease - ANSWER-Fixed plus maintenance; Triple Net = tax & insurance also
Percentage Lease - ANSWER-Fixed + % of profits ;; mall, retail spaces
Ground Lease - ANSWER-Long term land lease-- 99+ yr lead;; to build
Leaseback - ANSWER-Seller leases back after closing; model homes
Assign/sublease - ANSWER-Renting then leasing to someone else; air B& B
Novation - ANSWER-Substitution of Lessee or contract
Leasehold Estates - ANSWER-Death/sale will not terminate lease
Estate for years - ANSWER-Definite termination date/no notice required
Periodic estate - ANSWER-Monthly, weekly, annually, notice required for that period
Estate at will - ANSWER-Open ended, terminates by notice or death
Estate at sufferance - ANSWER-Wrongful holdover
Bundle of rights - ANSWER-Deep/C; disposition, enjoyment, exclusion, possession,
control
Annexation - ANSWER-Process of changing personal property to real property; how is it
attached?
Severance - ANSWER-the act of cutting off or apart; To detach
Emblements - ANSWER-Crops are personalty; fruits of labor
, Appurtenance - ANSWER-Runs with the land; goes to future owners; it is a right
Encumbrances - ANSWER-Effects on property ownership. Claim, charge or liability that
attaches to real estate; restrictions easements, encroachments that affect the condition
or use of the property
Liens - ANSWER-A charge against property that provide security for the debts or other
obligations of the property owner. Deed of trust; mortgage. Promise/obligation
Lid pendens - ANSWER-Pending court action; question about property
Encroachment - ANSWER-Illegal intrusion
Fee simple estate - ANSWER-Highest type of interest in real estate recognized by law;
Forever; Freehold
Fee simple absolute - ANSWER-No limitations except for public and private restrictions;
such as zoning laws and restrictive covenant's; HOA; can be willed
Fee simple defeasible - ANSWER-Qualified/limited; subject to the occurrence or non-
occurrence of a specified event
Feesimple subject to a condition subsequent - ANSWER-Exists provided condition is
not violated/; former owner retains a right every entry if the condition is broken.
Example. Condition; no conception of alcohol. Will need to go to court to exercise right
of reentry; Sue
Fee simple determinable - ANSWER-Qualified by a special limitation. Exists "so long
as" limitation is Met; former owner retains a possibility of reverter. No need to bring
court action.; So long as it is used for church - no Sue
Life estate - limited - ANSWER-To the duration of a lifetime, either the holder of the life
estate or of another designated person; not inheritable - limited by life- Cannot be willed,
not inheritable
Pur Autre Vie - ANSWER-Created by the owner by deed for the life of a person other
than the life tenant - life of another
Remainder interest - ANSWER-A future interest in the fee simple estate for the
remainder man - the identified person to whom the property will pass when the life
estate ends. Property to pass on to you; plan for future
Reversionary interest - ANSWER-Returned to the original owner or the original owners
heirs when the life estate ends
