RE Broker Exam Questions & Answers(SCORED A+)

Bundle of rights - ANSWER-PUTEE - Possession, Use, Transfer, Exclusion, Encumbrance Real property - ANSWER-Real estate (land + manmade attachments) + bundle of rights Legal Title - ANSWER-Full ownership of property + bundle of rights Equitable Title - ANSWER-Interest that gives the buyer the right to acquire legal title to a property if certain contractual conditions occur. Homestead - ANSWER-Rights to principal residence Fee simple - ANSWER-Highest form of ownership interest - not limited by lifetime, defeasible [freehold] Life Estate - ANSWER-Passes to another (remainderman) upon death of named party. [freehold] Conventional Life Estate - ANSWER-Limited to the lifetime of a tenant, pur autre vie [freehold] Legal Life Estate - ANSWER-Statutory, designated to protect family survivors. [freehold] Estate for years - ANSWER-Specific, stated duration. No renewal [leasehold] Estate from Period to Period (periodic) - ANSWER-Renews automatically upon acceptance of rent; isn't terminated unless specific action is taken [leasehold] Estate at Will - ANSWER-Indefinite estate created by will [leasehold] Estate at Sufferance - ANSWER-Tenancy against Landlord's will without agreement [leasehold] Tenancy in Severalty - ANSWER-Possession 100% Ownership Individual, Corporation or Ltd Partnership Tenancy in Common - ANSWER-Each owner can use the entire property (undivided interest, can be unequal shares) No right to survivorship (is inheritable) Can happen by accident