REAL ESTATE FUNDAMENTALS
EXAM 2024-2025 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS
|ALREADY GRADED
A+|NEWEST|GUARANTEED PASS
|LATEST UPDATE
This economic characteristic implies that the value of land, as an investment, is economically feasible
over the long term:
Permanence
This economic characteristic fluctuates based upon the personal preference for one location over
another:
Situs
Which of the following are the economic characteristics of land?"
Limited Supply, Improvements, Permanence, Situs
This is defined as land and whatever is permanently attached to the land by man: *
Real Property
This includes the definition of Real Estate, as well as the rights, benefits. and interests that an owner
has:
Real Estate
1|Page
,A Real Property Owner's right to use and construct or improve their property as they see fit is referred
to as what?*
Enjoyment
A Real Property Owner's right to keep others off of their property is referred to as what?*
Exclusion
Real Property in PA is conveyed using which of the following documents?*
Agreement of sale
This is the action by which an item of Personal Property is changed to Real Property as a result of
permanent attachment to the land or building: whereas Real Property that is converted back to Personal
Property is done so through the process of: *
Annexation; Severance
This is the legal outline in determining property ownership when disputes occur with regards to
fixtures.*
Contract, Intention, Annexation, Adaption
This is a special fixture that is owned and installed by a business tenant into a Rental Unit as part of the
business:
Trade Fixture
This is everything that is not attached to the land, not attached to the buildings, nor improvements on
the land:*
Chattels
The transfer of ownership of Personal Property is accomplished by utilizing what contract?
Bill of Sale
An item of Personal Property that is changed into Residential Real Property is known as ___________.
What would be an example of this?*
Fixture; Chandelier
This category of property includes a mobile home that is attached to the land with the vehicle
registration cancelled; whereas, this category includes a mobile home that is not attached to the land
with the vehicle registration still present.*
Real Property; Personal Property
This is an annual, seasonal crop, such as corn; which is considered to be Personal Property even though
it is attached to the land.*
Emblement
2|Page
,If a trade fixture is not removed before a lease expires, it becomes the Real Property of the Landlord
unless the terms of the lease indicate otherwise. *
True
This type of construction has wooden framing, pitched roofs, and comes in a large number of designs
and options and is delivered to site in two to four large sections. Whereas, this type of construction is
manufactures in a factory in several pieces an delivered to site to be erected.*
Modular; Pre-Fab
A special claim or interest in real property that is held by someone other than the owner and creates a
limitation or burden to the real property owner is known as an______________
Encumbrance
The 2 types of encumbrances are?*
Incorporeal Rights and Liens
This is an agreement between lien holders to change the priority of their liens.
subordination Agreement
The Wilkins' and the Thompsons are next door neighbors. Mr. Wilkins wants to access the river they live
next to, but the only way to do so is through the Thompson's property. Therefore, Mr. Thompson allows
an easement to legally allow his neighbor to access the river. What type of easement would this be?
Easement appurtenent
Mike owns a piece of property. Prior to selling his property, he files a restriction on the deed to not
allow any mobile homes on the property in the future. This would be an example of what?*
Deed Restriction
This is the right to use the land of another for a specific purpose:
Easement
The Wilkins' and the Thompsons are next door neighbors. Mr. Wilkins wants to access the river they live
next to, but the only way to do so is through the Thompson's property. Therefore, Mr. Thompson allows
an easement to legally allow his neighbor to access the river across his property. In this example, what
tenement would Mr. Thompson be? "
Servient tenement
This easement is a personal right and is non-transferable.
Easemen in gros
The Smiths and the Hendershots live across the street from one another. Mr. Smith approaches Mrs.
Hendershot about using the side of their yard to get to the nearby beach. In this example, what
easement would the Smiths be seeking? "
3|Page
, Easement in gross
The right to get into a piece of landlocked property is referred to as __________; whereas,___________
is the right to get out of a landlocked property. *
Ingress; Egress
Charlie has been using a small piece of land in the back of his property to dump grass clippings. This area
is actually real property belonging to his neighbor. However, Charlie has been dumping here for 21 years
in an open and continuous manner. What easement might he be eligible for?"
Easement by prescription
This would be the easement given to a landowner when the parcel of land is "landlocked" with no public
road frontage:*
Easement by necessity
Chuck was installing a fence and misplaced a post onto the neighbor's property. This would be referred
to as alan? *
Encroachment
A license is a/an ________ and _________ right to use another's property for a specific purpose.
Temporary; Revocable
Chuck was installing a fence and misplaced a post onto the neighbor's property. This would be referred
to as a/an?
Encroachment
A lien against one piece of real property is referred to as?*
Personal lien
These are the 4 types of foreclosures?
Judicial foreclosure, Nonjudicial foreclosure, Strict foreclosure, Deed in Lieu of foreclosure
After reviewing your mortgage, you notice that the bank has waived its right to come after you if there is
a deficiency leftover after a foreclosure sale. This would be referred to as? *
Simple financing
A mechanics lien is allowed based on the theory that the value of real estate has done what? *
Been increased
Jim, a title agent performing a search, sees a Lis Pendens filed against the title, What does this mean?
Pending litigation
The county sheriff's department was just handed a document that allows it to seize and sell the property
of a debtor. This document would be which of the following?"
4|Page
EXAM 2024-2025 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS
|ALREADY GRADED
A+|NEWEST|GUARANTEED PASS
|LATEST UPDATE
This economic characteristic implies that the value of land, as an investment, is economically feasible
over the long term:
Permanence
This economic characteristic fluctuates based upon the personal preference for one location over
another:
Situs
Which of the following are the economic characteristics of land?"
Limited Supply, Improvements, Permanence, Situs
This is defined as land and whatever is permanently attached to the land by man: *
Real Property
This includes the definition of Real Estate, as well as the rights, benefits. and interests that an owner
has:
Real Estate
1|Page
,A Real Property Owner's right to use and construct or improve their property as they see fit is referred
to as what?*
Enjoyment
A Real Property Owner's right to keep others off of their property is referred to as what?*
Exclusion
Real Property in PA is conveyed using which of the following documents?*
Agreement of sale
This is the action by which an item of Personal Property is changed to Real Property as a result of
permanent attachment to the land or building: whereas Real Property that is converted back to Personal
Property is done so through the process of: *
Annexation; Severance
This is the legal outline in determining property ownership when disputes occur with regards to
fixtures.*
Contract, Intention, Annexation, Adaption
This is a special fixture that is owned and installed by a business tenant into a Rental Unit as part of the
business:
Trade Fixture
This is everything that is not attached to the land, not attached to the buildings, nor improvements on
the land:*
Chattels
The transfer of ownership of Personal Property is accomplished by utilizing what contract?
Bill of Sale
An item of Personal Property that is changed into Residential Real Property is known as ___________.
What would be an example of this?*
Fixture; Chandelier
This category of property includes a mobile home that is attached to the land with the vehicle
registration cancelled; whereas, this category includes a mobile home that is not attached to the land
with the vehicle registration still present.*
Real Property; Personal Property
This is an annual, seasonal crop, such as corn; which is considered to be Personal Property even though
it is attached to the land.*
Emblement
2|Page
,If a trade fixture is not removed before a lease expires, it becomes the Real Property of the Landlord
unless the terms of the lease indicate otherwise. *
True
This type of construction has wooden framing, pitched roofs, and comes in a large number of designs
and options and is delivered to site in two to four large sections. Whereas, this type of construction is
manufactures in a factory in several pieces an delivered to site to be erected.*
Modular; Pre-Fab
A special claim or interest in real property that is held by someone other than the owner and creates a
limitation or burden to the real property owner is known as an______________
Encumbrance
The 2 types of encumbrances are?*
Incorporeal Rights and Liens
This is an agreement between lien holders to change the priority of their liens.
subordination Agreement
The Wilkins' and the Thompsons are next door neighbors. Mr. Wilkins wants to access the river they live
next to, but the only way to do so is through the Thompson's property. Therefore, Mr. Thompson allows
an easement to legally allow his neighbor to access the river. What type of easement would this be?
Easement appurtenent
Mike owns a piece of property. Prior to selling his property, he files a restriction on the deed to not
allow any mobile homes on the property in the future. This would be an example of what?*
Deed Restriction
This is the right to use the land of another for a specific purpose:
Easement
The Wilkins' and the Thompsons are next door neighbors. Mr. Wilkins wants to access the river they live
next to, but the only way to do so is through the Thompson's property. Therefore, Mr. Thompson allows
an easement to legally allow his neighbor to access the river across his property. In this example, what
tenement would Mr. Thompson be? "
Servient tenement
This easement is a personal right and is non-transferable.
Easemen in gros
The Smiths and the Hendershots live across the street from one another. Mr. Smith approaches Mrs.
Hendershot about using the side of their yard to get to the nearby beach. In this example, what
easement would the Smiths be seeking? "
3|Page
, Easement in gross
The right to get into a piece of landlocked property is referred to as __________; whereas,___________
is the right to get out of a landlocked property. *
Ingress; Egress
Charlie has been using a small piece of land in the back of his property to dump grass clippings. This area
is actually real property belonging to his neighbor. However, Charlie has been dumping here for 21 years
in an open and continuous manner. What easement might he be eligible for?"
Easement by prescription
This would be the easement given to a landowner when the parcel of land is "landlocked" with no public
road frontage:*
Easement by necessity
Chuck was installing a fence and misplaced a post onto the neighbor's property. This would be referred
to as alan? *
Encroachment
A license is a/an ________ and _________ right to use another's property for a specific purpose.
Temporary; Revocable
Chuck was installing a fence and misplaced a post onto the neighbor's property. This would be referred
to as a/an?
Encroachment
A lien against one piece of real property is referred to as?*
Personal lien
These are the 4 types of foreclosures?
Judicial foreclosure, Nonjudicial foreclosure, Strict foreclosure, Deed in Lieu of foreclosure
After reviewing your mortgage, you notice that the bank has waived its right to come after you if there is
a deficiency leftover after a foreclosure sale. This would be referred to as? *
Simple financing
A mechanics lien is allowed based on the theory that the value of real estate has done what? *
Been increased
Jim, a title agent performing a search, sees a Lis Pendens filed against the title, What does this mean?
Pending litigation
The county sheriff's department was just handed a document that allows it to seize and sell the property
of a debtor. This document would be which of the following?"
4|Page
