REAL ESTATE U Final Exam REAL EXAM 300
QUESTIONS AND CORRECT ANSWERS ALREADY
GRADED A+.
What makes a real-estate contract voidable? - ANSWERContract is unenforciable due
to Misrepresentation, Mistake, Duress, Undue Influence or Illegality
agency - ANSWERThe relationship between principal and the principal's agent, which
arises out of a contract, either expressed or implied, written or oral, wherein the agent is
employed by the principal to do certain acts dealing with a third party.
Encumber - ANSWERA person's ability to pledge their real estate as collateral is known
has the right to?
The are attached to the wall - ANSWERKitchen cabinets are likely to be considered
fixtures because...?
real estate - ANSWERFive acres of land with a house, barn, and 2 acres of crops is
best described as?
Which of these would not be part of a raw land sale? - ANSWERHouse
Emblements - ANSWERWhen land is being sold, timber growing on the land is
generally consider what?
M.A.R.I.A - ANSWERWhat acronym can be used to determine if something is a fixture
of moveable property?
M.A.R.I.A - ANSWERMethod, Adaptability, Relationship, Intention, Agreement
,Trade Fixtures - ANSWERA fixture used in commercial property for business or industry
Real estate includes - ANSWERland and buildings
Bundle of Rights - ANSWERThe rights of an owner to possess, control, enjoy, sell,
lease, mortgage, and dispose of the property.
Air Rights - ANSWERThe right to use, control and occupy the space above a particular
parcel of land.
Easement - ANSWERThe gas company buying the right to cross real property to install
and maintain a gas line is called...?
illiquid asset - ANSWERReal estate is considered a/an .......... asset?
,How does a lien holder place a lien on movable property? - ANSWERFiling a UCC-1
statement with the appropriate state authority
Copper wiring in a house is generally considered what? - ANSWERFixture
Chattle - ANSWERMoveable property
- ANSWERLike a condominium, the owner of a property in a Planned Unit
Development (PUD) is a partial owner of the development's amenities and common
areas. How is each unit's ownership expressed?
Descendible - ANSWERThis word means that a fee simple estate is inheritable?
**All of the answer choices provided are correct
Homeowner's association covenant
Utility easement
Local zoning restrictions - ANSWERWhich of the following is a permissible restriction on
a fee simple estate?
Which of the following is not a right that a fee simple property owner has? -
ANSWERThere are no restrictions
fee simple state - ANSWERAn estate that is unqualified, of indefinite duration, freely
transferable and inheritable is known as a/an...?
A life estate is NOT a type of leasehold estate. - ANSWERWhich of the following is NOT
a type of leasehold estate in real estate?
Life Tenant - ANSWERThe person who retains the life estate interest is called the?
Remaindermen - ANSWERThe individuals who have the right to the property at the end
of the measuring lifetime are called the?
Lessor - ANSWERWhat is another term for the landlord in a leasehold estate?
, Estate for years - ANSWERWhat type of leasehold estate is created if a lease is for a
definite, limited period of time?
Three prongs that must be present to create a fee simple estate? - ANSWERAlienable
Devisable
Descendible
premium mortgage insurance - ANSWERrequired for conventional loan 80%
Acceleration Clause - ANSWERA condition in a real estate finance instrument giving the
lender the power to declare all sums owing the lender immediately due and payable
QUESTIONS AND CORRECT ANSWERS ALREADY
GRADED A+.
What makes a real-estate contract voidable? - ANSWERContract is unenforciable due
to Misrepresentation, Mistake, Duress, Undue Influence or Illegality
agency - ANSWERThe relationship between principal and the principal's agent, which
arises out of a contract, either expressed or implied, written or oral, wherein the agent is
employed by the principal to do certain acts dealing with a third party.
Encumber - ANSWERA person's ability to pledge their real estate as collateral is known
has the right to?
The are attached to the wall - ANSWERKitchen cabinets are likely to be considered
fixtures because...?
real estate - ANSWERFive acres of land with a house, barn, and 2 acres of crops is
best described as?
Which of these would not be part of a raw land sale? - ANSWERHouse
Emblements - ANSWERWhen land is being sold, timber growing on the land is
generally consider what?
M.A.R.I.A - ANSWERWhat acronym can be used to determine if something is a fixture
of moveable property?
M.A.R.I.A - ANSWERMethod, Adaptability, Relationship, Intention, Agreement
,Trade Fixtures - ANSWERA fixture used in commercial property for business or industry
Real estate includes - ANSWERland and buildings
Bundle of Rights - ANSWERThe rights of an owner to possess, control, enjoy, sell,
lease, mortgage, and dispose of the property.
Air Rights - ANSWERThe right to use, control and occupy the space above a particular
parcel of land.
Easement - ANSWERThe gas company buying the right to cross real property to install
and maintain a gas line is called...?
illiquid asset - ANSWERReal estate is considered a/an .......... asset?
,How does a lien holder place a lien on movable property? - ANSWERFiling a UCC-1
statement with the appropriate state authority
Copper wiring in a house is generally considered what? - ANSWERFixture
Chattle - ANSWERMoveable property
- ANSWERLike a condominium, the owner of a property in a Planned Unit
Development (PUD) is a partial owner of the development's amenities and common
areas. How is each unit's ownership expressed?
Descendible - ANSWERThis word means that a fee simple estate is inheritable?
**All of the answer choices provided are correct
Homeowner's association covenant
Utility easement
Local zoning restrictions - ANSWERWhich of the following is a permissible restriction on
a fee simple estate?
Which of the following is not a right that a fee simple property owner has? -
ANSWERThere are no restrictions
fee simple state - ANSWERAn estate that is unqualified, of indefinite duration, freely
transferable and inheritable is known as a/an...?
A life estate is NOT a type of leasehold estate. - ANSWERWhich of the following is NOT
a type of leasehold estate in real estate?
Life Tenant - ANSWERThe person who retains the life estate interest is called the?
Remaindermen - ANSWERThe individuals who have the right to the property at the end
of the measuring lifetime are called the?
Lessor - ANSWERWhat is another term for the landlord in a leasehold estate?
, Estate for years - ANSWERWhat type of leasehold estate is created if a lease is for a
definite, limited period of time?
Three prongs that must be present to create a fee simple estate? - ANSWERAlienable
Devisable
Descendible
premium mortgage insurance - ANSWERrequired for conventional loan 80%
Acceleration Clause - ANSWERA condition in a real estate finance instrument giving the
lender the power to declare all sums owing the lender immediately due and payable
