REAL ESTATE FUNDAMENTALS NEWEST 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 250 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

REAL ESTATE FUNDAMENTALS NEWEST 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 250 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ 1. John owns fee simple title to Unit 30 and 5 percent of the common elements. John owns a - condo 2. A lien that is filed for the sole purpose of preventing a transfer of property pending the outcome of litigations is called a - lis pendens 3. Which statement regarding condominium ownership is correct? - a unit owner may devise the property 4. A lease begins on September 13th and ends on December 31st of that same year. What type of leasehold estate has been created? - periodic tenancy 5. What type of estate would a tenant receive from a landlord? - Lease hold estate 6. A tenants lease has expired. The tenant has neither vacated nor negotiated a renewal lease, and the landlord has declared that he does not want the tenant to remain in the building. This tenancy is called - tenancy at sufferance *7. A property owner paid $25 per square foot for a lot 600 x 1452 ft. How much did they pay for the lot? - 15,000 *8. A broker has 1.65 acres of land listed at .25$ per square foot. What is the total listing price? - 1.65 x 43560 = 14,734.17 9. Your bundle of rights does not include right of - disposal or encroachment Page 2/10 Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved. 10. Attaching a fixture to real property, therefore making it a part of real property, is known as - actual annexation 11. "Real Property" is best described as land and - all that there is above or below the surface, including all things permanently attached to it, and legal rights associated with it 12. The term appurtenance refers to - rights that "run with the land" 13. Which is considered real property? - light fixtures 14. What type of legal description would new a new residential sub-developer most likely use - lots and blocks 15. The definition of the term "real property" includes all of the following except - chattels 16. What best describes the servant tenement in an easement appurtenant - property burdened by an easement 17. What is not an encumbrance? - license 18. Tom, Rick, and Harry own a house. When Rick dies, his heirs receive his one-third ownership interest. What type of co-ownership did they have? - tenancy in common 19. What is not considered when determining whether an item is a fixture or personal property? - the relationship of the parties or value of the annexed item Page 3/10 Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved. 20. The Smiths purchase a cooperative on the Gold Coast. What will they receive at closing? - shares of stock and proprietary lease 21. The local utility company hold an easement to install power lines on a vacant lot. This is what type of easement? - easement by necessary 22. A wife and husband may not hold title to their home as - tenancy at will 23. A husband and wife own an apartment building. The husband has a 3/4 interest in the property whereby the wife owned a 1/4 interest. What type of tenancy exists? - tenancy in common 24. What term does the law use to describe a holder tenant? - tenancy at sufferance 25. You are showing a home that was built in 1977 to your client, Mary. You notice signs of recent water damages the kitchen. Mary is concerned with potential health issue