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RECA - Fundamentals Study Guide Unit
7 Quiz (Weighted 9%) Questions and
Correct Answers/ Latest Update /
Already Graded
Real Estate
Ans: Refers to the raw land plus any improvements that are permanent or
fixed to the land.
Real Property
Ans: Refers to the tangible attributes of the land (Real Estate) as well as
the intangible rights of ownership
What are some characteristics of land?
Ans: Durable, Rigid, Immobile, Unique, Scarce
Fee Simple
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Ans: The highest interest in real estate recognized by the law; the holder is
entitled to all rights to the property.
Leasehold
Ans: Grants a tenant exclusive use to a property for a period of time and
the tenant pays the landlord rent for use.
Life Estate
Ans: Grants a person a life interest in the land for their lifetime.
Joint Tenancy
Ans: co-ownership of property with equal interests and the right of
survivorship. If one owner dies, interests get passed to the other party
Sole Ownership
RECA - Fundamentals Study Guide Unit
7 Quiz (Weighted 9%) Questions and
Correct Answers/ Latest Update /
Already Graded
Real Estate
Ans: Refers to the raw land plus any improvements that are permanent or
fixed to the land.
Real Property
Ans: Refers to the tangible attributes of the land (Real Estate) as well as
the intangible rights of ownership
What are some characteristics of land?
Ans: Durable, Rigid, Immobile, Unique, Scarce
Fee Simple
, 2 | Page
Ans: The highest interest in real estate recognized by the law; the holder is
entitled to all rights to the property.
Leasehold
Ans: Grants a tenant exclusive use to a property for a period of time and
the tenant pays the landlord rent for use.
Life Estate
Ans: Grants a person a life interest in the land for their lifetime.
Joint Tenancy
Ans: co-ownership of property with equal interests and the right of
survivorship. If one owner dies, interests get passed to the other party
Sole Ownership
