National Real Estate Exam Study Guide Questions And
Answers Verified 100% Correct
In order to qualify as a condominium, single-family dwellings must be attached to each
other
A. true, because there must be common walls
B. false, because the condominium can be established by a vote of the homeowners C.
False, because condos can also consist of detached dwelling where homeowners do
not maintain the exteriors of the dwellings, yards, etc.
D. true, because all dwellings must be similar in architectural style - ANSWER C.
False, because condos can also consist of detached dwelling where homeowners do
not maintain the exteriors of the dwellings, yards, etc.
The difference between a life estate and an estate for years is
A. A life estate does not convey title whereas in estate for years does convey title
B. A life estate may or may not be inheritable whereas an estate for years is inheritable
C. The life estate creates an estate in reversion where as the estate for years doesn't
D. A life estate is a freehold estate whereas an estate for years is a leasehold estate -
ANSWER D A life estate is a freehold estate whereas an estate for years is a
leasehold estate
By definition, an estate for years
A. must be for at least two years
B. Requires a written document
C. Must last for one or more years
D. is for a fixed term whether for a week, a month, a year or longer - ANSWER D. is for
a fixed term whether for a week, a month, a year or longer
All of the following would injure a future owner of a life estate except
A. If the life tenant does not pay any assessments levied against the
property
B. If the life tenant does not keep the property in good
repair
C. if the life tenant does not pay property taxes on
property
,D. if the life tenant sells the property - ANSWER D. if the life tenant sells the
property
What is the most common type of concurrent ownership?
A. Tenants in common
B. joint tenants
C. tenancy by entirety
D. Community property - ANSWER A. Tenants in common
If a life tenant does not live up to his/her responsibilities, future owners could do all of
the following except
A. an injunction against the life tenant B. take the life estate away from the life tenant C.
Sue the life tenant for damages - ANSWER B. take the life estate away from the life
tenant
Which of the following can be set up as condominium ownership? ( Select all
ANSWERs
that apply)
A. residential buildings B.commercial buildings C. industrial park D. timeshares -
ANSWER A. residential buildings B. commercial buildings C. industrial park
Are REIT's (Real Estate Investment Trusts) and land trusts the same thing?
A. yes B. no - ANSWER B. No
Tenancy by entirety can be terminated in all of the following ways except
A. legal separation B. death of either party C. court ordered sale to satisfy judgment for
a joint debt D. divorce E. agreement of both parties - ANSWER A. legal separation
Which of the following is the only requirement for tenants in common?
A. Unity of possession B. Unity of time C. Unity of title D. Unity of interest - ANSWER
A. Unity of Possession
Plant life that requires planning each season is called_____________
A. fixtures B. fruits of nature C. Fruits of industry D. chattel - ANSWER C. Fruits of
industry
,Which method of legal description began to be employed when cities began to expand
into the surrounding farmland? The owners of a large tract of land would subdivide the
tract into a series of smaller lots to be sold to buyers. rectangular survey
A. Government survey B. metes and bounds C. recorded plat map - ANSWER C.
recorded plat map
The NE ½ of the SW ¼ of the SW ¼ contains how many acres?
A. 40
B. 20
C. 10
D. 60 - ANSWER B. 20
In order to meet the test for a trade fixture all of the following must be present EXCEPT
A. Item must be valued at over $200
B. Item must be used by the tenant in the conduct of his/her business
C. property must be returned to original condition when items are removed
D. item must be removed prior to vacating the premises - ANSWER A. Item must be
valued at over $200
intent, method of attachment, agreement of the parties and whether something has
been adapted for a particular property are the ways determine whether an item is
A. Real property
B. an improvement
C. a trade fixture or personal property
D. a fixture or personal property - ANSWER A. Real property
What must be included in the legal description of a condo that is not required for a
house?
A. POB
B. unit and building number
C. Street number
D. Lot number - ANSWER B. unit and building number
If a property owner lease is a property to someone else, which stick in the bundle
of rights is he using? A. Occupy
B. encumber
C. sell
D. license - ANSWER A. Occupy
The real Estate term for improvements both on and to the land is called
A. fixtures
B. emblements
C. attachments
, D. chattel
The real Estate term for improvements both on and to the land is called
A. fixtures
B. emblements
C. attachments
D. chattel - ANSWER A. fixtures
Which type of legal description is best for describing a parcel in a subdivision
A. rectangular survey
B. Government survey
C. metes and bounds
D. recorded plat map - ANSWER D. recorded plat map
A fee simple estate with a condition or limitation attached is called an
A. Life estate
B. defeasible estate
C. Estate for years
D. Estate in severalty - ANSWER B. defeasible estate
In a condominium complex which of the following are considered to be common areas?
A. Balconies
B. the unit itself
C. landscaping
D. hallways - ANSWER A. Balconies
C. landscaping
D. hallways
What type of ownership allows for ownership by multiple parties and owner is allotted a
period of time which is frequently the same time every year
A. timeshare
B. condominium
C. cooperative
D. PUD - ANSWER A. timeshare
What type of property ownership allows an owner to exchange his/her time interval with
the other owners in the same resort group?
A. timeshare
A. condominium
B. cooperative
C. PUD - ANSWER A. timeshare
What type of estate is a dower and curtsey?
Answers Verified 100% Correct
In order to qualify as a condominium, single-family dwellings must be attached to each
other
A. true, because there must be common walls
B. false, because the condominium can be established by a vote of the homeowners C.
False, because condos can also consist of detached dwelling where homeowners do
not maintain the exteriors of the dwellings, yards, etc.
D. true, because all dwellings must be similar in architectural style - ANSWER C.
False, because condos can also consist of detached dwelling where homeowners do
not maintain the exteriors of the dwellings, yards, etc.
The difference between a life estate and an estate for years is
A. A life estate does not convey title whereas in estate for years does convey title
B. A life estate may or may not be inheritable whereas an estate for years is inheritable
C. The life estate creates an estate in reversion where as the estate for years doesn't
D. A life estate is a freehold estate whereas an estate for years is a leasehold estate -
ANSWER D A life estate is a freehold estate whereas an estate for years is a
leasehold estate
By definition, an estate for years
A. must be for at least two years
B. Requires a written document
C. Must last for one or more years
D. is for a fixed term whether for a week, a month, a year or longer - ANSWER D. is for
a fixed term whether for a week, a month, a year or longer
All of the following would injure a future owner of a life estate except
A. If the life tenant does not pay any assessments levied against the
property
B. If the life tenant does not keep the property in good
repair
C. if the life tenant does not pay property taxes on
property
,D. if the life tenant sells the property - ANSWER D. if the life tenant sells the
property
What is the most common type of concurrent ownership?
A. Tenants in common
B. joint tenants
C. tenancy by entirety
D. Community property - ANSWER A. Tenants in common
If a life tenant does not live up to his/her responsibilities, future owners could do all of
the following except
A. an injunction against the life tenant B. take the life estate away from the life tenant C.
Sue the life tenant for damages - ANSWER B. take the life estate away from the life
tenant
Which of the following can be set up as condominium ownership? ( Select all
ANSWERs
that apply)
A. residential buildings B.commercial buildings C. industrial park D. timeshares -
ANSWER A. residential buildings B. commercial buildings C. industrial park
Are REIT's (Real Estate Investment Trusts) and land trusts the same thing?
A. yes B. no - ANSWER B. No
Tenancy by entirety can be terminated in all of the following ways except
A. legal separation B. death of either party C. court ordered sale to satisfy judgment for
a joint debt D. divorce E. agreement of both parties - ANSWER A. legal separation
Which of the following is the only requirement for tenants in common?
A. Unity of possession B. Unity of time C. Unity of title D. Unity of interest - ANSWER
A. Unity of Possession
Plant life that requires planning each season is called_____________
A. fixtures B. fruits of nature C. Fruits of industry D. chattel - ANSWER C. Fruits of
industry
,Which method of legal description began to be employed when cities began to expand
into the surrounding farmland? The owners of a large tract of land would subdivide the
tract into a series of smaller lots to be sold to buyers. rectangular survey
A. Government survey B. metes and bounds C. recorded plat map - ANSWER C.
recorded plat map
The NE ½ of the SW ¼ of the SW ¼ contains how many acres?
A. 40
B. 20
C. 10
D. 60 - ANSWER B. 20
In order to meet the test for a trade fixture all of the following must be present EXCEPT
A. Item must be valued at over $200
B. Item must be used by the tenant in the conduct of his/her business
C. property must be returned to original condition when items are removed
D. item must be removed prior to vacating the premises - ANSWER A. Item must be
valued at over $200
intent, method of attachment, agreement of the parties and whether something has
been adapted for a particular property are the ways determine whether an item is
A. Real property
B. an improvement
C. a trade fixture or personal property
D. a fixture or personal property - ANSWER A. Real property
What must be included in the legal description of a condo that is not required for a
house?
A. POB
B. unit and building number
C. Street number
D. Lot number - ANSWER B. unit and building number
If a property owner lease is a property to someone else, which stick in the bundle
of rights is he using? A. Occupy
B. encumber
C. sell
D. license - ANSWER A. Occupy
The real Estate term for improvements both on and to the land is called
A. fixtures
B. emblements
C. attachments
, D. chattel
The real Estate term for improvements both on and to the land is called
A. fixtures
B. emblements
C. attachments
D. chattel - ANSWER A. fixtures
Which type of legal description is best for describing a parcel in a subdivision
A. rectangular survey
B. Government survey
C. metes and bounds
D. recorded plat map - ANSWER D. recorded plat map
A fee simple estate with a condition or limitation attached is called an
A. Life estate
B. defeasible estate
C. Estate for years
D. Estate in severalty - ANSWER B. defeasible estate
In a condominium complex which of the following are considered to be common areas?
A. Balconies
B. the unit itself
C. landscaping
D. hallways - ANSWER A. Balconies
C. landscaping
D. hallways
What type of ownership allows for ownership by multiple parties and owner is allotted a
period of time which is frequently the same time every year
A. timeshare
B. condominium
C. cooperative
D. PUD - ANSWER A. timeshare
What type of property ownership allows an owner to exchange his/her time interval with
the other owners in the same resort group?
A. timeshare
A. condominium
B. cooperative
C. PUD - ANSWER A. timeshare
What type of estate is a dower and curtsey?
