Real Estate Exam Study Guide: Questions & Answers: Latest Updated: Guaranteed A+ Guide

Which of the following is true of "condominiums"? A. It is an ownership where owners own their unit solely but share ownership with the common areas, and buildings B. It applies to ownership, not to construction or development C. It is a type of ownership where all of the owners own each other's interior units D. Both A and C (Ans- A. It is an ownership where owners own their unit solely but share ownership with the common areas, and buildings A homeowner's association does which the following? A. It manages the common areas of a condominium project or planned unit development B. It owns title to the common elements in a condominium development C. It doesn't own title to the common elements in a planned unit development D. All of the above (Ans- A. It manages the common areas of a condominium project or planned unit development Which of the following is true of "common areas"? A. They include swimming pools, tennis courts, and other recreational facilities B. They are portions of a building, land, and amenities owned or managed by a planned unit development or condominium project's homeowners' association C. They have shared expenses by the property owners for the operation and maintenance D. All of the above (Ans- D. All of the above A fund set aside for replacement of common property in a condominium, PUD, or cooperative project, particularly that which has a short life expectancy, such as carpet or furniture is called: (Ans- Replacement reserve fund A type of multiple ownership where the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property and gives each resident the right to occupy a specific apartment or unit is called: (Ans- Cooperative You put in a new driveway to your property, but in the process, the paving goes across your property line onto your neighbor's property a few inches. This is called an: (Ans- Encroachment If you convey an interest in real property to a relative, that person is known as the: (Ans- Grantee You and your sister are joint tenants in a home your mother left you. Your sister has three children in her will and you have one. If she dies first, who does the property go to? (Ans- It goes entirely to you Which of the following falls under the term "personal property"? A. Sofa B. Garage attached to a house C. The front porch of a home D. The windows in a home (Ans- A. Sofa Many states determine the order of water rights according to which users of the water hold a recorded beneficial use permit. This allocation of water rights in Massachusetts is determined by: (Ans- The doctrine of prior appropriation Evan lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, Evan owns stock in the corporation and has a lease on his apartment. This type of ownership is called a(n): (Ans- Cooperative If a commercial tenant has a lease. The lease will end soon and the tenant is moving to a new location. During the tenancy the tenant installed bookcases. Can the tenant remove the bookcases? (Ans- Yes, as long as the tenant pays for or repairs the damages If a prospective buyer is purchasing a house, can a seller take the shrubs with him? (Ans- No, the shrubs are permanently rooted If a person wants to build a dock on a lake, what agency should they get permission? (Ans- The Massachusetts Department of Environmental Protection Agency When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n): (Ans- Labor Lien A person with a life estate can: (Ans- Live on the property for their lifetime Who would a resident appear before to complain about Snob zoning? (Ans- Zoning Board Which is NOT an involuntary transfer? A. Dedication for public use B. Escheat C. Eminent domain D. Foreclosure (Ans- A. Dedication for public use When a person dies intestate, they have (Ans- Died & did not have a will Which is not a form of encumbrance? A. Expanding the driveway B. Deed restriction C. Encroachment D. Easement in gross (Ans- A. Expanding the driveway The lawful expulsion of an occupant from real property by a landlord is called: (Ans- Eviction If you were trying to buy a home, you and the seller would need to sign a written contract called a/an: (Ans- Purchase & Sale Agreement Tenant James is renting a 1 bedroom apartment and his rent will be $923 per month. If the cost to replace the lock and key is $150 and the security deposit is the same as the rent, what is the maximum amount of funds James may be asked to give to the owner? A. $923 B. $2919 C. $1073 D. $1996 (Ans- D. $1996 What does the statute of frauds with real estate contracts protect you from? (Ans- Any misunderstandings from implications How many months can a tenant withhold rent to repair an issue with their apartment? (Ans- 4 A non-freehold estate is also called: (Ans- Lease What is the form used in Massachusetts when the landlord wants the tenant to either comply with the terms of the lease or leave the premises? (Ans- Notice to quit All the following elements must be met for a contract to be valid except: A. Face to face meeting B. Signature of all the parties C. Meeting of the minds D. Statute of frauds (Ans- A. Face to face meeting If a landlord allows the tenant unit to become uninhabitable what is the tenant's recourse? (Ans- Initiate a constructive eviction by giving the landlord notice All listing types below allow the seller the right to sell their property on their own without paying a commission, EXCEPT: A. An exclusive agency B. None of the above C. Exclusive Right to Sell D. Open (Ans- C. Exclusive Right to Sell