ASREB Exam Prep A-2 (Gray Packet)
Questions And Answers Graded A+
How would two buyers take title if they were not related? Tenancy in common
What type of lease would the renter pay all the expenses? Net lease
A husband and wife own property as tenants in common, if one dies the property would pass to
the: Estate of the deceased
Which of the following would have an interest in real estate but NOT an estate? Easement
A lease where a lessee will pay a fixed rent plus a portion of the gross sales is called:
Percentage lease
When a lease is assigned these are true: 1. The original lessee is free from responsibility
2. A new lessee is created
3. The original lessor remains the same
When a lease is inherited the estate would be known as: Leasehold
, If at the end of the lease, the tenant is allowed to remain for an indefinite length of time, this is
best described as: Estate at will
When a business is owned by one person it would be called: In severalty
What is the advantage of a sale with a leaseback? The seller frees up cash for other uses
A leases to B. A will pay all costs of operation plus repairs. This lease is called: Gross
lease
What is the name of the third party that will receive a life interest in a property, upon the death of
a life tenant? Remainderman
How can a corporation hold title? Tenant in common
An owner of a lakefront property has 50 acres and divides it into lots. Owner keeps the lot
closest to the lake. How is an easement to the lake preferred by lot buyers? Easement
appurtenant
2 sisters want to buy a property and leave it to their heirs. They should take title: As
tenants in common
This is an example of a freehold estate: Fee simple estate
Questions And Answers Graded A+
How would two buyers take title if they were not related? Tenancy in common
What type of lease would the renter pay all the expenses? Net lease
A husband and wife own property as tenants in common, if one dies the property would pass to
the: Estate of the deceased
Which of the following would have an interest in real estate but NOT an estate? Easement
A lease where a lessee will pay a fixed rent plus a portion of the gross sales is called:
Percentage lease
When a lease is assigned these are true: 1. The original lessee is free from responsibility
2. A new lessee is created
3. The original lessor remains the same
When a lease is inherited the estate would be known as: Leasehold
, If at the end of the lease, the tenant is allowed to remain for an indefinite length of time, this is
best described as: Estate at will
When a business is owned by one person it would be called: In severalty
What is the advantage of a sale with a leaseback? The seller frees up cash for other uses
A leases to B. A will pay all costs of operation plus repairs. This lease is called: Gross
lease
What is the name of the third party that will receive a life interest in a property, upon the death of
a life tenant? Remainderman
How can a corporation hold title? Tenant in common
An owner of a lakefront property has 50 acres and divides it into lots. Owner keeps the lot
closest to the lake. How is an easement to the lake preferred by lot buyers? Easement
appurtenant
2 sisters want to buy a property and leave it to their heirs. They should take title: As
tenants in common
This is an example of a freehold estate: Fee simple estate
