GOLD COAST REAL ESTATE EXAMS SCRIPT UPDATED
QUESTIONS AND ANSWERS GRADED A+
✔✔Gradual receding of water, uncovering additional land - ✔✔Reliction
✔✔Any property that is not real property - ✔✔Personal property (chattel)
✔✔Real property becomes personal property (take fan down) - ✔✔Severance
✔✔Personal property becomes real property (put fan up) - ✔✔Attachment
✔✔An item that was personal property but is now real property - ✔✔Fixture
✔✔Personal property that has been attached to real estate being usedin the conduct of
business (not part of the real estate, goes when sold) - ✔✔Trade fixture
✔✔Right to sell the property, give it away, or leave it in a will - ✔✔Disposition
✔✔Exent of rights (quality & quantity) - ✔✔Estate (tenancy)
✔✔Ownership for indefinite duration - ✔✔Freehold estate
✔✔Most comprehensive estate - ✔✔Fee simple estate
✔✔Ownership by 1 owner - ✔✔Estate in severalty
✔✔Fee simple estate held by 2 or more persons. , equal or unequal; inheritability -
✔✔Tenancy in common
✔✔Held by 2 or more persons, equal, survivorship - ✔✔Joint tenancy
✔✔Estate for husband and wife only; marriage is owner; survivorship - ✔✔Tenancy by
the entireties
✔✔Ownership tied to duration of someone's life (no disposition rights) - ✔✔Life estate
✔✔life estate Ownership will return to the original owner - ✔✔Reversion esate
✔✔Life estate ownership will pass to a third party - ✔✔Remainder estate
✔✔Not ownership -- right of possession and use - ✔✔Nonfreehold or leasehol estates
✔✔Definite termination date tenancy - ✔✔Tenancy for years
, ✔✔Tenant has possession with the owner's permission no specific term - ✔✔Tenancy
at will
✔✔Tenant in possesion without the owner's possesion; holdover tenant - ✔✔Tenancy
at sufferance
✔✔Leases in writing to be enforceable in court - ✔✔If more than 1 year
✔✔Surviving spouse may override a will (30% of deceased's property), not property
owned by tenancy by the entireties - ✔✔Elective share
✔✔Real property owned separate prior to marriage, still theirs after marriage -
✔✔Separate property
✔✔Without a will - ✔✔Intestate
✔✔Allows propery to pass to legal heirs, owner dies intestate - ✔✔Probate laws
✔✔Protected homestead within municipality - ✔✔One half acre
✔✔Protected homestead outside municpality - ✔✔160 acres
✔✔Condo common areas - ✔✔Tenancy in common ownership
✔✔Creates the condo and provides the individual ownership units - ✔✔Declaration
(master deed)
✔✔Establishes the condo association as a legal entity - ✔✔Articles of incorporation
✔✔Describes administration and management of the property (condo) - ✔✔By-laws
✔✔15 days receipt from developer, 3 business days for resale - ✔✔Condo and co-op
rescission period
✔✔Title is held by a cooperation, owners receive stock instead of RE, a proprietary
lease - ✔✔Cooperative association (co-op)
✔✔Condo divided into time segments, interval ownership(fee simple, best) or right to
use (temporary) - ✔✔Timeshare ownership
✔✔10 days for new and 10 days for resale - ✔✔Timeshare ownership rescission period
QUESTIONS AND ANSWERS GRADED A+
✔✔Gradual receding of water, uncovering additional land - ✔✔Reliction
✔✔Any property that is not real property - ✔✔Personal property (chattel)
✔✔Real property becomes personal property (take fan down) - ✔✔Severance
✔✔Personal property becomes real property (put fan up) - ✔✔Attachment
✔✔An item that was personal property but is now real property - ✔✔Fixture
✔✔Personal property that has been attached to real estate being usedin the conduct of
business (not part of the real estate, goes when sold) - ✔✔Trade fixture
✔✔Right to sell the property, give it away, or leave it in a will - ✔✔Disposition
✔✔Exent of rights (quality & quantity) - ✔✔Estate (tenancy)
✔✔Ownership for indefinite duration - ✔✔Freehold estate
✔✔Most comprehensive estate - ✔✔Fee simple estate
✔✔Ownership by 1 owner - ✔✔Estate in severalty
✔✔Fee simple estate held by 2 or more persons. , equal or unequal; inheritability -
✔✔Tenancy in common
✔✔Held by 2 or more persons, equal, survivorship - ✔✔Joint tenancy
✔✔Estate for husband and wife only; marriage is owner; survivorship - ✔✔Tenancy by
the entireties
✔✔Ownership tied to duration of someone's life (no disposition rights) - ✔✔Life estate
✔✔life estate Ownership will return to the original owner - ✔✔Reversion esate
✔✔Life estate ownership will pass to a third party - ✔✔Remainder estate
✔✔Not ownership -- right of possession and use - ✔✔Nonfreehold or leasehol estates
✔✔Definite termination date tenancy - ✔✔Tenancy for years
, ✔✔Tenant has possession with the owner's permission no specific term - ✔✔Tenancy
at will
✔✔Tenant in possesion without the owner's possesion; holdover tenant - ✔✔Tenancy
at sufferance
✔✔Leases in writing to be enforceable in court - ✔✔If more than 1 year
✔✔Surviving spouse may override a will (30% of deceased's property), not property
owned by tenancy by the entireties - ✔✔Elective share
✔✔Real property owned separate prior to marriage, still theirs after marriage -
✔✔Separate property
✔✔Without a will - ✔✔Intestate
✔✔Allows propery to pass to legal heirs, owner dies intestate - ✔✔Probate laws
✔✔Protected homestead within municipality - ✔✔One half acre
✔✔Protected homestead outside municpality - ✔✔160 acres
✔✔Condo common areas - ✔✔Tenancy in common ownership
✔✔Creates the condo and provides the individual ownership units - ✔✔Declaration
(master deed)
✔✔Establishes the condo association as a legal entity - ✔✔Articles of incorporation
✔✔Describes administration and management of the property (condo) - ✔✔By-laws
✔✔15 days receipt from developer, 3 business days for resale - ✔✔Condo and co-op
rescission period
✔✔Title is held by a cooperation, owners receive stock instead of RE, a proprietary
lease - ✔✔Cooperative association (co-op)
✔✔Condo divided into time segments, interval ownership(fee simple, best) or right to
use (temporary) - ✔✔Timeshare ownership
✔✔10 days for new and 10 days for resale - ✔✔Timeshare ownership rescission period
