Utah Real Estate Sales General Exam (Sales Agent) Questions With Correct Answers

Utah Real Estate Sales General Exam (Sales
Agent) Questions With Correct Answers

What's |the |difference |between |real |and |personal |property? |- |CORRECT |ANSWER✔✔-Real |
property |is |immovable, |indestructible, |and |no |two |parcels |are |the |same. |It's |also |scarce, |it |can
|be |improved |upon |and |it's |location |affects |its |value




Fixtures |- |CORRECT |ANSWER✔✔-Always |considered |real |property. |The |test |is |how |it |was |
attached; |whether |the |property |was |adapted |around |it; |and |the |intent |of |the |owner



Trade |Fixtures |- |CORRECT |ANSWER✔✔-Never |considered |real |property. |Owned |by |the |
business. |They |may |be |removed



Metes |& |Bounds |- |CORRECT |ANSWER✔✔-Most |accurate |form |of |property |measuring. |Most |
likely |used |to |establish |the |property's |boundary |lines



Subdivisions |- |CORRECT |ANSWER✔✔-Described |using |the |Lot, |Block, |& |Plat |method



Freehold |Estate |- |CORRECT |ANSWER✔✔-Simply |means |that |you |have |an |ownership |interest |in
|the |property




Fee |Simple |Absolute |- |CORRECT |ANSWER✔✔-Also |called |'fee |title', |or |just |'fee



Type |of |Freehold |Estate



Def: |Highest |form |of |holding |title |in |real |estate |in |which |the |property |owner |has |unconditional
|and |absolute |ownership |of |real |property

,Fee |Simple |Defeasible |- |CORRECT |ANSWER✔✔-Type |of |Freehold |Estate



Means |that |the |fee |can |be |defeated |because |of |an |attached |condition. |Different |defeasible |
fees |include:



Fee |simple |determinable |- |carries |an |automatic |reversion |(automatically |goes |back |to |grantor)

Fee |simple |with |condition |subsequent |- |carries |a |right |of |re-entry |(Grantor |must |act |in |order |
to |exercise)



Fee |Simple |with |Condition |Precedent |- |CORRECT |ANSWER✔✔-This |is |a |future |interest



Def: |This |is |related |to |condition |subsequent, |except |in |this |type |of |fee |simple |estate, |
ownership |can't |pass |to |the |grantee |until |a |condition |is |met.



Life |Estate |- |CORRECT |ANSWER✔✔-An |ownership |interest |that |is |based |on |the |life |of |the |
grantee; |it |can |be |SOLD, |but |cannot |be |inherited.



Life |Estate |Pur |Autre |Vie |- |CORRECT |ANSWER✔✔-Life |Estate |"for |another's |life"



Based |on |the |life |of |someone |other |than |the |original |grantee |and |it |cannot |be |inherited



Non-Freehold |Estate |- |CORRECT |ANSWER✔✔-This |is |a |LEASE. |No |ownership



the |FOUR |property |rights |you |need |to |know |- |CORRECT |ANSWER✔✔-Possession

Use |(utility)

Quiet |Enjoyment |- |has |to |do |with |claims |against |Title, |not |against |your |ears!

,Disposition



Title |to |property |can |be |taken |in |one |of |the |following |ways: |- |CORRECT |ANSWER✔✔-Severalty
|(one |person, |regardless |fo |how |title |started; |corporate |entities)




Joint |Tenancy |(must |be |established |by |PITT |- |Possession, |Interest, |Time, |& |Title. |Rights |of |
survivorship |- |if |you |die |it |goes |to |other |owners |NOT |to |heirs)



Tenants |in |Common |(think |roommates |- |you |can |sell |your |share)



Tenancy |by |the |Entirety |(must |be |established |by |married |PITT)



Can |a |joint |tenant |sell |his/her |interest |without |the |consent |of |the |other |joint |tenant(s)? |- |
CORRECT |ANSWER✔✔-A |co-tenant |may |not |sell |their |shares |of |the |property |without |the |
consent |of |all |other |tenants.



Instead |of |selling, |a |joint |tenant |can |transfer |their |shares |to |another |person. |However, |
transferring |shares |terminates |the |joint |tenancy |agreement, |forcing |the |new |co-owner |to |
enter |a |new |ownership |arrangement |with |the |remaining |co-tenant(s). |The |new |arrangement, |
known |as |a |tenancy |in |common, |will |be |discussed |in |more |detail |in |the |next |section |of |this |
article.



Can |a |joint |tenant |sell |the |property |without |the |consent |of |the |other |joint |tenant(s)? |- |
CORRECT |ANSWER✔✔-NO



They |would |file |a |partition |action |(type |of |lawsuit)



Can |a |tenant |by |the |entirety |sell |their |interest |without |the |consent |of |the |spouse? |- |CORRECT |
ANSWER✔✔-NO

, With |both |spouses |having |full |ownership |of |the |property |under |TBE |(Tenants |by |Entirety), |
neither |one |can |sell |their |share |of |the |property |or, |in |some |states, |place |a |lien |against |the |
property |without |mutual |consent. |Creditors |cannot |go |after |the |property |if |only |one |spouse |is
|sued |for |unpaid |debt.




To |claim |title |by |adverse |possession, |the |possessor |must |show |COHEN: |- |CORRECT |
ANSWER✔✔-Continuous

Open

Hostile

Exclusive

Notorious



What |is |a |Quiet |Title |Action? |- |CORRECT |ANSWER✔✔-Lawsuit |to |settle |the |ownership |claims |
against |the |title.



A |party |with |a |claim |of |ownership |to |land |can |file |an |action |to |quiet |title, |which |serves |as |a |
sort |of |lawsuit |against |anyone |and |everyone |else |who |has |a |claim |to |the |land.



Eminent |Domain |- |CORRECT |ANSWER✔✔-One |of |the |ways |that |the |Government |controls |
property

(Requires |just |compensation)



Eminent |domain |refers |to |the |power |of |the |government |to |take |private |property |and |convert |
it |into |public |use.



Most |common |examples |are |ROADS |- |The |path |runs |through |a |private |property |but |the |gov |
takes |it |in |order |to |build |the |road.