NATIONAL REAL ESTATE BROKER
EXAM QUESTIONS AND ANSWERS 2026
VERIFIED.
Bundle of rights - ANS PUTEE - Possession, Use, Transfer, Exclusion, Encumbrance
Real property - ANS Real estate (land + manmade attachments) + bundle of rights
Legal Title - ANS Full ownership of property + bundle of rights
Equitable Title - ANS Interest that gives the buyer the right to acquire legal title to a property
if certain contractual conditions occur.
Homestead - ANS Rights to principal residence
Fee simple - ANS Highest form of ownership interest - not limited by lifetime, defeasible
[freehold]
Life Estate - ANS Passes to another (remainderman) upon death of named party. [freehold]
Conventional Life Estate - ANS Limited to the lifetime of a tenant, pur autre vie [freehold]
@2026/2027 ALLRIGHTS RESERVED.
,Legal Life Estate - ANS Statutory, designated to protect family survivors. [freehold]
Estate for years - ANS Specific, stated duration. No renewal [leasehold]
Estate from Period to Period (periodic) - ANS Renews automatically upon acceptance of rent;
isn't terminated unless specific action is taken [leasehold]
Estate at Will - ANS Indefinite estate created by will [leasehold]
Estate at Sufferance - ANS Tenancy against Landlord's will without agreement [leasehold]
Tenancy in Severalty - ANS Possession
100% Ownership
Individual, Corporation or Ltd Partnership
Tenancy in Common - ANS Each owner can use the entire property (undivided interest, can
be unequal shares)
No right to survivorship (is inheritable)
Can happen by accident
Joint Tenancy - ANS Each owner can use the entire property - equal ownership shares with
undivided interest
Acquired at the same time by the same document
Right of survivorship - if one owner dies, remaining owners inherit their ownership (not
inheritable)
Tenancy by the Entirety - ANS Marriage
Needs both signatures
Right of survivorship
@2026/2027 ALLRIGHTS RESERVED.
, Community Property - ANS Joint property ownership of unmarried tenants
Acquired by gift or inheritance
No right of survivorship
PITT - ANS Possession, Interest, Time, Title
Needed to create joint tenancy.
Condominium (definition) - ANS Ownership of a unit of airspace and an undivided interest in
the common elements as a tenant in common with other tenants.
How is a condominium created? - ANS Developer's declaration
Condominium (features) - ANS May be sold, encumbered or foreclosed without affecting
other unit owners
Co-operatives - ANS Ownership of shares in owning corporation, plus proprietary lease in a
unit. The corporation has sole, undivided ownership.
Easement Appurtenant - ANS Dominant tenant's right to use or restrict adjacent servient
tenant by necessity to landlocked owners. (Attaches to the real estate)
Easement in Gross - ANS Personal easement, non-transferable and ends with the death of
the easement holder. Commercial easements in gross are transferable, granted to the business.
License - ANS Personal, doesn't attach (ends with death or contract), non-transferable,
revocable
Lien theory state - ANS Lender of mortgaged property holds equitable title rather than legal
title; borrower holds legal title.
@2026/2027 ALLRIGHTS RESERVED.
EXAM QUESTIONS AND ANSWERS 2026
VERIFIED.
Bundle of rights - ANS PUTEE - Possession, Use, Transfer, Exclusion, Encumbrance
Real property - ANS Real estate (land + manmade attachments) + bundle of rights
Legal Title - ANS Full ownership of property + bundle of rights
Equitable Title - ANS Interest that gives the buyer the right to acquire legal title to a property
if certain contractual conditions occur.
Homestead - ANS Rights to principal residence
Fee simple - ANS Highest form of ownership interest - not limited by lifetime, defeasible
[freehold]
Life Estate - ANS Passes to another (remainderman) upon death of named party. [freehold]
Conventional Life Estate - ANS Limited to the lifetime of a tenant, pur autre vie [freehold]
@2026/2027 ALLRIGHTS RESERVED.
,Legal Life Estate - ANS Statutory, designated to protect family survivors. [freehold]
Estate for years - ANS Specific, stated duration. No renewal [leasehold]
Estate from Period to Period (periodic) - ANS Renews automatically upon acceptance of rent;
isn't terminated unless specific action is taken [leasehold]
Estate at Will - ANS Indefinite estate created by will [leasehold]
Estate at Sufferance - ANS Tenancy against Landlord's will without agreement [leasehold]
Tenancy in Severalty - ANS Possession
100% Ownership
Individual, Corporation or Ltd Partnership
Tenancy in Common - ANS Each owner can use the entire property (undivided interest, can
be unequal shares)
No right to survivorship (is inheritable)
Can happen by accident
Joint Tenancy - ANS Each owner can use the entire property - equal ownership shares with
undivided interest
Acquired at the same time by the same document
Right of survivorship - if one owner dies, remaining owners inherit their ownership (not
inheritable)
Tenancy by the Entirety - ANS Marriage
Needs both signatures
Right of survivorship
@2026/2027 ALLRIGHTS RESERVED.
, Community Property - ANS Joint property ownership of unmarried tenants
Acquired by gift or inheritance
No right of survivorship
PITT - ANS Possession, Interest, Time, Title
Needed to create joint tenancy.
Condominium (definition) - ANS Ownership of a unit of airspace and an undivided interest in
the common elements as a tenant in common with other tenants.
How is a condominium created? - ANS Developer's declaration
Condominium (features) - ANS May be sold, encumbered or foreclosed without affecting
other unit owners
Co-operatives - ANS Ownership of shares in owning corporation, plus proprietary lease in a
unit. The corporation has sole, undivided ownership.
Easement Appurtenant - ANS Dominant tenant's right to use or restrict adjacent servient
tenant by necessity to landlocked owners. (Attaches to the real estate)
Easement in Gross - ANS Personal easement, non-transferable and ends with the death of
the easement holder. Commercial easements in gross are transferable, granted to the business.
License - ANS Personal, doesn't attach (ends with death or contract), non-transferable,
revocable
Lien theory state - ANS Lender of mortgaged property holds equitable title rather than legal
title; borrower holds legal title.
@2026/2027 ALLRIGHTS RESERVED.
