NATIONAL REAL ESTATE QUESTIONS V2
1. All of the following terms apply to government(rectangular) survey EX-CEPT
A. sections
B. POB
C. townships
D. baselines and meridians: B. POB
2. All property that does not fit the definition of real estate is classified aspersonal property
A. true
B. false: A. true
3. Which is an air lot? (select all answers that apply)
A. Ownership of the particular space which a condominium occupies (spacebetween the
walls, floors and ceiling of the condominium unit)
B. Ownership of condominium close to an airport
C. Ownership of a particular parking space
D. ownership of a storage unit located within the complex: A. Ownership of theparticular
space which a condominium occupies (space between the walls, floors and ceiling of the
condominium unit)
4. What is the difference between tenancy by the entirety and communityproperty?
A. Community property can be used by concurrent owners that are unmarriedand tenancy by
entirety requires marriage
B. tenancy by entirety is based on idea that husband and wife are equal partners and
community property states husband and wife as one entity
C. tenancy by entirety requires only the unity of marriage and community property requires
in addition to marriage the unities of time, title, Interest, andpossession
D. tenancy by entirety is based on idea that husband and wife are one entity and community
property sees husband and wife as equal partners: D. tenancyby entirety is based on idea that
husband and wife are one entity and community property sees husband and wife as equal
partners
5. A tenant at sufferance is also considered a trespasser
A. true
B. false: B. false
,6. A leasehold estate that has a definite termination date is known as an
A. estate for years
B. Estate at will
C. estate at sufferance
D. Tenancy in common: A. estate for years
7. Which type of concurrent ownership is frequently used by married couples?
A. Tenancy in common
B. joint tenants
C. tenancy by entirety
D. Community property: B. joint tenants
8. In a PUD, the property owner is responsible for maintaining the homeowners' insurance
for the inside and outside of the dwelling
A. true
B. false: A. true
9. When property is owned by more than one person, this type of ownershipis called
A. Ownership by group
B. concurrent ownership
C. ownership in severalty
D. ownership by trust: B. concurrent ownership
10. In a condominium how does ownership of the individual unit differ fromownership of the
common areas? (select all answers that apply)
A. the developers of the complex retain ownership of the units and the com-mon areas and
sells leases to the individual units
B. each unit is individually owned and the common areas are jointly owned byall of the
condominium owners
C. the developers of the complex retain ownership of the common areas andare paid by the
homeowners for the use of the common areas
D. Each unit is individually owned in the common areas are owned by the owners'
Association: B. each unit is individually owned and the common areas arejointly owned by all
of the condominium owners
,11. Which of the following is considered a planned community that attemptsto recreate a
neighborhood concept?
A. Condominium
B. cooperative
C. timeshare
D. PUD: D. PUD
12. In order to qualify as a condominium, single-family dwellings must beattached to each
other
A. true, because there must be common walls
B. false, because the condominium can be established by a vote of thehomeowners
C. False, because condos can also consist of detached dwelling where home-owners do not
maintain the exteriors of the dwellings, yards, etc.
D. true, because all dwellings must be similar in architectural style: C. False,because condos
can also consist of detached dwelling where homeowners do notmaintain the exteriors of the
dwellings, yards, etc.
13. The difference between a life estate and an estate for years is
A. A life estate does not convey title whereas in estate for years does conveytitle
B. A life estate may or may not be inheritable whereas an estate for years isinheritable
C. The life estate creates an estate in reversion where as the estate for years
doesn't
D. A life estate is a freehold estate whereas an estate for years is a leasehold estate: D A life
estate is a freehold estate whereas an estate for years is a leaseholdestate
14. By definition, an estate for years
A. must be for at least two years
B. Requires a written document
C. Must last for one or more years
D. is for a fixed term whether for a week, a month, a year or longer: D. is for afixed term
whether for a week, a month, a year or longer
15. All of the following would injure a future owner of a life estate except
A. If the life tenant does not pay any assessments levied against the property
B. If the life tenant does not keep the property in good repair
C. if the life tenant does not pay property taxes on property
D. if the life tenant sells the property: D. if the life tenant sells the property
, 16. What is the most common type of concurrent ownership?
A. Tenants in common
B. joint tenants
C. tenancy by entirety
D. Community property: A. Tenants in common
17. If a life tenant does not live up to his/her responsibilities, future ownerscould do all of the
following except
A. an injunction against the life tenant
B. take the life estate away from the lifetenant
C. Sue the life tenant for damages: B. take the life estate away from the life tenant
18. Which of the following can be set up as condominium ownership? ( Selectall answers that
apply)
A. residential buildings
B.commercial buildings
C. industrial park
D. time-shares: A. residential buildings B. commercial buildings C. industrial park
19. Are REIT's (Real Estate Investment Trusts) and land trusts the same thing?
A. yes B. no: B. No
20. Tenancy by entirety can be terminated in all of the following ways except
A. legal separation
B. death of either party
C. court ordered sale to satisfyjudgment for a joint debt
D. divorce E. agreement of both parties: A. legal separation
21. Which of the following is the only requirement for tenants in common?
A. Unity of possession
B. Unity of time
C. Unity of title
D. Unity of interest: A.Unity of Possession
1. All of the following terms apply to government(rectangular) survey EX-CEPT
A. sections
B. POB
C. townships
D. baselines and meridians: B. POB
2. All property that does not fit the definition of real estate is classified aspersonal property
A. true
B. false: A. true
3. Which is an air lot? (select all answers that apply)
A. Ownership of the particular space which a condominium occupies (spacebetween the
walls, floors and ceiling of the condominium unit)
B. Ownership of condominium close to an airport
C. Ownership of a particular parking space
D. ownership of a storage unit located within the complex: A. Ownership of theparticular
space which a condominium occupies (space between the walls, floors and ceiling of the
condominium unit)
4. What is the difference between tenancy by the entirety and communityproperty?
A. Community property can be used by concurrent owners that are unmarriedand tenancy by
entirety requires marriage
B. tenancy by entirety is based on idea that husband and wife are equal partners and
community property states husband and wife as one entity
C. tenancy by entirety requires only the unity of marriage and community property requires
in addition to marriage the unities of time, title, Interest, andpossession
D. tenancy by entirety is based on idea that husband and wife are one entity and community
property sees husband and wife as equal partners: D. tenancyby entirety is based on idea that
husband and wife are one entity and community property sees husband and wife as equal
partners
5. A tenant at sufferance is also considered a trespasser
A. true
B. false: B. false
,6. A leasehold estate that has a definite termination date is known as an
A. estate for years
B. Estate at will
C. estate at sufferance
D. Tenancy in common: A. estate for years
7. Which type of concurrent ownership is frequently used by married couples?
A. Tenancy in common
B. joint tenants
C. tenancy by entirety
D. Community property: B. joint tenants
8. In a PUD, the property owner is responsible for maintaining the homeowners' insurance
for the inside and outside of the dwelling
A. true
B. false: A. true
9. When property is owned by more than one person, this type of ownershipis called
A. Ownership by group
B. concurrent ownership
C. ownership in severalty
D. ownership by trust: B. concurrent ownership
10. In a condominium how does ownership of the individual unit differ fromownership of the
common areas? (select all answers that apply)
A. the developers of the complex retain ownership of the units and the com-mon areas and
sells leases to the individual units
B. each unit is individually owned and the common areas are jointly owned byall of the
condominium owners
C. the developers of the complex retain ownership of the common areas andare paid by the
homeowners for the use of the common areas
D. Each unit is individually owned in the common areas are owned by the owners'
Association: B. each unit is individually owned and the common areas arejointly owned by all
of the condominium owners
,11. Which of the following is considered a planned community that attemptsto recreate a
neighborhood concept?
A. Condominium
B. cooperative
C. timeshare
D. PUD: D. PUD
12. In order to qualify as a condominium, single-family dwellings must beattached to each
other
A. true, because there must be common walls
B. false, because the condominium can be established by a vote of thehomeowners
C. False, because condos can also consist of detached dwelling where home-owners do not
maintain the exteriors of the dwellings, yards, etc.
D. true, because all dwellings must be similar in architectural style: C. False,because condos
can also consist of detached dwelling where homeowners do notmaintain the exteriors of the
dwellings, yards, etc.
13. The difference between a life estate and an estate for years is
A. A life estate does not convey title whereas in estate for years does conveytitle
B. A life estate may or may not be inheritable whereas an estate for years isinheritable
C. The life estate creates an estate in reversion where as the estate for years
doesn't
D. A life estate is a freehold estate whereas an estate for years is a leasehold estate: D A life
estate is a freehold estate whereas an estate for years is a leaseholdestate
14. By definition, an estate for years
A. must be for at least two years
B. Requires a written document
C. Must last for one or more years
D. is for a fixed term whether for a week, a month, a year or longer: D. is for afixed term
whether for a week, a month, a year or longer
15. All of the following would injure a future owner of a life estate except
A. If the life tenant does not pay any assessments levied against the property
B. If the life tenant does not keep the property in good repair
C. if the life tenant does not pay property taxes on property
D. if the life tenant sells the property: D. if the life tenant sells the property
, 16. What is the most common type of concurrent ownership?
A. Tenants in common
B. joint tenants
C. tenancy by entirety
D. Community property: A. Tenants in common
17. If a life tenant does not live up to his/her responsibilities, future ownerscould do all of the
following except
A. an injunction against the life tenant
B. take the life estate away from the lifetenant
C. Sue the life tenant for damages: B. take the life estate away from the life tenant
18. Which of the following can be set up as condominium ownership? ( Selectall answers that
apply)
A. residential buildings
B.commercial buildings
C. industrial park
D. time-shares: A. residential buildings B. commercial buildings C. industrial park
19. Are REIT's (Real Estate Investment Trusts) and land trusts the same thing?
A. yes B. no: B. No
20. Tenancy by entirety can be terminated in all of the following ways except
A. legal separation
B. death of either party
C. court ordered sale to satisfyjudgment for a joint debt
D. divorce E. agreement of both parties: A. legal separation
21. Which of the following is the only requirement for tenants in common?
A. Unity of possession
B. Unity of time
C. Unity of title
D. Unity of interest: A.Unity of Possession
