PA APPRAISERS LICENSE EVALUATION EXAMS 2025/2026
QUESTIONS AND ANSWERS RATED A+
✔✔Types of Ownership - ✔✔- Ownership in Severalty
- Co-ownership
- Trusts
- Condominiums
- Cooperatives
✔✔Ownership in Severalty - ✔✔sole ownership; ownership separate from everyone
else
✔✔2 types of Ownership in Severalty - ✔✔Corporations & REIT
✔✔Coroperations - ✔✔a legal entity conducting business as if a single owner.
Ownership evidenced via the issuance of stock.
✔✔REIT - ✔✔real estate investment trust; an entity that functions much like a mutual
fund for real estate. Regulated by the Federal Securities and Exchange Commission, a
REIT must have, at least, 100 investors.
✔✔Co-Ownership - ✔✔Ownership held by two or more parties or legal entities.
✔✔3 types of Co-ownership - ✔✔tenancy in common, joint tenancy, tenancy by the
entirety
✔✔Tenancy in Common - ✔✔Each owner has an undivided fractional interest, so each
owner is entitled to possession of the whole property. Upon death of an owner, the
interest passes in accordance with the owner's will.
✔✔Joint Tenancy - ✔✔Upon death of an owner, the interest passes to the surviving
partner.
✔✔Trusts - ✔✔An ownership form where title is held by a trustee while the rights and
burdens of ownership are enjoyed & suffered by the beneficiaries.
✔✔Condominiums - ✔✔Each owner owns a fee simple title to an individual condo unit
and an undivided fractional interest in common elements.
✔✔Cooperatives - ✔✔A corporation owns the real estate and issues shares to each
tenant
✔✔Planned Unit Developments (PUD) - ✔✔- A PUD is not ownership form
- Type of development in which buildings are clustered or set on lots smaller than usual.
, - Individual properties are owned in fee simple with joint ownership of common areas
- Created to provide efficient use of land with park-like common areas
✔✔3 property types - ✔✔- Real Estate
- Real Property
- Personal Property
✔✔Real Estate - ✔✔the physical concept of land & buildings
✔✔Real Property - ✔✔the rights and benefits of owning real estate
✔✔Personal Property - ✔✔moveable items that are not permanently affixed to, or part
of real estate
✔✔Estate - ✔✔the amount, degree, nature, and quality of a person's interest in land or
other property
✔✔Fee Simple Estate - ✔✔the entire bundle of rights when held by a single owner of
entity
✔✔Leased Fee Estate - ✔✔the owner's interest in real estate that is leased
✔✔Leasehold Estate - ✔✔the tenant's interest in real estate that is leased
✔✔Life Estate - ✔✔right of use and occupancy for the lifetime of a specific person
✔✔Estate at Will - ✔✔tenancy for an unspecified time
✔✔Estate at Sufferance - ✔✔situation when a tenant remains in possession after a
lease expires without the consent of the landlord
✔✔Dominant Estate - ✔✔property that uses, and benefits from, an easement over other
property. Ex: If Lot A uses an easement over Lot B to access a roadway, Lot A would be
the dominant estate.
✔✔Servient Estate - ✔✔Land encumbered by an easement which benefits another
parcel of land. Ex: Lot B is the servient estate
✔✔Title - ✔✔proof of ownership
✔✔Deed - ✔✔a written, legal document that conveys an interest in real property. Types
of deeds: warranty, quitclaim, deeds in trust
QUESTIONS AND ANSWERS RATED A+
✔✔Types of Ownership - ✔✔- Ownership in Severalty
- Co-ownership
- Trusts
- Condominiums
- Cooperatives
✔✔Ownership in Severalty - ✔✔sole ownership; ownership separate from everyone
else
✔✔2 types of Ownership in Severalty - ✔✔Corporations & REIT
✔✔Coroperations - ✔✔a legal entity conducting business as if a single owner.
Ownership evidenced via the issuance of stock.
✔✔REIT - ✔✔real estate investment trust; an entity that functions much like a mutual
fund for real estate. Regulated by the Federal Securities and Exchange Commission, a
REIT must have, at least, 100 investors.
✔✔Co-Ownership - ✔✔Ownership held by two or more parties or legal entities.
✔✔3 types of Co-ownership - ✔✔tenancy in common, joint tenancy, tenancy by the
entirety
✔✔Tenancy in Common - ✔✔Each owner has an undivided fractional interest, so each
owner is entitled to possession of the whole property. Upon death of an owner, the
interest passes in accordance with the owner's will.
✔✔Joint Tenancy - ✔✔Upon death of an owner, the interest passes to the surviving
partner.
✔✔Trusts - ✔✔An ownership form where title is held by a trustee while the rights and
burdens of ownership are enjoyed & suffered by the beneficiaries.
✔✔Condominiums - ✔✔Each owner owns a fee simple title to an individual condo unit
and an undivided fractional interest in common elements.
✔✔Cooperatives - ✔✔A corporation owns the real estate and issues shares to each
tenant
✔✔Planned Unit Developments (PUD) - ✔✔- A PUD is not ownership form
- Type of development in which buildings are clustered or set on lots smaller than usual.
, - Individual properties are owned in fee simple with joint ownership of common areas
- Created to provide efficient use of land with park-like common areas
✔✔3 property types - ✔✔- Real Estate
- Real Property
- Personal Property
✔✔Real Estate - ✔✔the physical concept of land & buildings
✔✔Real Property - ✔✔the rights and benefits of owning real estate
✔✔Personal Property - ✔✔moveable items that are not permanently affixed to, or part
of real estate
✔✔Estate - ✔✔the amount, degree, nature, and quality of a person's interest in land or
other property
✔✔Fee Simple Estate - ✔✔the entire bundle of rights when held by a single owner of
entity
✔✔Leased Fee Estate - ✔✔the owner's interest in real estate that is leased
✔✔Leasehold Estate - ✔✔the tenant's interest in real estate that is leased
✔✔Life Estate - ✔✔right of use and occupancy for the lifetime of a specific person
✔✔Estate at Will - ✔✔tenancy for an unspecified time
✔✔Estate at Sufferance - ✔✔situation when a tenant remains in possession after a
lease expires without the consent of the landlord
✔✔Dominant Estate - ✔✔property that uses, and benefits from, an easement over other
property. Ex: If Lot A uses an easement over Lot B to access a roadway, Lot A would be
the dominant estate.
✔✔Servient Estate - ✔✔Land encumbered by an easement which benefits another
parcel of land. Ex: Lot B is the servient estate
✔✔Title - ✔✔proof of ownership
✔✔Deed - ✔✔a written, legal document that conveys an interest in real property. Types
of deeds: warranty, quitclaim, deeds in trust
