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Real Estate Licensing > A-2 Estate and Tenancies > Flashcards

A-2 Estate and Tenancies Flashcards

1
Q 
A homestead exemption will protect against which of the following?
A. Mechanic's liens
B. purchase Money mortgages
C. Property taxes
D. Judgements
A

D - judgements

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1
Q 
A sublease:
A. Is for basement premises
B. assigns the entire lease to a new tenant
C. Makes the original lessee a lessor
D. Terminates the original lease
A

C - makes the original lessee a lessor

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3
Q 
In a lease situation, A leases to B and B leases to C. Who is responsible for the rent?
A. B to c
B. B to a
C. C to a
D. A to b
A

B - B to A

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4
Q

Jones deeded a parcel of property to Billings for the life of James.
A. Billings holds a life estate; Jones an estate in remainder
B. Billings holds a life estate; Jones an estate in reversion
C. Billings holds a fee simple estate; James a life estate
D. James holds a life estate; Billings an estate in reversion

A

B - Billings holds a life estate; Jones an estate in reversion

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5
Q 
Which of the items listed below best describes a partition action?
A. Condominium ownership
B. Cooperative ownership
C. Divided co-ownership
D. Death of a joint tenant
A

C - Divided co-ownership

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6
Q 
A broker is discussing listing a home. An unexpected judgement of $15,000 has been placed against the property and has not been paid. The broker listed and sold the home for $141,000 cash. The home had an existing mortgage on the property at the time of sale for $126,600. How much would be applied to the judgment in this situation?
A. $2,000
B. $6,000
C. $14,000
D. nothing
A

D - nothing

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7
Q 
Which of the following is not compatible with joint tenancy?
A. survivorship
B. probate
C. right of possession
D. equality of rights
A

B - probate

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8
Q 
An estate in real property which automatically terminates and reverts to the grantor is called:
A. Fee simple conditional
B. Fee tail conditional
C. Fee simple determinable
D. Fee simple absolute
A

C - Fee simple determinable

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9
Q

Which of the following would not automatically terminate a lease?
A. destruction of the property
B. Merger of the leasehold and fee interests
C. Death of the lessor
D. condemnation of the property under right of eminent domain

A

C - death of the lessor

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10
Q 
The word "tenancy" describes:
A. an estate in land
B. the improvements on realty
C. a mode of holding
D. a deed
A

C - a mode of holding

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11
Q 
Which of the items listed below is an interest in real property but not an estate?
A. remainder
B. mortgage
C. reversion
D. leasehold
A

B - mortgage

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12
Q

Which of the following is not a characteristic of a fee simple estate?
A. Freely transferable
B. Freely inheritable
C. definite duration
D. an estate in reversion after a life estate ends

A

C - definite duration

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13
Q 
In which of the following leases would the lessor not pay the fixed charges such as maintenance, insurance, and perhaps taxes?
A. percentage lease
B. gross lease
C. sandwich lease
D. net lease
A

D - net lease

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14
Q 
A freehold estate which is inheritable, freely transferable, and is the highest estate and the most extensive interest in real property may be referred to as a:
A. fee simple absolute
B. fee simple determinable
C. fee simple conditional
D. defeasible fee
A

A - fee simple absolute

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15
Q

A homestead exemption:
A. protects anyone from forced sale for failure to pay on an existing morgage or trust deed
B. gives the claimant the title by adverse possession
C. protects the claimant against personal judgements up to the amount of this exemption
D. invalidates all subsequent liends

A

C - protects the claimant against personal judgments up to the amount of this exemption

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16
Q 
When the rent paid by the lessee, per their lease agreement, is less than the economic rent, this is called:
A. negative leasehold
B. ground rent
C. positive leasehold
D. excess rent
A

C - positive leasehold

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17
Q 
A corporation is not permitted to take title to real property as:
A. tenancy in common
B. community property
C. joint tenancy
D. both b and c
A

D - both community property and joint tenancy

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18
Q 
An interest in and possession of any real property is called:
A. an estate
B. a reversion
C. fraud
D. illegal ownership
A

A - an estate

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19
Q 
A lease in which the lessor receives a fixed rent and assumes responsibility for all other costs on the property is called a/and:
A. open lease
B. net lease
C. percentage lease
D. gross lease
A

D - gross lease

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20
Q 
Bill Jones and Jo, his daughter, bought a parcel of land for cash. No other information is available. How did they take title?
A. community property
B. joint tenancy
C. tenancy in common
D. tenants in severalty
A

C - tenancy in common

21
Q 
Which of the following would be an example of "chattel real"?
A. fee estate
B. leasehold estate
C. an inheritable estate
D. a terminable estate
A

B - leasehold estate

22
Q 
A right of way over parcel A to parcel B identifies parcel B as the:
A. servient estate
B. dominant estate
C. encumbered estate
D. encroachment estate
A

B - dominant estate

23
Q 
Jones held a life estate. Jones deeded his property to Smith. Jones dies. Who has title?
A. Jones' heirs
B. Smith's heirs
C. remainderman
D. the state by escheat
A

C - remainderman

24
Q 
Jones sells his property to Smith but Jones stays on the land. Jones holds:
A. a life estate
B. an estate at sufferance
C. an estate for years
D. a periodic estate
A

B - an estate at sufferance

25
Q 
Which type of tenancy requires only the unity of possession?
A. tenancy in common
B. joint tenancy
C. community property
D. severalty
A

A - tenancy in common

26
Q 
An easement that conveys along with the title to a dominant estate is known as:
A. ingress and egress
B. an appurtenant easement
C. an easement in gross
D. A servient easement
A

B - an appurtenant easement

27
Q 
A single woman and a husband and wife buy property as tenants in common. What interest does the single woman have?
A. an undivided 1/2 interest
B. A 1/2 interest in the whole
C. A sole and separate interest
D. an interest by the entireties
A

A - an undivided 1/2 interest

28
Q 
Which one of the following is not considered a "less-than-freehold" estate?
A. estate for years
B. estate at will
C. estate at sufferance
D. life estate
A

D - life estate

29
Q 
Under Arizona law, to lawfully terminate a month-to-month lease, how many days' notice must the tenant give the landlord?
A. 5 days
B. 10 days
C. 30 days
D. no notice is required
A

C - 30 days notice

30
Q 
Which of the following would be the holder of a "less-than-freehold" estate?
A. holder of an easement
B. grantee of a life estate
C. lessee
D. trust deed beneficiary
A

C - lessee

31
Q 
From the lessee's perspective, the lease document would be considered:
A. personal property
B. real property
C. both realty and personalty
D. neither realty nor personalty
A

A - personal property

32
Q 
A lease for a cabin for the three months of June, July and August is called a/an:
A. estate for years
B. estate period to period
C. tenancy at sufferance
D. tenancy at will
A

A - estate for years

33
Q 
Which of the following is the most commonly accepted estate of inheritance?
A. fee simple
B. fee tail
C. life estate
D. curtesy
A

A - fee simple

34
Q 
A party has the right to place a sign on your property. He has an easement:
A. by necessity
B. appurtenant
C. by prescription
D. in gross
A

D - in gross

35
Q

The dominant tenement is the property:
A. upon which the burden is imposed
B. in whose favor the burden is created
C. located in the top story of an apartment building
D. owned by a persona having the largest interest

A

B - in whose favor the burden is created

36
Q 
A third party named to receive the life estate upon the death of the original grantee of the life interest is known as the:
A. grantor
B. reversioner
C. vested remainderman
D. contingent remainderman
A

C - vested remainderman

37
Q 
When an easement only has a servient tenement it would be an easement:
A. appurtenant
B. prescription
C. in gross
D. license
A

C - in gross

38
Q 
The grantor of an interest in real property may, upon violation of conditions in deed by the grantee, regain his interest. This is known as the possibility of:
A. rejoinder
B. rescission
C. reverter
D. remainder
A

C - reverter

39
Q 
A conveyance of title "upon the condition that the land shall not be used for the sale of intoxicating beverages or liquors", which does not automatically terminate creates:
A. a nuisance estate
B. a conditional estate
C. a determinable estate
D. a remainder interest in the estate
A

B - a conditional estate

40
Q

Which of the following would NOT qualify for a homestead exemption:
A. married couple living in a co-op
B. single person living in a mobile home that is parked in a rented space
C. family who owns a house in the name of a corporation
D. unmarried people living in manufactured housing on jointly-owned land

A

C - family who owns a house in the name of a corporation

41
Q 
When a city buys real estate they would take title as:
A. sole and separate
B. tenancy in common
C. limited partnership
D. LLC
A

A - sole and separate

42
Q 
When a tenant remains in the property after expiration of the lease, this is called:
A. estate for years
B. holdover tenant
C. estate at will
D. estate by necessity
A

B - holdover tenant

43
Q 
What common element would apply to tenancy in common?
A. right of survivorship
B. acquired at the same time
C. unequal interests
D. applies only to husband and wife
A

C - unequal interests

44
Q

If a husband and wife decide to take title as tenancy in common, which of the following would apply?
A. husband and wife must have equal interest
B. right of successorship would exist
C. husband and wife may have unequal interest
D. they would own the property as sole and separate

A

C - husband and wife may have unequal interest

45
Q 
When a condition is placed in a deed it would most likely refer to which of the following?
A. defeasible fee
B. leasehold
C. deed of trust
D. fee simple
A

A - defeasible fee

46
Q 
Grantor gives a life estate to a party and also gives a third party a future interest in the propertyl This future interest is called:
A. remainder
B. reversion
C. pur autre vie
D. fee tail
A

A - remainder

47
Q

A life estate would end by merger. Which of the following best explains merger?
A. life tenant makes waste
B. remainder party buys the life tenant interest
C. the grantor dies without a will
D. grantor failed to pay property taxes

A

B - remainder party buys the life tenant interest

48
Q 
A grantor conveys a life estate to a party and also retained a future interest in the property when the life tenant dies. The future interest is called:
A. remainder
B. reversion
C. pur autre vie
D. fee tail
A

B - reversion

49
Q 
A person leases a property and would like to build a house on the leased land. The tenant's rights would be:
A. fee simple
B. first right of refusal
C. option to buy
D. leasehold
A

D - leasehold

Real Estate Licensing (18 decks)

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