A-2: Real Estate Interests and Ownership

Question 1

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 the sale for $126,600. How much would be applied to the judgement in this situation?

Answer 1

Nothing

Question 2

An estate in real property which automatically terminates and reverts to the grantor is called:

Answer 2

Fee simple determinable

Question 3

Which of the following is not a characteristic of a few simple estate: remainder, mortgage, reversion, leasehold

Answer 3

Which of the following is an example of chattel real: fee estate, leasehold estate, inheritable estate, terminable estate

Question 4

Which type of tenancy requires only the unity of possession?

Answer 4

Tenancy in common

Question 5

Which of the following is not considered “less than freehold”: estate for years, estate at will, estate at sufferance, life estate

Answer 5

Life estate

Question 6

Which of the following would have a “less than freehold” estate: holder of an easement, grantee of life estate, lessee, trust deed beneficiary

Answer 6

Lessee

Question 7

A lease for three months is called what?

Answer 7

Estate for years

Question 8

When an easement only has a servient tenement it would be what type of easement?

Answer 8

Easement in gross

Question 9

Which of the following applies to tenancy in common: right of survivorship, acquired at the same time, unequal interests, applies only to husband and wife

Answer 9

Unequal interests

Question 10

If a married couple take ownership as tenancy in common, which of the following applies: both must have equal interests, right of successorship exists, both may have unequal interests, they own the property as sole and separate

Answer 10

Both may have unequal interest

Question 11

Which of the following is not a characteristic of a few simple estate: remainder, mortgage, reversion, leasehold

Answer 11

Which of the following is an example of chattel real: fee estate, leasehold estate, inheritable estate, terminable estate

Question 12

Which type of tenancy requires only the unity of possession?

Answer 12

Tenancy in common

Question 13

Which of the following is not considered “less than freehold”: estate for years, estate at will, estate at sufferance, life estate

Answer 13

Life estate

Question 14

Which of the following would have a “less than freehold” estate: holder of an easement, grantee of life estate, lessee, trust deed beneficiary

Answer 14

Lessee

Question 15

A lease for three months is called what?

Answer 15

Estate for years

Question 16

When an easement only has a servient tenement it would be what type of easement?

Answer 16

Easement in gross

Question 17

Which of the following applies to tenancy in common: right of survivorship, acquired at the same time, unequal interests, applies only to husband and wife

Answer 17

Unequal interests

Question 18

If a married couple take ownership as tenancy in common, which of the following applies: both must have equal interests, right of successorship exists, both may have unequal interests, they own the property as sole and separate

Answer 18

Both may have unequal interest