Exam Flashcards
The term commercial property generally refers to?
Retail office and industrial properties
Which of the following professionals involved in the real estate business I’m most concerned about procuring buyers and sellers for clients
Brokers and agents
People in the real estate business who primarily focused on creating new properties are
Developers
Property management and real estate asset management are both real estate management professionals the primary distinction between the two is that
Property managers handle day-to-day operations while asset managers manage portfolio of properties
The level of government which is most active in regulating real estate licensees is the
State government
What is an advisory service provider
A broker for renters real estate services for a fee
Which of the following ways of specializing is common in the real estate brokerage business
By geography
Which of the following is included in the bundle of rights inherent in ownership?
To transfer
Which of the following terms refers to the rights of the property that about the stream or river?
Riparian
An item can be converted from realtor personal property and vice versa by means of which processes?
Affixing and severance
The major sources of real estate law and legislation at federal state and local level and
Court decisions
What is an emblement?
A plant or crop that is considered personal property
Which of the following is included in the legal concept of land?
the surface of the earth and all natural things permanently attached to the earth
Surface rights, air rights, and subsurface rights are
Seperatable
The right to use real property is limited by
The right of others to use and enjoy their property
What part of anon navigable waterway just the owner of an abiding property on?
To Middle of the waterway
Which of the following is considered real property?
A tree growing on the parcel of land correct
Which of the following is the best definition of real estate?
Land and everything Permanently attached to it
What are the three unique physical characteristics of land?
Immobile, indestructible, heterogeneous
The primary distinction between the legal concepts of real estate in real property is that?
Real property includes ownership of a bundle of rights
What is the doctrine of prior appropriation?
A doctrine that gives the state control of water use and the water supply
Which level of government control zoning laws?
County and local
To the primary distinction between the legal concepts of land in real estate is that?
Land does not include man-made structures
Which of the following is an example of intangible property?
Stock
What guarantees the right of private ownership of real estate in the United States?
The Constitution
Under the doctrine of Littoral rights an owner claims ownership of all of the land underlying a lake where there are three other abutting property owners which of the following is true?
The owners claim is invalid because the statements the underlying land.
A grocer temporarily install special fruit and vegetable coolers in a Leased grocery store in order to prevent spoilage the coolers would be considered?
Trade fixtures that are personal property
The overriding test of whether an item is a fixture on the personal property is?
It’s definition is one or the other in a sale or lease contract.
What is the primary trust a federal involvement in real estate law?
Broad regulation of usage
Dower refers to
A wife’s life estate interest and her husband property
An interest in real estate is best defined as ownership of
One or more of the bundle of rights to real property
The distinguishing feature of the defeasible fee simple estate is that
The estate may revert to a grantor or heirs if the prescribed use changes
A one-year lease on the house has expired but the tenant continue sending monthly rent checks to the owner and the owner except them. What kind of leasehold estate exists
Estate from period to period (aka month to month.)
The highest form of ownership interest one can acquire in real estate is the
Absolute few simple estate
Encumbrances and police powers are
Interest that do not include possession
Which of the following is true of a homestead
A homestand interest cannot be conveyed by one spouse
What distinguishes a freehold estate from a leasehold estate?
A leasehold endures only for a specific period of time
Upon the death of a owner, a life estate passes to
The original owner or other named person
How is a conventional life estate created
A fee simple owner grants the life estate to a life tenant
Which of the following life estates is created by someone other than the owner
Legal life estate
Which of the following is an illustration of the legal concept of elective share
A widow who was excluded from a will makes a claim to a portion of the couples principal residence
A unique feature of a land trust is that
A
When a single individual or entity owns a fee or life estate in a real property the type of ownership is
Tenancy in severalty
Who are the essential parties involved in an estate in trust
Trustor, trustee, and beneficiary
Three people have identical rights but unequal shares in the property, share indivisible interest, and sell or transfer their interest without consent of the others. This type of ownership is
Tenancy in common
One difference between a cooperative estate and a condominium estate is that
A default coop owner may cause foreclosure on the entire property instead of just a single unit, as with a condominium
In a community property state, a basic distinction is made between
A property acquired during a marriage and property already owned by each party at the time of marriage
Unlike tenants in common, joint tenants
Cannot will their interest to a party outside the tendency
Who owns the property in a time-share estate
The property is owned by tenants in common or by freehold owner who leases on a timeshare basis
What may hold an owner liable for the unpaid operating expenses of other owners
Cooperative
The distinguishing features of a condominium estate are
A fee simple owner of the airspace in a unit and in an undivided share of the entire property’s common areas
The “four unities” required to creat a joint tenancy include which of the following conditions
Parties must acquire respective interests at the same time
