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Real Estate Exam > Exam > Flashcards

Exam Flashcards

0
Q

The term commercial property generally refers to?

A

Retail office and industrial properties

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1
Q

Which of the following professionals involved in the real estate business I’m most concerned about procuring buyers and sellers for clients

A

Brokers and agents

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2
Q

People in the real estate business who primarily focused on creating new properties are

A

Developers

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3
Q

Property management and real estate asset management are both real estate management professionals the primary distinction between the two is that

A

Property managers handle day-to-day operations while asset managers manage portfolio of properties

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4
Q

The level of government which is most active in regulating real estate licensees is the

A

State government

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5
Q

What is an advisory service provider

A

A broker for renters real estate services for a fee

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6
Q

Which of the following ways of specializing is common in the real estate brokerage business

A

By geography

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7
Q

Which of the following is included in the bundle of rights inherent in ownership?

A

To transfer

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8
Q

Which of the following terms refers to the rights of the property that about the stream or river?

A

Riparian

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9
Q

An item can be converted from realtor personal property and vice versa by means of which processes?

A

Affixing and severance

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10
Q

The major sources of real estate law and legislation at federal state and local level and

A

Court decisions

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11
Q

What is an emblement?

A

A plant or crop that is considered personal property

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12
Q

Which of the following is included in the legal concept of land?

A

the surface of the earth and all natural things permanently attached to the earth

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13
Q

Surface rights, air rights, and subsurface rights are

A

Seperatable

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14
Q

The right to use real property is limited by

A

The right of others to use and enjoy their property

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15
Q

What part of anon navigable waterway just the owner of an abiding property on?

A

To Middle of the waterway

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16
Q

Which of the following is considered real property?

A

A tree growing on the parcel of land correct

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17
Q

Which of the following is the best definition of real estate?

A

Land and everything Permanently attached to it

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18
Q

What are the three unique physical characteristics of land?

A

Immobile, indestructible, heterogeneous

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19
Q

The primary distinction between the legal concepts of real estate in real property is that?

A

Real property includes ownership of a bundle of rights

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20
Q

What is the doctrine of prior appropriation?

A

A doctrine that gives the state control of water use and the water supply

21
Q

Which level of government control zoning laws?

A

County and local

22
Q

To the primary distinction between the legal concepts of land in real estate is that?

A

Land does not include man-made structures

23
Q

Which of the following is an example of intangible property?

A

Stock

24
Q

What guarantees the right of private ownership of real estate in the United States?

A

The Constitution

25
Q

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?

A

The owners claim is invalid because the statements the underlying land.

26
Q

A grocer temporarily install special fruit and vegetable coolers in a Leased grocery store in order to prevent spoilage the coolers would be considered?

A

Trade fixtures that are personal property

27
Q

The overriding test of whether an item is a fixture on the personal property is?

A

It’s definition is one or the other in a sale or lease contract.

28
Q

What is the primary trust a federal involvement in real estate law?

A

Broad regulation of usage

29
Q

Dower refers to

A

A wife’s life estate interest and her husband property

30
Q

An interest in real estate is best defined as ownership of

A

One or more of the bundle of rights to real property

31
Q

The distinguishing feature of the defeasible fee simple estate is that

A

The estate may revert to a grantor or heirs if the prescribed use changes

32
Q

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

A

Estate from period to period (aka month to month.)

33
Q

The highest form of ownership interest one can acquire in real estate is the

A

Absolute few simple estate

34
Q

Encumbrances and police powers are

A

Interest that do not include possession

35
Q

Which of the following is true of a homestead

A

A homestand interest cannot be conveyed by one spouse

36
Q

What distinguishes a freehold estate from a leasehold estate?

A

A leasehold endures only for a specific period of time

37
Q

Upon the death of a owner, a life estate passes to

A

The original owner or other named person

38
Q

How is a conventional life estate created

A

A fee simple owner grants the life estate to a life tenant

39
Q

Which of the following life estates is created by someone other than the owner

A

Legal life estate

40
Q

Which of the following is an illustration of the legal concept of elective share

A

A widow who was excluded from a will makes a claim to a portion of the couples principal residence

41
Q

A unique feature of a land trust is that

A

A

42
Q

When a single individual or entity owns a fee or life estate in a real property the type of ownership is

A

Tenancy in severalty

43
Q

Who are the essential parties involved in an estate in trust

A

Trustor, trustee, and beneficiary

44
Q

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

A

Tenancy in common

45
Q

One difference between a cooperative estate and a condominium estate is that

A

A default coop owner may cause foreclosure on the entire property instead of just a single unit, as with a condominium

46
Q

In a community property state, a basic distinction is made between

A

A property acquired during a marriage and property already owned by each party at the time of marriage

47
Q

Unlike tenants in common, joint tenants

A

Cannot will their interest to a party outside the tendency

48
Q

Who owns the property in a time-share estate

A

The property is owned by tenants in common or by freehold owner who leases on a timeshare basis

49
Q

What may hold an owner liable for the unpaid operating expenses of other owners

A

Cooperative

50
Q

The distinguishing features of a condominium estate are

A

A fee simple owner of the airspace in a unit and in an undivided share of the entire property’s common areas

51
Q

The “four unities” required to creat a joint tenancy include which of the following conditions

A

Parties must acquire respective interests at the same time

Real Estate Exam (3 decks)

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