National

Question 1

Tenancy by the entirety

Answer 1

A married couple is treated as a single legal entity and both spouses have an equal interest in the property. Neither spouse can sell or transfer their share without the other’s consent. When one spouse dies, the surviving spouse automatically inherits the deceased spouse’s interest. TBE is only available in about half of the U.S. states, and some states also allow it for domestic partners.

Question 2

Residential Lead-Based Paint Hazard Reduction Act

Answer 2

established in 1996. Real estate agents must be aware of this federal law providing homes before 1978 the following: an agreement of sale/lease with lead warning statement and statement allowing prospective buyers 10 days obtain certified inspection/assessment before purchase obligation or must disclose info. about existing lead paint to purchaser AND provide purchaser federal gov’t prepared lead hazard brochure.

Question 3

Essential elements of value

Answer 3

Demand: Desire to buy and ability to pay
Utility: Satisfies human need/desire (shelter, income, recreation)
Scarcity: Limited supply increases value
Transferability: Able to transfer ownership.

Question 4

Residential Lead-Based Paint Hazard Reduction Act (1996)

Answer 4

Requires real estate agents to disclose lead paint information for homes built before 1978, allow buyers 10 days for inspection, and provide a lead hazard brochure.

Question 5

Inverse condemnation

Answer 5

Government takes private property without just compensation.

Question 6

Escheat

Answer 6

Reversion of property to the government when an owner dies without a will or heirs.

Question 7

Tenancy at Sufferance

Answer 7

When a tenant remains in possession after the lease expires without the landlord’s consent.

Question 8

Tenancy from Period to Period

Answer 8

Lease agreement that automatically renews unless terminated.

Question 9

Tenancy for Years

Answer 9

Lease for a specific, fixed period.

Question 10

Valid Contract Requirements

Answer 10

Party must be at least 18 and of sound mind.
Contract must be legal (not for illegal activities).
Clear and definite consideration.
Mutual consent of the contract.

Question 11

Doctrine of Laches

Answer 11

A legal principle where a claim is barred if there’s unnecessary delay in asserting it

Question 12

Exclusive Agency Listing

Answer 12

A listing agreement where only one agent is allowed to sell, but the owner retains the right to sell independently without paying a commission.

Question 13

Contribution

Answer 13

Used to determine how renovations or property changes affect the property’s overall value.

Question 14

Economic Obsolescence

Answer 14

Loss of property value due to external factors affecting the property.

Question 15

Severance

Answer 15

Process of converting real property into personal property (e.g., removing a fixture).

Question 16

Accession

Answer 16

Acquiring additional property or rights through natural or legal processes.

Question 17

Freehold Interest

Answer 17

Ownership interest in real property for an indefinite period.

Question 18

Puffing

Answer 18

Extravagant claims made by sellers to attract buyers, not considered legally binding.

Question 19

Appurtenant

Answer 19

Belonging to something else, such as an appurtenant easement that runs with the land.

Question 20

Trade Fixture

Answer 20

Equipment used in a business that can usually be removed without damage to the property.