Questions and Answers
A property owner has decided to do some landscaping work on his yard. He has planted a tree surrounded by some flowering shrubs. The tree and shrubs are an example of...
A property owner has a waterfront lot on a stream. He has the right to use the water from the stream. What is this right called?
Riparian
A tenant is aware that his lease will expire at the end of the month. He has begun to disassemble his display cabinets and shelves. The tenant can take these as they are trade fixtures.
True
A seller is attending the closing on his property. The title company has discovered an unsatisfied M&M lien on the property. What is the most likely reason for the lien?
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A listing agent went to inspect a seller's property hoping to list it for sale. The seller told the listing agent that his neighbor's satellite dish trespasses on his property. This is an example of...
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A father gives his son a life estate on a property. The son leases the property. The tenant dies. What happens to the property?
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A man leaves his second wife a life estate in their home and after which the property goes to his children from his first marriage. Who are the children?
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An easement is a benefit to the dominant property owner.
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P, Q, and R are joint tenants. P wants to sell the property, but Q and R do not. What can P do?
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A, B, and C are joint tenants. C dies, and B sells his share to D. What type of ownership do A and D have?
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Under what right can the government change property use from commercial to residential only?
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Ownership of the common areas of condominiums is most likely to be:
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What should a buyer do to ensure that they are getting the best title to real property?
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Which covenant in a deed guarantees that the owners will not suffer or be disturbed by any claims on the property?
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Excess money at a foreclosure sale goes to...
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After defaulting on a real estate loan, a borrower is able to pay off the loan prior to the foreclosure sale. What is this called?
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The required distance between buildings and federally protected endangered species wetlands is an example of...
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A couple purchased a condominium. The complex has an exercise room for all residents. The couple does not use the exercise room and does not want to pay the monthly fee for the use of the facility. What can they do to avoid this fee?
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Which of the following is personal property?
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A landlord leased space in his new retail property to an inexperienced businessperson. Based on location and the type of business, the landlord believes it will be a great success. What type of lease can he enter into with the tenant that will allow the landlord to benefit from the tenant's success?
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A buyer has purchased a property and after closing the seller will continue to occupy the property. This is an example of...
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Your client will be able to qualify for a property they wish to purchase in about 6 months, after they have an opportunity to reduce their consumer debt. They have found a property that they would like to purchase now. What type of agreement can they enter into with a seller that will allow them to occupy the property now and purchase it within the 6 months?
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Tenants have signed a 3-year lease on a property. In the second year, the owner dies and his heirs inherit the property. They give the tenants notice to vacate. The tenants can stay until the end of the lease.
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Study Notes
Property Improvements and Rights
- Landscaping work, like planting trees and shrubs, constitutes property improvements.
- Rights to use water from a stream on one's property are referred to as riparian rights.
Lease Agreements and Tenant Rights
- Trade fixtures, such as display cabinets, can be removed by the tenant upon lease expiration.
- If a life estate is granted, upon the tenant's death, the property reverts to the life estate holder.
Ownership Types and Legal Concepts
- Remaindermen are those who will inherit property after a life estate ends.
- Easements benefit the dominant property owner, giving them specific rights over another's land.
Joint Tenancy and Partition
- In joint tenancy, a party can file a suit for partition to address disagreements on property ownership.
- When one joint tenant dies and sells their share, the remaining owners become tenants in common.
Government Rights and Common Property
- Police power allows the government to change property use, like from commercial to residential.
- Common areas in a condominium are generally owned as tenants in common.
Title Assurance and Property Rights
- A general warranty deed offers the best protection for a buyer to ensure title security.
- The covenant of quiet enjoyment in a deed protects owners from disturbance by claims on the property.
Foreclosure and Redemption
- Any excess funds from a foreclosure sale are returned to the borrower.
- The right of redemption allows a borrower to pay off a loan before foreclosure proceedings conclude.
Environmental Considerations
- A buffer zone refers to the required distance maintained between constructions and protected wetlands.
Condominium Fees and Personal Property
- Owners of condominiums must pay fees for common areas, even if they choose not to use certain facilities.
- Personal property is defined in real estate contexts as a lease, distinguishing it from real estate property.
Lease Structures and Buyer Options
- A percentage lease allows landlords to share in the success of their tenants.
- Sale and leaseback arrangements permit sellers to remain in the property after selling it.
- A lease with an option to buy gives tenants the right to occupy and eventually purchase the property.
Lease Continuation After Owner's Death
- Tenants retain the right to stay in a property until the lease term expires, even if the owner dies and inherits the property is transferred to heirs.
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Description
Prepare for your National Real Estate Exam with these practice questions. This quiz covers key concepts such as property improvements and water rights, helping you to test your knowledge and understanding in real estate topics. Perfect for anyone looking to excel in their exam.
