Real Estate Study

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    A portion of the homeowners real estate is protected from creditors through which lega life estate

    • Dower
    • Curtesty
    • Special assesment
    • Homestead
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  • 2. 

    In states that recognize a homestead exemption the homeowner is protected against

    • Mechanics lien

    • Unsecured creditors

    • Real estate tax liens

    • Zoing changes

    Correct Answer
    A. Unsecured creditors
  • 3. 

    Which of the following most likely would be considered community property if a couple lived in a community property state

    • Property owned by either sopuse prior to the marrige

    • Property purchased after they were married

    • Property inherited by either spouse

    • Property that was a gift to either spouse

    Correct Answer
    A. Property purchased after they were married
  • 4. 

    If Amy grants a life estate to Bob and specifies that the property shall be transferred to Charley on the death of BOb, then

    • Amy has a revesionary right

    • Bob is the remainderman

    • Charley is the remainderman

    • Charley has a reviseionary right

    Correct Answer
    A. Charley is the remainderman
  • 5. 

    Bob deeded a property to Katy and provied in the deed that if Katy ever uses the propety for the sale of alcholich beverages, title would revert to Mary. The esate created by Bob is a

    • Life estate

    • Fee simple absolute

    • Defeasible estate

    • Leasehold estate

    Correct Answer
    A. Defeasible estate
  • 6. 

    Kevin still has five months left remaing as a one year apt lease. When kevin moves to another city he transfers possesion of the apt to lois fo the entire remaining term of the lease. Lois pays rent directly to Kevin. in this situation kevin is

    • Sublessor

    • Assignor

    • Sublessee

    • Lessor

    Correct Answer
    A. Sublessor
  • 7. 

    A tenants lease requires that the payment of all the propertys opertating expenses in addition to the rent. The type of lease is called

    • Net lease

    • Gross lease

    • Variable lease

    • Percentage lease

    Correct Answer
    A. Net lease
  • 8. 

    The right of surviorship is a characteristic of

    • A coopertative

    • Tenancny in common

    • Joint tenancy

    • Condominuim

    Correct Answer
    A. Joint tenancy
  • 9. 

    In which of the following situations would ownership in severalty occur

    • A husband and wife sharing ownership in the same property

    • Two or more people with the same ownership interest in the propetrty

    • Propety owned by one perosn

    • Two or more people holding the same form of ownership in a property

    Correct Answer
    A. Propety owned by one perosn
  • 10. 

    Ellen, Jane, and Tom were concurrent owners of a parcel of real estate. Jane died and her interest passed acorrding to her will to become part of her estate jane was a...

    • Joint tenant

    • Tenant by the entirety

    • Limited partner

    • Tenant in common

    Correct Answer
    A. Tenant in common
  • 11. 

    A tenants lease requires that the amount of rent be based on the gross revenue of the buisness occupying the property. This type of lease is a

    • Net lease

    • Gross lease

    • Percentage lease

    • Renegotiated lease

    Correct Answer
    A. Gross lease
  • 12. 

    If Sarah owns a life estate she could be prohibited from doing which of the following?

    • Selling her ownership interest

    • Leasing her ownership interest

    • Leaving her interest in a will

    • Living on the property

    Correct Answer
    A. Leasing her ownership interest
  • 13. 

    Two days after a tenants lease expired the owner discovered that the tenant was still in the possession of the property, which of the following describes the current occupancy

    • Encroachment

    • Tenancy in common

    • Periodic tenancy

    • A defeasible estate

    Correct Answer
    A. Tenancy in common

Quiz Review Timeline (Updated): Jan 10, 2013 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jan 10, 2013
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 18, 2010
    Quiz Created by
    Janetmm
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