Real Estate Study

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

Dower

Curtesty

Special assesment

Homestead

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

Mechanics lien

Unsecured creditors

Real estate tax liens

Zoing changes

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

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

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

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

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

8. The right of surviorship is a characteristic of

A coopertative

Tenancny in common

Joint tenancy

Condominuim

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

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

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

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

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