Exam (elaborations)
PA REAL ESTATE SALESPERSON TEST
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PA REAL ESTATE SALESPERSON TEST
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PA REAL ESTATE SALESPERSON TESTWhich of the following terms would include the interests, benefits, and rights inherent in
the ownership of real
estate?
1. Chattel
2. Personal property
3. Real property
4. Trade fixtures - Answers -3. Chattels and trade fixtures are personal property
Which of the following is a physical characteristic of land?
1. Scarcity
2. Situs
3. Permanence of investment
4. Immobility - Answers -4. Scarcity, situs, and performance of investment are
economic, characteristics
Pam & Marco held title as joint tenants. Which of the following statements would NOT
correctly describe the requirements for them to own as joint tenants?
1. Pam & Marco have the right of survivorship
2. Pam & Marco must have equal interests
3. Pam & Marco must be married
4. Pam & Marco may partition the land - Answers -3. Joint tenants do not have to be
married
All of the following would correctly describe easements EXCEPT?
1. an easement is an encumbrance
2. an easement appurtenant must have a dominant tenement and a servient tenement
3. an easement in gross must have a dominant tenement
4. an easement constitutes an interest in land - Answers -3. An easement in gross does
not have a dominant tenement; it has a servient tenement only
Davis has a property that is a servient tenement in an easement appurtenant. Davis is
considering selling his property to Franco. All of the following statements would correctly
describe their potential transaction EXCEPT
1. the easement is an encumbrance
2. the easement may have a negative effect on the value of the property
3. the easement is very likely to prevent David from selling his property to Franco
4. the easement may have an impact on Franco's use of the property - Answers -3. An
easement would have to be disclosed to a potential buyer but is unlikely to affect the
transfer of title to the property
, If a husband and wife own an apartment building and the husband owns an undivided
three-fourths interest and the wife owns a one-fourth interest, what type of tenancy
exists?
1. Leasehold estate
2. Joint tenancy
3. Tenancy in common
4. Tenancy by the entirety - Answers -3. Tenancy in common allows for percentage
differences in ownership. A leasehold estate s a personal property interest. Joint
tenancy and tenancy by the entirety require equal percentages of interest in most states
The highest form of ownership interest a person may hold in real estate is
1. life estate
2. fee simple
3. legal life estate
4. base fee - Answers -2. Fee simple is the highest form of interest. A base fee is
subject to certain limitations imposed by the owner. A life estate is limited to the life of
an owner or some other person. Legal life estates are created by state law.
Two unrelated people own a three-unit apartment building as tenants in common. One
wants to sell but the other does not. Which of the following statements describes the
legal rights of the party who wants to sell?
1. the party may request a court to partition the building
2. the party may require the co-owner to sell
3. the party may record a lis pendens on the property
4. the party may refinance the mortgage in her or his own name, thus eliminating the co-
owner's interest in the property - Answers -1. Tenants in common may partition the
property by agreement, and if no agreement, by judicial determination
Your aunt died intestate and you inherited her house. The way in which you acquired
the title to her house is by
1. curtesy
2. descent
3. escheat
4. laches - Answers -2. When a person dies intestate, the decedent's real estate and
personal property pass to his or her heirs according to the statues
All of the following statements correctly describe a legal life estate EXCEPT
1. during his or her life estate, the life tenant is generally answerable to the holder of the
future interest
2. the life tenant may not commit any acts that would permanently injure the property
3. there may be a reversionary interest
4. there may be a remainder interest - Answers -1. The life tenant generally is not
answerable to the holder of the future interest
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