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Real Estate Express Final Exam 2024 Questions & Answers 100% Correct VERIFIED ANSWERS
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Real Estate Express Final Exam 2024 Questions & Answers 100% Correct VERIFIED ANSWERS
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Real Estate Express Final Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Real%20Estate%20ExReal Estate Express Final Exam
1. Real estate that includes non-physical interests, such as easements and restrictions
is known as
ANS Real Property
An item permanently attached to real property, such as an attached fence, is included in the
definition of real property.
2. Townships and sanctions
ANS A rectangular survey is composed of Townships that are square tracts of land six miles on
each side. A township then is divided into
36 Sections which are square tracts of land one mile on a side. One mile is 5,280 square feet. So,
5,280 x 5,280 = 27,878,400 square feet. An acre is 43,560 square feet so one Section has
(27,878,,560 = 640) acres.
3. What type of survey describes the perimeter of a tract of land. Its legal description
contains angles and distances. It begins at a reference point, moves to a Point of
Beginning (POB); traverses the perimeter of the property and returns to the POB.
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ANS metes and bounds
4. Eminent domain is the power of government to
ANS take private property for public use
5. eminent domain uses
ANS A public entity can employ Eminent Domain to acquire private property FOR PUBLIC
USE, not to then sell to another private owner
for private use. But PUBLICLY OWNED property that has been acquired through Eminent
Domain can be LEASED to a private entity for a use that the public will have access to, and the
right to enjoyment such as a sports complex or entertainment center.
6. what term refers to ownership of a single property by a single person or an entity.
ANS ownership in severalty
7. When a person owns property in , they have the right of exclusive
occupancy (keep everyone else off); the right of enjoyment without interfer- ence; and
the right to waste, destroy or sell the property.
ANS fee simple
A fee simple owner does have the right to grant an easement to someone to cross the property
or use the property. A fee simple owner CANNOT condemn his own property.
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8. If a Joint Tenant dies the Surviving Joint Tenants automatically acquire the deceased
interest per stirpes. Each receives a prorata share of the deceased property. This is known
as
ANS Right of Survivorship
9. A is an arrangement where a Trustors asset is transferred, to
benefit someone over time. A is charged with managing the Trust. A
is set up while the person establishing the trust, the , is alive. A
is one that is set up and becomes effective only after the Trustor has died.
ANS beneficiary trust
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trustee living
trust trustor
testamentary trust
10. What is the downside to a business owning its own property?
ANS it must operate, maintain and repair the building and pay all costs
11. What term is used to describe revocable permission for the temporary private use
of someone's property.
ANS a license
*a ticket to a sporting event held on private property would be a license.
12. What are the types of liens?
ANS voluntary and involuntary
Property taxes are involuntary. A judgment lien is involuntary. A mechanic's lien is involuntary.
A mortgage is a voluntary lien.
13. When a deed is recorded, the purpose is to protect the owner's rights but also to
provide notice to any buyer regarding any liens or attachments provided regarding the
condition of the title of the property they are buying. This is known as
ANS constructive notice
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