Principles of Real Estate 1 – Champions
questions and answers with verified
solutions 100% correct!!!
Leasehold Estates - ANSWER✔✔ possession and use of property without
ownership
Estate for years (tenancy for years) - ANSWER✔✔ any lease with a specific
starting and ending date. Survives the death or sale of the property
Periodic Tenancy/periodic estate - ANSWER✔✔ lease that automatically renews
itself for like periods. example month to month. Requires notice to terminate
Estate at Will - ANSWER✔✔ Very loose agreement, terminates on death or sale of
the property
Tenancy in Sufferance - ANSWER✔✔ created when a tenant remains on the
property after a lease has expired
Requirements of a Valid Lease - ANSWER✔✔ Competent parties, let and take
agreement, adequate consideration (rent), legal purpose, property description
Emblements - ANSWER✔✔ Annual crops. Even though attached to the land they
remain personal property through harvest
Recovery Trust Account - ANSWER✔✔ Payments may not exceed $50,000 for
single transaction and $100,000 per licenseholder
, Estate - ANSWER✔✔ the interest or nature of interest a person has in real
property.
Bundle of Rights - ANSWER✔✔ Rights associated with property ownership
Fee simple absolute - ANSWER✔✔ Best type of ownership - Always a state of
inheritance
Fee simple defeasible - ANSWER✔✔ Ownership that can be voided if a condition
or requirement for use of land is not met
Life Estate - ANSWER✔✔ ownership for the duration of someone's life. Owner is
called the life tenant. At the end of the tenant's life the property goes back to the
original grantor ( life tenant with reversion) or to a 3rd party (remainderman)
TREC time to file a complaint - ANSWER✔✔ 4 years from incident date
Agency - ANSWER✔✔ relationship that exists when one person (agent) acts on
behalf of another person (the principal or client). Fiduciary relationship based on
trust
Types of Agency - ANSWER✔✔ Universal - full authority to conduct business on
behalf of the clint - POA. Minors , Imprisonment, Militar
General - right to represent individual in a particular type of transaction. Property
Manager to Owner
Agent to Broker
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