Describe leasehold estate - Study guides, Class notes & Summaries

NATIONAL PSI REAL ESTATE EXAM PRACTICE TEST 1 ANSWERED 100% CORRECTLY All of the following would be considered real property EXCEPT - answera leasehold estate The servient estate in an easement appurtenant is the property - answeron which the easement is placed Which of the following statements concerning encumbrances is NOT true - answerAll encumbrances are liens Which of the following is NOT a specific lien - answerState inheritance taxes You have entered into a lease that requires yo...

NATIONAL PSI REAL ESTATE EXAM PRACTICE TEST 1 ANSWERED 100% CORRECTLY All of the following would be considered real property EXCEPT - answera leasehold estate The servient estate in an easement appurtenant is the property - answeron which the easement is placed Which of the following statements concerning encumbrances is NOT true - answerAll encumbrances are liens Which of the following is NOT a specific lien - answerState inheritance taxes You have entered into a lease that requires yo...

An adequate legal description of real estate is one: - ANSWER-by which a reasonable person can determine what property is described - the legal description is legally "adequate" if a reasonable person could identify the property based on the description. Ownership of real estate includes: a.) Rights to use the surface, subsurface and airspace over the land b.) Fixtures c.) Naturally growing tree growing on the land d.) All of the above - ANSWER-D.) All of the above Subsurface rights...

The right of a landowner and his/her heirs to occupy a parcel of real estate forever is called a: a.) Qualified fee b.) Life estate c.) Estate in fee simple absolute d.) Indeterminable estate - Answer-c.) Estate in fee simple absolute - Fee, fee simple, or fee simple absolute are interchangeable terms that describe the largest estate in land, and the one that is most commonly brokered by real estate licensees. If three individuals are joint tenants of a piece of real estate and one of th...

NJ Title Insurance Producer Final Exam Set with Q&A "A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct? A) It automatically becomes tenancy in severalty. B) It is divided, with B retaining their original interest and the balance going to A's estate. C) B holds fee simple ownership to A's share of the property D) B holds a life estate ownership to A's share of the property - CORRECT ANSWER-B) ...

Title Condominium owners hold ______ to their private living space (unit) and share ownership jointly of the common areas (common elements) with other owners in the condominium corporation. A legal entity that represents the collective interests of its property owners. What is the definition of a 'Condominium Corporation'? The condominium board Who establishes the rules and bylaws in a condominium? To secure the assets of the corporation and ensure residents live harmon...

Pearson Vue Real Estate Exam Study Guide Based on Outline Fixture An item of personal property that has been converted to real property by being permanently affixed to the realty. Trade Fixture An article installed by a tenant under the terms of a lease that is removable by the tenant before the lease expires. Emblement Growing crops, such as corn, that are produced annually through labor and industry; also called 'fructus industriales' Attachment The act of taking a person's proper...

PSI national real estate exam practice test 1| Actual exam answered 100% Correctly| Latest 2024 All of the following would be considered real property EXCEPT a leasehold estate The servient estate in an easement appurtenant is the property on which the easement is placed Which of the following statements concerning encumbrances is NOT true All encumbrances are liens Which of the following is NOT a specific lien State inheritance taxes You have entered into a lease that requires you to p...

National Real Estate Exam: Leases and Property Management-Questions and Answers | 100% Correct | Latest Update 2024 Lease - Answer ️️ -Transfers possession, giving tenant right to exclusive possession of property against all other parties. Both a conveyance and contract. Lease Conveyance - Answer ️️ -It conveys a leasehold estate to a tenant Lease Contract - Answer ️️ -Gives tenant right to exclusive possession including landlord. Quiet Enjoyment - Answer ️️ -use of the pro...

Fred bought a new boat and hired a contractor to build a dock on his lakefront property. Fred did not pay the contractor. In an attempt to get paid, the contractor may file a: Select one: A. Mechanics lien against the boat B. Mechanics lien against the property C. General lien against Fred D. All of the above - Answer-B What type of legal description will most accurately describe an irregularly shaped parcel of land? Select one: A. Lot and block B. Metes and bounds C. Recorded plat o...