National Real Estate Exam: Pearson Vue, Top exam questions & Answers, rated A+

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National Real Estate Exam: Pearson Vue, Top exam questions & Answers, rated A+ Maria acquires a property from her uncle Alfonso. When Maria dies, the estate will pass to Alfonso's other niece S... erena. The type of estate that Maria has in the property is: A. conventional life estate B. legal life estate C. fee simple defeasible estate D. tenancy by the entireties - ✔✔-conventional life estate One difference between a cooperative estate and a condominium estate is that: A. a condo owner owns a unit of air space whereas the coop owner owns a proprietary lease B. a condo sale adversely affects the other units C. the coop owner owns stock and a freehold estate interest whereas the condo owner simply a proprietary lease D. the condo owner owns the common elements and the airspace whereas the coop owner only owns the apartment - ✔✔-a condo owner owns a unit of air space whereas the coop owner owns a proprietary lease With various types of junior liens, the order of payment priority is generally established according to: A. the date of recordation B. what form of tax is in question C. the order of disbursement D. whether the lien was subordinated - ✔✔-the date of recordation What is a lien theory state in contrast to a title theory state? A.a state in which liens are given priority over other encumbrances B. a state in which a mortgagor retains title to the property when a mortgage lien is created C. a state in which the holder of a mortgage lien is receives total to the mortgaged property until the debt is satisfied D. a state in which liens must be recorded to be enforceable - ✔✔-a state in which a mortgagor retains title to the property when a mortgage lien is created A property owner has an easement appurtenant on her property. One day the property is sold to another party who is opposed to the easement. Following the closing, this particular form of easement: A. terminates B. transfers with the property C. transfers with the owner to a new property D. becomes a license on the property - ✔✔-transfers with the property Which of the following provides the strongest evidence of marketable title? A. a general warranty deed B. a title certificate C. title insurance D. an attorney's opinion - ✔✔-title insurance A store owner enters into a lease that charges rent per SF, a common area fee, and a portion of the store owner's gross income from the property. This kind of lease is a: A. triple charge, or triple net lease B. proprietor's lease C. Percentage lease D. Retailer's gross lease - ✔✔-Percentage lease A lease automatically terminates under which of the following circumstances? A. the tenant fails to pay rent B. the lease property is foreclosed C. the tenant goes out of business D. the landlord cancels the lease - ✔✔-the lease property is foreclosed A county or municipal authority usually grants a certificate of occupancy for new construction only after: A. all contractors' work has been inspected B. all work has been completed for at least 60 days C. the construction conforms to building codes D. the tax assessor has valued the improvement - ✔✔-the construction conforms to building codes What is the essential purpose of legal descriptions of property? A. to create a consistent, unchanging standard for uniquely locating a property B. to enable courts and attorneys to calculate property size accurately C. to comply with common law for Real property D. to eliminate cumbersome metes and bounds descriptions - ✔✔-to create a consistent, unchanging standard for uniquely locating a property Which of the following characterizes metes and bounds descriptions? A. they use medians and base lines B. they identify a closed area, beginning and ending at the same point C. they use lot and block numbers D. they incorporate elevation into the descriptions - ✔✔-they identify a closed area, beginning and ending at the same point real estate contracts that are not personal service contracts A. may be assigned B. are not assignable C. must be in writing D. are exempt from statute of frauds - ✔✔-may be assigned Which if the following must be in writing to be enforceable? A. a parol contract B. a six-month lease C. a two year lease D. an executory contract - ✔✔-a two year lease Agent Bob who works for Broker Bill, obtains an owner listing to lease a building. Bill's other agent, Sue, locates a tenant for Bob's listing. Broker Bill in this instance is: A. an implied agent B. a dual agent C. a single agent D. a subagent - ✔✔-a dual agent A transaction facilitator in a residential transaction represe [Show More]

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