Nebraska Real Estate Exam - Van Ed
UPDATED Study Guide
QUESTIONS AND CORRECT
ANSWERS
Fee Simple Estate - CORRECT ANSWERS The most complete and
absolute ownership which is freely transferable, has an indefinite duration, and
can be left to heirs is a(n) .
Remainder Estate - CORRECT ANSWERS A life estate that goes to a
named third party when the life tenant dies.
Life Estate - CORRECT ANSWERS The grantee holds the estate for his
of her lifetime
Non-freehold Estate - CORRECT ANSWERS A tenant's right to occupy
real estate, usually a personal property interest, for a term specified in a lease.
Fee Simple on Condition Subsequent - CORRECT ANSWERS The
grantor took legal action to retake the property because alcohol was consumed
on the premises.
Remainder Estate - CORRECT ANSWERS A life estate that goes to a
named third party when the life tenant dies.
Estate - CORRECT ANSWERS One's legal interest in property that can
be freehold or non-freehold is a(n) .
, Reversionary Estate - CORRECT ANSWERS A life estate that reverts to
the grantor when the life tenant dies.
Freehold Estates - CORRECT ANSWERS 'Fee simple' and life estates
that are for an indefinite period of time are known as .
Pur Autre Vie Estate - CORRECT ANSWERS The grantee holds the
estate until a named third party dies.
Fee Simple Determinable - CORRECT ANSWERS The grantee did not
comply with the limitations listed in the deed so ownership reverted to the
grantor.
General Partnership - CORRECT ANSWERS All partners are equally
liable
Limited Partnership - CORRECT ANSWERS The general partner(s) are
equally liable and limited partners carry no liability and make no decisions. A
Limited Partnership consists of one or more General Partners and one or more
Limited Partners. The General Partner may be an individual or an entity, such as
a corporation.
__________________________ possess no liability for the company's debts,
obligations or actions. Their sole risk is their investment. - CORRECT
ANSWERS Limited Partners
Joint Venture - CORRECT ANSWERS A partnership with a single
purpose. It cannot bind partners to contracts
A ________________________________ involves two or more businesses
pooling their resources and expertise to achieve a particular goal. The risks and
UPDATED Study Guide
QUESTIONS AND CORRECT
ANSWERS
Fee Simple Estate - CORRECT ANSWERS The most complete and
absolute ownership which is freely transferable, has an indefinite duration, and
can be left to heirs is a(n) .
Remainder Estate - CORRECT ANSWERS A life estate that goes to a
named third party when the life tenant dies.
Life Estate - CORRECT ANSWERS The grantee holds the estate for his
of her lifetime
Non-freehold Estate - CORRECT ANSWERS A tenant's right to occupy
real estate, usually a personal property interest, for a term specified in a lease.
Fee Simple on Condition Subsequent - CORRECT ANSWERS The
grantor took legal action to retake the property because alcohol was consumed
on the premises.
Remainder Estate - CORRECT ANSWERS A life estate that goes to a
named third party when the life tenant dies.
Estate - CORRECT ANSWERS One's legal interest in property that can
be freehold or non-freehold is a(n) .
, Reversionary Estate - CORRECT ANSWERS A life estate that reverts to
the grantor when the life tenant dies.
Freehold Estates - CORRECT ANSWERS 'Fee simple' and life estates
that are for an indefinite period of time are known as .
Pur Autre Vie Estate - CORRECT ANSWERS The grantee holds the
estate until a named third party dies.
Fee Simple Determinable - CORRECT ANSWERS The grantee did not
comply with the limitations listed in the deed so ownership reverted to the
grantor.
General Partnership - CORRECT ANSWERS All partners are equally
liable
Limited Partnership - CORRECT ANSWERS The general partner(s) are
equally liable and limited partners carry no liability and make no decisions. A
Limited Partnership consists of one or more General Partners and one or more
Limited Partners. The General Partner may be an individual or an entity, such as
a corporation.
__________________________ possess no liability for the company's debts,
obligations or actions. Their sole risk is their investment. - CORRECT
ANSWERS Limited Partners
Joint Venture - CORRECT ANSWERS A partnership with a single
purpose. It cannot bind partners to contracts
A ________________________________ involves two or more businesses
pooling their resources and expertise to achieve a particular goal. The risks and
