ASREB (Arizona School of Real Estate and Business) Exam
Questions and Already graded Solutions and Assured
Satisfactions 2025/2026
A holdover tenant would have
Estate at Sufferance
Estate at Will
Freehold Estate
Remainder Estate - correct answer Estate at Sufferance
An easement given to a person would most likely be:
Prescription
Appurtenant
In Gross
Dominant - correct answer In Gross
A survivorship interest is created in which of the following
Tenancy at sufferance
In severalty
Tenancy in common
Tenancy by entirety - correct answer Tenancy by entirety
An Estate at Will would be for
Definite duration
Indefinite duration
Freehold duration
Life estate - correct answer Indefinite duration
A remainderman would most likely be concerned with
,Property taxes
Property insurance
Property waste
Property boundaries - correct answer Property Waste
A gives a life estate to B for the life of C. B dies. Who has the estate
A in reversion
C in remainder
B's heirs
C's heirs - correct answer B's heirs
A clause in a lease that would allow adjustments of payment either up or down would be
called
An escalator
An escape clause
A margin clause
An equity participation clause - correct answer an escalator
When a sale and leaseback occurs
The seller is the landlord
The seller is the lessor
The buyer is the landlord
The buyer is the lessee - correct answer The buyer is the landlord
If a party is granted a property upon the condition that a certain use will continue in the
future, this would be called
Fee simple absolute
Tenancy for period to period
Life estate
, Defeasible fee - correct answer Life estate
When a party has an interest in a property which of the following would not be
considered Fee Simple Absolute Interest:
Community property ownership
Sole and separate ownership
Lessor with a reversion right
Lessee with a long term lease - correct answer Lessee with a long term lease
Which of the following would have a percentage lease?
Municipality
Utility company
Public library
Art gallery - correct answer Art Gallery
a sole owner of property dies with no will, the property would transfer by:
Testate succession
Intestate succession
Spouse automatically
2 heirs; 2 spouse - correct answer Intestate succession
A, B, and C own property as tenants in common. A wants to take legal action to divide
the property, this action is called:
Defeasible fee
Partition action
Fee conditional
Foreclosure - correct answer Partition action
An irrevocable personal right to use a property would be called an easement
Questions and Already graded Solutions and Assured
Satisfactions 2025/2026
A holdover tenant would have
Estate at Sufferance
Estate at Will
Freehold Estate
Remainder Estate - correct answer Estate at Sufferance
An easement given to a person would most likely be:
Prescription
Appurtenant
In Gross
Dominant - correct answer In Gross
A survivorship interest is created in which of the following
Tenancy at sufferance
In severalty
Tenancy in common
Tenancy by entirety - correct answer Tenancy by entirety
An Estate at Will would be for
Definite duration
Indefinite duration
Freehold duration
Life estate - correct answer Indefinite duration
A remainderman would most likely be concerned with
,Property taxes
Property insurance
Property waste
Property boundaries - correct answer Property Waste
A gives a life estate to B for the life of C. B dies. Who has the estate
A in reversion
C in remainder
B's heirs
C's heirs - correct answer B's heirs
A clause in a lease that would allow adjustments of payment either up or down would be
called
An escalator
An escape clause
A margin clause
An equity participation clause - correct answer an escalator
When a sale and leaseback occurs
The seller is the landlord
The seller is the lessor
The buyer is the landlord
The buyer is the lessee - correct answer The buyer is the landlord
If a party is granted a property upon the condition that a certain use will continue in the
future, this would be called
Fee simple absolute
Tenancy for period to period
Life estate
, Defeasible fee - correct answer Life estate
When a party has an interest in a property which of the following would not be
considered Fee Simple Absolute Interest:
Community property ownership
Sole and separate ownership
Lessor with a reversion right
Lessee with a long term lease - correct answer Lessee with a long term lease
Which of the following would have a percentage lease?
Municipality
Utility company
Public library
Art gallery - correct answer Art Gallery
a sole owner of property dies with no will, the property would transfer by:
Testate succession
Intestate succession
Spouse automatically
2 heirs; 2 spouse - correct answer Intestate succession
A, B, and C own property as tenants in common. A wants to take legal action to divide
the property, this action is called:
Defeasible fee
Partition action
Fee conditional
Foreclosure - correct answer Partition action
An irrevocable personal right to use a property would be called an easement
