National REAL ESTATE FINAL EXAM 2025/2026 BANK 2 VERSIONS AND
COMPLETE EXAM and verified QUESTIONS WITH DETAILED VERIFIED ANSWERS
/EXPERT VERIFIED /ALREADY GRADED A+ pass!!!
bill of sale - answer-Receipt for personal property
Statue of Frauds - answer-requires certain contracts to be in writing
trade fixtures are - answer-business property
emblements - answer-annual crops that are produced by labor
example of trade fixture - answer-jewelry display cases
example of emblements - answer-corn, wheat
annexation - answer-personal property becomes real property
- planting a tree
severance - answer-real property becomes personal
- digging up a tree
freeholds - answer-ownership interest
non-freeholds - answer-possession and use, but not ownership
fee simple - answer-defaut, indefinite, inheritable
fee simple defeasible - answer-limited estate, ownership may be lost if violated
Fee Simple Determinable - answer-ownership lost and reverted back to grantor
fee simple determinable example - answer-church gives grantee ownership then
grantee turns it into a house
fee simple subject to a condition subsequent - answer-legal action needs to be taken to
lose ownership
fee simple subject to an executory limitation - answer-legal action needed
- ownership goes to 3rd party named by grantor
life estate in reversion - answer-when grantee dies ownership transfers back to grantor
life estate in remainder - answer-when grantee dies ownership transfers to a third party
remainderperson
,National REAL ESTATE FINAL EXAM 2025/2026 BANK 2 VERSIONS AND
COMPLETE EXAM and verified QUESTIONS WITH DETAILED VERIFIED ANSWERS
/EXPERT VERIFIED /ALREADY GRADED A+ pass!!!
pur autre vie - answer-when third party dies ownership transfers either in reversion or
remainder
habendum clause - answer-defines the estate being granted
remainderperson - answer-third party who receives estate when grantee dies
2 types of legal life estates - answer-homestead, dower rights
homestead - answer-protection against creditors, cant force sale of house to pay off
debt
dower rights - answer-allows spouse to take 1/3 equity in real property in exchange for
what was left to them in the will
severalty - answer-ownership by one owner
co-ownership - answer-ownership by two or more owners
tenancy in common - answer-default form of co-ownership which is inheritable
- interest can be unequal
joint tenancy - answer-everyone has equal interest
four unities - answer-time, title, interest, possession
tenancy by the entirety - answer-only for married couples
separate property states - answer-tenants by entirety may sell or devise property
separately
owners are able to will their share to a family member - answer-tenancy in common
this type of ownership is 50/50 with an automatic homestead - answer-tenancy by the
entirety
unit deed - answer-used to convey individual unit ownership
6D certificate - answer-states if there are outstanding payments before conveying
ownership
special assessments - answer-fees collected to unit owners to pay for improvements-
stated on 6D certificate
, National REAL ESTATE FINAL EXAM 2025/2026 BANK 2 VERSIONS AND
COMPLETE EXAM and verified QUESTIONS WITH DETAILED VERIFIED ANSWERS
/EXPERT VERIFIED /ALREADY GRADED A+ pass!!!
cooperatives - answer-company owned
when you buy into a co-op you are buying a _________________ - answer-share of
the cooperative
proprietary lease - answer-A lease given by the corporation that owns a cooperative
apartment building to the shareholder for the shareholder's right as a tenant to an
individual apartment.
co-op fees - answer--Building mortgage
-Building tax bill
timeshares pay - answer-maintenance fees
trust - answer-allows someone to set aside property for a benefit of another
declaration of trust - answer-legal document that creates the trust
who creates trust - answer-attorneys
trustor - answer-person creating the trust
trustee - answer-person who receives property on behalf of beneficiary (cares for
property for a time period)
beneficiary - answer-one who receives benefits of trust
living trust - answer-created during a persons life
testamentary trust - answer-trust created upon a person's death
securities - answer-investments
syndication - answer-invest in real estate
REMICs - answer-Real Estate Mortgage Investment Conduits invest in a portfolio of
real estate loans
REMTs - answer-invest in both REITS & REMICS
lessor - answer-landlord
lessee - answer-tenant
COMPLETE EXAM and verified QUESTIONS WITH DETAILED VERIFIED ANSWERS
/EXPERT VERIFIED /ALREADY GRADED A+ pass!!!
bill of sale - answer-Receipt for personal property
Statue of Frauds - answer-requires certain contracts to be in writing
trade fixtures are - answer-business property
emblements - answer-annual crops that are produced by labor
example of trade fixture - answer-jewelry display cases
example of emblements - answer-corn, wheat
annexation - answer-personal property becomes real property
- planting a tree
severance - answer-real property becomes personal
- digging up a tree
freeholds - answer-ownership interest
non-freeholds - answer-possession and use, but not ownership
fee simple - answer-defaut, indefinite, inheritable
fee simple defeasible - answer-limited estate, ownership may be lost if violated
Fee Simple Determinable - answer-ownership lost and reverted back to grantor
fee simple determinable example - answer-church gives grantee ownership then
grantee turns it into a house
fee simple subject to a condition subsequent - answer-legal action needs to be taken to
lose ownership
fee simple subject to an executory limitation - answer-legal action needed
- ownership goes to 3rd party named by grantor
life estate in reversion - answer-when grantee dies ownership transfers back to grantor
life estate in remainder - answer-when grantee dies ownership transfers to a third party
remainderperson
,National REAL ESTATE FINAL EXAM 2025/2026 BANK 2 VERSIONS AND
COMPLETE EXAM and verified QUESTIONS WITH DETAILED VERIFIED ANSWERS
/EXPERT VERIFIED /ALREADY GRADED A+ pass!!!
pur autre vie - answer-when third party dies ownership transfers either in reversion or
remainder
habendum clause - answer-defines the estate being granted
remainderperson - answer-third party who receives estate when grantee dies
2 types of legal life estates - answer-homestead, dower rights
homestead - answer-protection against creditors, cant force sale of house to pay off
debt
dower rights - answer-allows spouse to take 1/3 equity in real property in exchange for
what was left to them in the will
severalty - answer-ownership by one owner
co-ownership - answer-ownership by two or more owners
tenancy in common - answer-default form of co-ownership which is inheritable
- interest can be unequal
joint tenancy - answer-everyone has equal interest
four unities - answer-time, title, interest, possession
tenancy by the entirety - answer-only for married couples
separate property states - answer-tenants by entirety may sell or devise property
separately
owners are able to will their share to a family member - answer-tenancy in common
this type of ownership is 50/50 with an automatic homestead - answer-tenancy by the
entirety
unit deed - answer-used to convey individual unit ownership
6D certificate - answer-states if there are outstanding payments before conveying
ownership
special assessments - answer-fees collected to unit owners to pay for improvements-
stated on 6D certificate
, National REAL ESTATE FINAL EXAM 2025/2026 BANK 2 VERSIONS AND
COMPLETE EXAM and verified QUESTIONS WITH DETAILED VERIFIED ANSWERS
/EXPERT VERIFIED /ALREADY GRADED A+ pass!!!
cooperatives - answer-company owned
when you buy into a co-op you are buying a _________________ - answer-share of
the cooperative
proprietary lease - answer-A lease given by the corporation that owns a cooperative
apartment building to the shareholder for the shareholder's right as a tenant to an
individual apartment.
co-op fees - answer--Building mortgage
-Building tax bill
timeshares pay - answer-maintenance fees
trust - answer-allows someone to set aside property for a benefit of another
declaration of trust - answer-legal document that creates the trust
who creates trust - answer-attorneys
trustor - answer-person creating the trust
trustee - answer-person who receives property on behalf of beneficiary (cares for
property for a time period)
beneficiary - answer-one who receives benefits of trust
living trust - answer-created during a persons life
testamentary trust - answer-trust created upon a person's death
securities - answer-investments
syndication - answer-invest in real estate
REMICs - answer-Real Estate Mortgage Investment Conduits invest in a portfolio of
real estate loans
REMTs - answer-invest in both REITS & REMICS
lessor - answer-landlord
lessee - answer-tenant
