REAL ESTATE PRINCIPLES FINAL
EXAMINATION TEST 100 SOLVED
QUESTIONS AND ANSWERS
COMPREHENSIVE REVIEW SHEET GRADED
A+
⩥ What is the executor of a will?
Answer: The person appointed in the will to settle the estate.
⩥ What is the administrator of an intestate estate?
Answer: The person appointed by the courts to settle the estate
of someone who died without a will.
⩥ What is the significance of delivery in a deed?
Answer: Title does not pass until the deed is delivered and
accepted, which can include delivery into escrow.
⩥ What is the legal description of property?
Answer: A detailed description that uniquely identifies a parcel
of real estate.
,⩥ What is a dedication in real estate?
Answer: The process by which a developer transfers ownership
of streets or public areas to the local government.
⩥ What is a cloud on the title?
Answer: An unresolved issue or claim that affects the title to a
property.
⩥ What is a deed?
Answer: A legal document that conveys ownership of real
property from one party to another.
⩥ What is a will?
Answer: A legal document that expresses a person's wishes
regarding the distribution of their property after death.
⩥ What is testate?
Answer: The state of having a valid will at the time of death.
⩥ What is intestate?
Answer: The state of dying without a valid will.
,⩥ What is an executor?
Answer: An individual appointed in a will to carry out the
instructions and wishes of the deceased.
⩥ What is an administrator?
Answer: An individual appointed by the courts to manage the
estate of a deceased person who died intestate.
⩥ What is a devise?
Answer: A gift of real property made in a will.
⩥ What is descent?
Answer: The legal process by which property is passed down to
heirs according to state law when a person dies intestate.
⩥ What are heirs?
Answer: Individuals entitled to inherit property from a deceased
person, also referred to as devisees or descendants.
⩥ What is foreclosure?
, Answer: The legal process initiated by a lender to recover the
balance of a loan from a borrower who has defaulted on
payments.
⩥ What is a deficiency judgment?
Answer: A court order that a borrower must pay the remaining
balance owed on a loan after a foreclosure sale.
⩥ What is a deed in lieu of foreclosure?
Answer: An alternative to foreclosure where the borrower
voluntarily transfers the property title to the lender to avoid
foreclosure proceedings.
⩥ What is equity of redemption?
Answer: The right of a borrower to reclaim property by paying
off the owed amount before the foreclosure process is
completed.
⩥ What is a short sale?
Answer: A sale of secured real property that produces less
money than is owed to the lender, requiring lender approval.
EXAMINATION TEST 100 SOLVED
QUESTIONS AND ANSWERS
COMPREHENSIVE REVIEW SHEET GRADED
A+
⩥ What is the executor of a will?
Answer: The person appointed in the will to settle the estate.
⩥ What is the administrator of an intestate estate?
Answer: The person appointed by the courts to settle the estate
of someone who died without a will.
⩥ What is the significance of delivery in a deed?
Answer: Title does not pass until the deed is delivered and
accepted, which can include delivery into escrow.
⩥ What is the legal description of property?
Answer: A detailed description that uniquely identifies a parcel
of real estate.
,⩥ What is a dedication in real estate?
Answer: The process by which a developer transfers ownership
of streets or public areas to the local government.
⩥ What is a cloud on the title?
Answer: An unresolved issue or claim that affects the title to a
property.
⩥ What is a deed?
Answer: A legal document that conveys ownership of real
property from one party to another.
⩥ What is a will?
Answer: A legal document that expresses a person's wishes
regarding the distribution of their property after death.
⩥ What is testate?
Answer: The state of having a valid will at the time of death.
⩥ What is intestate?
Answer: The state of dying without a valid will.
,⩥ What is an executor?
Answer: An individual appointed in a will to carry out the
instructions and wishes of the deceased.
⩥ What is an administrator?
Answer: An individual appointed by the courts to manage the
estate of a deceased person who died intestate.
⩥ What is a devise?
Answer: A gift of real property made in a will.
⩥ What is descent?
Answer: The legal process by which property is passed down to
heirs according to state law when a person dies intestate.
⩥ What are heirs?
Answer: Individuals entitled to inherit property from a deceased
person, also referred to as devisees or descendants.
⩥ What is foreclosure?
, Answer: The legal process initiated by a lender to recover the
balance of a loan from a borrower who has defaulted on
payments.
⩥ What is a deficiency judgment?
Answer: A court order that a borrower must pay the remaining
balance owed on a loan after a foreclosure sale.
⩥ What is a deed in lieu of foreclosure?
Answer: An alternative to foreclosure where the borrower
voluntarily transfers the property title to the lender to avoid
foreclosure proceedings.
⩥ What is equity of redemption?
Answer: The right of a borrower to reclaim property by paying
off the owed amount before the foreclosure process is
completed.
⩥ What is a short sale?
Answer: A sale of secured real property that produces less
money than is owed to the lender, requiring lender approval.
