Real Estate Exam Crash Course
What test would you use if windows and door don't close properly ? -Answer Soil Test
What should a licensee do if the listing is using discrimination is a basis for listing itself ?
-Answer Refuse
If a licensee applicant is on a delinquent list of child support payers, the licensee will be
issued a what ? -Answer Temporary license for 150 days, if not paid license will be
suspended.
A commission is earned when.. -Answer you find a ready, willing and able buyer
Real property -Answer immovable
Personal property -Answer movable
How can personal property be transferred -Answer Bill of Sale
Examples of real property (3) -Answer Land, Fixture and appurtenance
appurtenance -Answer "Runs with the land" attached.
Mineral Rights -Answer Soil, oil anything from the core of the earth to the property is
owned by the owner.
deed -Answer A document that transfers ownership of property from one party to
another.
Bill of Sale -Answer A document used to transfer ownership of personal property.
How do you determine if something is a fixture ? -Answer MARIA
What does MARIA stand for ? -Answer Method of Attachment
Adaptability
Relationship of the parties
Intention of the parties
Agreement
Are time and cost included in determining if something is a fixture ? -Answer No
Trade Fixtures -Answer Personal property used in a business and can be removed by
the lessee when the lease terminates.
, Estates -Answer Ownership
Freehold Estate -Answer An estate in real property which continues for an indefinite
period of time. (Indefinite Deration)
Fee Simple Absolute -Answer The maximum possible estate one can possess in real
property; also referred to as fee simple or fee.
Fee Simple Defeasible -Answer An estate which may be lost on the occurrence or
nonoccurrence of a specified event.
Life Estate -Answer An interest in real or personal property that is limited in duration to
the lifetime of its owner or some other designated person or persons.
Can the holder of a life estate sell or lease the estate ? -Answer Yes but once the
designated person of the life estate dies the property goes back to the original owner.
Estate in Remainder -Answer Grantor gives a life estate to a grantee. Upon the death of
the grantee the property goes to a third party.
Estate in Reversion -Answer A life estate whereby the property reverts back to the
grantor when the grantee (life tenant) dies
encumbrance -Answer Burden on title
Mechanic's Lien -Answer This is something that can be filed to ensure contractors get
paid for the work done.
A notice of non-resposibillity would protect the title against a what ? -Answer mechanics
lien
lien -Answer Money encumbrance
Specific Lien -Answer A lien affecting or attaching only to a certain, specific parcel of
land or piece of property.
General Lien -Answer A lien that attaches to all property owned by an individual. Real
and personal.
Voluntary Lien -Answer A lien placed on property with the knowledge and consent of the
property owner.
Involuntary Lien -Answer A lien created by an outside source- law, court
Lien Priority -Answer The order in which liens are paid off out of the proceeds of a
foreclosure sale. Tax liens always have the highest priority.
What test would you use if windows and door don't close properly ? -Answer Soil Test
What should a licensee do if the listing is using discrimination is a basis for listing itself ?
-Answer Refuse
If a licensee applicant is on a delinquent list of child support payers, the licensee will be
issued a what ? -Answer Temporary license for 150 days, if not paid license will be
suspended.
A commission is earned when.. -Answer you find a ready, willing and able buyer
Real property -Answer immovable
Personal property -Answer movable
How can personal property be transferred -Answer Bill of Sale
Examples of real property (3) -Answer Land, Fixture and appurtenance
appurtenance -Answer "Runs with the land" attached.
Mineral Rights -Answer Soil, oil anything from the core of the earth to the property is
owned by the owner.
deed -Answer A document that transfers ownership of property from one party to
another.
Bill of Sale -Answer A document used to transfer ownership of personal property.
How do you determine if something is a fixture ? -Answer MARIA
What does MARIA stand for ? -Answer Method of Attachment
Adaptability
Relationship of the parties
Intention of the parties
Agreement
Are time and cost included in determining if something is a fixture ? -Answer No
Trade Fixtures -Answer Personal property used in a business and can be removed by
the lessee when the lease terminates.
, Estates -Answer Ownership
Freehold Estate -Answer An estate in real property which continues for an indefinite
period of time. (Indefinite Deration)
Fee Simple Absolute -Answer The maximum possible estate one can possess in real
property; also referred to as fee simple or fee.
Fee Simple Defeasible -Answer An estate which may be lost on the occurrence or
nonoccurrence of a specified event.
Life Estate -Answer An interest in real or personal property that is limited in duration to
the lifetime of its owner or some other designated person or persons.
Can the holder of a life estate sell or lease the estate ? -Answer Yes but once the
designated person of the life estate dies the property goes back to the original owner.
Estate in Remainder -Answer Grantor gives a life estate to a grantee. Upon the death of
the grantee the property goes to a third party.
Estate in Reversion -Answer A life estate whereby the property reverts back to the
grantor when the grantee (life tenant) dies
encumbrance -Answer Burden on title
Mechanic's Lien -Answer This is something that can be filed to ensure contractors get
paid for the work done.
A notice of non-resposibillity would protect the title against a what ? -Answer mechanics
lien
lien -Answer Money encumbrance
Specific Lien -Answer A lien affecting or attaching only to a certain, specific parcel of
land or piece of property.
General Lien -Answer A lien that attaches to all property owned by an individual. Real
and personal.
Voluntary Lien -Answer A lien placed on property with the knowledge and consent of the
property owner.
Involuntary Lien -Answer A lien created by an outside source- law, court
Lien Priority -Answer The order in which liens are paid off out of the proceeds of a
foreclosure sale. Tax liens always have the highest priority.
