Real Estate Agent License Practice Test-
Updated 2023 100% Pass
Real Property Characteristics
1. Personal property that, by its attachment to real property, is regarded as real estate is called _____________.
a. an emblement
b. personalty
c. a fixture
d. an appliance
2. Which of the following lists correctly describes the physical and economic characteristics of real estate?
a. Immovable, indestructible, unique, scarce.
b. Depreciable, indestructible, scarce, unique.
c. Unique, immovable, abundant, indestructible.
d. Moveable, indestructible, scarce, unique.
Freehold Estates
3. If a person has complete control over their property, and the ownership in the property is not defeasible, what
interest does the person have in the property?
a. fee conditional estate
b. fee simple estate
c. life estate
d. defeasible fee estate
4. Ulyanna and Daniel own two contiguous properties situated on the shores of a fast-moving river. Ulyanna's parcel
is situated upstream from Daniel's parcel. Over time, the action of the river's water has moved some silt and dirt
, from the shores of Ursula's property and deposited it downstream on the shores of Daniel's property. Based upon
this fact pattern, which of the following lists best describes what has occurred on Daniel's property?
a. Alienation, attachment, alluvium
b. Accession, littoral, standing water
c. Assemblage, plottage, increased value
d. Accession, accretion, alluvium
Real Estate Ownership
5. Which of the following is the difference between the value of a property and the total amount of liens against the
property?
a. investment
b. basis
c. down payment
d. equity
6. A parcel of residential real estate is held in a life estate. The life tenancy is held by a woman, and she is the
measuring life. Her nephew is the remainderman. The life tenant wants to take out a loan using the property as
collateral. Which of the following statements is correct?
a. No lender will lend money when the collateral is real estate held in a life estate.
b.The remainderman's signature on the loan documents is irrelevant to the lender's security interest in the
realty.
c. Because she is merely a life tenant, the woman holds a nonfreehold estate.
d.Both the life tenant and the remainderman will need to sign the loan documents to protect the lender's
security interest in the property.
7. There are four separate, recently-sold parcels of real estate on Main Street. Parcel 1 was owned by a Real Estate
Investment Trust and was voluntarily conveyed to the City where the property is situated. Parcel 2 was owned by
four unmarried brothers and was voluntarily conveyed to their father. Parcel 3 was owned by two corporations,
until one corporation recently sold its ownership interest in the property to the other corporation. Parcel 4 was
Updated 2023 100% Pass
Real Property Characteristics
1. Personal property that, by its attachment to real property, is regarded as real estate is called _____________.
a. an emblement
b. personalty
c. a fixture
d. an appliance
2. Which of the following lists correctly describes the physical and economic characteristics of real estate?
a. Immovable, indestructible, unique, scarce.
b. Depreciable, indestructible, scarce, unique.
c. Unique, immovable, abundant, indestructible.
d. Moveable, indestructible, scarce, unique.
Freehold Estates
3. If a person has complete control over their property, and the ownership in the property is not defeasible, what
interest does the person have in the property?
a. fee conditional estate
b. fee simple estate
c. life estate
d. defeasible fee estate
4. Ulyanna and Daniel own two contiguous properties situated on the shores of a fast-moving river. Ulyanna's parcel
is situated upstream from Daniel's parcel. Over time, the action of the river's water has moved some silt and dirt
, from the shores of Ursula's property and deposited it downstream on the shores of Daniel's property. Based upon
this fact pattern, which of the following lists best describes what has occurred on Daniel's property?
a. Alienation, attachment, alluvium
b. Accession, littoral, standing water
c. Assemblage, plottage, increased value
d. Accession, accretion, alluvium
Real Estate Ownership
5. Which of the following is the difference between the value of a property and the total amount of liens against the
property?
a. investment
b. basis
c. down payment
d. equity
6. A parcel of residential real estate is held in a life estate. The life tenancy is held by a woman, and she is the
measuring life. Her nephew is the remainderman. The life tenant wants to take out a loan using the property as
collateral. Which of the following statements is correct?
a. No lender will lend money when the collateral is real estate held in a life estate.
b.The remainderman's signature on the loan documents is irrelevant to the lender's security interest in the
realty.
c. Because she is merely a life tenant, the woman holds a nonfreehold estate.
d.Both the life tenant and the remainderman will need to sign the loan documents to protect the lender's
security interest in the property.
7. There are four separate, recently-sold parcels of real estate on Main Street. Parcel 1 was owned by a Real Estate
Investment Trust and was voluntarily conveyed to the City where the property is situated. Parcel 2 was owned by
four unmarried brothers and was voluntarily conveyed to their father. Parcel 3 was owned by two corporations,
until one corporation recently sold its ownership interest in the property to the other corporation. Parcel 4 was
