Nevada National Real Estate Exam Questions and Answers 100% Pass

Nevada National Real Estate Exam Questions and Answers 100% Pass Amortized Loans - Answer- Constant payment including principle and interest until paid off Conventional Loan - Answer- No government back; private Gross Lease - Answer- Fixed amount- Residential rental Net Lease - Answer- Fixed plus maintenance; Triple Net = tax & insurance also Percentage Lease - Answer- Fixed + % of profits ;; mall, retail spaces Ground Lease - Answer- Long term land lease-- 99+ yr lead;; to build Leaseback - Answer- Seller leases back after closing; model homes Assign/sublease - Answer- Renting then leasing to someone else; air B& B Novation - Answer- Substitution of Lessee or contract Leasehold Estates - Answer- Death/sale will not terminate lease Estate for years - Answer- Definite termination date/no notice required Periodic estate - Answer- Monthly, weekly, annually, notice required for that period Estate at will - Answer- Open ended, terminates by notice or death Estate at sufferance - Answer- Wrongful holdover Bundle of rights - Answer- Deep/C; disposition, enjoyment, exclusion, possession, control Annexation - Answer- Process of changing personal property to real property; how is it attached? Severance - Answer- the act of cutting off or apart; To detach Emblements - Answer- Crops are personalty; fruits of labor Appurtenance - Answer- Runs with the land; goes to future owners; it is a right Encumbrances - Answer- Effects on property ownership. Claim, charge or liability that attaches to real estate; restrictions easements, encroachments that affect the condition or use of the property Liens - Answer- A charge against property that provide security for the debts or other obligations of the property owner. Deed of trust; mortgage. Promise/obligation Lid pendens - Answer- Pending court action; question about property Encroachment - Answer- Illegal intrusion Fee simple estate - Answer- Highest type of interest in real estate recognized by law; Forever; Freehold Fee simple absolute - Answer- No limitations except for public and private restrictions; such as zoning laws and restrictive covenant's; HOA; can be willed Fee simple defeasible - Answer- Qualified/limited; subject to the occurrence or non- occurrence of a specified event Feesimple subject to a condition subsequent - Answer- Exists provided condition is not violated/; former owner retains a right every entry if the condition is broken. Example. Condition; no conception of alcohol. Will need to go to court to exercise right of reentry; Sue Fee simple determinable - Answer- Qualified by a special limitation. Exists "so long as" limitation is Met; former owner retains a possibility of reverter. No nee