RECA - Fundamentals Study Guide Unit 7
Questions And Answers
Real Estate -
correct answer ✅Refers to the raw land plus any improvements
that are permanent or fixed to the land.
Real Property -
correct answer ✅Refers to the tangible attributes of the land (Real
Estate) as well as the intangible rights of ownership
What are some characteristics of land? -
correct answer ✅Durable, Rigid, Immobile, Unique, Scarce
Fee Simple -
correct answer ✅The highest interest in real estate recognized by
the law; the holder is entitled to all rights to the property.
Leasehold -
correct answer ✅Grants a tenant exclusive use to a property for a
period of time and the tenant pays the landlord rent for use.
Life Estate -
correct answer ✅Grants a person a life interest in the land for
their lifetime.
, RECA - Fundamentals Study Guide Unit 7
Questions And Answers
Joint Tenancy -
correct answer ✅co-ownership of property with equal interests
and the right of survivorship. If one owner dies, interests get passed
to the other party
Sole Ownership -
correct answer ✅Ownership by one person. If they are married,
they may be subject to the dower rights
Tenancy in Common -
correct answer ✅Co-ownership of property in which each party
owns an undivided interest that passes to his or her heirs at death.
What are the powers in which government can limit private land
ownership rights? -
correct answer ✅Taxation
Eminent Domain
Police Power
Escheat
Questions And Answers
Real Estate -
correct answer ✅Refers to the raw land plus any improvements
that are permanent or fixed to the land.
Real Property -
correct answer ✅Refers to the tangible attributes of the land (Real
Estate) as well as the intangible rights of ownership
What are some characteristics of land? -
correct answer ✅Durable, Rigid, Immobile, Unique, Scarce
Fee Simple -
correct answer ✅The highest interest in real estate recognized by
the law; the holder is entitled to all rights to the property.
Leasehold -
correct answer ✅Grants a tenant exclusive use to a property for a
period of time and the tenant pays the landlord rent for use.
Life Estate -
correct answer ✅Grants a person a life interest in the land for
their lifetime.
, RECA - Fundamentals Study Guide Unit 7
Questions And Answers
Joint Tenancy -
correct answer ✅co-ownership of property with equal interests
and the right of survivorship. If one owner dies, interests get passed
to the other party
Sole Ownership -
correct answer ✅Ownership by one person. If they are married,
they may be subject to the dower rights
Tenancy in Common -
correct answer ✅Co-ownership of property in which each party
owns an undivided interest that passes to his or her heirs at death.
What are the powers in which government can limit private land
ownership rights? -
correct answer ✅Taxation
Eminent Domain
Police Power
Escheat
