REAL ESTATE EXAM 2025 QUESTIONS
WITH CORRECT ANSWERS
INCORPOREAL PROPERTY - ANSWER-Intangible property. Property that does not
have physical being. Easements, a right of way, trademarks, copyrights.
JOINT TENANCY - ANSWER-Ownership by two or more persons with the right of
survivorship. Typically used by related persons.
LIFE ESTATE - ANSWER-an Estate or interest that someone has during their
lifetime or the lifetime of another. Non-inheritable and lowest form of freehold
estates.
LITTORAL RIGHTS - ANSWER-The right of a property owner whose land borders
on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment
of the shore and water the property borders on.
MASTER DEED - ANSWER-Document that creates a condominium and defines
individual units and common areas. recorded at the Registry of Deeds. Units are
conveyed in fee simple.
PARTITION - ANSWER-A court action designed to separate ownership interest by
persons who have property as joint tenants.
PARTNERSHIP - ANSWER-An agreement by two or more persons. All parties are
responsible for taxes and liabilities.
PERSONALTY - ANSWER-Personal property or chattels.
PROJECT BROKER - ANSWER-A broker designated to offer timeshares for sale.
An office offering timeshares must be a separate real estate office. Residential sales
and timeshare offerings can't be offered by the same office.
PROPRIETARY LEASE - ANSWER-A lease utilized in an assoc. with a Co-op. The
lease allows one to occupy space in the building and use of common areas.
QUARTER OWNERSHIP - ANSWER-a form of timeshare ownership. owners hip
rights extend to 3 months a year.
REAL PROPERTY - ANSWER-land and anything assoc. with the land. Building,
trees and property rights.
,REIT - ANSWER-Real Estate Investment trust. A method of pooling investment
money using the trust form of ownership. An investor who puts money into a REIT
only loses the money the invested.
RELICTION - ANSWER-Gradual recession of water leaving land permanently
uncovered
REMAINDERMAN - ANSWER-PERSON NAMED TO RECEIVE INTEREST IN A
PROPERTY IN THE FUTURE.
REVERSIONARY INTEREST - ANSWER-a future interest one has in a property.
Could be via a life estate or the right to gain control of a leased property.
RIGHT OF FIRST REFUSAL - ANSWER-the right to match or better an offer before
the property is sold to someone else
RIGHT OF SURVIVORSHIP - ANSWER-the right one party has to claim the
interests of another property owner if that owner died. Joint tenants have this right.
RIPARIAN RIGHTS - ANSWER-rights that govern the use of flowing water, such as
rivers and streams that pass through or border a property
ROD - ANSWER-a unit of measurement. 16.5 feet. Used when measuring
watermarks
SERVERANCE - ANSWER-A process by which real property becomes personal
property. A tree that is cut down and used as firewood.
TENANCY BY ENTIRETY - ANSWER-The joint ownership, recognized in some
states, of property acquired by husband and wife during marriage. Upon the death of
one spouse, the survivor becomes the owner of the property.
TENANCY IN COMMON - ANSWER-form of co-ownership in which the shares may
be unequal and there is no right of survivorship
TENANCY IN SEVERALTY - ANSWER-property owned by one person.
TRADE FIXTURES - ANSWER-personal property that is used in the ordinary course
of business. Although attached they are removable and considered personal
property of the owner.
UNITIES - ANSWER-A joint tenancy carries four unities. Possession, Interest, Time
and Title. (PITT)
1988 FAIR HOUSING AMENDMENT - ANSWER-this amendment increased
coverage for persons with physical and/or mental disabilities and familial status.
ABANDONMENT - ANSWER-departure of premises by Lessee without approval of
Lessor before expiration of lease. Action does not cancel obligations.
, AGENCY - ANSWER-relationship between a broker and a client.
AGENT - ANSWER-A person or corp. that by authority is acting on someone's behalf
to represent their interests in a real estate transaction.
BLOCKBUSTING - ANSWER-Illegal practice of inducing homeowners to sell their
properties by telling them that a certain people of a certain race, national origin or
religion are moving into the area
CARE - ANSWER-OLDCAR, the agent must proceed with reasonable care on behalf
of a client.
CAVEAT EMPTOR - ANSWER-let the buyer beware
CIVIL RIGHTS ACT OF 1866 - ANSWER-prohibited discrimination on the basis of
race.
CIVIL RIGHTS ACT OF 1968 TITLE VIII - ANSWER-Federal Fair Housing Act.
Increase coverage for Fair Housing to include race, color, creed, religion, or national
origin.
DESIGNATED AGENT - ANSWER-A real estate professional authorized by a broker
to act as the agent for a specific principal in a particular transaction; also may be
called assigned agent or appointed agent.
DISCLOSURE STATEMENT - ANSWER-A written statement provided by the lender
to the borrower disclosing all finance charges.
DOCTRINE OF RESPONDENT SUPERVISOR - ANSWER-Utilized within the law of
agency. Indicates that a principal is responsible for the actions of the agent that they
hired as long as the agent is acting within the scope of the authority provided
EXCLUSIVE AGENCY - ANSWER-An agreement in which the owner hires one RE
company to sell their property. the seller does retain the right to sell themselves.
EXCLUSIVE RIGHT TO BUY - ANSWER-an agreement for an agent to be the sole
representative of a prospective buyer. If a buyer purchases a property through
another agent or an owner directly during the contractual time period, the buyer
would owe the agent a commission.
EXCLUSIVE RIGHT TO SELL - ANSWER-States the broker is the only party that
can earn a commission if the property is sold while the contract is in place.
EXEMPTIONS TO FAIR HOUSING - ANSWER-owner-occupied smaller buildings
(four units or less), single-family housing sold or rented without using a real estate
agent, and housing that is owned and/or operated by organizations and private clubs
that limit occupancy to members
FAIR HOUSING PENALTIES - ANSWER-1st offense up to $10K, 2nd offense up to
$25K, 3rd offense up to $50K
WITH CORRECT ANSWERS
INCORPOREAL PROPERTY - ANSWER-Intangible property. Property that does not
have physical being. Easements, a right of way, trademarks, copyrights.
JOINT TENANCY - ANSWER-Ownership by two or more persons with the right of
survivorship. Typically used by related persons.
LIFE ESTATE - ANSWER-an Estate or interest that someone has during their
lifetime or the lifetime of another. Non-inheritable and lowest form of freehold
estates.
LITTORAL RIGHTS - ANSWER-The right of a property owner whose land borders
on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment
of the shore and water the property borders on.
MASTER DEED - ANSWER-Document that creates a condominium and defines
individual units and common areas. recorded at the Registry of Deeds. Units are
conveyed in fee simple.
PARTITION - ANSWER-A court action designed to separate ownership interest by
persons who have property as joint tenants.
PARTNERSHIP - ANSWER-An agreement by two or more persons. All parties are
responsible for taxes and liabilities.
PERSONALTY - ANSWER-Personal property or chattels.
PROJECT BROKER - ANSWER-A broker designated to offer timeshares for sale.
An office offering timeshares must be a separate real estate office. Residential sales
and timeshare offerings can't be offered by the same office.
PROPRIETARY LEASE - ANSWER-A lease utilized in an assoc. with a Co-op. The
lease allows one to occupy space in the building and use of common areas.
QUARTER OWNERSHIP - ANSWER-a form of timeshare ownership. owners hip
rights extend to 3 months a year.
REAL PROPERTY - ANSWER-land and anything assoc. with the land. Building,
trees and property rights.
,REIT - ANSWER-Real Estate Investment trust. A method of pooling investment
money using the trust form of ownership. An investor who puts money into a REIT
only loses the money the invested.
RELICTION - ANSWER-Gradual recession of water leaving land permanently
uncovered
REMAINDERMAN - ANSWER-PERSON NAMED TO RECEIVE INTEREST IN A
PROPERTY IN THE FUTURE.
REVERSIONARY INTEREST - ANSWER-a future interest one has in a property.
Could be via a life estate or the right to gain control of a leased property.
RIGHT OF FIRST REFUSAL - ANSWER-the right to match or better an offer before
the property is sold to someone else
RIGHT OF SURVIVORSHIP - ANSWER-the right one party has to claim the
interests of another property owner if that owner died. Joint tenants have this right.
RIPARIAN RIGHTS - ANSWER-rights that govern the use of flowing water, such as
rivers and streams that pass through or border a property
ROD - ANSWER-a unit of measurement. 16.5 feet. Used when measuring
watermarks
SERVERANCE - ANSWER-A process by which real property becomes personal
property. A tree that is cut down and used as firewood.
TENANCY BY ENTIRETY - ANSWER-The joint ownership, recognized in some
states, of property acquired by husband and wife during marriage. Upon the death of
one spouse, the survivor becomes the owner of the property.
TENANCY IN COMMON - ANSWER-form of co-ownership in which the shares may
be unequal and there is no right of survivorship
TENANCY IN SEVERALTY - ANSWER-property owned by one person.
TRADE FIXTURES - ANSWER-personal property that is used in the ordinary course
of business. Although attached they are removable and considered personal
property of the owner.
UNITIES - ANSWER-A joint tenancy carries four unities. Possession, Interest, Time
and Title. (PITT)
1988 FAIR HOUSING AMENDMENT - ANSWER-this amendment increased
coverage for persons with physical and/or mental disabilities and familial status.
ABANDONMENT - ANSWER-departure of premises by Lessee without approval of
Lessor before expiration of lease. Action does not cancel obligations.
, AGENCY - ANSWER-relationship between a broker and a client.
AGENT - ANSWER-A person or corp. that by authority is acting on someone's behalf
to represent their interests in a real estate transaction.
BLOCKBUSTING - ANSWER-Illegal practice of inducing homeowners to sell their
properties by telling them that a certain people of a certain race, national origin or
religion are moving into the area
CARE - ANSWER-OLDCAR, the agent must proceed with reasonable care on behalf
of a client.
CAVEAT EMPTOR - ANSWER-let the buyer beware
CIVIL RIGHTS ACT OF 1866 - ANSWER-prohibited discrimination on the basis of
race.
CIVIL RIGHTS ACT OF 1968 TITLE VIII - ANSWER-Federal Fair Housing Act.
Increase coverage for Fair Housing to include race, color, creed, religion, or national
origin.
DESIGNATED AGENT - ANSWER-A real estate professional authorized by a broker
to act as the agent for a specific principal in a particular transaction; also may be
called assigned agent or appointed agent.
DISCLOSURE STATEMENT - ANSWER-A written statement provided by the lender
to the borrower disclosing all finance charges.
DOCTRINE OF RESPONDENT SUPERVISOR - ANSWER-Utilized within the law of
agency. Indicates that a principal is responsible for the actions of the agent that they
hired as long as the agent is acting within the scope of the authority provided
EXCLUSIVE AGENCY - ANSWER-An agreement in which the owner hires one RE
company to sell their property. the seller does retain the right to sell themselves.
EXCLUSIVE RIGHT TO BUY - ANSWER-an agreement for an agent to be the sole
representative of a prospective buyer. If a buyer purchases a property through
another agent or an owner directly during the contractual time period, the buyer
would owe the agent a commission.
EXCLUSIVE RIGHT TO SELL - ANSWER-States the broker is the only party that
can earn a commission if the property is sold while the contract is in place.
EXEMPTIONS TO FAIR HOUSING - ANSWER-owner-occupied smaller buildings
(four units or less), single-family housing sold or rented without using a real estate
agent, and housing that is owned and/or operated by organizations and private clubs
that limit occupancy to members
FAIR HOUSING PENALTIES - ANSWER-1st offense up to $10K, 2nd offense up to
$25K, 3rd offense up to $50K
