Real Estate Exam Crash Course Questions and Answers with complete solutions Graded A+

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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 lis... ting 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. [Show More]

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