Real Estate Broker Exam Reviewer Part 1

 Choose the letter of the correct answer.

1. Legal system that recognizes full property ownership rights of individuals.

A. Allodial System
B. Common Law
C. Real Property
D. Real Estate

Answer: A

2. Trust created by a will after property owner's death

A. Living Trust
B. Testamentary Trust
C. Trustor
D. Trustee

Answer: B

3. Deed with easement given by the owner of the property

A. Easement by Express Grant
B. Easement by Expressed Reservation
C. Easement by Prescription
D. Easement in Gross

Answer: A

4. Unauthorized physical intrusions of a building or other form of real property onto another property.

A. Easement
B. Encumberances
C. Encroachment
D. Lis Pendens

Answer: C

5. Lien on property owned by tax payer for taxed owed

A. Income Tax Lien
B. Judgment Lien
C. Mechanic's Lien
D. Mortgage Lien

Answer: A

6. It means, no parcels or real estate are exactly alike

A. Immobility
B. Indestructibility
C. Nonhomogeneity
D. Scarcity

Answer: C

7. Tenant pays set amount of rent plus some or all of building expenses

A. Net Lease
B. Percentage Lease
C. Gross Lease
D. Lease

Answer: A

8. It means the right to use someone's land

A. Easement
B. Encumberances
C. Encroachment
D. Lis Pendens

Answer: A
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9. Tenant leases the property for a period of time with the intention of buying the property at a later date.

​A. Lease-Purchase
B. Sale-Leaseback
C. Ground Lease
D. Variable Lease

Answer: A

10. Property that can be moved

A. Property Rights
B. Air Rights
C. Real Property
D. Personal Property

Answer: D