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Real Estate Salesperson Exam — National Portion

Ownership and estates: practice questions

Our Real Estate (National) bank has 16 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1

What is a leasehold estate for a fixed period with a definite end date?

  1. An estate for years
  2. A periodic tenancy
  3. A tenancy at sufferance
  4. A tenancy at will
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A. An estate for years — No notice is needed to end it.

Question 2

What is a homestead exemption?

  1. A zoning variance
  2. A legal protection that reduces taxes or protects a primary residence from certain creditors
  3. A type of mortgage
  4. A tax on second homes
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B. A legal protection that reduces taxes or protects a primary residence from certain creditors — Rules vary by state.

Question 3

What is a 'remainderman'?

  1. A tenant at will
  2. The person who receives the property after a life estate ends
  3. The life tenant
  4. A mortgage lender who holds the remaining balance of the loan after the owner dies
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B. The person who receives the property after a life estate ends — Reversion goes back to the original grantor instead.

Question 4

What is a tenancy at sufferance?

  1. A tenant staying after the lease has ended without the landlord's consent
  2. A lease that renews automatically each month until either party gives notice
  3. A lease for life
  4. A lease for one year exactly
Show the answer

A. A tenant staying after the lease has ended without the landlord's consent — The tenant is a holdover.

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