Real Estate Exam Practice Questions. Pt 1

Описание: The provided sources include information about getting a real estate license from RealEstateSchoolforSuccess.com and transcripts from two videos that provide sample real estate exam questions. The videos explain key concepts in real estate, such as the characteristics of land, different types of property ownership, and legal issues related to real estate.
Here's a summary of the key concepts covered in the videos:
•
Physical characteristics of land: Land is considered indestructible, fixed, and immovable. It includes the surface, subsurface, and airspace, and is not considered scarce.
•
Life estates: The owner of a life estate, also known as a life tenant, owns the property for as long as they live. Upon their death, the property goes to the remainder man. A life tenant is responsible for property taxes and repairs. They are also entitled to possess the property and any income it generates. A lease entered by a life tenant is valid only as long as the life tenant is alive.
•
Tenancy in common vs. joint tenancy:
◦
Tenants in common can have unequal shares of interest. Each owner has their own title that reflects their percentage of ownership. They can sell or will their interest separately.
◦
Joint tenants must have equal shares, with one title for all owners. Joint tenancy includes the right of survivorship.
•
Fixtures: Fixtures are items that are attached to or planted on the property and are considered real property.
•
Trade fixtures: Trade fixtures are personal property attached to a commercial property by a tenant for business purposes. The tenant owns the trade fixture and can remove it at the end of their lease, provided they repair any damages.
•
Liens:
◦
Specific liens attach to a specific property, such as mortgage liens, real estate tax liens, and mechanic's liens.
◦
General liens affect all of the owner's property, both real and personal, such as a judgment.
•
Mechanic's liens: These are filed by contractors who have not been paid for work done on a property. A mechanic's lien is a temporary encumbrance on the property that can prevent its sale.
•
Easements: An easement is the legal right to cross over someone else's land.
◦
Easement by necessity is granted when a property is landlocked and has no other access.
◦
Easement by prescription is created when someone uses another's land without permission, and the owner does not stop them for a long period of time.
•
Encroachment: An encroachment occurs when a structure extends beyond the property line onto a neighbor's property, which is considered unlawful.
The videos use sample questions to explain these concepts, highlighting the importance of understanding the specific terminology in real estate for the state exam. The instructor also emphasizes understanding why the incorrect answers are not the right answers.