Real Estate Exam Study Guide: Questions

Real Estate Exam Study Guide: Questions &

Answers

Which of the following is true of "condominiums"?

• It is an ownership where owners own their unit solely but share

ownership with the common areas, and buildings

• It applies to ownership, not to construction or development
• It is a type of ownership where all of the owners own each other's

interior units

• Both A and C

(Ans- A. It is an ownership where owners own their unit solely but share ownership with the common areas, and buildings

A homeowner's association does which the following?

• It manages the common areas of a condominium project or planned unit

development

• It owns title to the common elements in a condominium development
• It doesn't own title to the common elements in a planned unit

development

• All of the above

(Ans- A. It manages the common areas of a condominium project or planned unit development

Which of the following is true of "common areas"?

• They include swimming pools, tennis courts, and other recreational

facilities

• They are portions of a building, land, and amenities owned or managed

by a planned unit development or condominium project's homeowners' association

• They have shared expenses by the property owners for the operation

and maintenance

• All of the above

(Ans- D. All of the above 1 / 3

A fund set aside for replacement of common property in a condominium, PUD, or cooperative project, particularly that which has a short life

expectancy, such as carpet or furniture is called:

(Ans- Replacement reserve fund

A type of multiple ownership where the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property and gives each resident the right to occupy a specific apartment or unit is

called:

(Ans- Cooperative

You put in a new driveway to your property, but in the process, the paving goes across your property line onto your neighbor's property a few inches.

This is called an:

(Ans- Encroachment

If you convey an interest in real property to a relative, that person is known

as the:

(Ans- Grantee

You and your sister are joint tenants in a home your mother left you. Your sister has three children in her will and you have one. If she dies first, who does the property go to?(Ans- It goes entirely to you

Which of the following falls under the term "personal property"?

• Sofa
• Garage attached to a house
• The front porch of a home
• The windows in a home

(Ans- A. Sofa

• / 3

Many states determine the order of water rights according to which users of the water hold a recorded beneficial use permit. This allocation of water

rights in Massachusetts is determined by:

(Ans- The doctrine of prior appropriation

Evan lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, Evan owns stock in the corporation and has a lease on his

apartment. This type of ownership is called a(n):

(Ans- Cooperative

If a commercial tenant has a lease. The lease will end soon and the tenant is moving to a new location. During the tenancy the tenant installed bookcases. Can the tenant remove the bookcases?(Ans- Yes, as long as the tenant pays for or repairs the damages

If a prospective buyer is purchasing a house, can a seller take the shrubs with him? (Ans- No, the shrubs are permanently rooted

If a person wants to build a dock on a lake, what agency should they get permission?(Ans- The Massachusetts Department of Environmental Protection Agency

When a company furnishes materials for the construction of a house and is

subsequently not paid, it may file a(n):

(Ans- Labor Lien

A person with a life estate can:

(Ans- Live on the property for their lifetime

Who would a resident appear before to complain about Snob zoning? (Ans- Zoning Board

Which is NOT an involuntary transfer?

• Dedication for public use
• / 3