Types of Property Ownership

Real estate exams draw a hard line between real property and personal property, and between the different ways title can be held — sole ownership, joint tenancy, tenancy in common, and community property in applicable states. This lesson walks through each ownership type with the specific legal rights and survivorship rules the exam expects you to know, including how joint tenancy's right of survivorship differs from tenancy in common's divisible interest.

You'll also cover the bundle of rights concept — the idea that ownership isn't one right but a bundle of separable rights (possession, control, exclusion, enjoyment, disposition) — since exam questions frequently test which rights transfer or get restricted under specific scenarios like easements or leases.

Property Ownership and Land Use

Types of Property Ownership Land Use Controls and Zoning Easements, Liens, and Encumbrances

Contracts and Real Estate Transactions

Essential Elements of a Valid Contract Listing Agreements and Purchase Contracts Contract Termination and Breach

Brokerage Relationships and Agency Management

Types of Agency Relationships Fiduciary Duties Owed to Clients Broker and Agent Licensing Requirements

Fair Housing and Real Estate Law

The Fair Housing Act and Protected Classes Advertising and Disclosure Compliance

Real Estate Financing

Mortgage Types and Loan Instruments Loan-to-Value and Qualifying Ratios

Real Estate Math

Commission Splits and Proration Calculations Area, Value, and Appreciation Calculations

Closing the Transaction

The Closing Process and Settlement Statement Title Transfer and Deed Types