Free CRS Ethics and Professional Standards Questions and Answers

Question 1

Which of the following terms would include the interests, benefits, and rights inherent in the Ownership of Real Estate?

Accepted Answer

Real Property

Answer

Explanation:
Real Property refers to land and any structures or improvements attached to it. It includes the interests, benefits, and rights that come with owning real estate, such as the right to possess, use, and transfer the property. Chattel refers to movable personal property, while Personal Property refers to any property that is not real property. Trade Fixtures are items that are attached to a property for business purposes but can be removed by the tenant. Therefore, Real Property is the correct term that encompasses the interests, benefits, and rights inherent in the ownership of real estate.

Question 2

Your uncle died without a will, and you inherited his real estate. How you would acquire his estate is by:

Accepted Answer

Succession

Answer

Explanation:
Succession is the correct answer because when someone dies without a will, their property is distributed to their heirs according to the laws of intestate succession. As the nephew/niece of the deceased, you would be considered an heir and would therefore inherit the real estate. Accession refers to the acquisition of property through the addition of improvements or natural growth, which is not applicable in this scenario. Escheat occurs when a person dies without any known heirs and their property reverts to the state, which is also not applicable here. Avulsion refers to the sudden removal of land by natural forces, which is unrelated to inheriting property.

Question 3

If an unmarried person dies, his estate shall be inherited by:

Accepted Answer

Parents only

Answer

Explanation:
If an unmarried person dies without a will, their estate is typically inherited by their closest living relatives. In this case, the correct answer is "Parents only." This means that if the person has both parents alive at the time of their death, the parents will inherit their entire estate. Other relatives like siblings (brother and sister), and nephews and nieces would not be entitled to inherit the estate in this scenario.

Question 4

The share of an illegitimate child is equivalent to

Accepted Answer

1/2 share of a legitimate child

Answer

Explanation:
The share of an illegitimate child is 1/2 of the share of a legitimate child. This means that an illegitimate child would receive half of what a legitimate child would receive in terms of inheritance or property distribution.

Question 5

Probate of a will means:

Accepted Answer

Filing and submitting the will to the court to determine authenticity and who will inherit the property of the deceased person.

Answer

Explanation:
Probate of a will refers to the process of filing and submitting the will to the court to establish its authenticity and determine how the property of the deceased person will be distributed among the beneficiaries. This legal procedure ensures that the wishes of the testator, as outlined in the will, are honored and that the rightful heirs receive their inheritance.

CRS - Certified Residential Specialist Practice Test

CRS - Certified Residential Specialist Practice Test

Free CRS Ethics and Professional Standards Questions and Answers