RES Property Ownership & Land Use

Question 1

What is 'fee simple absolute' ownership?

Accepted Answer

The highest form of property ownership with complete rights to use, sell, or transfer the property

Answer

Fee simple absolute is the most complete form of real property ownership, granting the owner full rights to use, possess, transfer, and encumber the property without limitations except governmental powers.

Question 2

What is an easement in real estate?

Accepted Answer

A legal right to use another person's property for a specific purpose

Answer

An easement grants a non-owner the right to use another's property for a specific purpose (e.g., utility access, driveway), without conferring ownership. Easements run with the land and survive property transfers.

Question 3

What is the difference between joint tenancy and tenancy in common?

Accepted Answer

Joint tenancy includes right of survivorship; tenancy in common allows separate, transferable shares

Answer

Joint tenancy features the right of survivorship (deceased owner's share passes to surviving owners). Tenancy in common allows unequal shares that can be independently sold or inherited.

Question 4

What is eminent domain?

Accepted Answer

The government's power to take private property for public use with just compensation

Answer

Eminent domain is the constitutional power allowing governments to acquire private property for public purposes (roads, schools, utilities) provided they pay fair market value as just compensation.

Question 5

What is a deed restriction?

Accepted Answer

A limitation placed in a deed that controls how the property may be used

Answer

Deed restrictions (restrictive covenants) are private agreements written into deeds that limit property use, such as prohibiting commercial activities or specifying architectural standards in a subdivision.

RES - Real Estate Salesperson Exam Practice Test

RES - Real Estate Salesperson Exam Practice Test

RES Property Ownership & Land Use