Real Estate Sales Exam FREE Real Estate Sales Property Ownership and Rights Questions and Answers 2

Question 1

A property owner grants a neighbor the right to cross their land to access a public road. What type of property right has been created?

Accepted Answer

Easement appurtenant

Answer

License

Answer

Fee simple absolute

Answer

Remainder interest

Question 2

Which of the following best describes tenancy by the entirety?

Accepted Answer

A form of co-ownership available only to married couples with right of survivorship

Answer

Joint tenancy between business partners

Answer

A lease arrangement between landlord and tenant

Answer

Ownership by a corporation through its board of directors

Question 3

What is the primary difference between a life estate and a fee simple defeasible?

Accepted Answer

A life estate ends at death of the measuring life while fee simple defeasible ends upon violation of a condition

Answer

Both terminate at the owner's death

Answer

A fee simple defeasible cannot be inherited

Answer

A life estate allows unlimited transfer of ownership

Question 4

An owner sells mineral rights beneath their property to a mining company while retaining surface rights. This is an example of which concept?

Accepted Answer

Subsurface rights severance

Answer

Eminent domain

Answer

Adverse possession

Answer

Riparian rights

Question 5

Under the doctrine of prior appropriation, water rights are determined by which principle?

Accepted Answer

First in time, first in right

Answer

Ownership of land adjacent to the water source

Answer

Equal sharing among all nearby landowners

Answer

Government allocation based on property size

Question 6

Which of the following would NOT be considered an encumbrance on real property?

Accepted Answer

A fee simple absolute ownership interest

Answer

A mortgage lien

Answer

A restrictive covenant

Answer

A utility easement