Real Estate Sales Exam 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 interest has been created?

Accepted Answer

Easement appurtenant

Answer

License

Answer

Fee simple absolute

Answer

Life estate

Question 2

Which of the following best describes the concept of 'bundle of rights' in real estate ownership?

Accepted Answer

The complete set of legal rights associated with property ownership

Answer

A group of mortgages bundled together for sale

Answer

The rights granted to a tenant under a lease

Answer

The rights held by a homeowners association

Question 3

A developer places a restriction in all deeds within a subdivision prohibiting commercial use. This is an example of which type of restriction?

Accepted Answer

Deed restriction (restrictive covenant)

Answer

Zoning ordinance

Answer

Easement by necessity

Answer

Encroachment

Question 4

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

Accepted Answer

First in time, first in right

Answer

Riparian ownership of adjacent land

Answer

Equal sharing among all property owners

Answer

Government allocation based on property size

Question 5

Which type of co-ownership includes the right of survivorship and requires the four unities of time, title, interest, and possession?

Accepted Answer

Joint tenancy

Answer

Tenancy in common

Answer

Tenancy by the entirety

Answer

Community property

Question 6

A homeowner discovers that a neighbor's fence extends two feet onto their property. This situation is legally known as what?

Accepted Answer

Encroachment

Answer

Adverse possession

Answer

Prescriptive easement

Answer

Trespass