5 Written Questions

1. An individual or company interest in or right to use someone else's land.
2. A structure that illegally intrudes on the land of another or beyond legal building lines.
3. A personal privilege to enter the land of another for a specific purpose.
4. A broker starting or causing a chain of events that resulted in a sale.
5. An employment agreement in which the broker agrees to sell the property in order to achieve a net price to the owner, and anything which is received above the net price is the broker's commission.

5 Matching Questions

1. Appurtenant Easement
2. Exclusive-right-to-sell lising
3. Police Power
4. Escheat
5. Fee Simple Defeasible

1. a An employment agreement in which the broker is given the exclusive right to market the seller's property and receive a commission regardless of who sells the property.
2. b An easement involving two adjacent parcels of land owned by two different parties in which the owner of one of the adjacent parcels (dominant tenement) is given the right to use the other party's land (servient tenement) for a particular purpose.
3. c The state's authority passed down to municipalities and counties through enabling acts to enact nondiscriminatory legislation to preserve order, protect the public health and safety, and promote the general welfare of citizens.
4. d A freehold estate that is subject to the occurance or nonoccurance of some specified event.
5. e The right of government to ownership of property left by a deceased property owner who has no will or lawful heirs.

5 Multiple Choice Questions

1. The joint ownership, recognized in some states, of property acquired by husband and wife during a legal marriage. Upon the death of one spouse the survivor becomes the owner of the property.
   1. Tie-in Agreements
   2. Tenancy in Common
   3. Tenancy by the Entirety
   4. Easement by necessity
2. An employment agreement in which one broker is authorized to act as the exclusive agent of the principal, however, the seller retains the right to sell the property without the obligation to pay the broker.
   1. Exclusive-right-to-sell lising
   2. Exclusive-agency listing
   3. Net listing
   4. Open Lising
3. A fee simple defeasible estate that is qualified by a special limitation in which the former owner retains a future interest in the form of a possibilty of reverter in which the reacquires the deed without going to court for violation.
   1. Freehold Estate
   2. Fee Simple Determinable
   3. Fee Simple / Fee Simple Absolute
   4. Fee Simple Defeasible
4. A freehold estate in which the creator of the estate gives ownership of the estate to a life tenant for the duration of the tenant's life or the life of another person (pur autre vie) and in which the creator of the estate may designate a remainder-man who inherits the land at the end of the life estate (remander interest) or the creator of the estate may retain a reversionary interest at the end of the life estate.
   1. Life Estate
   2. License
   3. Freehold Estate
   4. Homestead
5. Private agreements that affect land use.
   1. Ready, Willing, and Able Buyer
   2. Doctrine of prior appropriation
   3. Covenants, Conditions, and Restrictions (CC&Rs)
   4. Allocation of Customers or Markets

5 True/False Questions

1. Freehold Estate → An estate in land in which ownership is for an indeterminate length of ‎time, in contrast to a leasehold estate.

   True        False

2. Condemnation → The right of government to charge real estate in order to raise funds to meet public needs.

   True        False

3. Fee Simple subject to a condition subsequent → The highest interest in real estate recognized by the law entitling the owner to to all rights to the property by law.

   True        False

4. Group Boycotting → An employment agreement in which the seller retains the right to employ any number of brokers as agents and is only obligated to pay a commission to the broker who successfully produces a ready, willing, and able buyer.

   True        False

5. Rectangular Survey System → A legal life estate that provides the nonowning wife (dower) or husband (curtesy) a lifetime right to one-half or one-third interest in the real estate of the owning spouse even if the owning spouse wills the estate to others. Replaced by Uniform Probate Code in most states.

   True        False