REAL ESTATE FUNDAMENTALS NEWEST ACTUAL EXAM COMPLETE 230 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

1 | P a g e REAL ESTATE FUNDAMENTALS NEWEST 2024-2025 ACTUAL EXAM COMPLETE 230 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Garett was approached by another school to lease a portion of his office space to them for an upcoming training seminar. If he was to lease the space, what would this be referred to as?* - ANSWER- Sublease Garett was approached by another school to lease the entire office space to them for an upcoming training seminar. If he were to lease the space, it would be referred to as what?* - ANSWER- Assignment This waives a tenant's right to any legal defense, thereby allowing a landlord to pursue a judgment for unpaid rent in the court of law: - ANSWER- Confession of Judgement Patricia owns an apartment building, and one of her leased units is overdue on rent. She begins the eviction ___________toward actual eviction to take back process and provides notice of intent to evict. Thereafter, she files a the rental unit: * - ANSWERSuit for Possession 2 | P a g e This is the warranty which guarantees that any leased property must be habitable for a tenant?" - ANSWER- Warranty of Habitability Xiomara receives an invoice in the mail for her commercial lease. On the lease is one base payment and no additional fees. In its basic form, what type of lease would this be? - ANSWERGross Lease Xiomara receives an invoice in the mail for her commercial lease. On the invoice, there is a base fee of rent as well as a portion of property taxes, building insurance, and maintenance fees. In its basic form, what type of lease would this be?* - ANSWER- Net Lease This is a lease where any of the real property constructed becomes the property of the landlord at the end of the lease term? - ANSWER- Ground Lease Mike, a residential landlord, just placed a new tenant, Julie, who signed a long-term lease of 5 years. Julie gave a $2,000 security deposit to be held while she lives in Mike's property. By law, after how many years is Mike requirad to place Julie's security deposit in an interest bearing account? - ANSWER- 3 Years 3 | P a g e Dr. Gum wants to install brand new dental equipment in his practice. However, most of his equity is currently tied up in the building that he owns. What might be a feasible option for Dr. Gum in order to free up equity while not having to move his practice? - ANSWER- Sale and Leaseback Xiomara receives an invoice in the mail for her commercial lease. On the invoice, there is a base fee of rent as well as a portion of property taxes, building insurance, and maintenance fees. In its basic form, what type of lease would this be? * - ANSWER- Net Lease When title is held by one owner or entity, it is referred to as what? - ANSWER- Severalty John wants to sell his portion of ownership interest in a lake house in which he is a tenant in common. What must he do before he sells his interest? - ANSWER- Nothing, he can do what he wants with his share These are the four unities that must be present for joint tenancy to exist: - ANSWER- Possession, Interest, Time, and Title 4 | P a g e To be considered tenants in common, ownership interests must be distributed how? - ANSWER- unproportional shares distributed however owners see fit Pat and Carlton are tenants in common. Pat dies testate, and John is assigned as the devisee. Based upon this, who would Cartton own the property with? - ANSWER- With John Under joint tenancy, how is ownership interest distributed? - ANSWER- They must be equal to all parties Zack. Chris, Kenny, and Nate own a hunting cabin together as Joint Tenants, Nate dies, and his wife Patty is now in charge of his estate. Therefore, who would be the rightful owners of this hunting cabin? " - ANSWER- Zack, Chris, and Kenny This causes a fractional ownership interest to be passed directly back to the other co-owners in a Joint Tenancy: - ANSWERRight of Survivorship This is the form of ownership that is given specifically to husband and wife?* - ANSWER- Tenants by Entirety