Real Estate Legal Principles

Auto audio on: the next questions will be read aloud when you click Continue.

1. 1

   What is the primary purpose of a real estate deed?

   A To transfer ownership of property B To lease property C To calculate property taxes
2. 2

   Which party is typically responsible for paying transfer taxes in a real estate transaction?

   A Buyer B Seller C Lender
3. 3

   What kind of tenancy allows a property to be occupied without a lease at the landlord's discretion?

   A Tenancy in common B Joint tenancy C Tenancy at will
4. 4

   What is an easement in real estate terms?

   A A right to use another's property for a specific purpose B Ownership of all land features C A lease agreement between parties
5. 5

   Which legal term describes a violation of the terms of a lease agreement by a tenant?

   A Annexation B Breach of lease C Conveyance
6. 6

   What does the term 'freehold estate' imply in real estate?

   A Ownership interest with no time limit B Short-term rental agreement C Right to annual property evaluation
7. 7

   In a typical real estate transaction, what is escrow used for?

   A Financing the buyer's mortgage B Paying for the home inspection C Holding funds until conditions are met