Guam Real Estate Exam Correctly
Answered.
How does supply & demand affect real estate market? - CORRECT ANSWER availability, construction and
material costs, and governmental controls and financial policies
Who is NAR - CORRECT ANSWER National Association of REALTORS®
Difference between land & real estate - CORRECT ANSWER Land is defined as the Earth's surface
extending downward, real estate is land plus all things permanently attached to it naturally or artificially
Ownership rights - CORRECT ANSWER ownership is the of use rights in the surface, subsurface, and
airspace of land
What is the bundle of rights? - CORRECT ANSWER right of possession,
right to control the propert
right of enjoyment (to use the property in any legal manner),
right of exclusion (to keep others from entering or using the property), and
right of disposition
Real Property vs. Personal Property - CORRECT ANSWER real property is defined as the land, everything
attached to the land, and everything appurtenant to the land. Personal property is defined as everything
that is not real property
What is blockbusting? - CORRECT ANSWER An illegal practice in which licensees or others encourage
homeowners to sell because of an influx or expected influx of minorities into the area
What is steering? - CORRECT ANSWER The illegal practice of nudging buyers away or toward a specific
area
, What is redlining? - CORRECT ANSWER The practice of a lender to refuse to lend in a specific area, often
based on the minority makeup of the area
What is the enforcement of the FHA? - CORRECT ANSWER discrimination against race ,religion, sex, or
familia status
What is a freehold estate? - CORRECT ANSWER Ownership in land in which one has both possession and
(indefinite) ownership rights in real property.
What is a fee simple? - CORRECT ANSWER All relevant rights in the property: own it forever, rent it, sell
it, pass it down;
maximum estate allowed under the law
What is a defeasible estate? - CORRECT ANSWER conditions on the property can cause a reversion
What is a life estate? - CORRECT ANSWER Property given for the duration of an individual's lifetime
What is a fee simple defeasible? - CORRECT ANSWER It is a fee simple in every respect except it is
subject to possibility of termination (upon occurrence of a specified event)
What is a life estate? - CORRECT ANSWER Ownership of land for the duration of a person's life
What is remainder interest? - CORRECT ANSWER Person (A) grants life estate to person (B) for rest of
(B's) life, then property goes to person (C).
What is reversionary interest? - CORRECT ANSWER Person (A) grants life estate to person (B) for the rest
of (B's) life, then the property goes back to person (A).
What are the government powers? - CORRECT ANSWER P.E.T.E: Police power, eminent domain,
taxation, escheat
What is ownership in severalty? - CORRECT ANSWER The property is owned by one person or entity
Answered.
How does supply & demand affect real estate market? - CORRECT ANSWER availability, construction and
material costs, and governmental controls and financial policies
Who is NAR - CORRECT ANSWER National Association of REALTORS®
Difference between land & real estate - CORRECT ANSWER Land is defined as the Earth's surface
extending downward, real estate is land plus all things permanently attached to it naturally or artificially
Ownership rights - CORRECT ANSWER ownership is the of use rights in the surface, subsurface, and
airspace of land
What is the bundle of rights? - CORRECT ANSWER right of possession,
right to control the propert
right of enjoyment (to use the property in any legal manner),
right of exclusion (to keep others from entering or using the property), and
right of disposition
Real Property vs. Personal Property - CORRECT ANSWER real property is defined as the land, everything
attached to the land, and everything appurtenant to the land. Personal property is defined as everything
that is not real property
What is blockbusting? - CORRECT ANSWER An illegal practice in which licensees or others encourage
homeowners to sell because of an influx or expected influx of minorities into the area
What is steering? - CORRECT ANSWER The illegal practice of nudging buyers away or toward a specific
area
, What is redlining? - CORRECT ANSWER The practice of a lender to refuse to lend in a specific area, often
based on the minority makeup of the area
What is the enforcement of the FHA? - CORRECT ANSWER discrimination against race ,religion, sex, or
familia status
What is a freehold estate? - CORRECT ANSWER Ownership in land in which one has both possession and
(indefinite) ownership rights in real property.
What is a fee simple? - CORRECT ANSWER All relevant rights in the property: own it forever, rent it, sell
it, pass it down;
maximum estate allowed under the law
What is a defeasible estate? - CORRECT ANSWER conditions on the property can cause a reversion
What is a life estate? - CORRECT ANSWER Property given for the duration of an individual's lifetime
What is a fee simple defeasible? - CORRECT ANSWER It is a fee simple in every respect except it is
subject to possibility of termination (upon occurrence of a specified event)
What is a life estate? - CORRECT ANSWER Ownership of land for the duration of a person's life
What is remainder interest? - CORRECT ANSWER Person (A) grants life estate to person (B) for rest of
(B's) life, then property goes to person (C).
What is reversionary interest? - CORRECT ANSWER Person (A) grants life estate to person (B) for the rest
of (B's) life, then the property goes back to person (A).
What are the government powers? - CORRECT ANSWER P.E.T.E: Police power, eminent domain,
taxation, escheat
What is ownership in severalty? - CORRECT ANSWER The property is owned by one person or entity
