Nevada Real Estate Exam Prep
Questions & Answers 100% Accurate
Land - CORRECT ANSWER-Surface, all natural things attached to it, subsurface, and
air above the surface.
Real Estate - CORRECT ANSWER-land plus manmade permanent attatchments
Real property - CORRECT ANSWER-Real estate plus "bundle of legal rights"
Bundle of Rights - CORRECT ANSWER-PUTEE (possess, use, transfer, exclude,
encumber)
Physical characteristics of real estate - CORRECT ANSWER-immobility,
indestructibility, heterogeneity
Immobility - CORRECT ANSWER-Land cannot be moved from one site to another, its
location is forever fixed.
Indestructibility - CORRECT ANSWER-Land is permanent and cannot be destroyed
since by definition it extends below ground and into the sky. Since land is permanent, it
does not depreciate. Only improvements depreciate and are insurable.
Non-homogeneity - CORRECT ANSWER-Land is non-homogeneous; no two parcels of
land are exactly the same since they have a different location.
physical aspects of real estate: land diagram - CORRECT ANSWER-natural attachment
(tree), air, surface, subsurface
,physical aspects of real estate: real estate diagram - CORRECT ANSWER-land plus
manmade attachments
legal title - CORRECT ANSWER-Full legal ownership of property and the bundle of
rights as they apply to it. Contrasts with equitable title.
Equitable Title - CORRECT ANSWER-An interest that gives a lienholder or buyer the
right to acquire legal title to a property if certain contractual conditions occur.
Riparian Rights (rivers and streams) - CORRECT ANSWER--navigable: own land to
waters edge
-NOT navigable: own underlying land to midpoint of stream
Littoral Rights (lakes and seas) - CORRECT ANSWER-own to high water mark.
memory tip - CORRECT ANSWER-"r": River Riparian "L": Lake Littoral
Real property - CORRECT ANSWER-land, fixtures, attachments
Personal property - CORRECT ANSWER-chattels, trade fixtures, emblements
Differentiation criteria - CORRECT ANSWER-intention; adaptation; functionality;
relationship of parties; contract provisions
Conversion - CORRECT ANSWER-real to personal property-severance personal to real
property-affixing
,Emblements - CORRECT ANSWER-plants or crops considered personal property
Trade fixtures - CORRECT ANSWER-personal property items temporarily attached to
real estate in order to conduct business; to be removed at some point
Interests (possession) - CORRECT ANSWER-Estate
Interests (non-possession) - CORRECT ANSWER-encumbrance and public interest
Estates (Freehold) - CORRECT ANSWER-Fee simple: Absolute and defeasible, Life
Estates: Conventional and legal
Estates (leasehold) - CORRECT ANSWER-estate for years, periodic, estate at will,
estate at sufferance
fee simple freehold - CORRECT ANSWER-not limited by one's lifetime, absolute:
highest form of ownership interest, defeasible: reverts to previous owner per conditions
life estate freehold - CORRECT ANSWER-passes to another upon death of a named
party, remainder: named party to receive estate, reversion: previous owner to receive
estate
conventional life estate freehold - CORRECT ANSWER-limited to lifetime of tenant or
named party, pur autre vie: limited to lifetime of another, passes to remainder man or
previous owner
Legal life estate freehold - CORRECT ANSWER-created by operation of state law as
opposed to a property owner's agreement, designmned to protect family survivors,
homestead: rights to one's principal residence,
, laws protect homestead from creditors, family must occupy the homestead, cannot be
conveyed by one spouse, endures over life of head of household, interests extinguished
if property destroyed
estate for years leasehold - CORRECT ANSWER-specific, stated duration, per lease
periodic leasehold - CORRECT ANSWER-Lease term renews automatically upon
acceptance of rent
estate at will leasehold - CORRECT ANSWER-For indefinite period subject to rent
payment; cancelable with notice
estate at sufferance leasehold - CORRECT ANSWER-tenancy against landlord's will
and without an agreement
tenancy in severalty - CORRECT ANSWER-sole ownership
tenancy in common - CORRECT ANSWER-co tenants individually own undivided
interests, any ownership share possible, no survivorship, can convey to outside parties
joint tenancy - CORRECT ANSWER-equal undivided interest jointly owned,
survivorship, requires four unities. to create: time, title, interest, possession
tenancy by the entireties - CORRECT ANSWER-Husband and wife own equal
undivided interest
Community Property - CORRECT ANSWER-joint property ownership by spouses as
opposed to separate property
