Nevada National Real Estate Exam Questions With 100% Verified Solutions By Experts
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Course
Nevada National Real Estate
Institution
Nevada National Real Estate
Amortized Loans - CORRECT ANSWER-Constant payment including principle and interest until paid off
Conventional Loan - CORRECT ANSWER-No government back; private
Gross Lease - CORRECT ANSWER-Fixed amount- Residential rental
Net Lease - CORRECT ANSWER-Fixed plus maintenance; Triple Net = tax...
Ground Lease - CORRECT ANSWER-Long term land lease-- 99+ yr lead;; to build
Leaseback - CORRECT ANSWER-Seller leases back after closing; model homes
Assign/sublease - CORRECT ANSWER-Renting then leasing to someone else; air B&
B
Novation - CORRECT ANSWER-Substitution of Lessee or contract
Leasehold Estates - CORRECT ANSWER-Death/sale will not terminate lease
,Estate for years - CORRECT ANSWER-Definite termination date/no notice required
Periodic estate - CORRECT ANSWER-Monthly, weekly, annually, notice required for
that period
Estate at will - CORRECT ANSWER-Open ended, terminates by notice or death
Estate at sufferance - CORRECT ANSWER-Wrongful holdover
Bundle of rights - CORRECT ANSWER-Deep/C; disposition, enjoyment, exclusion,
possession, control
Annexation - CORRECT ANSWER-Process of changing personal property to real
property; how is it attached?
Severance - CORRECT ANSWER-the act of cutting off or apart; To detach
Emblements - CORRECT ANSWER-Crops are personalty; fruits of labor
Appurtenance - CORRECT ANSWER-Runs with the land; goes to future owners; it is a
right
Encumbrances - CORRECT ANSWER-Effects on property ownership. Claim, charge or
liability that attaches to real estate; restrictions easements, encroachments that affect
the condition or use of the property
, Liens - CORRECT ANSWER-A charge against property that provide security for the
debts or other obligations of the property owner. Deed of trust; mortgage.
Promise/obligation
Lid pendens - CORRECT ANSWER-Pending court action; question about property
Encroachment - CORRECT ANSWER-Illegal intrusion
Fee simple estate - CORRECT ANSWER-Highest type of interest in real estate
recognized by law; Forever; Freehold
Fee simple absolute - CORRECT ANSWER-No limitations except for public and private
restrictions; such as zoning laws and restrictive covenant's; HOA; can be willed
Fee simple defeasible - CORRECT ANSWER-Qualified/limited; subject to the
occurrence or non-occurrence of a specified event
Feesimple subject to a condition subsequent - CORRECT ANSWER-Exists provided
condition is not violated/; former owner retains a right every entry if the condition is
broken. Example. Condition; no conception of alcohol. Will need to go to court to
exercise right of reentry; Sue
Fee simple determinable - CORRECT ANSWER-Qualified by a special limitation. Exists
"so long as" limitation is Met; former owner retains a possibility of reverter. No need to
bring court action.; So long as it is used for church - no Sue
Life estate - limited - CORRECT ANSWER-To the duration of a lifetime, either the
holder of the life estate or of another designated person; not inheritable - limited by life-
Cannot be willed, not inheritable
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