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National Real Estate Exam Portion For Ohio With 100% Correct And Verified Answers 2024
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National Real Estate Exam Portion For Ohio With 100% Correct And Verified Answers 2024
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National Real Estate Exam Portion For OhioWith 100% Correct And Verified Answers
Tenancy at Will - Correct Answer-No written agreement, and can
be terminated at any time by landlord or tenant
Tenancy at sufferance - Correct Answer-Tenant is allowed to live
on property after lease is over but before they are forced off the
property
Tenants in common - Correct Answer-Ownership where tenants
could have different amounts of ownership. If passed away heir
will take over the undivided ownership (no survivorship)
Joint Tenants - Correct Answer-2 or more people own equal rights
with the right of survivorship
Tenancy by the Entirety - Correct Answer-Spouses with equal
undivided ownership interests
Net Lease - Correct Answer-lessee pays a portion or all of the
taxes, insurance fees, and maintenance costs for a property in
addition to rent
Actual Eviction - Correct Answer-physical expulsion of a person
from land or rental property (relieves lessee from owing rent)
Constructive Eviction - Correct Answer-Landlord so materially
disturbs a tenant's enjoyment of the leased premises that the
tenant is forced to move out and terminate the lease
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,Percentage Lease - Correct Answer-Based on a percentage of the
monthly or annual gross sales made on the premises
Ground Lease - Correct Answer-A lease of land only, on which the
tenant usually owns a building or is required to build as specified
in the lease. Such leases are usually long-term net leases; the
tenant's rights and obligations continue until the lease expires or
is terminated through default.
Hold over Tenant - Correct Answer-A lessee who stays on
property after the expiration of the lease, can work in the lessee's
favor if the lessor continues to accept rent, but the lessee may be
evicted if not
Gross Lease - Correct Answer-Lessee pays the property owner a
flat rental fee in exchange for the exclusive use of the property
(includes taxes, utilities, and insurance)
Multi Peril Insurance - Correct Answer-insurance that bundles
together multiple coverages (business crime, business
automobile, boiler and machinery, marine, or farm)
Capital Gain - Correct Answer-Net selling price of a property - its
adjusted basis
Adjusted Basis - Correct Answer-Investor's
initial cost + cost of physical improvements -
depreciation claimed as a tax deduction
Title Theory State - Correct Answer-Banks or
mortgage lenders hold the title of a property
until it is paid in full
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, Foreclosure occurs through non-judicial
proceedings, so lenders can foreclose without
a hearing
Lien Theory State (Ohio) - Correct Answer-
Banks or mortgage lenders never retain title
to the property. Instead, the mortgage lender
holds a lien against the property
Foreclosure occurs with judicial methods
(lawsuits)
Acres to Square Feet - Correct Answer-1 acre
= 43,560
Acres to Square Yards - Correct Answer-1
acre = 4840
Acres in a Section - Correct Answer-640
Sections in a Township - Correct Answer-36
Capitalization Rate - Correct Answer-
Indicates the rate of return that is expected
to be generated on a real estate investment
property
Formula:
Net Operating Income / Current Market Value
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