Free LIVE Real Estate Exam Prep Webinar: Property Ownership
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Free LIVE Real Estate Exam Prep Webinar: Property Ownership


Hi this is Joe from PrepAgent and today we’re
gonna go over some property ownership questions. You can see me here in my apartment and it’s
at night. We’re ready to do this if you have any questions
write in the chat and also I’m going to be using questions from our website. if you want access to the website just look
in the notes below we got a nice promotional code for you so by all means feel free to
use it . With that being said let’s get started. Okay hopefully everybody could see the screen
here. ok, so right now we have our first question
on the board. I’ll read out loud, I’ll read the questions and
you guys answer the questions on the right hand side. A tenants lease has expired but the tenant
did not vacate the premise or negotiate a renewal lease. The landlord has declared that he does not
want the tenant to remain in the building. This type of occupancy is referred to as
an estate: ok the options are…. sufferance
for years From year to year
or at will okay and the answer is…. At sufferance so good job all you guys who
put sufferance on the side. I see a lot of you in the chat wrote sufferance
on the side so good job now. What I want you guys remember what we’re talking
about here is less than freehold estate you have freehold estates and less than three
old estates when you’ve got two less than three old estates you have your estate for
years your periodic tenancy let’s say it well and stated suffer it when you think of it
to save sufferance just think the landlord is suffering okay I often like to call this
the deadbeat tenant some of you stayed and has not paid what they owe. All right next question Generally construction onto the property of
another, like a wall fence, building, etc. is known as what? Estoppel
Easement appurtenant Encroachment
Situs what you guys think? And the answer is encroachments. This is an encroachment and one thing I want
to clarify for you guys is encroachment doesn’t always have to touch the floor. For example if you have a tree that’s leaning
over onto the property even though it’s not physically touching the ground that as well
is encroachment. okay because your property line goes all the
way up to the sky above it’s not just on the ground. Okay next question which of the following would be considered
real property? a cell phone
diamonds which have been mined trade fixtures
bearing wall hmm give you guys a few minutes to answer. Okay so you got real and personal property
it’s well the first things you learn when you start practicing for the real estate exam.
ou probably learn real property that things a immovable and personal property and things
that are movable. but I want to give you guys a better definition
than that. Real property goes to the real estate and
personal property goes with the person. Usually it’s movable, not always, we will
give some exceptions later. So when you look at the options here you have
a bearing wall. the bearing wall is something that is a immovable. Bearing wall is that support structure in
your house. It’s the most important wall in the property. So it’s about as real as real property can
get. A trade fixture is something that goes with
the trade or business and that can be movable. Like a dentist’s chair is a big example but
again it’s personal property because it goes with a person. And that’s a good example why I don’t always
like saying personal property is movable a real property immovable. As trade fixtures are sometimes things are
immovable but yet their personal property because they go with a person. Hey next question
oh did I forget to click the answer, my bad. there you go,
Okay, Which of the following would be defined as a fixture in the law? So in the chat window I’d like to see people
tell me how you know something’s a fixture there’s a certain name you should remember
. does anybody know? okay so what we’re looking for is the word
Maria. Good, and that stands for method adaptability
relationship intention and agreement. if you’re listening to this I want you to
write that down. Method, Adaptability, Relationship, Attachment
and Agreement. That’s a test for a fixture and you remember
that with the name Maria. Okay, let’s click the answer and see what
we got here. so which the following defines fixture law?
a built in stove, a mobile home, crops after harvest something incorporate land or area
rugs and a home. okay so the answer is something incorporated
into the land by definition that’s what a fixture is. It’s incorporated into land. How do you know that it’s incorporating the
land? because that Maria test method, adaptability, relationship, intention and agreement. Some of you guys said a built-in stove but
that’s for a mobile home. Okay, so that changes it a little bit there. all right let’s give that next question
Zena granted the property to you Ugrilda of but because she know that you grilled that
had a drinking problem she told her there was a condition the condition was the property
would be forfeited if alcohol sold on the premise you and Wilda would have which of
the following estates A life estate
B estate of sufferance C fee simple defeasible
D fee simple absolute What do you guys think? All right we’re gonna check for this answer
here. The answer is fee simple defeasible. fees simple defeasible is a type of freehold
estate. Remember it we talk about the less than freehold
estates when we said things such as estate for years, estate at will estate sufferance
and periodic tendency. you have your freehold estates where you probably
hear the terms fee simple absolute life estates okay and fee simple defeasible. Fee Simple defeasible means there’s a condition
of which the estate could be defeated. You guys have to know when there’s a condition,
that means something you can lose the property. Very often you have conditions and covenants. Covenants usually result in some financial
penalty, conditions means you can lose the property. In this question they’re saying if she drinks
alcohol she could lose the property. That’s the condition, that’s a fee simple
defeasible estate. All right next question
Randolph is red property from Tyrone, Randolph is on a month-to-month lease agreement, this
past month he did not pay his rent, Randolph’s interest would be classified as:
Estate at will Estate for years
Estate at sufferance estate of periodic tenancy what do you guys think? okay so that’s a estate sufferance. A lot of you guys got thrown off by that month-to-month
bit so you picked estate at periodic tenancy which made sense, but you got to remember
this part that he did not pay his rent. So the moment he did not pay his rent it converts
to a state at sufferance don’t get thrown off by those tricky questions they ask on
the exam. they threw you off because they put that month to month, but once he did not
pay his rent it immediately converts to an estate at sufferance. ah
Pedro sold happy lands Josh. At the time Happyland had appurtenant easement
that went across Pleasantville, which was owned by Jethro. When josh tried to use the easement, Jethro
protested. Which of the following is correct? Pedro owns a dominant tenement and the easement
upon it. Jethro owns the servient tenement and his
consent must be obtained for Josh to use the easement
Pedro owns the easement and could give it to anyone
An appurtenant easement always passes with a property when it’s sold
What do you guys think? Whoo okay okay so when something’s is appurtenant
that means it passes with the property. okay so whenever you see appurtenant like
an apparent easement that means it goes with it it is appurtenant. All right next one
Telephone lines are examples of an easement of pertinent
non revocable license legally valid encroachment
easement in gross What do you guys think? okay so there are different types of easements,
and when you have easements typically you have a servient and dominant tenement. The servient tenement is the one serving the
purpose of the dominant, the dominant is the one who’s walking over. Okay, so in an easement groes is special because
there’s no dominant tenement, meaning there’s no property they’re trying to get to, there’s
only a property being crossed. So when you have telephone lines going across
a property they’re not trying to get to another property they’re just trying to cross over
a property so there is a servient tenement, no dominant tenement, hence it is an easement
in gross…. tada. Okay next question
Title held by a husband and wife may include all the following forms of ownership except
severalty tenancy in common
joint tenancy Tenancy by the entireties
What do you guys think? okay, so this one’s basic vocabulary, some
of you guys saw husband and wife and you get confused. Especially because in different states they
have different definitions what it could be some states use community property some states
use tenants in common, joint tenancy, some few states used entirety. But none of that should matter alright because
if you see that word except you should know that the one thing it cannot be under no circumstances
seventy because several team means sole ownership, Okay so when you see a husband and wife it
doesn’t matter if the other options are tenancy common, joint tenancy, community property
or Ishkabibble whenever it is the moment you see severalty that should be the answer because
that means sole ownership and if it’s husband and wife it cannot be sole ownership. okay is everybody understand that? so when they see husband a wife if they’re
saying what about my state? what’s the only other state? it doesn’t matter
because that word except is at the end. okay
Which of the following would be the best and most complete definition of the term encumbrance
The degree quality nature and extent of interest which a person has a real property
Any action taken relative to property other than acquiring or transferring title
The use of property by debtor to offer creditor security for a debt
Anything which affects or limits the fee simple title to property
What do you guys think? okay so if you are encumbrance. You feel uncomfortable, if you sleep at somebody’s
house and they have too many blankets and the too many pillows it’s hard to sleep because
you feel encumbered. You can’t move around, you can’t function,
you’re encumbered. The little kid who goes school for the first
time and has the enormous backpack with all the books and he weighs him down. He’s encumbered because he can’t move. So the word encumbered it’s not just a real-estate
term. it’s basic vocabulary. now I want some of you guys to understand
that well how do you guys get so intimidated by the vocabulary on this exam you forget
this isn’t realistic vocabulary, its vocabulary in your everyday life just being applied to
real estate and this is a perfect example of that. Okay so an encumbrance is anything that limits
you. Marry owns a parcel land is trying to show
that exceptional circumstance exists which justified using the land in a way which is
prohibited by current zoning laws our intended use would not be detrimental to the public
she probably petitioned the planning Commission for a
redevelopment permit rezoning agreement
building permit variance
What do you guys think? all right, answer is variance. Okay the key part about a variance is it’s
an exception to the rule that does not affect the rest of the community. That’s the big part of it when you’re asking
for an exception that will not affect the other people around you. okay? okay next one
A real-estate broker may have difficulty with personal property because its ownership rights
and identification may be difficult to determine this is because personal property can be
Alienated, Hypothecated, become real property Being alienated
Become real property Be hypothecated
What do you guys think? Some of your gonna go with that default, I
like the long answer, always goes the long answer, long answers are better and honestly
sometimes you’ll be right and this time you would be. Okay personal property can be alienated, which
means you’d be given away, it can be hypothecated which means you can take a loan against it
and it can become real property. And what do we call that? I want to see people write in the comments
on the side. What do we call that? when personal property
becomes real property. We went over a word about that. We brought up a certain name that was part
of a famous song by blondie. What’s that called when personal property,
becomes real property? Yep that’s Maria that’s Maria okay, method,
adaptability, relationship, and intention and agreement that was a fixture good. Excellent, Maria I haven’t seen her , and
anybody that knows that song, anyway who knows that song admits their age, that they were
a child of the late 70s. Subdivision said the lot must contain a minimum
of 15,000 square feet. The zoning restrictions said that the lot
must contain a minimum of ten thousand square feet. Which would prevail? The one recorded first
The recorded last The deed restrictions
Zoning restrictions hmm this is a tricky one. What you guys think the answer here? Would be the deed restrictions and the reason
is because you go with the ones more restrictive. The deed restrictions require 15,000 square
feet the zone required 10 so obviously if the zone required 10 and you have 15 you’d
be fine. You’d be okay, so things like this you always
go with the more restrictive. Okay, so it wasn’t matter of first or last
or zoning. It was which was the more restrictive. Somebody just wrote I always sing that song. It’s a good song why wouldn’t you always sing
it? it’s catchy, it’s wonderful and I love it. Okay, and I bet I’m not the only one who likes
it. The instrument which usually transfers possession
of real property but does not transfer ownership is an
Easement Sublease
Security agreement Mortgage
what do you guys think? An instrument which usually transfers possession
of real property but does not transfer ownership is
easements sublease
security agreement mortgage
what do you guys think? okay and the answer would be, you, oh sorry
about the little snafu there guys at race fail to see me now. all right we’re good yeah I’m back sorry. about that guys remember this is our second
time doing this we’re still the trial phase but working out the glitches but I hope you
guys like it which brings my next point if you guys get any feedback on what we’re doing
here please send us a message was really means alot to us on a regular basis have you guys
participate and also while I’m talking about it if you want these questions remember go
to our comments below okay If a person leases a store for only six months
that person would have and a Estate at will
Estate at sufferance Estate from period to period
estate for years what do you guys think?
can’t remember steers for a specific period of time if you see two dates like April 1st
to June 8th that’s a state for years or do you see six months three weeks four months
whatever it is it’s a designated period of time all right that’s an estate for years
okay remember this is type of less than freehold estate okay
In tenants in common there’s always unity of:
Time interest
Possession title
what do you guys say time interest possession or title lots of people get this one wrong
and I’ll explain why in a second looks like not in this group it looks like
a lot of people here again that’s right good job the answer is C the reason a lot of people
get it wrong is they think well doesn’t have time title interests in possession well that
is because they’re think of a joint tenancy a joint tenancy is time titled interests and
possession a tenancy in common has only interest of possession okay these things are types
of concurrent ownership so here’s my question for you guys. there are two types of concurrent ownership
joint tenancy and tenancy in common. What do you call the type of ownership when
you’re alone? when you are solo, we went through this before
what do you call the and that is severalty. good excellent
so I saw in the comments that some people are nervous about this test I want people
to realize that we’re all nervous when you take this test most people who take this exam
are not always the best student they can be great business people super smart people super
great sales people but you know a lot of us have been in school for years and years and
years I also don’t want people to be afraid of failing the test after you pass nobody’s
gonna know failed once twice or three times they’re just gonna know you have your license. that’s it it’s like that old joke what do
they call the guy graduate last with dental school they call him a dentist same thing
here if you fail once twice you’re three times as long as you pass that’s all people care
about so I guess my point is no matter what the obstacle is or how long it takes you to
get this done keep at it because remember your end goal here is not to pass a test your
end goal is to sell real estate. okay and that’s what’s most important and
once you get past this test it may take you a little longer to do it that’s fine but you
may sell a house much quicker than the person who passed the test the first time and isn’t
that what this is all about not really passing the test so just keep at it no matter what
your struggle is no matter what you’re dealing with all right don’t give up on it and remember
the test is not the end goal it’s just an obstacle either gotta get by to make that
money by selling the house of the dreams hey let’s go on to another one
which the following would be defined as a fixture in the law? we went over this before I want every to get
this right. let’s do it really quick, three, two one
what do you guys think? and you should be getting something attached to land, exactly
perfect nice job In determining whether an item is a fixture
which the following would not be considered value of the item method of attachment intention
of the parties where the fixture is installed adaptation to the real estate what do you
guys think remember Maria method
adaptability relationship
intension agreement
there’s no V and Maria there’s no value and there’s no C for cost or price or P for price
anything like that good okay I expect everybody to get this one wright
Mr. Smith I’ll drill prop in severalty this term is used legal describe ownership by
co-tenant remainder
an individual several tenants in common
what are you guys think individual good guca tell me here the two types of Picard estate
duck come up on your real estate exam they’re two of them what do you guys think what are
the two types of kokorin estates all right you got joint tenancy and tenancy in common
double or nothing for all you guys been studying which one of those at a joint tenancy and
tenancy in common have the right of survivorship what do you guys think the joint tenancy in
tenancy common which one has the right of survivorship hey I see a lot of you answering
joint tenancy good job one more question on a joint tenancy and tenancy in common which
one would you take with the corporation what do you guys think a joint tenancy in tenancy
in common which would you take with a corporation when the answers tenancy in common great job
and the reason is because joint tenancy is right of survivorship you can’t have right
of survivorship with something it’s not alive corporations are not a living thing so therefore
you take it as a tenant in common in other words you can take property as joint tenants
with Joe all right means we have the right of survivorship you cannot take promise of
joint tenancy with prep agent because that’s the company okay does that make sense I hope
it does you got that right you should a really good understanding we’re gonna do one more
Question let’s hope everybody gets this right let me find a really good one here
so this relates the we just spoke about Leslie and Vivian bought a store building
and took title as joint tenants. VIvian died testate, Leslie now owns the store:
as a ten in common with Vivian heirs In trust in severalty
as joint tenants with the right of survivorship what do you guys think? it’s a little trickier
and this goes back to we just spoke about in severalty because Leslie now owns the store
outright because it was joint tenants it doesn’t matter Vivian died test and had a will for
her family okay because she doesn’t have that right because Leslie has the right of survivorship
okay so now Leslie owns it alone in severalty okay for those you got confused look at it
again the two of them owned a store together they had titles joint tenants so the other
has a right of survivorship Vivian died test age means she had a will but the trick to
this is that’s irrelevant because her heirs don’t have rights the property because it’s
Leslie’s rights the property because it is joint tenancy okay holder that makes sense
all right okay well that is all for today. I hope you guys liked what we did there and
if you have any comments or questions please let us know and we’ll see what we could do
okay so good night guys and make sure you look into the show notes below and you can
see a discount code for the questions if you want to do them on prep agent comm and I went
good night be sure to find us on Facebook and if you have more questions please participate
on our Facebook group the prep agent Facebook group which has people just like you having
conversations about the real estate exam thanks again talk to you soon ooh Starbucks somebody
wrote Starbucks I love Starbucks okay and now guys

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