Real Estate Quiz

David, a small business owner, is looking to lease a storefront in a popular shopping plaza. The landlord offers him a lease where David pays a fixed monthly rent, while the landlord covers all property-related expenses, including property taxes, maintenance, and insurance. What type of lease has David entered into?

• Net Lease

• Percentage Lease

• Gross Lease

• Triple Net Lease

Susan owns a property that does not have direct access to the main road. However, her deed states that she has the legal right to pass through her neighbor’s driveway to access the main road. This right transfers with ownership of the property. What type of easement is Susan benefitting from?

• Easement in Gross

• Easement by Prescription

• Easement Appurtenant

• Easement by Necessity

Mark purchases a landlocked property that is completely surrounded by another property owned by Sarah. The only way Mark can access his land is by crossing Sarah's property. Which type of easement would Mark most likely seek?

• Easement by Prescription

• Easement Appurtenant

• Easement by Necessity

• Easement in Gross

For the past 20 years, residents of a small town have been using a shortcut trail that crosses through private farmland. The owner of the farmland has never given permission but has also never stopped them. What type of easement may be established due to this continuous use?

• Easement Appurtenant

• Easement in Gross

• Easement by Prescription

• Easement by Necessity

A local utility company has been granted the right to install and maintain power lines across multiple properties. This right benefits the company rather than any individual property owner. What type of easement is this?

• Easement Appurtenant

• Easement by Necessity

• Easement in Gross

• Easement by Prescription

A seller signs a contract to sell their home to a buyer, but it is later discovered that the seller was legally declared mentally incompetent at the time of signing. What is the status of this contract?

• Valid

• Voidable

• Unenforceable

• Void

A buyer and seller enter into an oral agreement for the sale of a commercial building worth $500,000. The buyer pays a deposit, but the seller later refuses to proceed with the sale. What is the status of the agreement?

• Enforceable

• Unenforceable

• Valid

• Voidable

Three siblings inherit a family home with equal shares. The deed states that if one sibling passes away, their share automatically transfers to the remaining siblings. What type of ownership do they have?

• Tenancy in Common

• Tenancy in Severalty

• Joint Tenancy

• Fee Simple

Maria owns a rental property under her name alone and has the exclusive right to sell or transfer ownership. What type of ownership does Maria have?

• Joint Tenancy

• Tenancy in Severalty

• Tenancy in Common

• Fee Simple

A real estate broker is listing a commercial property that was built before 1990. The property has a small step at the entrance and no wheelchair ramp. Under the Americans with Disabilities Act (ADA), what is the property owner required to do?

• No modifications are required since the building was constructed before 1990

• Install a wheelchair ramp only if a person with a disability requests it

• Make reasonable modifications to improve accessibility if they do not create an undue financial burden

• Remove all barriers, regardless of cost