REAL ESTATE

The swimming pool in a condominium 
unit has which of the following? 

a common interest

*a common element

a common profit

a common tenancy

The owner of a condominium apartment 
holds which of the following?

a proprietary lease

a proprietary estate

*a separately taxable freehold estate

a tenancy by entirety estate

Only husband and wife may hold title 
to real property as:

joint tenants

*tenants by entirety

tenants in common

tenants by severalty

Which is true regarding the liability 
of a limited partner?

*Liability is limited to the extent 
of his or her investment

Liability is without limits

Liability is limited to short-term 
debts of the partnership

Personal liability is for one share 
of the partnerships debts

A term that best describes a group of 
investors who pool their financial 
resources to acquire real property 
is:

rental pool

*syndication

consolidation

assemblage

Which of the following methods of 
ownership could result in double 
income taxation?

joint tenancy

common tenancy

*corporation

partnership

A trust deed must be signed by the:

beneficiary

*trustor

lender

trustee

When the seller finances the buyer's 
purchase of a home, it is most 
precisely described as:

a conventional mortgage

a chattel mortgage

*a purchase-money mortgage

home financing

A "balloon payment" on a mortgage 
refers to the:

first payment

*last payment

middle payment

second payment

The seller has a 20-year amortized 
first mortgage, which the buyer is to 
assume. Which is (are) true?

the loan must be a conventional loan 
to be assumable

*The buyer's loan will be an 
amortized loan

both a & b are true

neither a or b is true

What advantage to the borrower does a 
20-year amortization loan have over a 
15-year amortization loan?

a lower amount of interest

*lower monthly payments

higher monthly payments

lower down payments

A mortgage that permits the interest 
charge to range up and down according 
to money market rates is called:

an escalation mortgage

a net mortgage

an open mortgage

*a variable rate mortgage


The "tallest building in the world," 
the Sears Tower in Chicago, is how 
many stories high?

210

*110

105

95

Which of the following claims to be 
the largest hotel in the world, 
featuring 3,174 bedrooms?

Detroit Plaza Hotel

Peachtree Center Plaza Hotel, 
Atlanta, GA. 

*Las Vegas Hilton Hotel

Hotel Russiya Moscow

The most expensive hotel suite in the 
world, The Royale Suite, of the Hotel 
Nova-Park Elysees in Paris costs just 
over:

*5,500 dollars per day

2,500 dollars per day

5,500 dollars per week

6,200 dollars per day

The largest house in the world, the 
Biltmore House in Asheville, North 
Carolina, has how many rooms?

105

175

*250

350

The most expensive home ever sold was 
the Conrade Hilton's "Casa Encantada" 
July 1980. The 64 room, 8-1/2 acre 
Bel-Air Los Angeles estate sold for 
just over:

28.8 Million

22.5 Million

*16.5 Million

11.6 Million

British Naval veteran Alexander 
Worthy lived for 20 years in the 
smallest residence ever recorded. The 
Green Box as it was called measured:

140 sq ft. (7x5x4)

96 sq ft.  (6x4x4)

*60 sq ft.  (5x4x3)

48 sq ft.  (4x4x3)

The most densely populated place in 
the world has a density of 652,910 
people per square mile:

Hong Kong

*Kowloon Peninsula, China

Manhattan, New York City

Tokyo, Japan

The largest office building in the 
world, with 6.5 million square ft of 
floor space and 17 miles of corridors 
for some 20,000 workers is:

*Pentagon

Trump Tower

Exxon World Head Quarters

Twin Towers, World Trade Center

The world's largest recorded land 
owner, holding over 1.2 million 
square miles of raw land, is:

Exxon Oil Company

*US Government

USSR Government

McDonald's

The most expensive piece of land ever 
purchased was bought by Getty Oil in 
1969.  Getty paid 28,233 dollars per 
acre for 2,560 acres of land in:

Los Angeles, CA

Houston, TX

*Anchorage, AL

Manhattan, NY

According to the World Rental Levels, 
published by London-based real Estate 
and Consulting firm Richard Ellis, 
the highest average rent paid per 
square foot was over 60 dollars in:

*Hong Kong

Manhattan, NYC

London, England

Tokyo, Japan

Which of the following is "The 
Tallest Hotel" in the world, at 723 
ft tall with 1100 rooms?

Detroit Plaza Hotel

Hilton Hotel in Las Vegas

Hotel Russiya, Moscow

*Peachtree Center Plaza Hotel, 
Atlanta GA

In a lease, the right of first 
refusal mostly nearly means:

tenant can cancel the lease

tenant can extend the lease

tenant can buy at foreclosure sale

*tenant can match an offer to relet