Real Estate License Exam Prep — Module 3 Quiz
Forms of Ownership & Estates

Q1. A deed grants land "as long as it is used as a farm." This is:
A) Fee simple absolute.
B) Fee simple defeasible.
C) Life estate.
D) Tenancy in common.
ANSWER: B

Q2. Two friends own a duplex as tenants in common. When one dies, the deceased's share:
A) Passes to the surviving friend by survivorship.
B) Passes to the deceased's heirs.
C) Reverts to the grantor.
D) Is forfeited to the state.
ANSWER: B

Q3. Which requires the four unities of time, title, interest, and possession?
A) Tenancy in common
B) Joint tenancy
C) Tenancy by the entirety
D) Community property
ANSWER: B

Q4. In a co-op, a resident owns:
A) A deed to the unit.
B) Shares in the corporation and a proprietary lease.
C) A proportional interest in the common elements only.
D) Nothing — the building owns the unit.
ANSWER: B

Q5. A life estate ends and the property returns to the original grantor. This future interest is:
A) A remainder.
B) A reversion.
C) A reverter in severalty.
D) A retention.
ANSWER: B