6 - Ownership

Question 1

Which of the following is a physical characteristic of land?
A - Destructibility
B - Mobility
C - scarcity
D - uniqueness (non-homogeneity)

Answer 1

D - uniqueness

Question 2

Metes and Bounds includes what?

Answer 2

A point from which the description begins and ends

Question 3

The effect of mineral rights when the land is sold?

Answer 3

They automatically transfer to the buyer unless specifically excluded in the deed

Question 4

Describe a Fixture

Answer 4

An article that WAS once personal property.

Question 5

A fee simple estate

Answer 5

The highest form of ownership one can hold.

Question 6

If you’ve been conveyed property for lifetime and designate to a friend to be the remainderman, when you die what ownership do they get?

Answer 6

Fee Simple Estate

Question 7

Land is converted to a university “so land as” the real estate is used for educational purposes:

Answer 7

Fee Simple Defeasible (determinable) estate

Question 8

Creditors are trying to force a homeowner to sell her home to pay for debts such as charge accounts and personal loans. The homeowner may be allowed certain protection from them through her:

Answer 8

Homestead Rights

Question 9

A legal life estate that a wife has in the RE of her deceased husband:

Answer 9

Dower

Question 10

Ownership in Severalty

Answer 10

One Property owned by One Person

Question 11

Investors buy a property and have equal ownership. Each has the right to sell or leave their interest to their heirs. How is this set-up?

Answer 11

Tenancy in Common

Question 12

Married couple bought a property. They set it up so that if one dies the other would IMMEDIATELY become the sole owner:

Answer 12

Joint Tenants

Question 13

Several people own a property as Tenants in Common. One of them wants to sell the property, but the others want to keep it. If they can’t reach an agreement, what should the sell-out do?

Answer 13

File a Partition Action

Question 14

What form of ownership requires unities of possession, interest, time and title?

Answer 14

Joint Tenancy

Question 15

A company buys a piece of land. The company is owned by five stockholders- each as equals. What ownership is this?

Answer 15

An estate in severalty

Question 16

Does a land description need the street address?

Answer 16

NO!

Question 17

A couple can hold title to a property as:

Answer 17

Tenancy in Common

Question 18

I’m in the Record room of the courthouse, since the seller doesn’t have a copy of the warranty deed… what is my first point of reference?

Answer 18

Grantor-grantee index

Question 19

What kind of ownership is not recognized in GA?

Answer 19

Tenancy in Entiret

Question 20

Under coop ownership a company can’t pay their fees anymore. The property might be sold by court order in a foreclosure suit. This would result in:

Answer 20

Destroying the interest of all the shareholders, including those who have paid their payments

Question 21

In a cooperative ownership the title to real property is:

Answer 21

Held in severalty by a corporation

Question 22

Under a condo ownership, the land under the building and common areas are owned by:

Answer 22

All individual unit owners and tenants in Common

Question 23

Land physical characteristics

Answer 23

Immobility
Indistractibility
uniqueness/non-Homogeneity

Question 24

Land economic characteristics

Answer 24

Scarcity and improvements/modifications

Question 25

Meridians

Answer 25

The part of the rectangular/government survey referring to longitude (up-and-down)

Question 26

Baseline

Answer 26

Equivalence of latitude in the rectangular government survey

Question 27

Township

Answer 27

The largest Square of the rectangular survey… 6 miles x 6 miles

Question 28

Section

Answer 28

1 mile x 1 mile The government survey

Question 29

Metes and bounds description

Answer 29

Must have a point of beginning and

State and county

Question 30

Lot and block system

Recorded plat

Answer 30

Excepted everywhere in the country and is considered short form description in Georgia

Question 31

Riparian

Answer 31

Rippling – creek or river rights to use water as long as you comply to the state law

Question 32

Littoral

Answer 32

Oceanfront property rights

Question 33

Chattel

Answer 33

Otherwise known as personal property

Question 34

Trade fixtures

Answer 34

Must be removed before the end of the lease

And fix any damages caused by removal

Question 35

Crops and emblements

Answer 35

Personal property of the farmer

Question 36

Fee simple absolute

Answer 36

Fee = inheritable

At your desk you can pass rights to your ears and your family for five years nothing can stop this.

Highest form of ownership

Question 37

Fee Simple defeasible

Answer 37

Also inheritable

Feasible or defeatable

If you violate conditions you forfeit it.

Question 38

Conventional life estate

Answer 38

Non-inheritable interest.

You cannot put it in your will. When you die people lose it all

Question 39

Reversion

Answer 39

Legal rights for property when you die they come back to original person

Question 40

Remainder

Answer 40

Spouse to spouse, but not to new spouse

Question 41

Sole or severalty

Answer 41

One person or entity

Question 42

Coownership/concurrent

Answer 42

Two or more persons in ownership agreement

Question 43

Tenancy in common

Answer 43

Mine and yours, but I can sell my half

Question 44

Joint tenancy

Answer 44

Shared not halves

Ours. Automatic transfer upon death

Question 45

Partition in action

Answer 45

Can happen in both tenancy in common and joint tenancy.

This happens when somebody wants out.

Force you to sell the house

Question 46

Tenancy by the entirety

Answer 46

Joint tenancy but only for husband and wife.

NOT available in GA

Question 47

Community property

Answer 47

Not a commercial property but for marriage