C1U3 Ownership of Real Property (pg 77)

Question 1

A fee simple estate and a life estate are:

a. freehold estates
b. fee simple estates
c. leasehold estates
d. estates of tenancy

Answer 1

a. freehold estates

Question 2

The highest form of ownership is

a. the life estate
b. the real estate syndicate
c. the fee simple absolute
d. the estate at will

Answer 2

c. the fee simple absolute

Question 3

Victor and Karen are not married but together own community property because they are:

a. brother and sister
b. joint tenants
c. registered domestic partners
d. holders of a life estate

Answer 3

c. registered domestic partners

Question 4

A fee simple estate that may be lost when some act is performed is:

a. a life estate
b. a fee simple absolute
c. a remainder
d. a fee simple on condition subsequent

Answer 4

d. a fee simple on condition subsequent

Question 5

A fee simple estate that has no conditions is:

a. a life estate
b. a remainder
c. a fee simple on condition subsequent
d. a fee simple absolute

Answer 5

d. a fee simple absolute

Question 6

If Greenacre is deeded by Lou to Mary for Mary’s life, Mary has:

a. a life estate
b. an estate in remainder
c. an estate in reversion
d. no interest

Answer 6

a. a life estate

Question 7

If Greenacre is deeded by Lou to Mary for Mary’s life, Lou has:

a. a life estate
b. an estate in remainder
c. an estate in reversion
d. no interest

Answer 7

c. an estate in reversion

Question 8

When Aunt Winifred died, she left a life estate in Whiteacre to her nephew George. When George dies, Whiteacre will go to George’s daughter Elizabeth. Elizabeth is:

a. a reversioner.
b. a remainderman.
c. a holder of a life estate.
d. a joint tenant with right of survivorship.

Answer 8

b. a reminderman

Question 9

If Greenacre is deeded by Lou to Mary for the life of Nancy, Nancy has:

a. a life estate
b. an estate in remainder
c. an estate in reversion
d. no interest

Answer 9

d. no interest

Question 10

The owner of a life estate can:

a. sell only the life estate.
b. never will the life estate.
c. sell the fee simple estate.
d. sell both the life estate and the fee simple estate.

Answer 10

a. sell only the life estate.

Question 11

Joint tenants have unity of:

a. interest but not possession
b. title but not interest
c. possession and title only
d. time, title, interest, and possession

Answer 11

d. time, title, interest, and possession

Question 12

Jessica and John own Blackacre as joint tenants. Jessica’s will specifies that on her death her interest in Blackacre is to go to her sister Mona. When Jessica dies:

a. Mona will be a tenant in common of Blackacre with John.
c. Mona will be a joint tenant of Blackacre with John.
c. John will be the sole owner of Blackacre.
d. the probate court will have to sell Blackacre and distribute the proceeds to John and Mona.

Answer 12

c. John will be the sole owner of Blackacre.

Question 13

Three joint tenants share interest in a property. If one joint tenant’s share is sold using the proper legal formalities, the new owner will then be:

a. a joint tenant with the other joint tenants
b. a tenant in common with the other joint tenants
c. a tenant at sufferance
d. a remainderman

Answer 13

b. a tenant in common with the other joint tenants

Question 14

Community property is:

a. all property acquired by a spouse or registered domestic partner
b. all property acquired by the spouse during the marriage
c. the only form of ownership during marriage
d. all property acquired by a spouse or registered domestic partner that is not separate property

Answer 14

d. all property required by a spouse or registered domestic partner that is not separate property

Question 15

One of the forms of concurrent ownership is:

a. ownership in severalty
b. tenancy in partnership
c. sole proprietorship
d. separate ownership

Answer 15

b. tenancy in partnership

Question 16

A partner has:

a. an absolute right to use partnership property
b. the right to assign partnership property
c. the right to convey partnership property by will
d. the right of possession of partnership property for partnership purposes

Answer 16

d. the right of possession of partnership property for partnership purposes

Question 17

Absolute control, as well as absolute liability, belongs to:

a. a sole proprietor
b. a corporate shareholder
c. a limited partner
d. a trustee

Answer 17

a. a sole proprietor

Question 18

When doing business in California, a corporation chartered in California is:

a. a domestic corporation
b. a foreign corporation
c. a Real Estate Investment Trust
d. a general partnership

Answer 18

a. a domestic corporation

Question 19

Title to a spouse’s marital property can be transferred upon death by use of:

a. an oral will
b. a tenancy in common
c. a living trust
d. a letter of intent

Answer 19

c. a living trust

Question 20

A limited partner is

a. responsible for partnership activities
b. a general partner in some instances
c. not liable for partnership debts beyond the amount invested
d. required to take part in partnership business

Answer 20

c. not liable for partnership debts beyond the amount invested