Ch 4 - Forms Of Ownership

Question 1

The right someone has to have the first opportunity to either purchase or lease real property

Answer 1

Right of first refusal

Question 2

A legal way to dissolve a co-ownership when the parties do not voluntarily agree to its termination

Answer 2

Right of partition

Question 3

During the owners lives, title can be conveyed only by a deed signed by both parties. What is this principle called?

Answer 3

Unity or partition

Question 4

When an estate in land is held by one person or a single legal entity; referred to as an estate in severalty or tenancy in severalty

Answer 4

Sole ownership

Question 5

Allows the remaining joint tenants to receive the interest of the deceased tenant

Answer 5

Right of survivorship

Question 6

A joining together of two or more people or firms in order to make and operate a real estate investment; not a legal entity

Answer 6

Syndicate

Question 7

Often called horizontal property acts or strata title acts

Answer 7

Condominium laws

Question 8

What is real estate ownership by a corporation?

Answer 8

Ownership in severalty

Question 9

True or false:

As a legal entity, a corporation exists in perpetuity until it is formally dissolved

Answer 9

True

Question 10

True or false:

The deed creating tenancy in common must state the fractional interest held by each co-owner

Answer 10

False - it may or may not state fractional interest

Question 11

Under a typical cooperative arrangement, title to land and building is held by…

Answer 11

a corporation

Question 12

True or false:

Joint tenancy cannot be implied or created by operation of law

Answer 12

True

Question 13

True or false:

A tendency by their entirety can be created by operation of law

Answer 13

False - it is held by a corporation

Question 14

Establishes the legality of the limited partnership form and also provides that realty may be held in the partnership name

Answer 14

Uniform partnership act

Question 15

True or false:

Title to real estate can also be held in a trust

Answer 15

True

Question 16

True or false:

Stock does not count as personal property

Answer 16

False

Question 17

What are the two kinds of partnerships?

Answer 17

General partnership and limited partnership

Question 18

Under a typical cooperative arrangement, who holds title to land and building?

Answer 18

Corporation

Question 19

A married couple owns as tenants by entireties and gets divorced. Because they both still own interest they would automatically become tenants in common. What is this an example of?

Answer 19

Changing tenancy

Question 20

What are the three types of co-ownership?

Answer 20

• tenancy in common
• joint tenancy
• tenancy by entirety

JEC - joint, common, entirety

Question 21

What are the four unities required to create a joint tenancy?

Answer 21

Unity of...
Possession 
Interest
Time
Title

Unity of PITTs

Question 22

The purchaser of stock becomes a stockholder of the corporation and, by virtue of that stock ownership, receives a _________ To his or her apartment for the life of the corporation

Answer 22

Proprietary lease

Question 23

Joint ventures are characterized by a __________ Resulting from the fact that the joint venturers do not intend to establish a permanent relationship

Answer 23

Time limitation

Question 24

What do all of these have in common:

• The owners must be husband and wife
• The owners have rights of survivorship
• during the owners lives, title can be conveyed only by a deed signed by both parties
• there is generally no right to partition

Answer 24

All characteristics of Tenancy by the entirety