Chap 4 Flashcards
To create a Joint Tenancy, what four elements are needed?
PITT-possession, interest, Time and title
Three people are Joint Tenants with rights of survivorship in a tract of land. One owner conveys his interest to a friend. Which statement is true.
A-the other two owners remain joint tenants.
B-the new owner has severalty ownership
C-they all become tenants in common
D-they all become joint tenants
A- the other two owners remain Joint tenants.
A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without stipulating a form of ownership. The two friends took title as which of the following?
A-Joint Tenants
B-Tenants in common
C- Tenants by entirety
D-community property owners
B-Tenants in common
A man owns one of 20 units in fee simple. Along with a 5% ownership share in the parking facilities, rec center and grounds
What kind of property does he own
A-Cooperative
B-condominium
C-time share
D-land trust
B-Condominium
A trust is a legal arrangement in which property is held for the benefit of a third party by
A-A beneficiary
B- a trustor
C- a trustee
D- an attorney-in-fact
C-Trustee
According to some state, any real property that either spouse
Owns at the time of marriage remains separate property. Further, any real property acquired by either spouse during the marriage (except by gift or inheritance or with proceeds of separate property) belongs to both of them equally. What is this form of ownership called
A-partnership
B-Joint tenancy
C-tenancy by entirety
D-community property
D-community property
Three people were concurrent owners of a parcel of RE. When one of the owners died, that interest become part of the deceased estate
The deceased was
A- A joint tenant
B-a tenant in common
C- a tenant by the entirety
D-a severalty owner
A- a joint tenant
A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is
A- a trust
B- corp
C-a tenant b the entirety
D- a severalty owner
A- a trust
A person lives in a apartment building. The land and structures are owned by a corp with one mortgage loan securing the entire property. Like other residents, this person owns stock in the corp. and has a lease to
The apartment
This type of ownership is called
A-condominiums
B-planned unit development
C-time share
D-cooperative
D- cooperative
An owner purchased an interest in a house in beach front. The owner is entitled to the right of possession between July 10th and August 4 of each year
Which is most likely the type of ownership ?
A-Cooperative
B-condominium
C-time share
D-partnership
C- time share
A corp is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in
A-trust
B-partnership
C-severalty
D-survivorship tenancy
C-severalty
Which of the following refers to ownership by one person
A-tenancy by the entirety
B-community property
C-tenancy in common
D-severalty
D-severalty
A Married couple co owns a farm and has the right of survivorship. The arrangement is most likely
A-severalty ownership
B- community property
C-tenancy in common
D- an estate by entirety
D-estate by entirety
The real property interest that takes the form of personal property is (hint- involves shares)
A- ownership severalty
B- co-op unit ownership
C-condo unit ownership
D-tenancy in common
B-co-op unit ownership- because it involves shares
Two people are co owners of a small office building with the right of survivorship. One of the co-owners dies and leaves nothing distributed to heirs. Which of the following would explain why the surviving co-owner acquired the deceased interest?
B-joint tenancy
