Chap 8 Flashcards
A tenancy at will is a lease agreement that that has no specific ____?
A. fee
B. end date
C. constraints
D. reversion
B. End date
A _____is an estate that is limited in duration to the life of its owner or the life of some other designated person.
A. Life estate
B. Remainder estate
C. estate in reversion
D. non freehold estate
life estate
The most comprehensive freehold estate that is inheritable is ___.
fee simple
A tenancy _______ is created when a tenant holds over after the lease period has ended.
at sufferance
A life estate that provides for the property to return to the grantor is an _______
estate in reversion.
The gradual loss of land associated with moving water and/or wind is called
A) riparian. B) erosion. C) reliction. D) accretion.
Erosion
A man owns a condominium for his lifetime. Upon his death, the property will convey to his sister. What type of estate does the sister hold during the man’s lifetime?
A) Remainder estate B) Devisee C) Life estate D) Dower
remainder The answer is remainder estate. When a life estate ends, the property sometimes reverts to a third party, called a remainderman. The estate held by the third party is called a remainder estate.
Which criteria is NOT used to determine whether something is real or personal property?
A) Cost of the item B) Relationship of the parties C) Method or degree of attachment D) Intent of the parties
cost of item
Which term describes the process of land buildup from water-borne rock, sand, and soil?
A) Reliction B) Accretion C) Alluvion D) Erosion
accretion
Which action can result in the foreclosure of a homesteaded property?
A) Unpaid medical expenses B) Unpaid gambling debt C) Judgment lien resulting from a lawsuit related to an automobile accident D) Delinquent property taxes on the homesteaded property
D. delinquent property taxes on the homestead property
A proprietary lease is associated with a
A) time-share. B) cooperative. C) tenancy in common. D) tenancy for years.
The answer is cooperative. The purchase of stock in a cooperative entitles the purchaser to a proprietary lease and the right to occupy a unit.
A developer who builds and sells new condominium units must allow buyers the opportunity to cancel the purchase agreement within how many days of signing the contract?
A) 5 B) 15 C) 3 D) 10
15
Title to real property does NOT convey in which type of estate?
A) Estate for years B) Estate in severalty C) Life estate D) Freehold estate
The answer is estate for years. An estate for years is a leasehold estate that is created by a written lease agreement. An estate for years establishes an interest in real property for the tenant (right to use, possession, and exclusion) but does not convey actual title (or ownership).
How many days’ notice must be given to terminate a month-to-month tenancy?
A) 15 B) 10 C) 30 D) 5
15
Three individuals want to develop and sell a parcel of land. Each of the individuals has a spouse and children. The three individuals want to take title to the property in such a way that an owner’s family would inherit part of the property if that property owner died. How should the individuals take title to the land?
A) Joint tenants B) Separate property C) Designated beneficiary estate D) Tenants in common
tenants in common
