Chapter 10 Flashcards
Three investors have bought a property together. One owns 50% of the property and the other two own 25% each. This would suggest that they are:
A. Tenants in common
B. Severalty
C. Community property
D. Joint tenancy
A. Tenants in common
Three investors have bought a property together. They own the property as tenants in common. They have:
A. An undivided interest in the property
B. A right of survivorship
C. The four unities
D. All of the above
A. An undivided interest in the property
An easement acquired by constant use is called an easement by:
A. Subscription
B. Necessity
C. Condemnation
D. Prescription
D. Prescription
Which type of leasehold estate gives the right to terminate the lease to both the landlord and the lessee?
A. Tenancy for years
B. Periodic Tenancy
C. Tenancy at Sufferance
D. Tenancy at Will
D. Tenancy at Will
Can the federal government make laws based on their police power?
A. Yes, the federal government has power delegated by the Constitution.
B. Yes, when the public health, safety, or welfare is at risk.
C. No, under the system of government in the United States, only states have the right to make laws based on their police power.
D. No, police power is only available at the local level.
C. No, under the system of government in the United States, only states have the right to make laws based on their police power.
Eminent domain is taking government property and changing its zoning.
A. True
B. False
B. False
Which section in the tax code is for a tax-deferred exchange?
A. Section 1011
B. Section 1021
C. Section 1031
D. Section 1041
C. Section 1031
Statutory redemption means that:
A. A person can redeem their house in mortgage foreclosure.
B. A tenant can redeem their personal belongings if they are locked out of their apartment for non-payment f rent.
C. A person can redeem a property once foreclosed if the foreclosure was a property tax foreclosure.
D. Once foreclosure occurs, a person does not have the right to redeem the property.
Rationale:
C. A person can redeem a property once foreclosed if the foreclosure was a property tax foreclosure.
A life estate based on the life of someone other than the life tenant is called a:
A. Life tenancy
B. Pur autre vie estate
C. Remainder estate
D. Joint tenancy
B. Pur autre vie estate
Who determines the fair market value of a property in the case of eminent domain?
A. The property owner
B. The government
C. The court system
D. The reason the property is needed.
B. The government
What is an example of an easement in gross?
A. A fence that intrudes on anther’s property
B. A property that is landlocked
C. A right the utility companies have to access the property for repairs and maintenance
D. A right to gain possession of a property
C. A right the utility companies have to access the property for repairs and maintenance
All of the following are factors in determining whether someone has a prescriptive easement on a property EXCEPT:
A. Use must be continuous
B. Use must be for a period in Texas of 10 years
C. Use must be in a open manner
D. Use leads to ownership of the property
D. Use leads to ownership of the property
Property escheats to the state when:
A. A person dies leaving no will or no heirs.
B. When someone dies accidentally
C. When a person only has a holographic will
D. Property never reverts back to the state.
A. A person dies leaving no will or no heirs.
Which is NOT a type of tax collected in Texas from owners of property?
A. Property taxes
B. Special assessment taxes
C. School taxes
D. Federal income tax
Submit
D. Federal income tax
Submit
Which statement does NOT apply to the definition of rollback taxes?
A. They may be incurred when land is changed from one type of use to another.
B. They occur often when a section of land that was previously used for agricultural purposes is changed to residential or business property use.
C. Rollback taxes are calculated by determining the difference between property taxes incurred at the previous rate and the new land-use rate.
D. Land zoned for agriculture typically has a higher property tax rate than land zoned for other uses.
D. Land zoned for agriculture typically has a higher property tax rate than land zoned for other uses.
