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Real Estate > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

If the owner of the dominant tenement becomes the owner of the servient tenement and merges the two properties:

A

The easement is terminated

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2
Q

Jason owned the fee Simple title to a vacant lot adjacent to a hospital and was persuaded to make a gift of the lot. He had his attorney prepare a deed that conveyed the ownership of the lot to the hospital “so long as it is used for medical purposes.” After the completion of the gift, the hospital will own the lot as a:

A

Fee simple determinable

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3
Q

The rights of the owner of a property located along the banks of a river are called:

A

Riparian rights

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4
Q

What has an indefinite duration?

A

Freehold estate

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5
Q

Suzy owns an apartment building and will grant a life estate to the nursing home to pay for her father’s care. The nursing home will remain the life tenant as long as Suzy’s father is alive. Upon the death of Suzy’s father the apartment building will revert to Suzy. What type of life estate does the nursing home have?

A

Life estate pur autre vie

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6
Q

Mrs. Destiny conveys a life estate to her grandson and stipulates that upon her death the estate will pass to her son-in-law. The son-in-law has a(n):

A

Estate in remainder

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7
Q

All of the following are powers of the government:

A

Police power, Eminent domain, Taxation

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8
Q

Mark wants to use water from a river that runs through his property to irrigate a potato field. To do so, Mark is required by his state’s law to submit an application to the Department of Water Resources describing in detail the beneficial use he plans for the water. If the department approves Mark’s application, he will receive a permit to divert a limited amount of river water into his field. Based on these facts, it can be assumed that Mark’s state relies on which of the following rules of law?

A

Doctrine of prior appropriation

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9
Q

All of the following are powers of the government EXCEPT:

A

Easement in gross

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10
Q

An ownership interest that is based on annual occupancy intervals is a:

A

Time share

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11
Q

Eric lives in an apartment building. A corporation owns the land and structures, with one mortgage loan covering the entire property. Like the other residents, Eric owns stock in the corporation and has a lease to his apartment. This type of ownership is called a:

A

Cooperative

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12
Q

Equal rights of possession are characteristic in all of the following:

A

Tenancy in common, Tenancy by the entirety, Joint tenancy

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13
Q

Ralph, Rich and Edgar are joint tenants owning a parcel of land. Edgar conveys his interest to his longtime friend Sam. After the conveyance, Ralph and Rich:

A

Remain joint tenants owning a two-thirds interest

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14
Q

Equal rights of possession are characteristic in all of the following EXCEPT:

A

Tenancy at will

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15
Q

The owner of a condominium unit learns that a neighbor has failed to pay his real estate taxes. If this neighbor does not pay the taxes:

A

A lien can be filed against the neighbor’s unit and his percentage of the common elements

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16
Q

To create a joint tenancy relationship in the ownership of real estate, there must be unities of:

A

Possession, time, interest, and title

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17
Q

All of the following are true statements about a condominium:

A

A declaration must be filed before any units may be sold, Each unit owner has a fractional undivided Interest in the common elements, Each owner receives a separate real estate tax statement

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18
Q

Jim purchases an interest in a house in Beachfront. Jim is entitled to the right of possession only between July 10 and August 4 of each year. Which of the following is most likely the type of ownership purchased?

A

Time share use

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19
Q

All of the following are true statements about a condominium EXCEPT:

A

Each owner has a proprietary lease with the association of his or her own unit

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19
Q

Which of the following best proves one’s right to live in a cooperative?

A

Shareholder’s stock certificate

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20
Q

Ben and Cheri held title to an apartment building as joint tenants with rights of survivorship. Ben and Cheri had an argument, and Ben didn’t like the possibility that Cheri would acquire total ownership of the building if Ben died. Therefore, Ben executed a deed to himself as a tenant in common and later willed his interest to Jenna. If this occurred in Illinois, which of the following statements accurately describes Ben’s action?

A

Ben’s action legally severs the joint tenancy

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20
Q

If the owner of real estate does not take action against a persistent trespasser before the statutory period has passed, the trespasser may acquire:

A

An easement by prescription

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21
Q

A person who has complete control over a parcel of real estate would MOST LIKELY own:

A

fee simple estate.

22
Q

A portion of Walter’s building was inadvertently built on Greg’s land. This is called an:

A

encroachment.

23
Q

The purchase of a ticket for a professional sporting event gives the bearer:

A

a license to enter and claim a seat for the duration of the game.

24
Q

All of the following estates would have a definite duration a(n):

A

less-than freehold estate, estate for years, license.

25
Q

All of the following estates would have a definite duration EXCEPT a(n):

A

freehold estate.

26
Q

Homeowner Grace acquired the ownership of land that was deposited by a river running through her property by:

A

accretion.

27
Q

The most all-inclusive type of real property ownership is a:

A

fee simple estate.

28
Q

Josh and Sean are next-door neighbors. Sean tells Josh that he can store his bulldozer in his yard for a few weeks. Sean did not charge Josh rent for the use of his yard. Sean has given Josh a(n):

A

license.

29
Q

Aaron owned two acres of land. He sold one acre to Fiona and reserved for himself an appurtenant easement over Fiona’s land for ingress and egress. Fiona’s land:

A

is the servient tenement.

29
Q

A homestead exemption protects against judgments:

A

of unsecured creditors.

30
Q

How long is the period required to establish an easement by prescription in Illinois?

A

20 years

30
Q

Luke conveys the ownership of his house to his mother and stipulates that upon her death he will recapture the ownership. The interest Luke has in the ownership is a:

A

reversion estate

30
Q

A deed conveys ownership to the grantee so long as the existing building is not torn down. What type of estate did this deed create?

A

A determinable fee estate

31
Q

A person who acquired ownership that can be inherited, with the provision that the land must always be used for religious purposes, has which of the following?

A

A fee simple defeasible estate

32
Q

The owner divides a parcel into two lots, one of which is surrounded by other lots and has no street access. Which of the following is true?

A

An easement by necessity should be created for the land-locked parcel.

33
Q

In Illinois, real property escheats to the:

A

county in which it is located.

34
Q

Sam and Nettie bought a store building and took title as joint tenants. Nettie died testate. Sam now owns the store:

A

in severalty.

35
Q

A trust is a legal arrangement in which the title to property is held for the benefit of a third party by a(n):

A

trustee.

35
Q

Cain has the legal right to occupy and use a certain residential structure. All of the following could describe Cain’s interest in the property:

A

fee simple, leasehold, life estate.

36
Q

Cain has the legal right to occupy and use a certain residential structure. All of the following could describe Cain’s interest in the property EXCEPT:

A

remainder.

37
Q

Val and John are co-owners of a fee simple interest in a small office building. John dies intestate and leaves no estate to be distributed to his heirs. Val is neither related to John nor a creditor of John. Which of the following would explain why Val acquired the interest of John?

A

Joint tenancy

38
Q

A joint tenancy with right of survivorship may be created:

A

by deed.

39
Q

In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivided 40 percent interest. The two owners hold their interests as:

A

tenants in common.

40
Q

A property held as tenancy by the entirety requires which of the following?

A

The cotenants must be husband and wife.

41
Q

What do the terms a general partnership, a limited partnership and a corporation have in common?

A

They all represent possible forms of ownership of real estate by business organizations.

42
Q

In Illinois all of the following are examples of co-owner ship:

A

Joint tenancy, Tenants in common, Tenancy by the entirety

43
Q

In Illinois all of the following are examples of co-owner ship except for:

A

Community property

44
Q

Because Jayce no longer needs a large house, she decides to sell her house and move into a cooperative apartment building. In a cooperative Jayce will:

A

become a stockholder in a corporation.

45
Q

Under the condominium form of ownership, the owner’s interest in the unit would normally be:

A

a fee simple estate.

46
Q

A person purchases a fee simple estate and has an undivided interest in common elements. What does this person own?

A

A condominium

46
Q

Amanda and Barb are joint tenants. Barb sells her interest to Chuck. What is the relationship of Amanda and Chuck?

A

They are tenants in common.

47
Q

The owner of a condominium did not pay the monthly maintenance fee. Which of the following will MOST LIKELY occur?

A

The Homeowners Association will place a lien against the unit.

48
Q

Illinois law makes which of the following presumptions about how multiple grantees hold title to a property?

A

They hold title as tenants in common.

49
Q

In Illinois, an arrangement in which a purchaser receives fee ownership of property and the right to use it for a specified period of less than one year on a recurring basis of more than three years is the statutory definition of a:

A

time-share estate.

Real Estate (22 decks)

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