Chapter 3

Question 1

An investment vehicle

Answer 1

Real estate investment trust

Question 2

Ownership in a property, such as one that joint tenants pass away

Answer 2

Right of survivorship

Question 3

Ownership of real estate exclusively by one owner

Answer 3

Severalty

Question 4

Four unities necessary for joint tenancy

Answer 4

PITT
Possession
Interest
Time
Title

Question 5

Voluntary transfer of private property to the public for public use

Answer 5

Voluntary dedication

Question 6

Property with divided form of ownership

Answer 6

Timeshare ownership

Question 7

What is it called if a spouse spies property and the other spouse has a right to the property also

Answer 7

Community property

Question 8

Owners have title to one unit in a fraction of the interest of common areas

Answer 8

Condominium ownership

Question 9

A condition that must be meant for adverse possession

Answer 9

Continuous

Question 10

Real estate held by More Than one owner

Answer 10

Co-ownership

Question 11

Multiple owners of property

Answer 11

Joint tenancy

Question 12

Condition that must be meant for adverse possession

Answer 12

Hostile

Question 13

Person entitled to the benefit of a trust arrangement

Answer 13

Beneficiary

Question 14

Person without legal claim to a property attempts to claim legal ownership “ squatters rights”

Answer 14

Adverse possession

Question 15

Transfer of title to a state authority when no eligible heirs are available

Answer 15

Escheat

Question 16

Entity organized to invest in real estate

Answer 16

Partnership

Question 17

Condition that must be meant for adverse possession

Answer 17

Open & notorious

Question 18

Pending legal action or notice of pending legal action

Answer 18

Lis pendens

Question 19

A trust in which real property is held as the asset for a beneficiary

Answer 19

Land trust

Question 20

The type of lawsuit meant to define ownership of a property?

Answer 20

Quiet, title action

Question 21

Property ownership similar to owning a condominium, but it includes owning the footprint of the real estate that made the unit

Answer 21

Planned unit development, PUD

Question 22

Spouses own property neither one can dispose of property alone

Answer 22

Tenants by entirety

Question 23

Multiple owners of property owns their interest separately

Answer 23

Tenancy in common

Question 24

When private property is transferred to public for community and public use

Answer 24

Statutory dedication