Chapter 3 Ownership of Real Property

Question 1

beneficiary

Answer 1

One on whose behalf a trustee holds property conveyed by a trustor; the lender under a deed of trust

Question 2

commingling

Answer 2

Placing funds in an inappropriate financial account, such as depositing a deposit check in a broker’s business account instead of a trust account

Question 3

community property with right of survivorship

Answer 3

method of property ownership by a married couple that specifically provides for transfer of the interest of the first to die to the spouse.

Question 4

concurrent ownership

Answer 4

ownership of property by more than one person, not necessarily in equal shares.

Question 5

condition subsequent

Answer 5

A stipulation in a contract or transfer of property that already has taken effect that will extinguish the contract or defeat the property transfer.

Question 6

corporation

Answer 6

A legal entity that acts through its board of directors and officers.

Question 7

estate

Answer 7

The interest held by the owner property

Question 8

estates of tenancy

Answer 8

A tenants right to occupy real estate during the term of the lease; a personal property interest

Question 9

fee simple estate

Answer 9

The greatest interest in a real property once can own

Question 10

freehold estate

Answer 10

An estate in land in which ownership is for an indeterminate length of time, as in a fee simple or life estate

Question 11

general partnership

Answer 11

An