chapter 3 quiz

Question 1

the right of survivorship is associated with?

Answer 1

tenancy by the entireties and joint tenancy

bro1 and bro2 are owners of a property, if bro1 dies then bro2 becomes the sole owner by survivorship

Question 2

a joint tenancy would be changed to a tenancy in common by:

Answer 2

one of two joint tenants selling his/her interest to a third person

Question 3

which of the following may own property in severalty?

Answer 3

a Corporation

Question 4

title held by a husband and wife may include all of the following forms of ownership EXCEPT:

Answer 4

severalty

Question 5

the ownership unities of time, title, interest, and possession are required in order to create: (PITT p.3-4)

Answer 5

the right of survivorship.

Question 6

a broker is asked by a husband and wife how they should take title to the home they are buying. the broker should?

Answer 6

recommend they consult an attorney

Question 7

smith, jones, and black are joint tenants. Smith sells his interests to white. with regard to this conveyance:

Answer 7

white owns a one-third interest as a tenant in common with jones and black who still own one-third each as joint tenants.

Question 8

harper, murphy and Jackson own an investment property as tenants in common. because of a recent business disagreement, Jackson wants to divest himself of the property. If the three owners cannot mutually agree on a plan to settle the matter, Jackson may seek an equitable distribution of the property by filling a:

Answer 8

Partition suit

Question 9

The land on which a high-rise condominium stands is owned by:

Answer 9

the individual unit owners as tenants in common

Question 10

A deed in favor of James and Rosen with stated proportionate interests of one-third and two-thirds respectively, w/out the right of survivorship, creates:

Answer 10

tenancy in common

Question 11

Laura occupies an apartment in a multiple unit building. Each month she pays the association an easement for her share of the mortgage payment, property taxes and a fee for building maintenance. The form of ownership that Laura shares w/the other individual unit is called:

Answer 11

a cooperative

3-12

Question 12

which of the following is compatible with joint tenancy?

Answer 12

Survivorship
equality of rights
rights of possession

*Probate is not

Question 13

Certain unities are necessary for the creation of a joint tenancy. they are?

Answer 13

possession and interest

*Survivorship only occurs if possession and interest have already occurred

Question 14

A form of condominium ownership especially desirable for properties in resort areas where each unit is sold to multiple buyers is called?

Answer 14

time sharing

*Most commonly applied to resorts and vacation properties

Question 15

which of the following tenancies refers to ownership?

Answer 15

in common

Question 16

what is the one unity in a tenancy in common ownership?

Answer 16

possession

Question 17

Prior to John’s marriage to Mary he owned forty acre of land. While they were married, John paid 85,000 for a new home and Mary inherited an apartment building valued at 220,000. If they live in a state that recognizes community property ownership, which of the following represents their community property?

Answer 17

Home

Question 18

A married woman and an unmarried man may not own real estate as:

Answer 18

tenants by the entireties.

Question 19

Phil, Tom and Bill form a partnership to buy investment property. Their first purchase is a duplex. Phil and Tom invest 15,000 each. Bill agrees to accept all management responsibilities and liability for the partnership. what kind of partnership did they form?

Answer 19

Limited

Question 20

The owner of a cooperative apartment unit:

Answer 20

owns stock in a nonprofit corporation.

Question 21

A creditor may seek satisfaction of a debt from the personal assets of each co-owner of a:

Answer 21

general partnership

Question 22

Kristin had purchased a condominium apartment in Happy Gardens. which of the following statements about Kristin’s ownership rights is true?

Answer 22

she has no liability if another owner in her building is foreclosed

Question 23

A cooperative owner is assured of the exclusive use of an individual unit for the life of the corporation through the use of a:

Answer 23

proprietary lease.

Question 24

A form of ownership that involves one party holding title for the benefit of another who retains full control over the property is a:

Answer 24

land trust

Question 25

The directors of a condominium owners’ association are elected by:

Answer 25

the owners