Chapter 4

Question 1

Condominium

Answer 1

Single unit ownership in a multiple unit dwelling

Question 2

Cooperative

Answer 2

Form of real property ownership where a corporation or association divides a single property into portions, with each user owning stock in the corporation

Question 3

Declaration

Answer 3

The recorded document that creates a condominium

Question 4

Elective Share

Answer 4

The right that a surviving spouse has to claim 30% of the net estate of the deceased spouse that has been willed to another party. The surviving spouse has 120 days to file a claim of elective share.

Question 5

Estate for Years

Answer 5

A lease that has a beginning date, and ending date, and is in writing

Question 6

Fee Simple Estate

Answer 6

The most popular type of estate with the greatest “bundle of rights” available

Question 7

Fixture

Answer 7

Personal property that is permanently attached to real property

Question 8

Freehold Estate

Answer 8

An estate that consists of ownership rights of an unknown duration

Question 9

Homestead

Answer 9

The dwelling of the head of household that is afforded certain privileges such as protection from judgment liens and a special real estate tax exemption

Question 10

Joint Tenancy

Answer 10

Ownership by two or more persons with the “unities” of time, title, interest, and possession present plus the right of survivorship

Question 11

Land

Answer 11

Actual surface of the subject property

Question 12

Leasehold Estate

Answer 12

An interest in real property where ownership or possession is measured in calendar time (non-freehold estate)

Question 13

Life Estate

Answer 13

An ownership in real property that is tied to the death of a pre-determined party

Question 14

Personal Property

Answer 14

All property that is not real property such as a car, a boat, stocks, or a mortgage

Question 15

Proprietary Lease

Answer 15

A lease that is created for individual use within a cooperative

Question 16

Real Estate

Answer 16

The land and all improvements permanently attached to the land (tangible)

Question 17

Real Property

Answer 17

Real estate plus the legal “bundle of rights” that a person acquires by having an interest in real estate

Question 18

Remainderman

Answer 18

When a life estate terminates, the property reverts to a pre-determined third party, not the original grantor

Question 19

Right of Survivorship

Answer 19

Surviving owners in a Joint Tenancy or Tenancy by the Entireties absorb all interest and rights in a property

Question 20

Separate Property

Answer 20

Any property owned separately prior to marriage or properties acquired by gift or inheritance during the marriage

Question 21

Tenancy at Sufferance

Answer 21

When a lease expires and no agreement has been made as to future occupancy (the tenant is a holdover)

Question 22

Tenancy at Will

Answer 22

A lease agreement that is not in writing or does not have a beginning date and an ending date or both (a month-to-month tenant)

Question 23

Tenancy by the Entireties

Answer 23

Ownership of real property by husband and wife only

Question 24

Tenancy in Common

Answer 24

Ownership of real property whereby the co-owners may or may not have acquired title at the same time, may or may not have the same interest and right of use, and do not have the right of survivorship

Question 25

Time-Share

Answer 25

Selling or leasing a single unit to multiple owners or tenants with specific rights to use