Chapter 4

Question 1

Single unit ownership in a multiple unit dwelling

Answer 1

Condominium

Question 2

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

Answer 2

Cooperative

Question 3

The recorded document that creates a condominium

Answer 3

Declaration

Question 4

The right that is surviving spouse has to clean 30% of the net estate of the deceased spouse that has been will do another party. The surviving spouse has 120 days to file a claim

Answer 4

Elective share

Question 5

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

Answer 5

Estate for years

Question 6

Most popular type of a state with the greatest “bundle of rights” available

Answer 6

Fee simple estate

Question 7

Personal property that is permanently attached to real property

Answer 7

Fixture

Question 8

An estate that consists of ownership rights of an unknown duration

Answer 8

Freehold estate

Question 9

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

Answer 9

Homestead

Question 10

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

Answer 10

Joint tenancy

Question 11

Actual surface of the subject property

Answer 11

Land

Question 12

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

Answer 12

Leasehold estate

Question 13

an ownership in real property that is tied to the death of a predetermined party

Answer 13

Life estate

Question 14

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

Answer 14

Personal property

Question 15

A lease that is created for individual use with a cooperative

Answer 15

Proprietary lease

Question 16

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

Answer 16

Real estate

Question 17

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

Answer 17

Real property

Question 18

When a life estate terminates, the property reverts to predetermine third private party, not the original grantor

Answer 18

Remainderman

Question 19

Surviving owners in a joint tenancy or tenancy by the entireties absorb all interest and rights and property

Answer 19

Right of survivorship

Question 20

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

Answer 20

Separate property

Question 21

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

Answer 21

Tenancy at sufferance

Question 22

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

Answer 22

Tenancy at will

Question 23

Ownership of real property by husband and wife only

Answer 23

Tenancy of entireties

Question 24

Ownership of real property where by 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

Answer 24

Tenancy in common

Question 25

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

Answer 25

Time-share

Question 26

Three physical components that describe real property:

Answer 26

Surface rights Subsurface rights Air rights

Question 27

The rights that affect land that abuts more rapid flowing bodies of water such as rivers and streams

Answer 27

Riparian rights

Question 28

The rights that affect land that abut boat tidal bodies of water such as lakes, bays, oceans and gulfs

Answer 28

Littoral rights

Question 29

The land can gradually increase in size due to a build up of displaced land from another location this process is known as

Answer 29

Accreation

Question 30

Personal property also known as

Answer 30

Chattel

Question 31

What occurs when the real property is converted to personal property

Answer 31

Severance

Question 32

Bundle of rights

Answer 32

Disposition, enjoyment, exclusion, possession, control D.E.E.P.C.

Question 33

Homestead protections are limited to _____ acres if the property is located outside the city or up to _____ acre if the property is located within a city

Answer 33

160 acres , 1/2 acre

Question 34

Homestead properties are provided with a tax exception that allows ______ of assessed value to be exempt from real property taxation

Answer 34

$25,000

Question 35

The elective share is not automatic. They’re surviving spouse must file with the court within _____ days of the date of the first public notice of the ministration of the estate. If the well is contested, they’re surviving spouse must file within _____ days following the close of litigation

Answer 35

120 days, 40 days

Question 36

The joint tenancy with right of survivorship interest requires that the property be if I had under the four unities of

Answer 36

Possession, interest, time, and title (PITT)