Chapter 4: Ownership Flashcards
When a single individual or entity owns a fee or life estate in a real property, the type of ownership is…
tenancy in severality
Three people have identical rights but unequal shares in a property, share an indivisible interest and may sell or transfer their interest without the consent of the others. This type of ownership is…
tenancy in common
The “four unities” required to create a joint tenancy include which of the following conditions?
Parties must acquire respective interests at the same time
Unlike tenants in common, joint tenants…
cannot will their interest to a party outside the tenancy
In a community property state, a basic distinction is made between…
property acquired during a marriage and property already owned by each party at the time of marriage
Who are the essential parties involved in an estate in trust?
Trustor, trustee, and beneficiary
The distinguishing features of a condominium estate are…
fee simple ownership of the airspace is a unit and an undivided share of the entire property’s common areas
Who owns the property in a time-share estate?
The property is owned by tenants in common or by a freehold owner who leases on a time-share basis
Which of the following is true of a cooperative?
A cooperative may hold an owner liable for the unpaid operating expenses of other owners
One difference between a cooperative estate and a condominium estate is that…
a default by a coop owner may cause a foreclosure on the entire property instead of just a single unit, as with a condominium
A unique feature of a land trust is that…
the identity of the beneficiary may not be identified
