Chapter 4 Quiz

Question 1

Which type of ownership requires that the property be acquired under the four unities of possession, interest, time, and title (PITT)?

Answer 1

Joint tenancy

Question 2

Rules and regulations for a condominium can be found in the:

Answer 2

Bylaws

Question 3

Which type of multiple-unit dwelling provides for right of possession through rights granted under a proprietary lease?
	A     Time share
	B	Cooperative
	C	Condominium
	D	Apartment

Answer 3

Cooperative

Question 4

The physical components of real property include all of the following except:

• Subsurface rights
• Surface rights
• Air rights
• Mineral rights

Answer 4

Mineral rights

Question 5

Legal rights that affect land that abuts rapid flowing bodies of water such as rivers and streams are called:
	A      Littoral rights
	B	Aquarian rights
	C	Riparian rights
	D	Irrigation rights

Answer 5

Riparian rights (River)

Question 6

Land, together with all the permanent improvements thereon, is technically called:
        A      Land
	B	Real estate
	C	Real property
	D	Tenancy in common

Answer 6

Real estate

Question 7

Which of the following statements about Florida Homestead laws is incorrect?

    A     Homestead includes a partial exemption from the property's assessed value for tax purposes
B	Homestead laws will prevent foreclosure by most judgment liens
C	An owner may protect up to 160 acres if the homestead is within a city
D	Homestead laws and protections are provided by the Florida Constitution

Answer 7

An owner may protect up to 160 acres if the homestead is within a city (must be outside of city)

Question 8

An ownership interest in real property that will terminate upon the death of an individual is called a(n):

Answer 8

Life estate

Question 9

All of the following are components of the bundle of rights granted under the allodial system, except:

    A     Disposition
B	Enjoyment
C	Possession
D	Construction

Answer 9

Construction

C in DEEPC is Control

Question 10

A purchaser of a new, developer condominium has how many days to rescind the sale and purchase contract after receipt of the condominium documents?

Answer 10

15

Question 11

Which of the following is an example of tenancy at sufferance?

    A      Holdover tenant
B	Life estate
C	Time share
D	Homestead tenant

Answer 11

Holdover tenant

Question 12

An item that was once personal property but is now considered to be part of the real property is called a:
        A     Chattel
	B	Fixture
	C	Intangible asset
	D	Appurtenance

Answer 12

Fixture

Question 13

The following are examples of an ownership interest in real property for an indefinite time period except:

    A     Joint estate
B	Estate for years
C	Estate in severalty
D	Tenancy by the entireties

Answer 13

Estate for years

Question 14

Al, Barbara, Charlie, and Donna acquire title together as Joint Tenants with Right of Survivorship. If Al dies one month later, and two months later, Donna sells her ownership to Ed, who are the owners and what is the description of each ownership interest after Donna sells?

    A     Barbara and Charlie are the owners as Joint Tenants, each with a one-half interest
B	Barbara, Charlie, and Ed are the owners as Joint Tenants, each with a one-third interest
C	Barbara and Charlie are the owners as Joint Tenants, each with a one-third interest, and Ed is an owner as a Tenant in Common with a one third interest
D	Barbara, Charlie, and Ed are the owners as Tenants in Common

Answer 14

Barbara and Charlie are the owners as Joint Tenants, each with a one-third interest, and Ed is an owner as a Tenant in Common with a one third interest