Chapter 6

Question 1

Which of the following can an owner in severalty do with their real estate?

Answer 1

Answer: All of the answer choices provided are correct

Question 2

Which of the following could own real estate as tenants by the entirety?

Answer 2

Answer: Karen and Rick, a married couple

Question 3

When property is owned in joint tenancy, can one owner have a greater share than another?

Answer 3

Answer: No

Question 4

Which of the following is the least common type of real estate ownership when a married couple owns property together?

Answer 4

Answer: Tenancy in common

Question 5

How can a tenant in common transfer his or her share of real property?

Answer 5

Answer: By executing a deed of transfer or leaving the property to someone else in a Will or another testamentary device

Question 6

Sometimes, when parties cannot agree to voluntarily partition real estate, the court will require them to…?

Answer 6

Answer: Sell the property and divide the proceeds.

Question 7

What are the people who will inherit property and other assets held in trust called?

Answer 7

Answers: Beneficiaries

Question 8

What is a type of trust that springs into being after the grantor’s death?

Answer 8

Answer: Testamentary trust

Question 9

Who is the person who holds nominal title of assets held inside of a trust?

Answer 9

Answer: Trustee

Question 10

In some states, when one spouse owns real estate in severalty, the other spouse will be required to sign deeds or other conveyances affecting the property, because of their marital status. What is the interest the spouse, whose name is not on the title, commonly referred to?

Answer 10

Answer: Marital interest

Question 11

Under which type of ownership do individual residents have a deed for their property in fee simple?

Answer 11

Answer: Condominiums

Question 12

Which of the following could be structured as a cooperative?

Answer 12

Answer: Apartment-style building

Question 13

An owner in severalty has the right to leave their real estate to someone else after their death. This is commonly called the power to…?

Answer 13

Answer: Devise

Question 14

What evidences a cooperative resident’s ownership rights for their unit?

Answer 14

Answer: Certificate for shares of stock in the Co-op corporation

Question 15

Which of the following is not a power that an owner in severalty has over their real estate?

Answer 15

Answer: These are all powers owners in severalty enjoy

Question 16

What is the term for a legal proceeding that officially severs co-ownership of a parcel of land or property?

Answer 16

Answer: Partition

Question 17

Which of the following ownership splits could indicate property is owned as tenants in common?

Answer 17

Answer: All of the answer choices provided are correct

Question 18

What is the distinguishing feature of a joint tenancy?

Answer 18

Answer: The right of survivorship

Question 19

Which of the following is the least common type of real estate ownership when a married couple owns property together?

Answer 19

Answer: Tenancy in common

Question 20

Which of the following types of ownership is more common than the others when siblings own property together, or when business partners purchase real estate together?

Answer 20

Answer: Tenancy in common

Question 21

The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant is known as…?

Answer 21

Answer: Right of survivorship

Question 22

Which of the following is not a common term for the person creating a trust?

Answer 22

Answer: Benefactor

Question 23

What types of fees are condo owners with mortgages generally responsible for paying, in addition to their mortgage payments and utility costs?

Answer 23

Answer: Property taxes and dues to pay maintenance and upkeep.

Question 24

Which of the following repairs in a condominium would most likely be covered by the homeowner’s association and not the responsibility of the individual owner?

Answer 24

Answer: New carpet in the building’s lobby

Question 25

Which one of these is not a reason someone might consider cooperative living?

Answer 25

Answer: Apartment-style living with deeded, fee-simple ownership

Question 26

Cooperatives are usually managed by…?

Answer 26

Answer: Board of directors

Question 27

What evidences a cooperative resident’s ownership rights for their unit?

Answer 27

Answer: Certificate for shares of stock in the Co-op corporation

Question 28

When an owner of property held as tenants in common dies, what happens to his or her share of the property?

Answer 28

Answer: It passes according to the deceased owner’s Will, or according to state law.

Question 29

Which of the following is not one of the four “unities” of ownership under joint tenancy?

Answer 29

Answer: Unity of severalty

Question 30

Which one of the following best describes “ownership in severalty”?

Answer 30

Answer: One person owns all of the rights that come with owning real estate.

Question 31

When an owner of property held as joint tenants with rights of survivorship dies, what happens to the deceased owner’s share?

Answer 31

Answer: It passes automatically to the remaining joint owner(s)

Question 32

What type of ownership does a condominium owner have in the unit they occupy?

Answer 32

Answer: Fee simple ownership

Question 33

Condominiums are usually managed by a…?

Answer 33

Answer: Homeowners’ association

Question 34

What type of ownership describes apartment-style living where residents own shares in a corporation that entitles them to occupy a specific unit?

Answer 34

Answer: Cooperative

Question 35

Under which type of ownership do individual residents have a deed for their property in fee simple?

Answer 35

Answer: Condominiums

Question 36

Which of the following are cooperative residents usually responsible for?

Answer 36

Answer: Both their own utility costs and maintaining the interior of their individual units.

Question 37

When an owner of property held as tenants in common dies, what happens to his or her share of the property?

Answer 37

Answer: It passes according to the deceased owner’s Will, or according to state law.