Chapter 6 Flashcards
Which of the following can an owner in severalty do with their real estate?
Answer: All of the answer choices provided are correct
Which of the following could own real estate as tenants by the entirety?
Answer: Karen and Rick, a married couple
When property is owned in joint tenancy, can one owner have a greater share than another?
Answer: No
Which of the following is the least common type of real estate ownership when a married couple owns property together?
Answer: Tenancy in common
How can a tenant in common transfer his or her share of real property?
Answer: By executing a deed of transfer or leaving the property to someone else in a Will or another testamentary device
Sometimes, when parties cannot agree to voluntarily partition real estate, the court will require them to…?
Answer: Sell the property and divide the proceeds.
What are the people who will inherit property and other assets held in trust called?
Answers: Beneficiaries
What is a type of trust that springs into being after the grantor’s death?
Answer: Testamentary trust
Who is the person who holds nominal title of assets held inside of a trust?
Answer: Trustee
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: Marital interest
Under which type of ownership do individual residents have a deed for their property in fee simple?
Answer: Condominiums
Which of the following could be structured as a cooperative?
Answer: Apartment-style building
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: Devise
What evidences a cooperative resident’s ownership rights for their unit?
Answer: Certificate for shares of stock in the Co-op corporation
Which of the following is not a power that an owner in severalty has over their real estate?
Answer: These are all powers owners in severalty enjoy
What is the term for a legal proceeding that officially severs co-ownership of a parcel of land or property?
Answer: Partition
Which of the following ownership splits could indicate property is owned as tenants in common?
Answer: All of the answer choices provided are correct
What is the distinguishing feature of a joint tenancy?
Answer: The right of survivorship
Which of the following is the least common type of real estate ownership when a married couple owns property together?
Answer: Tenancy in common
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: Tenancy in common
The right of a surviving tenant or tenants to succeed to the entire interest of the deceased tenant is known as…?
Answer: Right of survivorship
Which of the following is not a common term for the person creating a trust?
Answer: Benefactor
What types of fees are condo owners with mortgages generally responsible for paying, in addition to their mortgage payments and utility costs?
Answer: Property taxes and dues to pay maintenance and upkeep.
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: New carpet in the building’s lobby
Which one of these is not a reason someone might consider cooperative living?
Answer: Apartment-style living with deeded, fee-simple ownership
Cooperatives are usually managed by…?
Answer: Board of directors
What evidences a cooperative resident’s ownership rights for their unit?
Answer: Certificate for shares of stock in the Co-op corporation
When an owner of property held as tenants in common dies, what happens to his or her share of the property?
Answer: It passes according to the deceased owner’s Will, or according to state law.
Which of the following is not one of the four “unities” of ownership under joint tenancy?
Answer: Unity of severalty
Which one of the following best describes “ownership in severalty”?
Answer: One person owns all of the rights that come with owning real estate.
When an owner of property held as joint tenants with rights of survivorship dies, what happens to the deceased owner’s share?
Answer: It passes automatically to the remaining joint owner(s)
What type of ownership does a condominium owner have in the unit they occupy?
Answer: Fee simple ownership
Condominiums are usually managed by a…?
Answer: Homeowners’ association
What type of ownership describes apartment-style living where residents own shares in a corporation that entitles them to occupy a specific unit?
Answer: Cooperative
Under which type of ownership do individual residents have a deed for their property in fee simple?
Answer: Condominiums
Which of the following are cooperative residents usually responsible for?
Answer: Both their own utility costs and maintaining the interior of their individual units.
When an owner of property held as tenants in common dies, what happens to his or her share of the property?
Answer: It passes according to the deceased owner’s Will, or according to state law.
