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Broker Practice Test > Estate And Tenancies > Flashcards

Estate And Tenancies Flashcards

0
Q

An owners interest in the condominiums common grounds is best described as

A

An undivided interest

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1
Q

Where do condominium owners rights and limitations come from regarding the property usage

A

Declarations and bylaws

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2
Q

An interest in real estate which does not result in actual ownership but a stock interest is called

A

A securities interest

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3
Q

The highest form of an estate would be

A

Fee simple

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4
Q

Which type of tenancy would allow survivorship

A

Joint tenancy

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5
Q

When a property is held in joint tenancy and one of the parties dies testate, the following is true?

A

Property goes to the joint tenant survivor

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6
Q

J and R own property and R dies. Rs children try to obtain the title from J, but can’t. what type of title did J and R hold?

A

Joint tenancy

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7
Q

How would two buyers take title if they were not related

A

Tenancy in common

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8
Q

Husband and wife own property as tenants in common. if one dies the property would pass to the

A

Estate of the deceased

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9
Q

When the business is owned by one person the way title would be taken would be

A

In severalty (Single)

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10
Q

What is the name of the third-party that will receive a life interest in a property upon the death of the life tenant?

A

Remainderman

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11
Q

How can a corporation hold title

A

Tenant in common

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12
Q

An owner of lakefront property has 50 acres and divides it into lots. The owner keeps the lots closest to the lake. What type of easement to the lake would be preferred by lot buyers?

A

Easement appurtenant

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13
Q

Two sisters want to buy a property and leave it to their heirs. To accomplish this, they take title

A

As tenants in common

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14
Q

The following is an example of a freehold estate

A

Fee simple estate

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15
Q

The right of ingress and egress is best associated with the word

A

Appurtenant

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16
Q

A remainderman receives the property after

A

A life estate

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17
Q

An easement given to a person would most likely be

A

In gross

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18
Q

A survivorship interest is created in the following

A

Tenancy by entirety
Joint tenancy
Community property

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19
Q

An estate at will would

A

Be for an indefinite duration

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20
Q

Prior to receiving the property a remainderman would most likely be concerned with

A

Property waste

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21
Q

Alan gives a life estate to Barbara for the life of Callaway. Barbara dies. who has the estate?

A

Barbara heirs

22
Q

If a party is granted a property upon the condition that certain use continue in the future this would be called

A

Defeasible fee

23
Q

Which of the following would not be considered a fee simple absolute interest?

A

Lessee with a long-term lease

24
Q

When a sole owner of property dies with no will, the property would transfer

A

By intestate succession

25
Q

Ace, Bailey and Constantine on property as tenants-in-common. Ace wants to take legal action to divide the property this action is called

A

Partition action

26
Q

An irrevocable personal right to use a property would be called

A

An easement in gross

27
Q

What is the difference between fee simple and non-Freehold

A

Fee simple is freely inheritable, while non freehold is a lease

28
Q

Matt and Tom form a corporation to purchase a parcel of real estate. how would title to the parcel be held?

A

In severalty

29
Q

If a utility company wanted easement on a parcel of land, but the landowner did not want his property encumbered, What Would the owner give the utility?

A

A license

30
Q

Alicia gives an estate to Benjamin for the life of Charles. This type of estate called

A

Our autre vie

31
Q

When a future interest is finally returned to the grantor, this is called

A

Reversion

32
Q

Contreras holds a life estate for his life and also purchases the interest of the vested remainderman. What interest would he hold?

A

Fee simple estate

33
Q

Jay was given the right to use will’s land but Will could revoke the right at any time this is an example of

A

A license

34
Q

What type of the estate would a tenant have?

A

Leasehold

35
Q

How would the title for the common area of a condo be held?

A

Tenancy in common

36
Q

Anna sells a commercial apartment building to Bob the present leases

A

Remain valid

37
Q

Alex, Bob and Charles own property as joint tenants. Charles dies and then Bob Sells his interest in the property to Donovan. The property is now owned by

A

Alex and Donovan as tenants in common each with half interest.

38
Q

Alex, Bob and Charles hold unequal interest in a piece of land, they own it

A

Tenancy in common

39
Q

A right of way over parcel A to parcel B identifies parcel B as the

A

Dominant estate

40
Q

The best explanation for an easement would be

A

The right to use another’s property

41
Q

In order to acquire an easement by prescription, you need

A

Open, Hostile, and continuous use

42
Q

A dominant tenant is identified as the

A

Parcel that uses the easement

43
Q

A son wants to give his mother the right to use his property. The son wants the property back when his mother dies. What kind of estate must he create?

A

Reversionary estate

44
Q

The following word would most likely appear in descriptions of both a leasehold estate and the life estate

A

Reversion

45
Q

When a grantor gives a future interest to a named grantee, it is called

A

Vested remainder

46
Q

Of the unities required for joint tenancy, which one is necessary for tenancy in common?

A

Unity of possession

47
Q

If you own land and have right to impose restrictions regarding all future conveyances of that land, you ownership is:

A

Fee simple

48
Q

An easement in gross is considered

A

A personal right

49
Q

All of the following are freehold estates

A
  • fee simple
  • life estate
  • fee determinable
50
Q

The degree, quantity, quality, or interest one has in real estate is called

A

An estate

51
Q

A fee simple determinable estate is created on a property for use as a specific school. When the school closes, which of the following is true?

A

Title reverts back to the original grantor

52
Q

A summer camp uses a property as a weekend retreat. The owner does not create an encumbrance, but instead gives the camp a

A

License

53
Q

When the owner of the dominant tenement becomes the owner of the servient, the easement is Terminated through

A

Purchase and sale

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