Forms Of Ownership Exam 2

Question 1

Difference between Living and Testamentary Trust?

Answer 1

Trustor is deceased when Testamentary Trust is created

Question 2

Ownership in condominium airspace?

Answer 2

Can be joint, severalty, or common

Question 3

Condominium ownership involves how many interests?

Answer 3

2…individual airspace and common elements

Question 4

What can an HOA due to someone not paying their dues?

Answer 4

Foreclose on the lien

Question 5

What are the rights of a person who owns coop stock and lives on the property?

Answer 5

Proprietary Lease

Question 6

Does a condo owner have fee simple ownership or common ownership?

Answer 6

Both

Question 7

An owner in a coop…

Answer 7

Owns shares in the company that owns the property

Question 8

Tenancy at will is best described as

Answer 8

Staying on a property without a lease

Question 9

Disposition means (one of the bundle of rights)

Answer 9

Transfer

Question 10

How can a tenant protect their lease when building is foreclosed on?

Answer 10

A non-disturbance clause

Question 11

A lease is…

Answer 11

a contract/an instrument that conveys an interest in real property

Question 12

Under aged lessees are an exception to what?

Answer 12

Statute of Frauds

Question 13

One month oral agreements are…

Answer 13

enforceable under Statute of Frauds

Question 14

Tenant - Subtenant

Answer 14

Sub lessor - Sub lessee

Question 15

Original Lessee - New Tenant

Answer 15

Assignor (transfers obligation) - Assignee (pays lanlord)

Question 16

What can a lessee do when they sublet the property to make a buck

Answer 16

They can increase the rent

Question 17

Lease remedy available to tenant would be to…

Answer 17

Filing a suit in court to make landlord fix stuff

Question 18

Constructive conviction occurs when

Answer 18

Landlord is in default to provide habitable property

Question 19

A ground lease can apply to both

Answer 19

Residential and commercial property

Question 20

Uniform Residential Landlord and Tenant Act includes (four things)

Answer 20

1. Disclosure of deposit terms
2. Unclear lease terms
3. Limits waived rights of tenant that Landlord asks
4. Limit time between vacancy and deposit return

Question 21

The Uniform Resid. LandL. & Ten. Act fundamentally attempts to

Answer 21

encourage fairness and simplicity of forms