Lesson 5 Flashcards
A form of estate held by two or more persons, each of whom is considered as being possessed of his share of the whole is:
Tenancy in common
Which event creates a tenancy in common?
Transfer of one joint tenant’s interest to a third party
The four unities of title, time, interest, and possession normally are found in
Joint tenancy
A joint tenancy may accomplish all of these actions EXCEPT:
Devise the interest
One of the advantages of a joint tenancy is that it
Avoids the delays and expenses of probate
Tom and Sam take title to a farm as joint tenants. Assuming Sam dies, which statement is TRUE?
Tom is the sole owner of the property.
Two sisters, Florence and Mary, inherit real property from their mother with no stipulation except that one-third is to go to Florence and two-thirds to Mary. Which statement is TRUE?
Upon Mary’s death, her share passes to her heirs or devisees
Which statement applies equally to two joint tenants and to tenants by the entirety?
The last living tenant becomes sole owner.
The master deed to a condo is recorded in:
The county registry of deeds.
A “Condominium Declaration” is:
The charter of the condominium.
In what way is tenancy by the entirety different from joint tenancy for a husband and wife?
One spouse can sell only with the other’s consent.
X and Y are joint tenants, X conveys his interest to Z. The relationship between Z and Y is:
Tenants in common
A floor plan shows
Interior layout.
Condominium form of ownership applies to all EXCEPT:
Tenants in common.
In the sale of real property owned by a limited partnership, who must sign the sales contract or deed for it to be valid?
Hospitals
Financing real estate through a group of persons who pool their funds to purchase or make a down payment on investment properties is BEST described as:
a syndicate
In a condo conversion, a tenant given an owner-signed P&S has how many days to accept or reject?
90
Timesharing ownership is all EXCEPT:
Weekly time periods must be consecutive.
Which subject would LEAST likely be found in a prospectus marketing a time-share condominium?
Escalating rents.
A common area in a condo is one that
Every unit owner has an interest in.
At the closing of a condo resale, which of the following is necessary?
6D Certificate
The buyer-shareholder of a cooperative apartment
Becomes a stockholder in the corporation and receives a proprietary interest.
Condo and coop owners have the following in common
Income tax deduction for interest and taxes
A, B and C own as joint owners. A dies. B sells her interest to X. How do X and C own the property?
Tenants in common
Which type of ownership is LEAST likely to be subject to regulation by the securities law?
Joint tenancy
Bill and Susan buy a house together, but wish to leave their individual estates to their respective children from previous marriages. They will hold title as:
Tenants in common
Title to ownership of a condo unit is vested in:
The individual owner of each unit
