Ownership And Interests

Question 1

The difference between a life estate in an estate for years is

A life estate is a freehold estate where is an estate for years is a leasehold estate

A life estate creates an estate and reversion where the estate for years does not

A life estate does not convey title where is an estate for years does convey title

A life estate is not determinable fee where is an estate for years is determined wealthy

Answer 1

A life estate is a freehold estate where is an estate for years is a leasehold estate

Question 2

Which of the following is true about cooperatives but not true about condominiums

Ownership of the interior and the exterior is in the form of tenancy in common

The master deed must be agreed upon by all occupants

The common areas are owned by the corporation in fee

The association has the right of first refusal to purchase the units that are available for sale

Answer 2

The common areas are owned by a corporation in fee

Question 3

The right of survivorship and real estate can be described as the right of

Two or more people to hold title to the property at the same time

Co-owners to automatically receive the interest of the deceased co-owner upon his or her death

Airs to receive the co-owners share of real estate as provided in his or her last will and testament

A bank to automatically receive ownership upon the death of a mortgagor

Answer 3

Co-owners to automatically receive the interest of the seas co-owner upon his or her death

Question 4

The most complete form of estate in real property is which of the following

Leasehold for years

Life estate in reversion

Qualified fee

Fee simple absolute

Answer 4

Fee simple absolute

Question 5

Gerald conveys a condominium to Felicia for life. Upon Felicia’s death the property goes to Jennifer. Jennifer has an estate in

Rescission

Remainder

Reversion

Recession

Answer 5

Remainder

Question 6

Bob and Judy a brother and sister own property jointly. They have equal percentages of ownership in the property and they receive their title at the same time from the same source. They have the right to undivided possession of the property. If Bob dies this year will automatically go to Judy and vice versa. The type of concurrent ownership Bob and Judy have is

Estate for years

Estate in entireties

Joint tenancy

Tenancy in common

Answer 6

Joint tenancy

Question 7

By definition an estate for years

Must last for one or more years

Requires a written document

Is for a fixed term whether a week a month a year or longer

Must be for at least two years

Answer 7

Is for a fixed term whether a week a month a year or longer

Question 8

Growing things that require planting and are usually harvested seasonally are called emblements where is growing things that do not require planting but continue to grow naturally such as perennials are considered

Chattel

Real estate

Personal property

Fructus industriales

Answer 8

Real estate

Question 9

The term tenancy in common refers to

Survivorship

Relationship of renters in an apartment complex

Emblements

Ownership

Answer 9

Ownership

Question 10

The only property interest shareholders in a cooperative have is

The title to the property

The right of first refusal

Fee simple absolute

A leasehold estate

Answer 10

A leasehold estate

Question 11

Virginian Bill own property jointly. Virginia is 80% well-built and 20%. Upon death Virginia’s interest in property will go to her favorite charity where is Bells ownership interest will go to his wife. The type of concurrent ownership Virginia and Bill have is

Estate by the entireties

Tenancy in common

Estate for years

Joint tenancy

Answer 11

Tenancy in common

Question 12

A person’s right or interest in a real property is known as his or her

Dower rights

Estate

Personality

Chattel

Answer 12

Estate

Question 13

A fee simple estate with a conditioner limitation attached is termed a

Defeasible estate

Life estate

Estate in severalty

Estate for years

Answer 13

Defeasible estate

Note
A fee simple estate with a condition or limitation attached is termed a defeasible estate often used one someone wishes to donate land to a church or school for specific purpose

Question 14

Which of the following is the opposite of co-ownership

Joint tenancy

Estate by entireties

Tenancy in common

Ownership in severalty

Answer 14

Ownership in severalty

Question 15

Sally conveys 20 acres to Sam for Sam’s life. This type of ownership is called

Defeasible estate

Estate in severalty

Life estate

Estate for years

Answer 15

Life estate

Question 16

Which of the following is not true about condominiums

Owners or developers record a signed and notarized declaration of condominium

Ownership of space and a multiunit structure is fee simple ownership

No deduction of taxes or mortgage interest is allowed to condominium owners

Owners are subject to certain controlled by the condominium association

Answer 16

No deduction of taxes or mortgage interest is allowed to condominium owners

Question 17

The form of concurrent ownership that requires the unities of time title interest in possession is

Ownership in severalty

Joint tenancy

Tenancy in common

Ownership in remainder

Answer 17

Joint tenancy

Question 18

Which of the following is not true about a fee simple estate

It is the most comprehensive in simplest form of title

It introduces the right to dispose of the property

It is a type of freehold estate

It must be conveyed as estate in severalty

Answer 18

It must be conveyed as an estate in severalty

Question 19

Chattel

Answer 19

Personal property

Question 20

Defeasible

Answer 20

Destructible or defeatable

Question 21

What are the two types of freehold estates

Answer 21

Fee Simple (inheritable)
Life Estates (not inheritable)

Question 22

Non freehold estates

Answer 22

Leasehold

Question 23

Testator

Answer 23

A man who has died and left a valid will

Question 24

Grantor

Answer 24

One who conveys title to real property by deed

Question 25

Remainderman

Answer 25

One having a future interest in a life estate

Question 26

Dower

Answer 26

A wife’s interest in her husband’s real property

Question 27

Curtesy

Answer 27

A husbands interest in the real property of his wife

Question 28

Estate at will

Answer 28

A leasehold estate that may be terminated at the desire of the party

Question 29

Estate for years

Answer 29

A leasehold estate of definite duration

Question 30

Estate from year to year

Answer 30

A leasehold estate that automatically renews itself Consecutive. Until terminated by notice by either party also called estate from period. Or periodic tenancy

Question 31

Severalty

Answer 31

Only one owner ( can be a corporation )

Question 32

Concurrent ownership

Answer 32

Coownership on by two or more people

Question 33

Tenancy in common

Answer 33

A form of coownership that does not include the right of survivorship

Question 34

Tenants by entirety

Answer 34

A form of coownership limited to husband-and-wife with the right of survivorship

Question 35

Joint tenancy

Answer 35

Property held by two or more individuals not a corporation and is a form of coownership that includes the right of survivorship

Question 36

And condominium ownership the air rights building land and surface below the land our owned by

Answer 36

Tenants in common

Question 37

In a cooperative the buildings land all real property rights and interests are owned by

Answer 37

A corporation in severalty