Property Interests and Tenancies

Question 1

A timeshare would be required to have a public report if it is:

A: Zoned Commercial
B: If gifts are offered as an incentive
C: Twelve or more units of time
D: Six or more improved lots

Answer 1

C: Twelve or more units of time

Question 2

A mother and son own an investment property and have equal interest in the property. No other information is available. How do they hold title?

A: Tenancy by the Entirety
B: Community Property
C: Joint, tenancy with rights of survivorship
D: In Severalty

Answer 2

C: Joint, tenancy with rights of survivorship

Question 3

A property management agreement would contain all of the following EXCEPT:

A: cancellation provisions
B: Method of reporting on prospective tenants
C: Amount of money a manager can spend on repairs
D: Frequency of reports

Answer 3

B: Method of reporting on prospective tenants

Question 4

A degree, quantity, or interest in ownership is best described as:

A: Estate
B: Mortgage
C: Defeasance
D: Long term loan

Answer 4

A: Estate

Question 5

Owner of lakefront property divides 50 acres into lots and keeps the lot closest to the lake. What kind of easement would the buyers prefer in this situation?

A: Easement in gross
B: Easement appurtenant
C: Easement by necessity
D: Easement by prescription

Answer 5

B: Easement appurtenant

Question 6

All of the following apply to joint tenancy EXCEPT:

A: Unequal shares
B: Interest
C: Possession
D: Time

Answer 6

A: Unequal shares

Question 7

All of the following are true regarding self-help for minor defects EXCEPT:

A: Tenant must give the landlord ten days to comply
B: Tenant may deduct work from rent in the amount of twice the rent
C: Tenant may spend 1/2 monthly rent, or $300 whichever is greater
D: All notices given to the landlord must be in writing

Answer 7

B: Tenant may deduct work from rent in the amount of twice the rent