Property ownership and Interests Flashcards
What form of concurrent ownership can only be held by spouses?
Tenants by the entirety
Each time-share developer must deposit all money received from a purchaser in
an escrow account for 10 days
Which of the following would typically be considered a fixture?
A) portable basketball goal on the parking pad
B) A porch swing that is hanging from hooks on the front porch
C) Curtains in the master bedroom that match the wallpaper
D) A custom-made mailbox attached to the house
The answer is D.
A buyer and a seller/developer executed a purchase contract for a new condominium on May 6 with the buyer giving $5,000 in earnest money. The buyer changed her mind and notified the seller on May 11 that she was rescinding the contract. Which of the following is TRUE?
A)The buyer can cancel only if she forfeits the earnest money.
B)The buyer cannot cancel the contract because there is no right of rescission.
C)The buyer can legally cancel the contract and have all the earnest money refunded.
D)The buyer cannot cancel the contract because the three-day right of rescission has passed.
The Answer is C.
A homestead estate is one that
protects lands that includes the family home from creditors
A fee simple estate has all the following characteristics EXCEPT that it is
free of encumbrances
A trust is
an agreement to hold assets on behalf of another.
A prospective client wishes to list his property with a broker and states that the property is held in a trust. Which party should the real estate broker contact in order to proceed with listing and marketing the property?
The trustee
The probate process
is required if the party died testate
