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IA Real Estate Test Prep > Property Rights: Estates, Tenancies, and Multiple Ownership Interests > Flashcards

Property Rights: Estates, Tenancies, and Multiple Ownership Interests Flashcards

1
Q

The parts of a multiple-ownership property not included in the units; those parts in which each unit owner holds an undivided interest.

A

common elements

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2
Q

Ownership by two or more persons at the same time, such as joint tenants, tenants by the entirety, or tenants in common.

A

concurrent ownership

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3
Q

A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas.

A

condominium

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4
Q

A multiunit project consisting of individual dwelling units owned by the corporation in which the individual apartment tenants own stock rather than owning their respective units.

A

cooperative

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5
Q

A tenancy measured from a starting date to a termination date (may be for a few days or longer than any natural life: (a leasehold )

A

estate for years

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6
Q

Ownership of property vested in one person alone, also known as sole ownership.

A

estate in severalty

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7
Q

The most comprehensive and complete interest one can hold in real property; freehold estate. Also known as fee or fee simple absolute.

A

fee simple estate

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8
Q

An object that was once considered to be personal property but has become real property becasue of attachment to, or use in, improvements to real property.

A

fixtures

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9
Q

A tenancy in real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs.

A

freehold estate

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10
Q

Term used to describe three separate but related situations:

(1) a tax exemption,
(2) a tract of land limited in size, and
(3) a statutory condition designed to protect the interests of a spouse and lineal descendants.

A

homestead

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11
Q

An estate or interest owned by more than one person, each having equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving tenants by specific wording in the deed establishing the joint tenancy.

A

joint tenancy

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12
Q

The surface of the earth and everything attached to it by nature.

A

land

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13
Q

A tenancy in real property held under a lease arrangement for a denote number of years: nonfreehold.

A

leasehold estate

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14
Q

Tenancies whose duration are limited to the life of some person; freehold.

A

life estates

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15
Q

Legal rights related to land abutting an ocean, sea, or lake, usually extending to the high-water mark.

A

littoral rights

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16
Q

An estate in real property in which ownership is for a determinable time period, as in a lease.

A

nonfreehold estate

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17
Q

Tangible and movable property (transferred by bill of sale); property not classified as real property. Also known as personalty or chattel.

A

personal property

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18
Q

A written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.

A

proprietary lease

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19
Q

A document prepared by a developer of 20 or more new condominium units that summarizes some of the major points contained in the condominium documents.

A

prospectus

20
Q

Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property that is not personal property.

A

real estate

21
Q

Any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.

A

real property

22
Q

The party designated to receive an estate at the end of a life estate.

A

remainderman

23
Q

A situation by which the remaining joint tenant succeeds to all right, title, and interest of the deceased joint tenant without the need for probate proceedings.

A

right of suvivorship

24
Q

Private ownership rights extending to the normal high-water mark along a river or stream and including access rights to water, boating, bathing and dockage in accordance with state and federal statues.

A

riparian rights

25
Q

Real property owned b a husband or wife prior to the marriage with the spouse having no present rights in such property; property owned individually.

A

separate property

26
Q

An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.

A

tenancy at sufferance

27
Q

An estate that may be terminated by either party at any time upon proper notice; nonfreehold estate.

A

tenancy at will

28
Q

An estate created by husband and wife jointly owning real property with instant and complete right of survivorship.

A

tenancy by the entireties

29
Q

A form of ownership where each tenant holds an undivided interest in the property. The co-owners have unity of possession, meaning that each owner is entitled to possession and use of the entire property, even though each holds only a fractional ownership interest

A

tenancy in common

30
Q

An individual interest in a real property unit together with a right of exclusive use for a specified number of days or weeks per year.

A

time-share

31
Q

An article that is attached by a commercial tenant as a necessary part of the tenant’s business and is personal property.

A

trade fixture

32
Q

An interest in the entire property, rather than ownership of a particular part of the property.

A

undivided interest

33
Q
  1. The most comprehensive interest in real property that an individual may possess is a(n)
A

fee simple estate.

34
Q
  1. Physical components of real property do NOT include
    a. surface.
    b. air space.
    c. equitable rights.
    d. subsurface.
A

C

35
Q
  1. Fixtures are items that
    a. are fixed, or attached, to real property.
    b. were once personal property but are now real property.
    c. have been incorporated as a part of real property.
    d. are all of the above.
A

D

36
Q
  1. The bundle of rights associated with real property does NOT include
    a. use.
    b. possession.
    c. disposition.
    d. utility.
A

D

37
Q
  1. A man and a woman were recently wed. The woman owns a residential lot that was purchased before the marriage. The lot is considered to be
A

separate property

38
Q
  1. At the expiration of the lease period and before renegotiation of the lease, a tenant continued to occupy the apartment. The tenant’s position is called
A

A tenancy at sufferance

39
Q
  1. A woman received a new microwave for Christmas. The microwave was installed above her range by screwing the unit to the kitchen cabinets and venting it through the attic. The microwave would be considered
    a. a fixture.
    b. a chattel.
    c. separate property.
    d. personal property.
A

A

40
Q
  1. The homestead tax exemption is deducted from the
    a. market value of a property
    b. assessed value of a property.
    c. sale price of a property.
    d. total cost, including all improvements.
A

B

41
Q
  1. Which estate features right of survivorship?
    a. Leasehold estate
    b. Estate by the entireties
    c. Tenancy at will
    d. Tenancy in common
A

B

42
Q
  1. Which characteristic applies to condominium ownership?
    a. The corporation holds title to land and improvements.
    b. The purchaser receives shares of stock in the corporation.
    c. A proprietary lease entitles the purchaser to occupy a unit.
    d. The purchaser receives a deed to a particular unit.
A

D

43
Q
  1. A woman paid cash for a 60-acre lemon grove in Citrus County. The estate is for an indefinite period of time. The woman does NOT own which type of estate in the property?
    a. Fee simple estate
    b. Freehold estate
    c. Leasehold estate
    d. Estate in severalty
A

C

44
Q

True or false: In a tenancy in common each individual owner has the right to partition

A

True

45
Q

True or false: Tenants in common cannot pass property to heirs

A

False.

Unlike Joint tenants, tenants in common have the right of inheritance

IA Real Estate Test Prep (53 decks)

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