Property Rights: Estates, Tenancies, and Multiple Ownership Interests

Question 1

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

Answer 1

common elements

Question 2

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

Answer 2

concurrent ownership

Question 3

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

Answer 3

condominium

Question 4

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.

Answer 4

cooperative

Question 5

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 )

Answer 5

estate for years

Question 6

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

Answer 6

estate in severalty

Question 7

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

Answer 7

fee simple estate

Question 8

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.

Answer 8

fixtures

Question 9

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.

Answer 9

freehold estate

Question 10

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.

Answer 10

homestead

Question 11

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.

Answer 11

joint tenancy

Question 12

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

Answer 12

land

Question 13

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

Answer 13

leasehold estate

Question 14

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

Answer 14

life estates

Question 15

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

Answer 15

littoral rights

Question 16

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

Answer 16

nonfreehold estate

Question 17

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

Answer 17

personal property

Question 18

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

Answer 18

proprietary lease

Question 19

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.

Answer 19

prospectus

Question 20

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.

Answer 20

real estate

Question 21

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

Answer 21

real property

Question 22

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

Answer 22

remainderman

Question 23

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.

Answer 23

right of suvivorship

Question 24

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.

Answer 24

riparian rights

Question 25

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.

Answer 25

separate property

Question 26

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

Answer 26

tenancy at sufferance

Question 27

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

Answer 27

tenancy at will

Question 28

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

Answer 28

tenancy by the entireties

Question 29

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

Answer 29

tenancy in common

Question 30

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.

Answer 30

time-share

Question 31

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

Answer 31

trade fixture

Question 32

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

Answer 32

undivided interest

Question 33

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

Answer 33

fee simple estate.

Question 34

2. Physical components of real property do NOT include
   a. surface.
   b. air space.
   c. equitable rights.
   d. subsurface.

Answer 34

C

Question 35

3. 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.

Answer 35

D

Question 36

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

Answer 36

D

Question 37

6. 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

Answer 37

separate property

Question 38

7. 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

Answer 38

A tenancy at sufferance

Question 39

8. 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.

Answer 39

A

Question 40

9. 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.

Answer 40

B

Question 41

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

Answer 41

B

Question 42

18. 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.

Answer 42

D

Question 43

20. 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

Answer 43

C

Question 44

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

Answer 44

True

Question 45

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

Answer 45

False.

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