Quiz 2 Flashcards
An estate in qualified fee is an example of a
Freehold estate (Freehold means ownership and qualified fee is ownership but with a condition placed on that ownership which if violated could terminate the ownership. Non freehold is not ownership. Leasehold is a lease so not ownership. Non- defeasible is the opposite of defeasible aka qualified fee.)
Which of the following requires unity of interest, time, title, and possession?
Joint Tenancy (The definition of joint tenancy includes unity of interest, time, title, and possession. In a tenancy in common, or cooperative, or community property these 4 unities do not need to be present.)
What is an example of cooperative form of ownership ?
Ownership evidenced by shares of stock in a corporation holding title to the building
(In a cooperative the building is owned by a corporation and to live there you must buy stock in the corporation so this is not real property ownership thus you do not have freehold or fee simple interest or pay taxes directly to the county.)
A life estate created by the exercise of the right of a dower is a ?
Legal life estate (Dower is a legal life estate because it is created by statute. Community property is not a life estate. Conventional and non conventional do not exist.)
If there is no indication in the deed as to how the co-owners are taking title, the law presumes the parties intended to own the property as?
Tenants in common (Partnerships and joint tenancy must be intentionally created by additional paperwork whereas more than one owner is automatically tenancy in common unless stated otherwise)
Ownership of real estate for such things as schools, roads, parks, and military installations is?
Public Ownership ( schools,roads,and military installations are public things so public ownership
A condominium may be used for which of the following?
A condominium is a form of ownership with some parts individually owned and others communally owned. This can be done with many forms of property not just residential. (Parking garage, shopping center, and office buildings are examples)
A married couple who owns property as an entirety must do what.
Must both consent to sell AND must both sign for any debt secured by the property.
(In tenancy by entirety one partner does not own half and the other partner half but rather the marital union owns 100% thus the marital union (both of them) must sign everything.)
A tenancy in common form of ownership entitles each co-tenant to?
An undivided interest in the property (Tenancy in common gives undivided interest to each co tenant. The shares do not have to be equal. There is no right of survivorship but instead succession is determined by will. There is no requirement that the property not be financed.)
Al and Sue own property as joint tenants. Under which of the following circumstances will severalty ownership NOT result?
Al sells his interest to Barry (Severalty is ownership by one person. If Al sells to Barry still owned by two people. If Al dies property automatically transfers to Sue because they own it in joint tenancy with survivorship thus one owner. If they file a partition suit then property divided in two so one owner for each. If Sues sells to Al then again only one owner so severalty.)
What characteristics does NOT apply to tenants in common?
Must own equal share of interest (By definition tenants in common do not need to own equal shares)
Corporations are not allowed to own real estate in joint tenancy because of what?
Limited liability of the stockholders (Survivorship means if one owner dies his share automatically transfers to other owners. This would not be appropriate in a corporation)
An undivided interest of the whole is owned by?
Tenant in common, joint tenancy, and tenant by the entireties (In tenancy by the entirety the couple together owns 100% it is not divided into shares as with tenancy in common and joint tenancy.)
In the event of death, which form of ownership permits the deceased to name an heir?
Tenants in common ( With tenancy by entirety and joint tenancy the surviving owners automatically get the share owned by the deceased. In life estate upon the life tenants death it is predetermined who will own the property either by remainder or reversionary interest. With tenancy in common the succession of ownership is determined by will.)
The grantor of a life estate may retain a?
Reversionary estate (Reversionary interest means that when the life tenant dies ownership automatically reverts back to the grantor. Remainder means owner ship would transfer to a named third party. Fee simple would be retaining ownership. Less than freehold would mean not owning.)
Which of the following types of ownership cannot be created by operations of law, but must be created by the parties expressed interest
Joint tenancy (All are statutory other than Joint tenancy which must be created by action of the owners.)
