Test questions on ownership and estate Flashcards
To what type of a state does pur autre vie apply?
Fee simple
Freehold estate
Homestead
Leasehold
Freehold estate
Pur autre vie means for the life of another. This term comes into play with freehold estates of inheritance.
Widget corporation just bought land on which it plans to build a new manufacturing facility. How is the land owned?
It’s a joint tenancy
It’s held as a tenancy in common
Its own as an estate in severalty
There isn’t enough information to tell
Its own as an estate in severalty.
Corporations are legal entities and hold properties similar to the way a sole proprietor or individual does in severalty .
A sole proprietor is a familiar business model. If you practice real estate as a sole proprietor, which of the following is a true statement?
You are on salary
You cannot be held liable for your actions
You have a partner
You are an independent contractor
You are an independent contractor
Which of the following is a life estate in property held by a widow?
Curtsey
Dower
Estate at will
Homestead
Dower
Property with ownership buy more than one person is known——?
Co-ownership
Dual ownership
Estate by severalty
Property partnership
Co-ownership
Which one of the following types of ownership termination allows each tenant to have a specific, divided portion(partition) of the property exclusively?
Termination by division
Termination of co-ownership by partition
Termination of Estate in severalty
Termination of joint tenancies
Termination of co-ownership by partition
In which form of co-ownership is a persons ownership inheritable?
Joint tenancy
Tenancy by entirety
Tenancy in common
Tenancy in severalty
Tenancy in common
Think common is family, which inherits keep it in the family
What form of ownership is inheritable and includes the entire bundle of rights, not subject to any conditions or qualifications?
Fee entire
Fee on condition
Fee simple absolute
Qualified fee
Fee simple absolute
What is the difference between periodic estate estate for years (a.k.a. chattel real)
Periodic estate has no specific time can be months a month a party must give notice to end this type of agreement.
Estate for years a.k.a. chattel real
There’s an agreement that permits occupancy between two specific dates at the end of which the property must be vacated
What is a freehold estate?
A type of a state where the person has a right or owns title to real property for an unspecified amount of time.
Free amount of time
Retains fee simple absolute ownership of the property
Which one of the following statements is true about land trusts?
A beneficiaries interest in the land must be conveyed through a deed
Land, trust generally continue for a specified terms, such as 10, 20, 30 years
The identity of the Trust owner is made public
The person who establishes the trust the Trust store is rarely the beneficiary
Land trust definitely continue for a specified terms such as 10, 20, 30 years
Marsha Wilson died, and her property wasn’t held in a trust. Thus, her Estate will go through.———-to ensure her property is distribute to her beneficiaries in accordance with her will.
A moderator
An attorney
Estate planning
Probate
Probate
Henry died, and his property wasn’t held in a trust. Thus, his estate will go through probate to ensure his property is distributed to his beneficiaries in accordance with his will. The probate process often——- before the property is distributed.
20 years or more
A few days
A few hours
A year or more
A year or more
Which of the following trust is created, according to the terms of the will of a deceased person?
Juvenile
Living
Tertiary
Testamentary
Testamentary
A test for Terry Trust is one created according to the terms of the will of a deceased person. Unlike living trusts, Testamentary trusts don’t avoid probate.
