Topic 4

Question 1

When a lease on a property expires, the:

a. freeholder must arrange a new lease immediately.

b. land and property revert to the freeholder.

c. leaseholder is left with the reversionary interest in the property.

d. property must be sold.

Answer 1

b. land and property revert to the freeholder.

Question 2

Richard and Liz have decided to change the ownership of their home to tenants in common.

If Richard died, leaving his share of the property to their daughter Karen:

Karen could force Liz to sell the property.

Liz and Karen would automatically be joint beneficial owners.

Liz and Karen would automatically be joint legal owners.

Liz would be the sole legal owner, and Karen would be a beneficial owner.

Answer 2

Liz would be the sole legal owner, and Karen would be a beneficial owner.

Question 3

Joe and Lorna own their property as joint tenants.

If Joe dies before Lorna, in what circumstances, if any, can Joe’s share of the property pass to a beneficiary other than Lorna under the terms of his will?

None.

Only if Joe and Lorna are not legally married.

Only if Joe’s will contains a clause overriding the joint tenancy.

Only if the beneficiary can prove they were financially dependent on Joe.

Answer 3

None.

Question 4

Five sisters are purchasing a property in their joint names.

Which of the following is true regarding their ownership of the property?

A maximum of three of the sisters can be the legal owners.

A maximum of four of the sisters can be the legal owners.

All five sisters can be the legal owners.

All five sisters will be equally designated as equitable owners.

Answer 4

A maximum of four of the sisters can be the legal owners.