Unit 4: Forms of RE Ownership Practice Quiz Flashcards
The four unities of possession, interest, time, and title are associated with_________.
Joint Tenancy
A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without stipulating a form of ownership. The two friends took title as which of the following?
Tenants in Common (TIC)
Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys his interest to a friend. Which statement is True?
the other two owners remain joint tenants
A man owns one of 20 units in a fee simple, along with 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own?
Condominium
A trust is a legal arrangement in which property is held for the benefit of a third party by
trustee
According to some states, any real property that either spouse owns at the time of marriage remains separate property. Further, any real property acquired by either spouse during the marriage (except by gift or inheritance or with the proceeds of a separate property) belongs to both of them equally. What is this form of ownership called?
Community Property
Three people were concurrent owners of a parcel of real estate. When one of the owners died, that interest became part of the deceased’s estate. The deceased was
tenant in common
A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is
A trust
A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This is ___ ownership.
Cooperative
An owner purchased an interest in a house in Beachfront. The owner is entitled to the right of possession only between July 10 and August 4 of each year. Which of the following is MOST likely the type of ownership that has been purchased?
Time-share
A Corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in
Severalty
Which of the following refers to ownership by one person?
Severalty Ownership
A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely
An estate by entirety
The real property interest that takes the form of personal property is
cooperative unit ownership
Two people are co-owners of a small office building with the right of survivorship. One of the co-owners dies intestate and leaves nothing to be distributed to heirs. Which of the following would explain why the surviving co-owner acquired the deceased’s interest?
Joint tenancy
