Unit 8 Quiz Flashcards
The four unities of possession, interest, time and title are associated with:
A. community property
B. joint tenancy
C. severalty ownership
D. tenants in common
Answer: B. joint tenancy (141)
- what is the difference between tenancy in common and joint tenancy?
A. tenancy in common in characterized by right of survivorship; joint tenancy is characterized by unity of possession.
B. tenancy in common ownership must contain specific wording; joint tenancy is presumed by the law when two or more people own property unless the deed states otherwise.
C. tenancy in common is an inheritable estate; joint tenancy is characterized by the right of survivorship
D. under tenancy in common ownership, each owner has the right to sell, mortgage, or lease her interest without the consent of the other owners; joint tenancy can be implied or created by operation of law.
Answer: tenancy in common is an inheritable estate; joint tenancy is characterized by the right of survivorship (140-141)
- three women were concurrent owners of a parcel of real estate. When one woman died, her interest, according to her will, became part of her estate. The deceased was a:
A. tenant in common
B. joint tenant
C. tenant by entirety
D. severalty owner
Answer: A. tenant in common (140-141)
- A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is a:
A. corporation
B. limited partnership
C. general partnership
D. trust
Answer: D. trust (145)
- Which statements is TRUE regarding a cooperative?
A. title to the land and building here held by different owners
B. unit owners hold real property interests
C. maintaining and operating a cooperative is paid for by the corporation from charges assessed to unit owners, generally in the form of monthly fees.
D. Because their proprietary leases are real property, unit owners are exempt from the fees or assessments condominium owners are often required to pay for building maintenance operation.
Answer: C. maintaining and operating a cooperative is paid for by the corporation from charges assessed to unit owners, generally in the form of monthly fees.
- A man purchases an interest in a house. He is entitled to the right of possession only between July 10 and august 4 each year. Which of these is MOST likely the type of ownership the man purchased?
A. time-shared estate
B. cooperative
C. condominium
D. life estate
Answer: A time-shared estate (151)
- Because a corporation is legal entity, real estate owned by it is owned in:
A. trust
B. partnership
C. survivorship tenancy
D. severalty
Answer: D. severalty
- Which of these is a form of co-ownership
A. Joint tenancy
B. severalty
C. sole owner
D. tenancy at will
Answer: A. Joint tenancy (141)
- A married couple owns a mansion with a right of survivorship. Theirs is MOST likely
A. severalty ownership
B. community property
C. an estate by the entirety
D. a tenancy in common
Answer: C. an estate by the entirety
- 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 his heirs. Which of these would explain why the second co-owner acquired the deceased interest?
A. Joint tenancy
B. adverse possession
C. law of escheat
D. reversionary interest
Answer: A. Joint tenancy (141-142)
- Which of these BEST proves ones right to live in a cooperative?
A. tax bill for the individual unit
B. existence of a reverted clause
C. proprietary lease
D. right of first refusal
Answer: C proprietary lease (150)
- Which of these statements applies to both joint tenancy and tenancy by entirety?
A. there is no right to file a partition suit
B. the survivor becomes a severalty owner
C. a deed signed by one owner will convey a fractional interest.
D. A deed will not convey any interest unless singed by both spouses
Answer: B (141, 143)
- if property is held by two or more owners as tenants with survivorship rights, the interest of a deceased con-tenant will be passed to the:
A. surviving owners
B. heirs of the deceased
C. state under the law of escheat
D. trust under which the property was owned
Answer: A surviving owners (142)
- which of the following would NOT require special deed language to create in Illinois?
A. tenancy in common
B. life estate pur autre vie
C. joint tenancy
D. tenancy by the entireties
Answer: A. tenancy in common (141)
- the names of the beneficiaries of a land trust must be revealed by the trustee to:
A. any member of the public who is interested in the beneficiaries identity
B. any unsecured creditor of the beneficiary
C. a licensed real estate broker if the broker is assisting in the sale or rental of the entrusted property.
D. any Illinois agency when applying for a license or permit affecting the entrusted real estate.
Answer: D any Illinois agency when applying for a license or permit affecting the entrusted real estate (145-146)