Unit5 Exam

Question 1

Ownership encompassing the four entities: time, title, interest and possession

Answer 1

Joint Tenancy

Question 2

Non lawful possession after expiration of lease

Answer 2

Estate at Sufferance

Question 3

Ownership is inherritable

Answer 3

Tenancy in Common

Question 4

This trust avoids probate

Answer 4

Living Trust

Question 5

When property owner dies without a will and there are no heirs, ownership of property may pass to the state through

Answer 5

Escheat

Question 6

When there are two joint tenants the death of one dissolves

Answer 6

Joint Tenancy

Question 7

These are intangible and taxable

Answer 7

Corporations

Question 8

Property acquired by a married couple or one spouse during the marriage may be considered community property and this are subject to

Answer 8

Community Property Rights

Question 9

If a corporation builds a new manufacturing facility how is the land owned

Answer 9

Estate in Severalty

Question 10

If land trust expires the trustee must extend the trust term or sell the real estate and

Answer 10

Give the proceeds to the beneficiary

Question 11

Purchasing your first home and having access to it forever

Answer 11

Freehold Estate

Question 12

Estate for an unknown period of time with either party able to terminate lease by giving notice.

Answer 12

Estate at will