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30 Cards in this Set
- Front
- Back
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If you own a condominium
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own your own unit
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The purchaser's right to cancel the condo contract starts when he receives all pertinent documents and ends at
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midnight of the 15th calendar day for new and 7th day for resale
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Three brothers own a farm in joint tenancy. One wants the land to be used for the production of tobacco, whereas the other two desire to grow wheat. The first one attempts to buy out the other two, but they refuse. His best solution to this dilemma would be to file
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a partition suit (the division of covenants interests in real property when the parties do not all voluntarily agree to terminate the co-ownership..court procedures)
vs. severalty: ownership of real property by one person only (sole ownership) |
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The percent of units, which must be offered extended 3-year leases to the elderly or handicapped presently residing in a building converting to condominiums is
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20%
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The fine for omissions or false info in the Public Offering Statement given to the Secretary of State by the developer of a time-share could be
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up to $10,000 and 6 months in jail
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The developer of time share projects must provide all of the following EXCEPT:
A. an approved Public Offering Statement B. proof of a real estate license C. a special escrow acct and surety bonds D. warranties |
B. proof of a real estate license
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The cancellation period for the sale of a new time share is
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to midnight of the 10th day
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The time sharing act defines ownership by all EXCEPT
A. a license B. a fee simple freehold C. an estate for years D. an estate from period to period |
an estate from period to period
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Ownership in which of the following is held by shares of stock?
A. a condominium B. a cooperative C. a time share D. a homeowners' association |
B. a cooperative
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The cancellation period for the initial purchaser of a cooperative interest is
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15 days
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The evidence of an ownership interest in a cooperative is
A. the proprietary lease B. the membership certificate C. the master deed D. the tenant association |
B. the membership certificate
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The shareholders right to lease a unit in a cooperative comes from
A. the proprietary lease B. the membership certificate C. the master deed D. the tenant association |
A. the proprietary lease
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Proprietary rights of a cooperative ownership are considered
A. personal B. debises C. tenancies in common D. licenses |
A. personal
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Time Share ownership could be known as
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interval ownership;
undivided interest in a unit coupled with exclusive right of occupancy for designated period each year; leasehold estate with the right to occupy for a stated number of years |
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Who pays the taxes on the common areas within a condominium?
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the condominium's association on behalf of property owners
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Steve & Nancy bought a store bldg and took title as joint tenants. Nancy died testate. Steve now owns the store:
A. as a joint tenant with rights of survivorship B. in severalty C. as a tenant in common with Nancy's heirs D. in trust |
B. in severalty
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Tenancy with survivorship means
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the tenancy interest may be held by the remaining tenants upon death
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Which of the following is NOT an element of a joint tenancy with a right of survivorship?
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each joint tenant may pass on his interest to the heirs
it is created only when 4 unities are present (PITT: Possession - Interest - Time - Title) it cannot be created by operation of law the land may be subject to partition |
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Jack, Mark & Harry are joint tenants owning a parcel of land. Harry conveys his interest to his long-time friend William. After the conveyance, Jack & Mark
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remain joint tenants owning a 2/3 interest
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A property held as tenancy by the entirety requires which of the following?
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the co-tenants must be husband and wife
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community property
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property accumulated through joint efforts of husband and wife
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cooperative
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land and buildings owned by a corporation, which in turn leases space to its shareholders
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severalty
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sole ownership; owned by one person only
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limited common elements
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common elements in a condominium subdivision; which are limited to certain owners
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time-sharing
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a system of part ownership of real property rights, coupled with a right of exclusive use of the property at specified intervals
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proprietary lease
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a lease given by a corporation to its stockholders, to use and enjoy certain units or portions of the property
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condominiums
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a system of fee ownership of units in a multi-unit structure
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tenancy by entirety
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an estate held by husband and wife, limited to them by virtue of title acquired jointly after marriage
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joint tenancy
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a type of co-ownership of real property, held by 2 or more persons, with all co-owners being equally entitled to the use, enjoyment, control and possession of the land and with the right of survivorship
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tenancy in common
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a type of co-ownership of real property, held by two or more persons, where there is no right of survivorship
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