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33 Cards in this Set

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S and N bought a store building and took title as joint tenants. N died testate. S now owns the store

a. as a joint tenant with rights of survivorship
b. in severalty
c. as a tenant in common with N’s heirs
d. in trust
b. in severalty (deed trumps will)
The owner of a fee simple estate who conveys the real estate but reserves a life estate in the entire property for himself has a

a. homestead
b. dower interest
c. reversionary interest
d. remainder interest
d. remainder interest
F has the legal right to occupy and use a certain residential structure. All of the following could describe F’s interest in the property EXCEPT

a. fee simple
b. remainder
c. leasehold
d. life estate
b. remainder (what you have after someone with a life estate dies)
Which of the following would be considered community property?

a. A gift of property to the wife during the marriage
b. Income earned by the one spouse during the marriage
c. Property inherited by the husband during the marriage
d. Income earned by either party prior to the marriage
b. Income earned by the one spouse during the marriage
A trust is a legal arrangement whereby the title to property is held for the benefit of a third party by a(n)

a. beneficiary
b. trustor
c. trustee
d. attorney in fact
c. trustee
E lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, E owns stock in the corporation and has a lease to his apartment. This type of ownership is called

a. condominium
b. planed unit development
c. time share
d. cooperative
d. cooperative
V and N are co-owners of a fee simple interest in a small office building. N dies intestate and leaves no estate to be distributed to his heirs. V is neither related to N nor a creditor of N. Which of the following would explain why V acquired the interest of N?

a. Adverse possession
b. Reversionary rights
c. Joint tenancy
d. Foreclosure
c. Joint tenancy (with right of survivorship)
An ownership interest that is based on annual occupancy intervals is the

a. Lease hold
b. Time share
c. Condominium
d. Cooperative
b. Time share
J, M, and H are joint tenants owning a parcel of land. H conveys his interest to his long-time friend W. after the conveyance, J and M

a. become tenants in common.
b. continue to be joint tenants with H
c. become joint tenants with W
d. remain joint tenants owning a two-thirds interest
d. remain joint tenants owning a two-thirds interest (p 97)
K and U owned a combination apartment building with a small bar and grill on the premises. They shared their profits and losses on their venture equally, but they did not own the business under any written partnership agreement. One day, U died of a heart attack. If, after U’s death, K continued to won the same undivided interest in the real estate as he did before U’s death and no more then

a. they were joint tenants
b. they were tenants in common
c. they were stockholders in their own corporation
d. U died intestate
b. they were tenants in common
Equal rights of possession are characteristic in all of the following EXCEPT

a. tenancy in common
b. tenancy at will
c. tenancy by the entirety
d. joint tenancy
b. tenancy at will )is a landlord tenant agrement)
In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivided 40 percent interest. The two owners hold their interests as

a. cooperative owners
b. joint tenants
c. community property owners
d. tenants in common
d. tenants in common
In a community property state, separate property is owned

a. solely by either spouse before the marriage or acquired by gift or inheritance by either spouse during the marriage
b. by one spouse before the marriage and jointly with the other spouse during the marriage
c. one-half by each living spouse during the marriage and then passes entirely to the survivor
d. jointly by one spouse and his or her deceased spouse’s descendants
a. solely by either spouse before the marriage or acquired by gift or inheritance by either spouse during the marriage
Under the community laws of the state in which they live, the D’s may do all of the following EXCEPT

a. each also own separate property
b. not convey community property without the other’s consent
c. each also own community property with others
d. not encumber community property without the other’s consent
c. each also own community property with others
To create a joint tenancy relationship in the ownership of real estate, there must be unities of

a. grantees, ownership, claim of right and possession
b. title, interest, encumbrance and survivorship
c. possession, interest, time and title
d. ownership, possession, heirs and title
c. possession, interest time and title (P.I.T.T.)
A person who owns one unit in a multi-unit structure together with a specified undivided interest in the common elements would own a

a. cooperative
b. share in a real estate investment trust
c. condominium
d. time-share interest
c. condominium
Separate property owned by a married person in a community property state must be

a. incorporated into the community property
b. kept totally separate from the community property
c. designed so that it eventually becomes community property
d. established prior to, not during, the marriage
b. kept totally separate from the community property
A joint tenancy with right of survivorship may be created

a. automatically if the property is distributed to the surviving children
b. by presumption if another form of ownership is not described
c. by deed or will
d. when a deed is signed by both spouses
c. by deed or will
The owner of a condominium unit learns that a neighbor has failed to pay his real estate taxes. If this neighbor does not pay the taxes

a. a lien can be filed against the condominium, including all of the units
b. a lien can be filed against the neighbor’s unit and his percentage of the common elements
c. a lien can be filed only against the common areas of the condominium
d. the taxing authority can order the condominium to be dissolved
b. a lien can be filed against the neighbor’s unit and his percentage of the common elements
A property held as a tenancy by the entirety requires which of the following?

a. The co-tenants must be husband and wife.
b. The property in question must be Torrens property.
c. Upon the death of a co-tenant, the decedent’s interest passes to his or her heirs.
d. In the event of a dispute the property must be partitioned.
a. The co-tenants must be husband and wife.
In a community property state

a. the property that a person accumulated prior to marriage is called separate property
b. the property that a person received as a gift during marriage is known as community property
c. all property owned by a married person is called community property
d. the property paid for by the earnings of one spouse during the marriage is known as separate property
a. the property that a person accumulated prior to marriage is called separate property
all of the following are elements of a joint tenancy with right of survivorship EXCEPT

a. it is created only when four unities are present
b. it cannot be created by operation of law
c. each joint tenant may pass on his or her interest to the heirs
d. the land my be the subject of a suit to partition
c. each joint tenant may pass on his or her interest to the heirs (deed trumps will)
All of the following are true statements about a condominium EXCEPT

a. a declaration must be filed before any units may be sold
b. each unit owner has a fractional undivided interest in the common elements
c. each owner receives a separate real estate tax statement
d. each owner has a proprietary lease with the association for his of her own unit
d. each owner has a proprietary lease with the association for his of her own unit (that's a co-op)
Because Mr. And Mrs. J no longer need their large house, they decide to sell the house and move into a cooperative apartment building. In a cooperative they will

a. become stockholders in a corporation
b. own their individual apartment
c. own the common elements
d. receive a 20 year lease to their apartment
a. become stockholders in a corporation
The severalty owner of a parcel of land sells it to a buyer. The buyer insists that the owner’s wife join in signing the deed. The purpose of obtaining the five’s signature is to

a. Terminate any rights the fide may have in the property
b. Defeat any curtsey rights
c. Provide evidence that the owner is married
d. Subordinate the wife’s interests to the buyer
a. Terminate any rights the fide may have in the property
Under the condominium form of ownership, the owner’s interest in the unit would normally be

a. A life estate
b. A fee simple estate
c. A reversionary estate
d. A proprietary leasehold
b. A fee simple estate
A and B are joint tenants. B sells his interest to C. What is the relationship of A and C?

a. They are joint tenants.
b. They are tenants in common.
c. There is no relationship because B cannot sell to C.
d. A owns a 2/3 interest and C owns a 1/3 interest.
b. They are tenants in common.
Tenancy with survivorship means

a. the tenancy interest may be inherited
b. the tenancy interest may be held by the remaining tenants upon death
c. the tenant’s heirs are survivors
d. this is not a legal tenancy
b. the tenancy interest may be held by the remaining tenants upon death
Acquisition of real estate by a group that includes one or more sponsors (promoters) and several investors is called a

a. subdivision
b. time share
c. syndication
d. group investment
c. syndication
A person purchases a fee simple estate and has an undivided interest in common elements. What does this person own?

a. a tenancy in common
b. a cooperative
c. a condominium
d. a tenancy by the entireties
c. a condominium
Which of the following is true about condominium ownership?

a. it cannot be mortgaged.
b. The corporation pays the real estate taxes.
c. The ownership cannot be willed.
d. The limited common elements cannot be sold separately.
d. The limited common elements cannot be sold separately.
The owner of a condominium is responsible for paying a monthly maintenance fee. If the owner fails to make this payment, which of the following is true?

a. The owner is evicted.
b. The debt is collected from other owners.
c. The debt becomes a lien against the unit.
d. The debt is added to the mortgage payment.
c. The debt becomes a lien against the unit.
How does a cooperative obtain the funds necessary to cover on-going operating expenses and mortgage payments?

a. charge rent.
b. Sell common elements.
c. Assess shareholders.
d. Charge special assessments.
c. Assess shareholders.