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28 Cards in this Set
- Front
- Back
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CHAPTER 1 PROPERTY ESTATES AND OWNERSHIP |
CHAPTER 1 PROPERTY ESTATES AND OWNERSHIP ANSWERS |
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Legally and technically, property is defined as: a. transferable estates b. things owned c. rights or interest to the thing owned d. personal property only
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c. rights and interest in things owned |
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Which of the following is considered real property? a. a bearing wall in a single family residence b. a maturing grape crop sold under contract c. a refrigerator in an unattached mobile home d. a leasehold interest in real property |
a. a bearing wall in a single family residence |
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A distinction between real property and personal property is that real property: a. can be owned in severalty b. is immovable c. can be left at heirs d. is subject to tax liens |
b. is immovable |
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Which of the following is not considered real property? a. land b. fixtures c. leasehold estates d. appurtenances |
c. leasehold estates |
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Which of the following estates represents the highest degree of ownership available? a. fee simple absolute b. fee simple defeasible c. life estate d. less than freehold estates |
a. fee simple absolute |
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Which of the following is true about a life estate in real property? a. it can b owned only by an outright grant in a deed b. it can coexist together with another estate in the property c. the conveyance of a life estate must carry with the right to immediate possession d. it cannot exceed 12 years in duration |
b. it can coexist together with another estate |
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In the practice of real estate the word "tenancy" actually means: a. one or more tenants experiencing quiet enjoyment of the premises b. a mode of holding title c. an encumbering device on a property d. a tenant with an uncommon degree of tenacity |
b. a mode of holding title |
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Which of the following is real property? a. stock in mutual water company b. a leasehold interest in real property c, a deed of trust d. none of the above are considered real property |
a. stock in mutual water company |
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A tenant in a rented apartment and the owner occupant of a condominium have which of the following in common? a. each party holds a fee simple interest b. each party holds an estate in real property c. each party holds a less-than-freehold estate d. each party holds an estate they can leave to their heirs. |
b. each party holds an estate in real property |
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A joint tenant can convey an interest held in real property in all of the following ways except: a. lease b. will c. sale d, gift |
b. will |
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In tenancy in common ownership, there is legally a unity of which of the following? a. time b. title c. interest d. possession |
d, possession |
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A man owns real property in severalty. This means that he legally owns the property: a. with several other people b. as a co-tenant with one other individual c. as an individual d. while sharing equity with a lender |
c. as an individual |
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Which of the following is not a test for a fixture? a. method of attachment b. time of attachment c the parties agreement d. the adaptability of the item |
b. time of attachment |
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Which of the following is true about an appurtenance? a. it is considered personal property b. it is occasionally included in the sale of real property c. it runs with the land and has no existence apart from the property d. its meaning is embodied in a trust deed
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c. it runs with the land and has no existence apart from real property |
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Which of the following would best define a trade fixture? a. an item of personal property permanently attached in a business office b. an item of personal property that become real property c. an appurtenant item d. a fixture which is left behind at the expiration of the commercial lease |
a. an item of personal property permanently attached in a business office |
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In fee simple defeasible estates which of the following statements is most correct? a. title is defined only if one of the owner dies b. the estate is subject to accelerated deterioration c, the estate reverts to the state because lack of heirs d. title is defeated if a condition is broken |
d. title is defeated if title is broken
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Three people, A, B, and C own a property together as joint tenants. A sells his interest to D. B wills his interest to E. When B dies, ownership in the property can be described as follows: a. A and C own the property as joint tenant 50/50 b. D and C own the property a joint tenants 5/50 c. D and C own the property as tenants in common d. D, E and C each own 1/3 interest in the property as joint tenants |
c. D and C own the property as tenants in common |
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If Carol and John own a property together as joint tenants and John owes a substantial amount of debt that has not been foreclosed upon or even secured on the property, and John dies, what is the outcome regarding John's indebtedness? a. Carol receives the property free of Johns debt b. Carol receives the property subject to Johns debt c. Carol receives the property, but Johns heir have to pay the debt d. the property must be sold to pay the debt and give Carole her 50% |
a. Carol receives the property free of Johns debts |
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Which of the following is considered an estate for years? a. a long term life estate b. a month to month tenancy c. a term from February 1 to June 30 d. an estate at sufferance |
c. a term from February 1 to June 30 |
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A rental agreement with a termination date is consideered which of the following? a. a month to month tenancy b. an estate at sufferance' c. an estate at will d. an estate for years |
d. an estate for years |
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Which of the following represents riparian rights? a. river b, stream c. moving watercourse d. all of the abouve |
d. all of the above
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Which of the following represent littoral rights? a. river b. lake c. creek d. all of the above |
b. lake |
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Which of the following is the opposite of condemnation>? a. approval b. abrogation c appropriation d. reversion |
c. appropriation |
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Three people own equal interest in a parcel of land as tenants in common. Without the consent of the others, one of the co-tenants leased the entire parcel to another party for agricultural purposes. Such a lease would be: a. valid and binding for all three co-tenants b. invalid because land owned by multiple owners may not be leased c. valid provided that the term did not exceed 51 years d. invalid because one co-tenant cannot obligate the other co-tenants for a lease of the whole property without their consent |
d. invalid because one co-tenant cannot obligate the other co-tenants for a lease of the whole property without heir consent |
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If Jones conveys to Ford a portion of Jones' fee estate for a term less than his own Jones' own interest would be classified as a: a. remainder b. reversion c. vested sufferance d. fee defeasible |
b. reversion |
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An uncle left his nephew 2/3 interst and left his nephews wife 1/3 interest in real property jointly and without right to suviorship. They will assume title to an estate that is classified as: a. community property b. joint tenancy c. tenancy in common d. partnership |
c. tenancy in common |
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Which of the followin statements concerning riparian rights is not correct? a. a riparian owner may convey any part of his or her land that is not immediately adjacent to the river b. if a riparian owner conveys part of his land that i not immediately adjacent to the river, riparian rights are not conveyed c. riparian rights may not be severed from the property by prescription or condemnation d, the owner of adjacent land my not lawfully divert all available water and thereby deprive a riparian right of an owner of water |
c. riparian right may not be severed from the property by prescription or condemnation |
