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30 Cards in this Set

  • Front
  • Back
A condominium is considered a subdivision if the airspace is divided into at least 5 units. This subdivision can be a(n):

industrial building.
commercial building.
residential building.
all of the above
all of the above
The holding of real property is:

tenancy.
tender.
taken for granted.
tenement.
tenancy
Susan leases a residence from Mr. Shine for a period of 4 months on a written lease. After the lease expires Susan retains possession of the property without the consent of Mr. Shine. Susan holds:

an estate at sufferance.
an estate at will.
an estate for years.
all of the above.
an estate at sufferance.
A brother and sister hold title to real property as joint tenants. The sister gets married and deeds half her interest in the property to her husband. Her husband:

owns no interest in the property as she may not deed an undivided interest in the property without her brother's consent.
would be a co-tenant in the property but would have rights of survivorship only as to a 1/3 interest.
would be a joint tenant but only as to a 1/4 undivided interest.
would be a tenant in common.
Correct answer is (d).
When a joint tenant conveys a portion of his interest, the joint tenancy is not affected insofar as the original remaining joint tenants are concerned. They continue as joint tenants to each other with the "stranger" holding as a tenant in common. However, when, as in this case, the remaining joint tenants no longer have an equal interest in the property, the joint tenancy is dissolved and it becomes a tenancy in common.
A condominium is similar to an apartment in that:

each occupant in each unit has an estate in real property.
the person in each unit has a fee interest.
the local tax assessor must assess each property separately.
none of the above.
Correct answer is (a).
Both the owner of a unit in a condominium and a tenant renting an apartment have an estate in real property.
If Alfred deeded a ranch to Marley for the life of Cary:

Marley holds a life estate and Alfred an estate in remainder.
Marley holds a life estate and Alfred an estate in reversion.
Marley holds a fee simple estate and Cary a life estate.
Cary holds a life estate and Marley an estate in reversion
Correct answer is (b).
The law allows the duration of a life estate to be based on the life span of a third party (in this case, Cary). When Cary dies, the estate held by Marley will revert to Alfred.
When there is a foreclosure sale of property which has been homesteaded, the proceeds of the sale must be used first to:

discharge all prior liens and encumbrances on the property.
discharge the judgment creditor.
discharge the homestead claimant.
give the owner his equity in the property.
Correct answer is (a).
In a judgment foreclosure sale on homesteaded property, all prior liens and encumbrances on the property must be satisfied first, then the homestead exemption, then the judgment creditor satisfied, in that order.
Mr. Franklin was given real property for the term of his natural life. Which of the following statements is incorrect?

Franklin has a freehold estate.
Franklin would have a fee simple estate.
The duration of this estate is only for the length of the life of Franklin.
The estate can be encumbered by Franklin, but only for the life of Franklin.
Correct answer is (b).
A fee simple estate is the greatest interest one can hold in real property. A fee simple estate can be transferred by will, sold, or given away. Franklin holds a life estate which is a freehold estate even though it is only for his life and can only be willed if for the life of a third party. There is no third party here; therefore, it could not be willed and is a lesser interest than fee simple.
In tenancy in common there is always a unity of:

time.
title.
interest.
possession.
Correct answer is (d).
Remember, all four are unities in a joint tenancy, only unity of possession in a tenancy in common.
If the purchasers of real property have the title to the property placed in the name of "John Little and Mary Little, husband and wife," it is presumed that they hold title to the property as:

joint tenants.
community property.
tenants in common.
severalty.
community property
Elements of time, relationship, and interest are most relevant to:

joint tenancy.
tenants in common.
community property.
all of the above
community property
Unlike a joint tenancy, the tenancy in common requires only one unity, which is the unity of:

time.
title.
interest.
possession.
possession
A fee simple estate is most likely to be a:

life estate.
leasehold.
less-than-freehold estate.
maximum interest obtainable.
maximum interest obtainable.
In what form of ownership would you look to an individual's personal assets?

Corporation
Limited partnership
Partnership
Investment trusts
Correct answer is (c).
A partnership (an association of two or more persons carrying on a business for profit as co-owners) can hold title to real property (personal assets) in the name of the partnership, holding by tenancy in partnership and often vesting the title to said property in a trustee of a land trust.
Barbara grants to Peter a life estate, with the provision that upon the death of Peter, the property is to go back to Barbara. What kind of estate does Barbara hold?

Estate in remainder
Estate in reversion
Fee simple qualified
Life estate
Estate in reversion
A wife recorded a declaration of homestead on the community property without the husband's signature. Which of the following exemptions would the community receive?

Nothing
$75,000
$100,000
$175,000
Correct answer is (c).
The law permits the wife to declare a homestead exemption on 1) her separate property 2) the husband's separate property and 3) the community property - all without the signature or consent of her husband. The "head of the household" exemption is $100,000; for disabled or persons 65 or over, the exemption is $175,000; and for all others $75,000. [Code of Civil Procedure 704]
Property is:

real if an estate.
personal if a fixture.
personal if not real.
all of the above
personal if not real.
A life estate is limited to the life of its owner, or the life of one or more designated persons. All of the following are correct statements, except:

a life estate is a freehold estate.
the holder of a life estate is entitled to all the rents and profits from the land.
the holder may dispose of his life estate by sale or lease and encumber it.
there may be only one estate existing in a life estate at the same time and under the same circumstances.
Correct answer is (d).
Answers (a), (b), and (c) are all rights of a life estate.
If a non-riparian owner is given permission by the state to take water from a lake or river, he takes it by:

percolation.
prescription.
appropriation.
accretion.
appropriation
All except one of the following terms is usually associated with property. Which term does not belong in this group?

Estate for years
Fee estate
Parol
Life estate
parol
Which of the following is not considered a leasehold estate?

An estate in fee
An estate for years
An estate for period
An estate at will
an estate in fee
Considering condominiums, an elevator located in the building would be considered part of the:

unit.
common areas.
project.
all of the above
common areas.
Under lease, the leasehold estate lies with the:

lessor.
lessee.
both (a) and (b)
neither (a) nor (c)
Correct answer is (b).
Lessor is the owner. He would have a freehold estate. The lessee holds the leasehold or less-than-freehold estate.
Which of the following would be a good example of riparian rights?

Rights to water from a mutual irrigation district
Absolute and exclusive rights to the middle of an adjacent river
Reasonable use of non-adjacent water
None of the above
Correct answer is (d).
Riparian rights is the right to a reasonable use of the water adjoining, abutting, or running through one's land or in known underground channels beneath the surface of one's land.
A person purchased a condominium unit. Which of the following is a part of his unit?

Bearing wall
Elevator
Airspace within his unit
Walkways
Correct answer is (c).
Choices (a, (b), and (d) are areas owned in common.
An appurtenance is:

an easement in gross.
stock in a mutual water company.
an attachment.
all of the above
Correct answer is (b).
Transfers with the land. Stock in a mutual water company would be the water rights of the land and must transfer with the land.
The principals are each personally liable to creditors in:

corporation.
partnership.
limited partnership.
all of these
Correct answer is (b).
No personal liability under corporation nor limited partnership.
In the sale of real property, which of the following runs with the land?

Easements
Conditions
Stock in a mutual water company
All of the above
Correct answer is (d).
All are appurtenant, incident to, and run with the land.
In which way can a corporation not hold title to real property with another person or entity?

Joint tenancy
Tenants in common
Partnership
None of the above
Correct answer is (a).
Since a corporation is a legal person and will never die, it cannot hold title as a joint tenant with another. There can never be a right of survivorship with a corporation if the corporation is never going to die. If the corporation holds title by itself, it is in severalty, but, if held with another, it can be in common or in partnership.
If "A," "B," and "C" have property as joint tenants, and "B" sells his share to "W" and "A" dies leaving an heir, "S," which situation is correct?

2/3 goes to "C" and "W" with "S" as a tenant in common
1/3 goes to "C," 1/3 to "W," and 1/3 to "S" after court decision
"C" and "W" have a tenancy in common
Joint tenancy goes through probate
Correct answer is (c).
Joint tenants can sell their share but cannot will it. When selling their share, the person receiving it holds as a tenant in common with the remainder of the joint tenants holding as joint tenants. Therefore, "A" and "C" were still joint tenants with "W" as a tenant in common. When "A" died, "C" received "A"'s share by right of survivorship leaving "C" with a 2/3 interest and "W" with a 1/3 interest in the property, both holding as tenants in common.