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Modern RE Practice 4
Modern Real Estate Practice 4
| Term | Definition |
|---|---|
| The four unities of possession, interest, time, and title are associated with which of the following? | Joint tenancy. A joint tenancy can only be created by an intentional act and requires the four unities-PITT-to be present. |
| A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without stipulating a form of ownership. The two friends took title as which of the following? | Tenants in common. When joint tenancy isn't openly directed on the deed, grantees take title as tenants in common-to avoid accidental joint tenancy. Unmarried persons can't hold community property or be tenants by the entirety it is only valid by marriage |
| Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys his interest to a friend. Which statements is TRUE? | The other 2 owners remain joint tenants. When 1 of 3 tenants sells to a new person, the other 2 maintain joint tenancy. The new person is a tenant in common, & not owner in severalty of the entire property because severalty is sole ownership. |
| A man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own? | Condominium. When a person owns part of a development in fee and a percentage of the rest in common with the other unit owners, this is condominium. |
| A trust is a legal arrangement in which property is held for the benefit of a third party by | A trustee. The trustor creates a trust that is held for the benefit of the beneficiary who will ultimately benefit from the trust. A third party, the trustee, holds legal title to the property and carries out the trustor's instructions. |
| In some states real property either spouse owns at the time of marriage is separate property. Real property acquired by either spouse during marriage, except gifts, inheritance, w/proceeds of separate property, belongs to both. This type of ownership is? | Community property. This arrangement falls under community property law, which is found-w/some variations in details-in AZ, CA, ID, NM, TX, WA, WI, and as an option in Alaska. |
| Three people were concurrent owners of a parcel of real estate. When one of the owners died, that interest became part of the deceased's estate. The deceased was | Tenant in common. If the deceased had been a joint tenant the property wouldn't be passed to an heir as directed in the will because joint tenancy supersedes a will. The deceased also wasn't a tenant by entirety (reserved for spouses only) or severalty. |
| A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is | A trust. Trusts protect beneficiaries. Partnerships can protect limited partners; corporations can protect stockholder-owners. |
| A person lives in an apartment building. The land & structures are owned by a corporation w/one mortgage loan securing the entire property. Like other residents, they own stock in the corporation & have a lease to the apartment. This type of ownership is? | Cooperative. In a cooperative, a corporation holds title to the property and offers stock shares to the residents, who then receive a proprietary lease to the apartment. |
| An owner purchased an interest in a house in Beachfront. The owner is entitled to the right of possession only between July 10 & August 4 of each year. Which of the following is MOST likely the type of ownership that has been purchased? | Time-share. When a person holds an interest in property for a stated time each year, that person is sharing the property according to a time plan. It is a time-share. |
| A corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in | Severalty. The term person doesn't always refer to a natural individual-human; the law regards a corporation as an artificial person. Because this is so, a corporation can own real estate in severalty (alone) |
| Which of the following refers to ownership by one person? | Severalty. Severalty ownership is ownership by one person severed-cut off-from all other. |
| A married couple co-owns a farm and has the right to survivorship. This arrangement is MOST likely? | An estate by the entirety. Married people may own property as tenants in common, joint tenants, or community property, not severalty. The right of survivorship is identified as part of tenancy by the entirety (is joint tenancy for married in some states) |
| The real property interest that takes the form of personal property is | Cooperative unit ownership. Because it involves receiving share of stock and a leasehold-both of which are considered by common law to be personal property-cooperative ownership is personal, not real, property. |
| 2 people are co-owners of a small office building w/the right of survivorship. 1 of the co-owners dies intestate & leave nothing to be distributed to heirs. Which of the following would explain why the surviving co-owner acquired the deceased's interest? | Joint tenancy. Upon the death of one party in a joint tenancy arrangement, all remaining interest do not pass to the heirs or according to the will but to the surviving joint tenant. |
| Which of the following is MOST likely evidence of ownership in a cooperative? | Shareholder stock. The documents that show ownership in a cooperative are shares of stock in the cooperative corporation and a proprietary lease. |
| An ownership interest that can be an estate interest or a right of use is | Time-share. A real property interest and the right to use the facilities for a certain period of time is called a time-share. |
| Which statement applies to both joint tenancy and tenancy by the entirety? | The last survivor becomes a severalty owner. Tenancy by the entirety is a type of joint tenancy recognized by some states that is reserved for married couples. In both, there is a right of survivorship. The last survivor becomes sole (severalty) owner. |
| Which of the following is NOT a form of co-ownership? | Ownership in severalty. When just one individual owns property, the form of ownership is known as ownership in severalty. |
| If property is held by two or more owners as joint tenants, the interest of a deceased co-owner will be passed to | The surviving owner or owners. Survivorship means that the interest of a deceased cotenant will pass to, and be divided equally among, the still-living (surviving) cotenants. |
Created by:
jr84