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OWNERSHIP
Quick Study Questions
| Question | Answer |
|---|---|
| The final step in transferring title to real estate is? | Delivery and acceptance of signed deed by grantee. |
| Ownership of realty by one person is? | Ownership in severalty. |
| What rights does a riparian owner hold in a navigable river course? | Rights to the edge or accretion line of the river and down to low water mark. |
| A conveyance in which the grantor retains a future interest is? | Life estate in reversion. |
| What is a major difference between tenancy in common and joint tenancy? | Joint tenants most hold equal interests and feature right of survivorship. |
| The recording of a deed at a registry of deeds is? | Constructive notice of ownership to the public. |
| Growing timber becomes personal property by? | Severance. |
| When speaking of "improvements" regarding real estate, we mean? | Everything affixed to the land. |
| What does the word title mean? | Ownership. |
| What is the interest of condominium owner? | Separate fee interest in individual unit and undivided interest in common areas. |
| A grantee is a? | Buyer (Grantor is seller) |
| A tenancy is another way of saying? | Estate or interest. |
| Tile of ownership of a condominium unit is vested in? | Unit owner. |
| In a cooperative, the holder of stock in the corporation is usually a? | Proprietary lessee. |
| A,B and Q are joint tenants. A dies. B transfers interest to S. What is the legal relationship between S and Q? | Tenants in common. |
| What is an important distinction between a condominium owner and a cooperative owner? | condo owns real estate (deed); co-op owns personal property (stock certificate and proprietary lease). |
| Is a real estate agent allowed to sell ownership in real estate limited partnership? | No; the agent would need a securities license. |
| Joseph owns a house. He marries Helen. If Joseph dies, does Helen automatically own the house? | No, not unless Joseph deeded the house to them both as tenants by the entirety. |
| Time sharing is also known as? | Interval ownership, prepaid vacation and floating use. |
| When a person owns a piece of real estate, how far up does their ownership go? | There is no automatic limit to the space owned. |
Created by:
Ernesto Erazo
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