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OWNERSHIP

Quick Study Questions

QuestionAnswer
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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