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OWNERSHIP

QUIZ

QuestionAnswer(A)(B)(C)(D)
1. Real estate includes all except: (D)Real estate is immovable, affixed attached and annexed. Tractors and threshers are movable Air Rights Growing sycamore trees Barns and fences Tractors and threshers
2. How should an unmarried couple own in real estate in order to provide each other of their heirs the right to inherit their portion of the property? (A)Only tenancy in common does not provide automatic right of survivorship. Tenancy in common Joint tenancy Tenancy by the entirety Tenancy in severalty
3. Which is most important in determining if an unknown property is a fixture? (C)Intention is one of the four tests that may be used to determine whether property is a fixture, real property. Weight Cost Intention Probability
4. Which is an appurtenance? (A)An appurtenance is a legal right to cross the land of an adjoining property. Easement over adjoining land Retail fixture Above-ground pool Refrigerator
5. Trade fixtures used by a retail tenant are: (A)Personal property installed by retail tenant is a trade fixture. Personalty Realty Appurtenances Emblements
6. A and B are purchasing a duplex together and want to avoid probate when the first of them dies. How should they own it? (A)Joint tenancy will give buyers the ownership they want and there is no joint tenancy without right of survivorship. Joint Tenancy with right of survivorship Joint Tenancy, without right of survivorship Tenancy in common Right of survivorship is only available if they are married
7. Rights to reasonable use of water in a waterway bordering land are: (C)Riparian rights relate to real property bordering a river. Adjoining Littoral Riparian Mineral
8. Owning land bordering navigable waterway means owner's rights: (D)Navigable waterways, real property ownership extends to the shoreline also called the accretion line. End at middle of waterway Are subject to public use Extend to other bank Extend to own edge or accretion
9. The essential characteristics of condominium ownership are: (A)Condominium owners take individual title to their units, buy own the common areas jointly. Individually owned units and jointly owned common areas Entire property jointly owned by residents A corporation owned by the residents owns everything Units owned individually, but only for defined weeks during the year
10. An estate reserved for married couples only is: (A)Co-ownership reserved for married couples is tenancy by the entirety. Estate by the entirety Joint tenancy Tenancy in common Life Estate
11. Mother and two daughters equally own property. Mother died and left 1/3 share to one and 2/3 share to the other. Original ownership was: (C)The only type of co-ownership that is inheritable is tenancy in common. Tenants by the entirety Joint tenants Tenants in common Tenants in severalty
12. An air conditioner installed in a special opening through a wall is: (D)The air conditioner becomes real property through its method of attachment. A Chattel Personalty Personal property of seller A fixture
Created by: Ernesto Erazo