Property Ownership - Test
A condominium could be which of the following descriptions? Select one: A. Multi-story building B. Townhouse community C. Industrial office park D. Any of the above
A. Multi-story building B. Townhouse community C. Industrial office park
Jean transfers a fee simple interest in property to her daughter, Lisa, but reserves a life estate for herself. During Jean's lifetime, Lisa holds a: Select one: A. Life interest, pur autre vie B. Remainder interest C. Reversionary interest D. Life estate
B. Remainder interest
Mrs. Franklin is buying property from Mr. Akin. In order to get to her property, it is necessary to cross property owned by Mr. Travis. In the past, Mr. Travis had granted permission to Mr. Akin for this purpose. Mrs. Franklin wants to protect this privilege. What would best serve Mrs. Franklin's interests? Select one: A. An easement in gross B. A license C. An appurtenant easement D. Either A or C
C. An appurtenant easement
Which of the following items would be disclosed by a metes and bounds survey? Select one: A. Easement B. Marketability C. Encroachments D. Both B and C
C. Encroachments
If a man is considered a "proprietary tenant," he is most likely owns interest in which of the following types of property?
Cooperative apartment
Harry Homeowner takes pride in his property and keeps it well maintained (inside and outside of the home). However, Harry's neighbors are not so conscientious. What concept best explains why Harry's home is losing value? Select one: A. Immobility B. Uniqueness C. Scarcity D. Situs
Immobility
Tommy the Tenant takes over a tattoo parlor from an existing tenant. The parlor came with a comfortable dentist chair, which was perfect for people to sit on while getting their tattoo. One day, the chair breaks. Tommy installs a new dentist chair that he picked up at a flea market. The new chair is: Select one: A. Personal property, regardless of when it is removed B. Real property, if not timely removed C. Personal property, so long as it is timely removed D. Real property, regardless of when it is removed
Real property, regardless of when it is removed
A landlord's right to re-enter or regain possession of the premises upon expiration of a lease is known as: Select one: A. Redemption B. Reversion C. Remainder D. Recovery
Reversion
An adequate metes and bounds description must have all of the following inclusions, EXCEPT: Select one: A. A definite point of beginning B. Four sides C. Closure D. Linear measurements and compass directions
four sides
The right or privilege that one has to use the property of another is:
A. A license B. A lease C. An easement
A person who rents a property from June 1st to June 30th of the same year most likely has a(n): Select one: A. Estate for years B. Periodic estate C. Tenancy at will D. License
A. Estate for years
The owner of a fee simple absolute estate leaves a will, which only specifies that he will leave a life estate to one party and a remainder estate to another. Upon the death of the life tenant, the remainderman could have a: Select one: A. Fee simple estate B. Life estate C. Leasehold estate D. Fee simple determinable estate
A. Fee simple estate
Harry hired a contractor to paint the interior and exterior of his rental property. Harry did not pay, and the contractor filed a mechanics lien. Which of the following statements is true regarding the lien? Select one: A. The lien can only be for the cost of the material used B. The lien applies to all of Harry's real property C. The lien applies to all Harry's real and rental property D. The lien only applies to Harry's rental property
The lien only applies to Harry's rental property