Chapter 4: Ownership

A condominium owner can: A. sell or mortgage the condominium unit without hindrance from individual owners of neighboring units. B. sell the interest in the physical unit separately from the interest in the common elements. C. exclude non-owners from the unit owner's pro rata portion of the common elements. D. exclusively possess and use those portions of the common areas structurally or functionally necessary for the operation of the unit.

A. sell or mortgage the condominium unit without hindrance from individual owners of neighboring units.

A tenant in common can: A. sell, encumber or transfer his or her interest to an outside party without the consent of the other tenants in common. B. use his or her interest in the estate to encumber the entire estate. C. sell, encumber or transfer his or her interest only to the other tenants in common. D. sell, encumber or transfer his or her interest only with the consent of all the other tenants in common.

A. sell, encumber or transfer his or her interest to an outside party without the consent of the other tenants in common.

The owner of a cooperative owns: A. shares in a corporation or association and a proprietary lease in a physical unit. B. a fee simple interest in a physical unit plus a tenancy in common in common elements. C. a tenancy in common in a physical unit and the common areas. D. a ground lease in the physical unit's pro rata share of land and a proprietary lease in the unit.

A. shares in a corporation or association and a proprietary lease in a physical unit.

If a co-owner in a joint tenancy or tenancy in common wants to dispose of his or her interest against the wishes of the other co-owners, the co-owner can: A. sue in court for a termination of the tenancy and partition of the property. B. deed the property to himself or herself as a tenancy in severalty. C. create a trust with himself or herself as sole beneficiary. D. file a foreclosure suit to force the other owners to sell their interests.

A. sue in court for a termination of the tenancy and partition of the property.

The most common form of co-ownership when the owners are not married is: A. tenancy in common. B. joint tenancy. C. tenancy by the entireties. D. tenancy in partnership.

A. tenancy in common.

One of the benefits offered by ownership in a tenancy by the entireties is: A. the estate is subject to foreclosure only for jointly incurred debts. B. the estate may be terminated only by mutual agreement. C. the estate is not subject to foreclosure. D. a co-owner may transfer his or her fractional interest without the consent of other co-owners.

A. the estate is subject to foreclosure only for jointly incurred debts.

In contrast to a tenancy in common, in a joint tenancy: A. there is a single title to the property. B. there are as many titles to the property as there are co-owners. C. title is held by a corporate entity. D. co-owners who are married hold separate titles.

A. there is a single title to the property.

In a time-share freehold, owners acquire: A. undivided interests as tenants in common. B. a tenancy from period-to-period for a portion of a year. C. a pro rata share of a leased fee. D. a tenancy in severalty for a portion of a year.

A. undivided interests as tenants in common.

Which of the following is true of a tenancy in common? A. The co-owners must be married. B. The tenants share an indivisible interest. C. The tenants must acquire their interests at the same time. D. The tenants own equal shares of the estate.

B. The tenants share an indivisible interest.

If a joint tenant sells his or her interest to an outside party,: A. the new owner becomes a joint tenant. B. the new owner is a tenant in common. C. the joint tenancy terminates and all owners become tenants in common. D. the joint tenancy terminates and the owners must create a new joint tenancy to include the new owner.

B. the new owner is a tenant in common.

A condominium owner's assessments for maintenance and operation are based on: A. the unit's pro rata share of floor space. B. the unit's pro rata share of the property value as defined in the declaration. C. the number of shares the owner purchased in the condominium association. D. the assessed value of the condominium unit.

B. the unit's pro rata share of the property value as defined in the declaration.

When real property is held in a land trust, who controls the property? A. The trustor. B. The trustee. C. The beneficiary. D. The property manager appointed by the trustee.

C. The beneficiary.

Which of the following is true of a joint tenancy? A. The tenants can determine the size of the share owned by each tenant. B. The size of the tenant's shares is determined by the amount of equity each has invested in the property. C. The tenants have an equal and indivisible ownership interest. D. There can be no more than two co-owners, and each has a fifty percent interest.

C. The tenants have an equal and indivisible ownership interest.

Two individuals can own a house as tenants by the entireties if: A. they so elect at the time of acquiring title. B. they are blood relatives. C.they are married. D. they incorporate.

C.they are married.

When a tenant in common dies, what happens to the tenant's interest in the estate? A. It is divided equally among the surviving tenants in common. B. The surviving tenants must buy the interest from the deceased tenant's heirs or sell their interests to the heirs. C. It becomes a joint tenancy. D. It passes by probate to the deceased tenant's heirs.

D. It passes by probate to the deceased tenant's heirs.

When a joint tenant dies, what happens to the tenant's interest in the estate? A. It passes to the decedent's heirs, who become joint tenants. B. It passes as a tenancy in common to the decedent's heirs. C. The joint tenancy terminates and becomes a tenancy in common with the decedent's heirs and the surviving tenants as co-owners. D. It passes to the surviving joint tenants.

D. It passes to the surviving joint tenants.

In a cooperative, real property is owned only by: A. the individual unit owners. B. the individual unit owners and the cooperative association. C. the cooperative developer. D. the corporate entity of the cooperative association.

D. the corporate entity of the cooperative association.