National Practice Test 1 - Rights, Interest and Estates; Ownership

Which of the following would be considered a property improvement?

A chicken coop permanently attached to land

Which of the following is true of a cooperative?

A cooperative may hold an owner liable for the unpaid operating expenses of other owners.

Which of the following is true of a homestead?

A homestead interest cannot be conveyed by one spouse

Which of the following best describes a "fixture"?

An item of personal property that has been converted to real property

Ned grants his sister Alice an estate for as long as she lives. Her descendants, however, cannot inherit the estate. What kind of estate is it?

An ordinary life estate

Which of the following best describes the legal concept of personal property?

Any item of property that is not definable as real property

A party has just purchased a manufactured housing unit. When is this property considered real property/

As soon as it is affixed to the ground

A tenant without a lease has been sending the landlord monthly rent checks, and the landlord continues to accept the payments. What kind of leasehold estate exists?

Estate from period to period

A landowner conveys a parcel of property with the provisions that the land cannot be developed for retail purposes. The new owner immediately begins to develop a retail shopping outlet, the grantor finds out and takes the property back. What kind of estate did this landowner convey?

Fee simple defeasible

Two people own a house, each having an undivided equal interest. Which of the following best describes what each party owns?

Fifty percent of the estate consisting of the indivisible whole of the real property

Under what conditions can two individuals own a property as tenants by the entireties?

If they are married

Which of the following would be considered community property/

Income derived from community property

When a tenant in common dies, what happens to the tenant's interest in the estate?

It passes by probate to the deceased tenant's heirs

Which of the following life estates is created by operation of law rather than by the owner?

Legal life estate

Littoral rights apply to which of the following?

Navigable lakes, seas and oceans

The "four unities" required to create a joint tenancy include which of the following conditions?

Parties must acquire respective interests at the same time

Riparian rights concern which of the following bodies of water?

Streams and rivers

The distinguishing feature of a leashold estate is

That the estate is limited by a lease term

In a community property state, John marries Patricia. Prior to the marriage John owned an SUV. During the marriage, JOhn bought a Buick, John and Patricia bought a second property with money earned from Patricia's job, and each individual received a motorcycle from patricia's uncle as a gift. What property is community property in this marriage?

The Buick and second property

Louis owned a boat and a house before marrying Barbara. While she was single, Barbara owned a new car. The two got married and bought a second home. As a wedding present, Barbara's father bought Louis a motorcycle. Under the law of community property, what property can Louis sell without his wife's consent or signature?

The boat, house and motorcycle

Which of the following best describes the physical boundaries of land?

The center of the earth and infinite space above the earth

An item may be considered personal property as opposed to real property provided that

The owner intended to remove it after a period of time

Which of the following is true of a tenancy in common?

The owners enjoy an indivisible interest

Katelyn rents an apartment for one year. What rights has she acquired under the leasehold?

The right to possess and use the premises

An estate from period-to-period will continue as long as

The tenant makes, and landlord accepts, regular rent payments

Which of the following is true of a joint tenancy

The tenants have an equal and indivisible ownership interest.

When an estate is held in a trust, which party hold legal title?

The trustee

A waterfront homeowner has just died. What will become of the water rights the owner enjoyed while living in the home?

They transfer with the property when the property is sold

A property owner leases 60 acres of agricultural land for a renewable period of 5 years. In the context of real estate rights, this lease represents a(n)

Transfer of a portion of the bundle of rights

A homeowner is very upset over a drone that a neighbor flies over his house. He takes his case to court to end this possible violation of rights. Does he have a case, and on what basis?

Yes. The drones infringe on his air rights

If the duration of an owner's rights in an estate is not determinable, the owner has

a freehold estate

Homestead estates are examples of

a legal life estate

The right to control land usage by zoning and eminent domain is an example of

a public interest

A tenant continues to occupy an apartment after lease expiration without the consent of the landlord. This type of estate is called

an estate at sufferance

A real property interest that includes the right to possess is considered

an estate in land

Unlike tenants in common, joint tenants

cannot will their interest to a party outside the tenancy

The "bundle of rights" refers to a set of rights

enjoyed by the owner of a property

When a joint tenant dies, what happens to the tenant's interest in the estate?

it passes to the surviving joint tenants

The right to encumber a property means that the owner can

pledge the property as collateral for debt

Carissa and Robert acquire a condominium as tenants in common. In this circumstance, Carissa can

sell her interest to a third party without the consent of Robert

Tanya buys a 4-bedroom condominium. As the new owner, she has the right to

sell or mortgage the unit without impediment from individual owners of neighboring units

A tenant in common can

sell or transfer his interest without the consent of the other tenants in common

By contrast to a condominium, the owner of a cooperative owns

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

Six people have identical rights in a property and enjoy an indivisible interest. However any of the owners may sell or transfer his/her interest without consent of the others. This form of ownership is a

tenancy in common

A fee or life estate is held by an individual. This form of estate is referred to as a

tenancy in severality

An estate at will

terminates on the death of the lessor or lessee

When real property is held in a land trust, who controls the property?

the beneficiary

In a cooperative, real property is owned only by

the corporate entity of the cooperative association

A retired couple has just bought a retirement home with a pier on a large lake. In this case the retirees' water rights extend to

the high water mark of the body of water at the shoreline

If a joint tenant sells his or her interest to an outside party,

the new owner becomes a tenant in common with the other owners, who continue to hold a joint tenancy with each other and a tenancy in common with the new owner

A condominium owner's share of maintenance and operations expenses are based on

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

In contrast to a tenancy in common, in a joint tenancy

there is a single title to the property

In a time-share freedhold, owners acquire

undivided interests in the property as tenants in common

Which of the following would be defined as real estate as opposed to real property?

wells, driveways, and signs on a parcel of land