Unit 1 Exam real property and ownership

The concept of "undivided interest" means that ____.

An individual can own a specified percent of a property but the exact location or part of the property is not defined

Real property taxes on a condominium unit ____.

Are billed to the individual unit owners

Markers used as points of beginning or other corners in metes and bounds descriptions may be ____.

Artificial, Iron stakes, or trees.

Out of the 4 possible answers, the most important test of whether an item is a fixture or not is ____.

Attachment

Which of the following is NOT a commonly used method of land description?1. Government Survey System 2. Metes and bounds 3. Lot-and-block 4. Azimuth and bearing

Azimuth and bearing

The rights to alienate and encumber real property are contained in the ____.

Bundle of rights

A condominium master deed describes all of the following EXCEPT ____. 1. Common elements 2. Air space 3. By-laws 4. Separate units

By-laws

Rhonda buys a house in a planned subdivision. Her deed tells her that the use of her property is subject to the terms of the CC&Rs. In the CC&Rs are these restrictions: "nor shall any backyard fence exceed six feet high nor any fence, in front of a house, exceed four feet". Rhonda apparently thinks that nobody will care when she builds an eight-foot fence around her house to "ensure my privacy". The homeowners association notifies her in writing that she is violating her deed restrictions. Rhonda doesn't respond to repeated warnings, the association then .

Can sue her to remove the fence or make it shorter

An estate in real property consisting in an individual interest in airspace within a unit and an undivided common interest in the common areas is known as ____ ownership.

Condominium

Correction for curvature of the earth back to a full 6 miles made at every 4th township line in the Government Survey System of land description is called ____.

Correction lines

Used in some states to represent the interest the wife receives in property owned by her husband at the time of death, is called ____.

Dower

Which of the following is NOT a test for determining a fixture?

Exterior dimensions and weight

An estate that may be "defeated" by failure of a condition determined in the deed, whereupon title automatically reverts to the grantor, is called ____.

Fee simple determinable

The ____ is the most complete and absolute ownership of real property.

Fee simple estate

A Planned Unit Development (P.U.D.) is a ____.

Form of common interest community and a form of municipal or county zoning

Real property includes all of the following except .

Furniture

A business organizational form in which partner(s) are liable for all debts and actions, is a _________.

General partnership

A ____ is a tract of land owned and occupied as the family home where a portion of the area or value of this land is protected or exempt from judgments for debt.

Homestead

A federal act requiring disclosure of property information to buyers when 25 or more unimproved parcels of land in a subdivision are offered for sale is the ____.

Interstate land sales full disclosure act

Condominium ownership ____.

Is less expensive, and thereby expands home ownership opportunity, Requires accommodation to the rules of others, Involves payment of common association fees.

James and Julie Smith own property as tenancy by the entirety. When Julie dies, ____.

James will be the sole owner

Mary transferred a life estate in her home to John for as long as Ned Green lives. What happens if John dies?

John's heirs would inherit the life estate.

Which of the following would be considered a fixture?

Keys to the front door

The tenant's right to occupy real estate, for a specified term where the landlord possesses a right of reversion of the estate at the end of the lease term, is known as ____.

Leasehold estate

An interest in real property limited to the duration of someone's life, is called ____.

Life estate

Those areas in a common interest community reserved for exclusive use by a particular owner, such as decks, storage areas, or parking spaces, are known as ____.

Limited common elements

The legal description that measures distance in feet and uses degrees and monuments is:

Metes and bounds

A non-ownership or leasehold estate that a tenant possesses in real property, is called____.

Non-freehold estate

If Nancy grants a life estate to Lois for the life of Rowena, and Lois dies, the estate ____.

Passes to Lois's heir's or devises

A refrigerator is usually considered ____.

Personal property

Lumber has been delivered for a garage building project. While the lumber is sitting on the driveway, it is considered ____.

Personal property

Water and mineral rights are included in the definition of ____.

Real property

Marc conveyed ownership of a home to his cousin, but reserved the right to continue to live in the home until he dies. The interest the cousin owns while Marc is still alive is a ____.

Remainder estate

Provisions placed in a deed to control future use of the property, are known as ____.

Restrictions

P.U.D.

Stands for Planned Unit Development, Is usually a zoning term, Is a planned community with a variety of individual ownership interests

A property that is co-owned without the right of survivorship but has undivided interests is an example of ____.

Tenancy in common

Jan sells 1/2 (interest) of his property to Joan. This would create ____.

Tenancy-in-common

If you have a valid will, you are said to die ____.

Testate

A form of business organization in which two or more individuals come together for a business purpose and share in the profits or losses of the venture is called ____.

A joint venture

An IRS category of corporation that is treated like a partnership for tax purposes, avoiding taxation of corporate profits and subsequent taxation of dividends to shareholders, is called a(n) ____.

'S' Corp

A rectangular parcel that starts at its true point of beginning, thence North 2,150 feet to a marker, thence East 1,013 feet to a marker, thence South 2,150 feet to a marker, thence West 1,013 feet to the point of beginning contains how many acres?

50 acres

Personal property, attached by a commercial tenant to assist in a trade or business, is a(n) ____.

Trade fixture

A third party that administers a trust on behalf of the beneficiary and carries out the wishes of the trustor, is the ____.

Trustee

Which of the following is NOT a unity required for a joint tenancy?

Unity of ownership