Chapter 1
Unlike tenants in common, joint tenants
Cannot will their interest to a party outside the tenancy.
In a community property state, John marries Patricia. Prior to the marriage Jon 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 Patricias uncle as a gift. What property is community property in this marriage?
The Buick in the second property
A retired couple has just bought a retirement home with a peer 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
A waterfront home owner 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 tenant in common can
sell or transfer his interest without the consent of the other tenants in common
One difference between a cooperative estate And a condominium estate is that
A default by co-op owner may cause a foreclosure on the entire property instead of just a single unit, as with a condominium.
Which of the following best describes a fixture?
An item of personal property that has been converted to real property
A tenant without a lease has been sending the landlord monthly rent checks, and the landlord continues to except the payment. What kind of leasehold estate exists?
Estate from period to period
A land owner conveys a parcel of property with a provision 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 take the property back. What kind of a state that the land owner 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 only property as tenants by entireties?
If they are married
When a tenant in common dies what happens to the tenants interest in the estate?
It passes by probate to the deceased tenant's heirs.
Which of the following life estate is created by operation of law rather than by the owner?
Legal life estate
The "four unities" required to create a joint tenancy include which of the following conditions?
Parties must acquire respective interests at the same time.
The right to encumber a property means the owner can
Pledge the property as collateral for death
In a community property state, a basic distinction is made between
Property acquired during a marriage and property already own by each party at the time of marriage.
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
By contrast to a condominium, the owner of a cooperative owns
Shares in the corporation or association and a proprietary lease in a physical unit
If a co-owner is 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
Sue to extinguish the tenancy and partition the property
Three people have identical rights but unequal shares in a property, share an indivisible interest, and may sell or transfer their interest without consent of the others. This type of ownership is
Tenancy in common
A fee or life estate is held by an individual. This form of the state is referred to as
Tenancy in severalty
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 is true of a tenancy in common?
The owners enjoy an indivisible interest
Who owns the property and a timeshare a state?
The property is owned by tenants in common or buy a freehold owner who leases on a timeshare basis.
Estate from Period to Period will continue as long as
The tenant makes, and the landlord accepts, regular rent payments
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
Transfer of a portion of the bundle of rights.
Who are the essential parties involved in an estate interest?
Trustor, trustee and beneficiary
Which of the following would be defined as real estate as opposed to real property?
Wells, driveways, and signs on a parcel of land
A homeowner is very upset over a drone that a neighbor flies over his house. He takes his case to court to in the possible violation of rights. Does he have a case and on what basis?
Yes. The drowns infringe on his air rights.
A real property interest that includes the right to possess is considered
an estate of land
Riparian Rights Concern which of the following bodies of water?
streams and rivers
When a single individual or entity owns a fee or life estate in a real property, the type of ownership is
tenancy in severalty
The distinguishing feature of a leasehold estate is
that the estate is limited by a lease term.
In a cooperative, real property is owned only by
the corporate entity of the cooperative association.
Which of the following would be considered an 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.
If the duration of an owners rights in and estate is not determinable, The owner has
A freehold estate
A tenant continues to occupy an apartment after lease expiration without the consent of the landlord. This type of a state is called
An estate at sufferance
The distinguishing features of a condominium estates are?
Fee simple ownership of the air space in a unit and an undivided share of the entire property is common area.
A Unique feature Of a land trust is that
The identity of the beneficiary may not be identified.
Katelyn rents an apartment for one year. What rights has she acquired under the leasehold?
The right to possess and use the premises.
In a timeshare freehold, owners acquire?
Undivided interest in the property as tenants in common.
The bundle of rights refers to a set of rights
enjoyed by the owner of a property.
The right to control land usage by zoning and eminent domain is an example of
public interest
When an estate is held in a trust, which party holds legal title?
trustee
