Chapter 2

This word means that a fee simple estate is inheritable?

Descendible

Which of the following could own real estate as tenants by the entirety?

Karen and Rick, a married couple

Under an estate at sufferance, the landlord could go to court to have a trespassing tenant evicted. What is another possible remedy?

Accept the tenant for another similar lease term

Who can own property in severalty?

An individual, a business entity, or a trust

Which of the following could be structured as a condominium?

Apartment-style building Single-family homes Townhouses

Siblings John and Todd own a cabin together. They each own a divided piece of the overall parcel of real estate. Which of the following describes how they own the cabin?

As tenants in common

What are the people who will inherit property and other assets held in trust called?

Beneficiaries

Which of the following are cooperative residents usually responsible for?

Both their own utility costs and maintaining the interior of their individual units.

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse is known as...?

Community property

What type of ownership describes apartment-style living where residents own shares in a corporation that entitles them to occupy a specific unit?

Cooperative

An owner in severalty has the right to leave their real estate to someone else after their death. This is commonly called the power to...?

Devise

Who can terminate an estate at will?

Either the landlord or the tenant, or both of them

An estate that will end automatically when the stated event or condition occurs is known as a/an...?

Fee simple determinable estate

The person who retains the life estate interest is called the?

Life tenant

Which of the following repairs in a condominium would most likely be covered by the homeowner's association and not the responsibility of the individual owner?

New carpet in the building's lobby

Which one of the following best describes "ownership in severalty"?

One person owns all of the rights that come with owning real estate.

What is the term for a legal proceeding that officially severs co-ownership of a parcel of land or property?

Partition

What types of fees are condo owners with mortgages generally responsible for paying, in addition to their mortgage payments and utility costs?

Property taxes and dues to pay maintenance and upkeep.

A person who has a future interest in a life estate is known as/an...?

Remainderman

The individuals who have the right to the property at the end of the measuring lifetime are called the?

Remaindermen

The life tenant holds and can exercise all of the following rights related to the life estate property, except?

Sell the property

In most states, it is assumed that a property owner intends to transfer fee simple absolute ownership without including...?

Special language in the will

Which of the following can an owner in severalty do with their real estate?

Take out a mortgage on the property Sell the property Lease the property to someone else

Which of the following is the least common type of real estate ownership when a married couple owns property together?

Tenancy in common

Which of the following types of ownership is more common than the others when siblings own property together, or when business partners purchase real estate together?

Tenancy in common

What is a type of trust that springs into being after the grantor's death?

Testamentary trust

Pat and Chris own a home together as joint tenants with rights of survivorship. Pat signs a Will to leave ownership of her share of the house to her friend, rather than to Chris. What will likely happen at Pat's death?

That provision of the Will will not take effect. Property owned as joint tenants passes by law to the other named joint tenant(s) at death.

If the language of an estate at will lease says tenancy continues at the will or desire of the tenant, under what circumstances can the landlord terminate the lease?

The landlord may not be able to terminate the lease

What is the distinguishing feature of a joint tenancy?

The right of survivorship

What is an example of a term that could be included in a deed to create a fee simple determinable estate?

Until So long as During