Chapter 2

What term describes the actual document associated with transferring title from one person to another? a) claim b) deed c) lien d) covenant

b) deed

Life estates are also referred to as a) inherited estates b) estates not of inheritance c) simple estates d) definite estates

b) estates not of inheritance

Many states have homestead laws that specify a) foreclosure timeframe b) exemption amounts for individuals and families c) minimum sale price d) payment for selling costs.

b) exemption amounts for individuals and families

Land interests are principally distinguished by whether they include a) easements b) possession c) taxes d) encroachments

b) possession

What term describes when two or more persons have an interest in estate? a) life estate b) tenancy c) deed d) land estate

b) tenancy

What type of tenancy has no expiration date? a) tenancy in common b) tenancy at will c) joint tenancy d) tenancy for years

b) tenancy at will

What type of tenancy is mainly used in social situations? a) tenancy at sufferance b) tenancy at will c) joint tenancy d) periodic tenancy

b) tenancy at will

The owner of a fee simple interest is called a) a life tenant b) the fee tenant c) a concurrent owner d)the possessor

b) the fee tenant

A periodic tenancy is also called a) an estate for years b) a tenancy at will c) an estate from period to period d) a tenancy at sufferance

c) an estate from period to period

If an interest-holder enjoys the right of possession, the party is considered to have what? a) an estate at sufferance b) an estate at will c) an estate in land d) a life estate deed

c) an estate in land

What describes an interest an individual has in real property? a) a conventional estate b) a title c) an estate in land d) an executory interest

c) an estate in land

What is a bundle of rights in a piece of property called? a) tenure b) acquisition c) title d) deed

c) title

Evidence of title is established through reports by the a) lender b) real estate licensee c) title company d) chamber of commerce

c) title company

History of title is also known as a) title insurance b) report of ownership c) equitable title d) chain of title

d) chain of title

What is not a major form of a legal life estate? a) homestead b) dower and curtesy c) elective share d) principal share

d) principal share

What right, associated with title, says the titleholder can sell, rent, or transfer ownership or use of the property at will? a) right of possession b) right to transfer c) right to control use d) right of exclusion

d) right of exclusion

Both freehold and nonfreehold estates are referred to as a) common law b) cooperatives c) interests d) tenancies

d) tenancies

What right, associated with title, gives the owner the right to decide who is allowed to enter a property? a) the right to control use b) the right to transfer c) the right to encumber d) the right of exclusion

d) the right of exclusion