estates quiz 1

An estate is made up of all the real and personal property owned by a person while he/she is alive or all the assets owned by a decedent at the time of death.

true

Fixtures are real property

true

For unit of interest to exist, each joint tenant must hold the same interest in land with respect to quantity and duration.

true

In tenancy by the entirety, neither the husband, nor wife, can mortgage, sell, or give the property to another or sever the tenancy while he/she is alive or by will or trust without the written and signed consent of the other spouse.

true

Joint tenancy is the ownership of real or personal property by two or more persons with the right of survivorship.

true

Partition is the division of real property held by joint tenants or tenants in common into distinct and separate portions so that the individual tenants may hold the property separately from the others.

true

State intestate succession statutes provide for the distribution of the property of an intestate decedent to those whom the decedent would probably have chosen if he/she had made a will.

true

Tenancy in severalty means that one person is the sole owner of real or personal property with exclusive rights to, privileges of, and interests in the property.

true

When a joint tenant dies, the surviving joint tenants receive the equal and undivided interest of the decedent, with nothing passing to the beneficiaries, heirs, or devisees of the decedent.

true

Which of the following is true of a tenancy in common? a. The tenants may not transfer or pledge their interest as security for a loan. b. It must include the four unities: time, title, interest, and possession. c. The undivided interest of the tenants may be unequal. d. It is non-probate property.

c. The undivided interest of the tenants may be unequal.

Which of the following is not real property? a. crops cultivated for sale b. trees growing on land c. fixtures d. structures built on land

a. crops cultivated for sale

Most states, except community property states, give a surviving husband or wife the statutory right to avoid being disinherited by the will of the deceased spouse through: a. elective forced share. b. curtesy. c. dower. d. waste

a. elective forced share.

All of the following are forms of transferring the title to property from one party to another except: a. grant. b. interest. c. conveyance. d. deed.

b. interest.

Community property states recognize separate property as including all of the following except: a. property acquired by one spouse during the marriage by gift, will, or inheritance. b. property acquired during a marriage when one spouse earned considerably less than the other or nothing at all. c. Social Security, Railroad retirement, and Veterans' Administration benefits. d. property individually owned by the husband or wife prior to their marriage.

b. property acquired during a marriage when one spouse earned considerably less than the other or nothing at all.

All of the following are forms of concurrent ownership except: a. tenancy by the entirety. b. tenancy in severalty. c. joint tenancy. d. tenancy in common.

b. tenancy in severalty.

Which of the following is an example of non-probate property? a. personal property owned in severalty or in a tenancy in common b. civil lawsuit for money damages c. real property subject to transfer under a transfer-on-death deed or beneficiary deed d. Social Security, Railroad retirement, and Veterans' Administration benefits

c. real property subject to transfer under a transfer-on-death deed or beneficiary deed

Of the four unities required for the creation of a joint tenancy, the requirement that each joint tenant have an equal right to possess the entire property and share equally in the profits and losses derived from the property is: a. unity of time. b. unity of interest. c. unity of possession. d. unity of title.

c. unity of possession.

A freehold estate in which a tenant holds an interest in real property during his/her own or someone else's lifetime is a: a. remainder. b. fee simple estate. c. reversionary interest. d. life estate

d. life estate

Each joint tenant of a piece of real property has all of the following rights except: a. the right of severance. b. the right of survivorship. c. undivided interest. d. the right to transfer his/her interest in a will.

d. the right to transfer his/her interest in a will.

A title is a written, signed, and delivered legal document that transfers ownership of real property, such as land or buildings, from a grantor to a grantee

false

An absolute or fee simple estate is one in which the owner is entitled to the entire property with unconditional power of disposition only during his/her lifetime, but the property cannot descend to his/her heirs upon his/her death intestate.

false

The undivided interests of tenants in common must be equal; whereas, for joint tenants, the undivided interests may be equal or unequal.

false

a tenancy or estate for year creates an interest in real property that will last for an indefinite period of time

false

all of the real and personal property owned by a person at the time of their death can be transferred by will or intestate succession

false

personal property includes real estate

false