NC-REX Review Practice Quiz Unit 2

Co-owners of a fee simple interest in a small office building are neither related to nor a creditor to each other. One owner dies intestate. The surviving owner would become the sole owner of the property under which of the following rights?

Survivorship.

Which of the following is NOT TRUE about condominium ownership?

The limited common elements can be sold separately.

The owner of a condominium unit learns that a neighbor has failed to pay his real estate taxes. If the neighbor does NOT pay the taxes:

a lien can be filed against the neighbor's unit.

A North Carolina beach-front property owner owns the land on the ocean side of the property to the:

average high tide line.

An elderly couple no longer need their large house, so they decide to sell the house and move into a cooperative apartment building. In a cooperative, they will

become stockholders in a corporation.

A buyer purchases a fee simple estate and has an undivided interest in common elements associated with the property that includes all the land. What form of ownership interest does the buyer hold?

condominium.

An owner of a fee simple estate sells the property with the condition that he will continue to own the entire property until his death. The seller has a?

conventional life estate.

A woman conveys a life estate to her son-in-law and stipulates that upon his death the estate will pass to her grandson. The grandson has an:

estate in remainder.

A woman wishes to donate a vacant lot that she owns in fee simple absolute to a hospital that is located next to her lot . An attorney prepares a deed that conveys the ownership of the lot to the hospital, as long as it is used for medical purposes. After the completion of the gift, the hospital will hold a?

fee simple determinable estate.

The most all-inclusive type of real property ownership is a _____________?

fee simple estate.

Which of the following has an indefinite ownership period?

free hold state.

A brother and a sister bought a commercial building and took title as joint tenants with right of survivorship. The brother died testate. The sister now owns the building

in severalty.

The phrase , bundle of legal rights _____________:

is part of the definition of real property.

Generally, personal property can be distinguished from real property by its?

mobility

The ownership rights to real estate include all of the following EXCEPT?

navigable rivers running through the property

A property owner conveys the ownership of his apartment building to a nursing home, anticipating that the rental income will help pay for his father's care at the home. When his father dies, the original owner will recapture the ownership of the apartment building. This is an example of

reversion life estate.

A brother and a sister can NOT concurrently own real estate in North Carolina as?

tenants by entireties.

One of two owners holds an undivided 60 percent interest and the other holds an undivided 40 percent interest. The two owners probably hold their interests as?

tenants in common.

Emblements are:

the same thing as fructus industriales.

The North Carolina owner of a secluded area adjacent to the Atlantic Ocean noticed that people from town walked along the shore in front of this property. The owner learned that the local citizens had been walking along this beach for years. The owner went to court to try to stop people from walking along the water's edge in front of the property. The owner is likely to be:

unsuccessful, because the owner's property extends only to the high-water mark and the public can use the land beyond this point.