Module 2: Interests and ownership in real estate review q's

A person who acquired ownership that can be inherited, with the provision that the land must always be used for recreational purposes, has which of the following?

A conditional fee estate

A person wants to ensure that the ownership of real Property can be willed to her children. Which of the following forms of ownership would the person want?

A few estate

Which of the following best describes a legal life estate

A homestead estate

A life estate conveys to the life tenant

An Ownership interest for life

A person who owns one unit in a multi unit structure together with a specify undivided interest in the common elements would own a

Condominium

He lives in an apartment building. The land and structures are owned by a corporation, there is one mortgage loan covering the entire property. E owns stock in a corporation and has a lease to his apartment. This type of ownership is called a:

Cooperative

A father conveyed the family home to his daughter by will as a pur autre vie estate for the life of her mother. If the daughter should die before the mother, who gains possession of the property?

Daughter's heirs

Which of the following is not an element of a joint tenancy with right of survivorship

Each joint tenant may pass on his interest to the heirs

Which of the following is a false statement about condominium

Each owner has a proprietary lease with the association for his or her own unit

H conveys a life estate to her grandson and stipulates that upon her death the estate will pass to her son-in-law. The son-in-law has a(n):

Estate in remainder

J owned the fee simple title to a vacant lot adjacent to a hospital and was persuaded to make a gift of the lot. She had her attorney prepare a deed that conveyed the ownership of the lot to the hospital " so long as it is used for medical purposes." After the completion of the gift, the hospital will own a:

Fee simple determinable interest

A person who has complete control over a parcel of real estate is it to own a

Fee simple estate

A statutory right that A family has in its Residence is called

Homestead

Which of the following would be considered community property

Income earned by a spouse during the marriage

Q owned two acres of land. He sold one acre to F and reserved for himself in appurtenant easement over F's land for ingress and egress. F's land

Is the servient tenement

In a land trust which of the following is not a correct statement

Public records list all the beneficiaries

J, M, and H are joint tenants Owning a parcel of land. H conveys his entries to his long time friend W. After the conveyance, J and M:

Remain joint tenants owning a two-third interest

F has the legal right to occupy and use a certain residential structure. Which of the following does not describe F's interest?

Remainder

L conveys the ownership of his house to his mother and stipulates that upon her death he will recapture the ownership. The interest L has in the ownership is a:

Reversion estate

In defining a corporation as a legal entity, which statement is not true

Stockholders have a direct ownership interest in the real estate

Acquisition of real estate by a Group That includes one or more sponsors and several investors is called a

Syndication

Which of the following does not have equal rights to possession

Tenancy at will

In a gift of a parcel of real estate, one of the two owners was given an undivided 60 percent interest and the other received an undivided 40 percent interest. The two owners hold their interests as what?

Tenants in common

In a limited partnership

The general partners run the business

K and U owned a combination apartment building with a small bar and Grill on the premises. They shared their profits and losses on their venture equally, but they did not own the business under any written partnership agreement. One day, U died of a heart attack. If, after U's death, K continue to on the same undivided interest in the real estate as he did before U's death and no more, then

They were tenants in common

A trust is a legal arrangement whereby the title to property is held for the benefit of a third-party by a(n):

Trustee

Joint Tenancy with Right of Survivorship May be created

by deed or will.

A deed conveys ownership to the grantee so as long as the existing building is not torn down. What type of estate did this deed create?

determinable fee estate

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

fee simple estate

Which of the following has an indefinite Duration

freehold estate

Mrs. D conveys the ownership of her apartment building to a nursing home, anticipating that the rental income will help pay for her father's care there. When her father dies, Mrs. D will recapture the ownership of the apartment building. This is an example of a

life estate pur autre vie

To create a joint tenancy relationship in the ownership of real estate, there must be unities of

possession, time, interest, and title

The severalty owner of a parcel of land sells it to a buyer. The buyer insists that the owner's wife join in signing the deed. The purpose of obtaining the wife's signature is to

terminate any rights the wife may have in the property.