Ownership Practice Exam

sole proprietorship

A business which is held by one person and is not incorporated is a Select one: A. sole proprietorship B. general partnership C. limited partnership D. syndicate

conditions

A determinable fee estate is ownership with Select one: A. a set length of time B. a lease C. conditions D. life estate

a fee simple defeasable estate.

A fee simple estate may have special conditions or limitations attached to the ownership. This is called: Select one: a. a fee simple defeasable estate. b. a conditional estate. c. a non-freehold estate. d. a modified freehold estate.

condominium

A form of ownership involving several owners holding fee simple title to individual units in a property and common ownership in the property's common grounds is called a: Select one: A. co-operative B. condominium C. MUD D. PUD

personal property...

A free-standing china cabinet built to fit into a corner of a dining room would be considered Select one: A. a fixture B. personal property C. attached D. encumbered

Conventional life estate.

A life estate that is created by deed or will of the owner is called a: Select one: a. Conventional life estate. b. Legal life estate. c. Remainder life estate. d. Reverse life estate.

a leasehold

A non-freehold estate is Select one: A. ownership for an indeterminable length of time B. full, complete ownership C. not real ownership D. a leasehold

condition subsequent

A qualification in a fee simple estate which prevents the new owner from performing some action or activity is known as a Select one: A. condition subsequent B. reverter clause C. life estate D. fee simple

True

A timeshare owner purchases the right to use a property for a specific period of time. Select one: True False

Both A and B

A type of ownership which has conditions placed on it is known as a: Select one: A. qualified fee estate B. determinable fee estate C. Both A and B D. Neither A nor B

mineral rights.

An owner's rights to things below the surface of his property are called: Select one: a. mineral rights. b. surface rights. c. ground rights. d. subterranean rights.

a partition suit.

Dissolving a joint tenancy is done through a legal action known as: Select one: a. a partition suit. b. a poor man's will. c. severance. d. severalty.

Yes, unless specifically retained in the contract.

Do mineral rights transfer when the property is sold? Select one: A. Yes, always. B. No, never. C. Yes, unless specifically retained in the contract. D. Only if there has been drilling on the property.

A proprietary lease

Exclusive use of units in a co-operative is secured by what instrument? Select one: a. A proprietary lease b. A joint tenancy c. A commercial lease d. A deed

emblements.

Farm crops are called: Select one: a. emblements. b. fruits of nature. c. improvements. d. fixtures.

True

In Louisiana, improvements which are owned by someone other than the owner of the land are called movables, or separate immovables. Select one: True False

True

In community property, any property acquired outside the marriage, such as an inheritance, is called separate property. Select one: True False

Access must be negotiated as an easement with the owner of the property which adjoins the water source.

In states with the doctrine of prior appropriation, once a landowner has received a permit to use the water, how does he gain access to the water if it is not on or adjacent to his property? Select one: a. Access must be negotiated as an easement with the owner of the property which adjoins the water source. b. Access is granted by the state. c. He must own the property with the water source or buy it if he does not already own it. d. He must purchase an easement.

By severance

In what way may an item of real property become personal property? Select one: a. By severance b. By annexation c. By attachment d. By detachment

True

Joint tenancy is illegal in Louisiana. Select one: True False

From the center of the earth and above the earth to infinity.

Land ownership extends Select one: A. from the surface of the earth to the top of the highest trees. B. 20 feet below the surface of the earth. C. 20 feet below the surface and 20 feet above the surface. D. From the center of the earth and above the earth to infinity.

to the water's edge

Ownership along navigable riparian waterways is Select one: A. to the water's edge B. to the high water line C. to the midpoint D. to the low water line

co-ownership

Ownership by two or more people is known as Select one: A. co-ownership B. ownership in severalty C. sole ownership D. common ownership

Fee simple title in the unit and a specified undivided interest in the common areas.

Ownership of a condominium unit is best described as Select one: A. Ownership of the unit to the boundaries and joint ownership of the common areas. B. Fee simple title in the unit and a specified undivided interest in the common areas. C. Joint ownership of the unit and the common areas. Incorrect D. Tenancy in common in the unit and common ownership of the other areas.

All of the above

Ownership of land includes the soil and anything that is permanently attached to the earth's surface and also: Select one: a. trees. b. air. c. minerals. d. All of the above

the water's edge.

Ownership rights that apply to land that is adjacent to navigable waterways extend to: Select one: a. the water's edge. b. the center of the waterway. c. 20 feet from the water's edge. d. 10 feet from the water's edge.

Fructus naturales

Plants that grow naturally on the land without needing cultivation are known as Select one: A. Fructus naturales B. Fructus industriales

joint tenancy

Tenancy by the entirety is most similar to Select one: A. joint tenancy B. tenancy in common C. community property D. ownership in severalty

a husband and wife

Tenancy by the entirety is ownership by Select one: A. joint tenants B. a husband and wife C. a single person D. two or more persons

component by attachment

The Louisiana term for fixture is: Select one: a. separate movables b. annexation c. component by attachment d. trade fixtures

ownership

The right of a person to the use and enjoyment of a thing to which he has a legal claim or title is called: Select one: a. ownership. b. right of use. c. a lease. d. conditional title.

The rights of a real property owner.

The term "Bundle of Rights" refers to what? Select one: a. The rights of a real property owner. b. The rights of a tenant. c. The rights of a life estate owner. d. The rights of the state

tenant in common

Three owners own a property as joint tenants. One of the owners sells his interest to a fourth party. The fourth party is a Select one: A. joint tenant B. tenant in common C. owner in severalty D. none of the above

The remaining investor owns the building in severalty.

Two investors buy a building as joint tenants. One of the investors dies. Which of the following is true as to ownership of the building? Select one: A. The dead investor's interest goes to his heirs B. The remaining investor owns the building as a co-owner with the heirs. C. The remaining investor owns the building in severalty. D. The heirs and the remaining investor are now joint tenants.

Riparian.

Water rights that apply to land adjacent to running water are called: Select one: A. Riparian. B. Littoral. C. Percolating. D. None of the above.

A life estate that reverts to the original owner or his heirs upon the death of the life estate owner.

What is a life estate in reversion? Select one: a. A life estate that reverts to the original owner or his heirs upon the death of the life estate owner. b. A life estate that reverts to the remainderman. Incorrect c. A life estate that has been recalled or reversed. d. A life estate that reverts to the state upon the death of the life estate owner.

Trade fixtures

What type of fixture is considered personal property even though it is attached to the building? Select one: A. Annexed property B. Trade fixtures C. Movables D. There is no such thing.

fee simple...

Which estate is ALWAYS inheritable? Select one: A. life estate B. leasehold C. freehold D. fee simple

All of the above.

Which of the following is TRUE of limited partners? Select one: a. They put up most of the investment capital for the business. b. They do not have much to say in the management of the business. c. They incur less personal financial risk than general partners. d. All of the above.

indestructibility

Which of the following is a physical characteristic of land? Select one: A. indestructibility B. scarcity C. fixity of investment D. situs