Legal Aspects of Real Estate Ch. 3 - Estates and Ownership
What is the elective share statute?
A statute that enables a surviving spouse to make a minimum claim to the deceased spouse's property in lieu of provisions in a will
Which of these is considered separate property in a marriage?
A vehicle owned by one spouse prior to marriage
If a couple has a one year lease that changes over to a month to month lease after the one year term expires, the property is what kind of leasehold estate?
Estate from Period to Period
Which of the following is NOT a superior lien?
Federal Income Tax
Which type of estate is the most desirable?
Fee simple absolute
Which of the following is NOT a way a property may be held?
In Agreement
How does a cooperative differ from condominiums?
In cooperatives, a person owns shares in a corporation as opposed to having a mortgage.
What is undivided interest?
Interest in a property where two or more parties share ownership
What does it mean for a corporation to be closely held?
It has only a few shareholders.
What does a writ of attachment do?
It stops a debtor from selling or concealing property.
What is the main difference between condominiums and planned unit developments (PUD)?
PUD owners own the land where the unit is, not just the airspace around it.
Which of the following lien types is subject to the homestead law?
Signature Loan Debts
Jennifer and Mark's home has had a lien placed on it by the state for failure to pay state income tax shortfalls. What kind of lien is it?
Specific Involuntary
Which of the following is a kind of tenancy not recognized in California?
Tenancy by the Entirety
Interests are individually owned in tenancy in common. What does that mean?
Tenants have distinct and separable ownership of their interests.
What is the purpose of forming a syndicate?
To pool financial resources for a certain investment
What is a sole proprietorship?
When a single person owns the whole business
An encumbrance is
a right of another to use or take possession of a legal owner's property or limit the owner's rights.
A lien is put on a property by
creditors.
Many states have enacted their own homestead laws that specify
exemption amounts for individuals and families.
An easement may be created by all of the following EXCEPT
in gross.
A life estate is a freehold estate that is
limited in duration to the life of the owner or other named person.
Escheat occurs when
property of a deceased person with no heir is given to the state.
A common interest development, or CID, is a development characterized by the individual ownership of either a housing unit or parcel coupled with
the right to use shared common areas and facilities.
Government entities can create easements through the exercise of eminent domain, which is
when the government condemns a portion of a property and causes it to be sold "for the greater good.