front 1 Severalty | back 1 Title to a farm is held by one person |
front 2 Severalty | back 2 Large corporation holds title to land on which its headquarters is built |
front 3 Co-ownership | back 3 Spouses hold title to property jointly |
front 4 Co-ownership | back 4 Title held by two or more individuals |
front 5 Co-ownership | back 5 Brother and sister each hold title for vacation property together |
front 6 Severalty | back 6 Title held by one individual or corporation |
front 7 Co-owners can also be called concurrent owners. | back 7 true |
front 8 Ownership by more than one person is called ownership in severalty. | back 8 false |
front 9 What interest will the buyer of Jennifer's interest receive? | back 9 One-third undivided interest as a tenant in common with Carmen and Walt |
front 10 Is it possible for Jennifer's interest to be sold? | back 10 depends on state law |
front 11 Was there any other way for Carmen, Jennifer, and Walt to take title to the property that would have avoided any conflict when Jennifer needed to move? | back 11 Yes, they could have taken title as tenants in common. |
front 12 Unity of title | back 12 all joint tenants acquire their interests by the same document |
front 13 unity of possesion | back 13 all joint tenant can enter and use the property |
front 14 unity of time | back 14 all joint tenants acquire ownership simentanously |
front 15 unity of interest | back 15 all joint tenants are equal owners |
front 16 A joint tenancy can be created by conveying a deed or giving the property by will or living trust. | back 16 true |
front 17 In tenancy in common, each tenant holds a divided fractional interest in the property. | back 17 False |
front 18 Limited partnership | back 18 The death of an owner may not affect title if provided in the agreement. This is a popular method of organizing investors with small investments and limited personal risk. |
front 19 Limited liability company | back 19 Combines the most attractive features of limited partnerships and corporations. |
front 20 General partnership | back 20 Dissolved and must be reorganized if one owner dies. All owners are fully liable for business losses and obligations. |
front 21 Corporation | back 21 The death of one owner never affects title to the property. This can hold title to real estate in severalty. |
front 22 A general partnership is dissolved and must be reorganized if one partner dies, withdraws, or goes bankrupt. | back 22 true |
front 23 The death of a shareholder in a corporation results in the dissolution of the corporation. | back 23 False |
front 24 Cooperative | back 24 Corporation holds title and offers stock shares Proprietary leases give the right to occupy the units |
front 25 Condominium | back 25 Owner of each unit holds fee simple title to unit Ownership includes a percentage of the building's common elements |
front 26 Time-share | back 26 Occupants may have either a real property estate or an occupancy use interest Use limited to a contractural period |
front 27 The individual unit owners of a condominium own the common elements as tenants in common. | back 27 true |
front 28 Condominium laws are often called vertical property acts. | back 28 False |
front 29 A tenancy in common differs from a joint tenancy in that | back 29 tenants in common may have unequal interests. |
front 30 A person who owns one unit in a multiunit structure together with a specified undivided interest in the common elements owns | back 30 a condominium. |
front 31 Which statement applies to both joint tenancy and tenancy by the entirety? | back 31 The last survivor becomes a severalty owner. |
front 32 A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This type of ownership is called | back 32 cooperative. |
front 33 The trust established by a decedent's will is | back 33 a testamentary trust. |
front 34 An estate left the decedent's farm to eight grandchildren. Because no form of ownership was specified in the decedent's will, each of the grandchildren receives | back 34 a one-eighth interest in the property as a tenant in common. |
front 35 Property owned by a married person | back 35 can belong to the spouses together or be the separate property of one spouse. |
front 36 The real property interest that takes the form of personal property is | back 36 cooperative unit ownership. |
front 37 The condominium form of property ownership can be used for | back 37 detached structures. |
front 38 Real properties owned by public entities, such as cities, counties, states, and public agencies are generally owned in | back 38 severalty. |
front 39 A broker who is asked how a married couple should take title would advise them | back 39 to seek legal advice. |
front 40 Which of the following is TRUE regarding community property rights? | back 40 Any property acquired during a marriage is considered to be obtained by mutual effort. |
front 41 The person who creates a trust conveys real or personal property to | back 41 a trustee. |
front 42 An ownership interest that is based on annual occupancy intervals is | back 42 a time-share. |
front 43 A trust is a legal arrangement in which property is held for the benefit of a third party by | back 43 a trustee |
front 44 Title to a property is held by two or more individuals; this property is held in | back 44 co-ownership. |
front 45 A neutral individual holds title for the benefit of another when property is held in | back 45 trust |
front 46 An advantage of cooperative ownership of a dwelling is that | back 46 there are income tax advantages. |
front 47 Ownership in severalty is property | back 47 that has a single owner. |
front 48 Ownership of property by two people is considered | back 48 concurrent ownership. |
front 49 The term severalty comes from the fact that | back 49 a sole owner is severed or cut off from other owners. |
front 50 Depending on the type of trust and its purpose, the trustor, trustee, and beneficiary | back 50 can all be either people or legal entities. |