Real estate 1
The right of survivorship is associated with:The right of survivorship is associated with:
A.tenancy by the entireties and joint tenancy.
A joint tenancy would be changed to a tenancy in common by:
A.one of two joint tenants selling his/her interest to a third person.
A form of condominium ownership especially desirable for properties in resort areas where each unit is sold to multiple buyers is called:
Time Sharing
The government’s right to make laws and regulations for the general welfare is known as:
Police Power
Except for property tax liens and in some cases mechanic’s liens, mortgage liens etc., How are the priority of liens determined:
Date of recording
Which of the following may own property in severalty?
A.Corporation.
Harper, Murphy, and Jackson own an investment property as tenants in common. Because of a recent business disagreement, Jackson wants to divest himself of the property. If the three owners cannot mutually agree on a plan to settle the matter, Jackson may seek an equitable distribution of the property by filing a _______ suit:
Partition suit
What is the one unity in a tenancy in common ownership (PITT)?
Possession
The City of Atlanta has condemned Nelson’s land in order to extend its rapid transit services. This procedure is made possible because of the city’s right of:
Eminent Domain
Jones, a life tenant, grants Smith an easement across Jones’s land. Later Jones dies. The easement will:
Terminate
The ownership unities of time, title, interest, and possession are required in order to create:
A.the right of survivorship.
The land on which a high-rise condominium stands is owned by indivual unit owners by________ in common
A.the individual unit owners as tenants in common.
A married woman and an unmarried man may not own real estate as:
A.tenants by the entireties.
In real estate law, the word “fee” is closest in meaning to:
an estate of inheritance.
Unauthorized intrusion of a building, improvement, or other attachment onto a neighboring land is:
Encroachment
A broker is asked by a husband and wife how they should take title to the home they are buying. The broker should:
A.recommend they consult an attorney.
A deed in favor of James and Rosen with stated proportionate interests of one-third and two-thirds respectively, without the right of survivorship, creates:
A.tenancy in common.
How is ownership taken of a cooperative apartment unit:
By purchasing stock in a nonprofit corporation.
The total collection of rights that may be claimed by private ownership is best described as:
Bundle of Rights
Telephone lines are examples o what kind of Easement?
Easement in Gross
Smith, Jones, and Black are joint tenants. Smith sells his interest to White. With regard to this conveyance:
A.White owns a one-third interest as a tenant in common with Jones and Black who still own one-third each as joint tenants.
Is Probate compatible with joint tenancy?
No!
A creditor may seek satisfaction of a debt from the personal assets of each co-owner in what kind of Partnrship:
Limited
Bob gives an estate to Jim for the life of Sue. What kind of Estate is this?
A.estate pur autre vie.
Farmer Brown is tired of hard work. He is deeding 165 acres of his farm to his son and keeping only 5 acres and a house for his own use. He will need an easement across his son’s land so that he can get to his own land. How is the easement created?
Through a reservation in the deed.