Trusts
A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is
A trust
A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely
An estate by the entirety
An owner purchased an interest in a house in Beachfront. The owner is entitled to the right of possession only between July 10 and August 4 of each year. Which of the following is MOST likely the type of ownership that has been purchased?
A timeshare
Which of the following is a form of sole ownership?
Ownership in Severalty
A trust is a legal arrangement in which property is held for the benefit of a third party by
A trustee
A corporation is a legal entity, recognized as an artificial person. Property owned solely by one corporation is owned in
Severalty
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
A cooperative
An ownership interest that can be an estate interest or a right of use for a limited time (a week in December) is
A timeshare
Creates the trust
The trustee
The four unities of possession, interest, time, and title are associated with which of the following?
Joint Tenancy
The property that takes the form of stocks instead of a piece of real estate is
Cooperative Unit
If property is held by two or more owners as joint tenants, the interest of a deceased co-owner will be passed to
The surviving owners
Reaps the benefits of a trust
The beneficiary
According to some states, any real property that is acquired during marriage is not separate property. What is this form of ownership called?
Community Property
A man owns one of 20 units in fee simple, along with a 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own?
What is a condominium?
Two people are co-owners of a small office building with the right of survivorship. One of the co-owners dies intestate and leaves nothing to be distributed to heirs. Which of the following would explain why the surviving co-owner acquired the deceased’s interest?
Joint Tenancy
In a land trust, the beneficiary is also the....
Trustor
A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without stipulating a form of ownership. The two friends took title as which of the following?
Tenancy in Common
Name an example of a common element
courtyards, lobbies, hallways, elevators, stairways, and the roof, as well as recreational facilities such as swimming pools and golf courses
The last survivor becomes a severalty owner for which two types of co-ownership
Joint Tenancy and Tenancy by Entirety