Principles of Real Estate I Unit 11

Which BEST describes ownership of a time-share?

• The purchaser owns a right to use the facilities in a specified project(s) for a specified length of time for a specified number of years.

• Two or more purchasers become members of a business organization and receive a proprietary lease to a condominium for the life of the corporation.

• Two or more people or firms join together to make and operate a real estate investment.

• An association of two or more people operates a business as co-owners and share in the business profits and losses.

Howard and Tinker purchased a parcel of real estate. The seller's deed received at the closing conveyed the property "to Howard Evers and Tinker Chance" without further explanation. Thus Howard and Tinker

• are joint tenants.

• are tenants in common.

• hold community property rights.

• hold equal shares in a land trust.

Martin, Eduardo, and Shari are join tenants owning a track of land. Shari conveys her interest to Sandra. After the conveyance, which relationship exists?

• Martin, Eduardo, and Sandra are joint tenants.

• Martin, Eduardo, and Sandra are all tenants in common.

• Martin and Eduardo are tenants in common, and Sandra is a tenant.

• Martin and Eduardo are joint tenants; Shandra is a tenant in common.

The four unities of time, title, interest, and possession are associated with which of the following?

• Community property right of survivorship

• Ownership in severalty

• Tenancy in common

• Joint tenancy

A purchaser under the cooperative form of ownership receives

• stock in the corporation and a proprietary lease.

• ownership of the airspace within the unit and a prorated portion of the common elements.

• the advantage of not having ownership interest destroyed by default of other occupants/shareholders.

• the statutory right to sell his interest back to the cooperative at the current market price.