Review real estate

Which of these cannot take title as a joint tenant with right of survivorship?

• spouses

• Two friends who are business partners

• Two relatives who share a house

• A corporation

When two or more individuals decide to buy a property together, it results in a

• cooperation

• co-ownership

• community effort

• joint venture

Three brothers bought a farm together, and the deed listed only each of their names. What form of ownership are they presumed to have taken?

• tenancy by the entireties

• joint tenancy with the right of survivorship

• tenancy in common

• in severalty

What form of ownership is employed when one person transfers ownership to someone else to hold and manage for a third person?

• joint venture

• joint tenancy

• trust

• severalty

Shareholders in a cooperative receive shares of stock that entitle them to a

• common element lease

• trust deed

• proprietary lease

• corporate deed

In a large high-rise condominium, each unit is owned by individual owners. The elevators, parking garage, and swimming pool are called

• community property

• separate property

• common elements

• proprietary elements

Two individuals own an apartment building as joint tenants, sharing equally in the expenses and profits. If one of the co-owners sells that interest by signing and delivering a deed to a buyer, which of these statements is TRUE?

• The buyer will become a joint tenant with the remaining owner.

• The buyer and the remaining owner will be tenants in common

• The buyer will be a tenant in common with the remaining owner and a joint tenant with the departing owner

• The conveyance will be invalid; the two individuals will remain joint tenants

Fee simple ownership of a cottage in a lakefront community includes an undivided percentage interest in a parking lot, a golf course, and a swimming pool, all located in the development. Based on these facts alone, the ownership interest is probably BEST described as a

• time-share estate

• time-share use

• condominium

• cooperative

All of these are required for a joint tenancy EXCEPT

• unity of title

• unity of ownership

• unity of time

• unity of possession

All of these are characteristics of a tenancy by the entirety EXCEPT

• title may be conveyed only by a deed signed by both parties

• the surviving spouse automatically becomes sole owner of the property upon the death of the other spouse

• each spouse owns an equal, undivided interest in the property as a single, indivisible unit.

• the surviving spouse automatically owns one-half of the property acquired during the marriage