Property Ownership Progress Exam 3

Mr. Big leased a property for five years to Ms. Kimball. During this lease term, Mr. Big died and it was discovered by Ms. Kimball that Mr. Big's interest was a life estate. The owner of the property would be correct in advocating which of the following?

• Ms. Kimball's leasehold estate is valid for the length of the lease.

• Ms. Kimball's interest was terminated upon Mr. Big's demise.

• Mr. Big's devises would receive the fee title

• The owner has an estate in remainder

Of the following, all are considered real property, except:

• easements.

• easements.

• mortgages.

• none of the above

In order for a homestead to be invalidated in California:

• move from the property.

• move from the property and take up residence in another state.

• the house is 3/4 destroyed by fire.

•  sell the property and purchase two rental units.

Title vested as Bill and Wilma Bloom, husband and wife, will be presumed:

• community property

• partnership

• joint tenancy

• tenancy in common

When four persons own one piece of real estate in joint tenancy, they:

• do not have equal shares.

• have one title.

• allow their heirs to obtain their shares by will.

•  have each co-ownership with separate title.

Mineral rights in land are:

•   automatically transferred.

• not leased

• kept by the original owner.

• conveyed apart from the surrounding land.

Jake sells his home to Jerry who sets up his residency but fails to record the deed. Jake then gives a deed to Sunny for the same home. What is the outcome?

• Sunny owns the property

• Jerry and Sunny are co-owners

• Sunny has recourse over Jerry

•  Jerry has title

In order to create a valid joint tenancy, there is a requirement for:

• the clause with right of survivorship.

• a husband and wife relationship.

•   equal ownership interests.

• all of the above

A man bought a house in a hurry and discovered, closing, that a neighbor's fence, built two years ago, was 3 feet over the property line on his side. The broker was unaware of this. If the two neighbors were unable to reach an amicable settlement, the:

• buyer could sue the title company under a standard form of title insurance.

•   buyer could sue the neighbor for encroachment based on trespass.

• neighbor has acquired title by adverse possession.

• buyer could hold the broker responsible.

Sam has a life estate based on his life. He leases it to Tony on a 5-year lease. Sam dies 1 year later. The lease was valid for a total of:

• 1 yr

• 5 yrs

• 0 yrs, as one cannot lease a life estate

• none of the above