chapter 8

If all of Teresa's friends dropped out of the townhouse deal and she decided to buy the property by herself, what kind of ownership would she have?

• 
  tenancy in severalty

• joint tenancy

• tenancy in common

• tenancy by the entirety

What is a fixture?

• personal property that has been transformed into real property

• real property that has been transformed into personal property

• personal property that has been used to generate profit for the owner

• real property that has reached the end of its usable life for tax purposes

In reference to the MARI acronym, all of the following are examples of property that are considered fixtures due to the concept of "adaptability" EXCEPT:

• a box air conditioning unit made for a particularly small window

• window shades made for a specific window size

• a generic washer and dryer set

• doors made for particularly tall door frames

In the case of Terry's Teetering Townhouse in which the foundation of Terry's home cracked due to the excavation of neighboring adjacent homes, which of Terry's rights seems to have been violated?

• littoral rights

• air rights

• riparian rights

• supporting rights

Rashid has a fee simple estate. He grants a life estate to Helen for the duration of his life. When Rashid dies, the estate passes on to Ron. Ron is the:

• broker

• remainderman

• lessor

• tenant

Which of these property owners is exercising their subsurface rights?

• Melissa allows a neighbor to cross her driveway to reach their front door.

• Manuel builds a dock for his kayak on the lake bordering his property.

• Marco sells the right to extract natural gas from his farm to the gas company.

• Maria builds a four-story condo in her back yard.

What is the main difference between a fee simple determinable estate and a fee simple condition subsequent estate?

• A fee simple determinable estate automatically reverts to the owner if the deed requirements are violated, while a fee simple condition subsequent estate requires the previous owner to prove in court that the deed requirements were violated.

• Fee simple condition subsequent estates are legal in Florida, while fee simple determinable estates are not.

• Fee simple condition subsequent estates are used for commercial property, while fee simple determinable estates are for residential property.

Toni and Karl are married and own a home. It's their primary residence, and they have homesteaded it. They have two adult children. If Karl dies, who owns the home?

• Toni would inherit her half of the property, and the other half would go to the kids to split evenly.

• Toni would have a life estate, and the kids would be the remaindermen.

• Toni would inherit the home, and when she died, it would go to whomever she willed it to.

• It depends on what was in Karl's will.

Bunny loves rabbits, so she granted her farm to Farmer John "so long as rabbits were raised on the property as pets and not eaten." Without court action, title reverted back to Bunny when Farmer John enjoyed homegrown rabbit with his Thanksgiving meal. What kind of freehold estate was involved?

• a fee simple determinable estate

• a fee simple condition subsequent estate

• a fee simple absolute estate

• a life estate

What do cooperative members own?

• their part of the building

• shares of the corporation that owns the building(s)

• the land

• only the common areas