WorksheetsOwnership 1
Total questions: 82
Worksheet time: 41mins
Ownership by 1 person is called
Tenancy by the entirety
Tenancy in severalty
Tenancy in common
Joint tenancy
Joint tenancy requires unity of interest, unity of possession, unity of time, and unity of
Ownership
Deed
Finance
Title
The type of ownership available only to married couples that has the right of survivorship is
Joint tenancy
Tenancy by the entirety
Tenancy in common
Community property
In his will, Dale has his apartment house put in a trust to be managed by Jane on behalf of his daughter, Susan. Which of the following is correct in this case?
Dale is the trustor, Jane is the trustee
Dale is the trustor, and Susan is the trustee
Jane is the trustor, and Susan is the beneficiary
Dale is the trustee, and Susan is the trustor
In which of the following forms of co-ownership are all owners required to sign a deed of sale?
Tenancy in common
Joint tenancy
Tenancy by the entirety
Tenancy by survivorship
In what form of ownership does the owner get shares in a corporation rather than a deed?
Condominium
Planned unit development
Townhouse
Cooperative
In what form of co-ownership, does a deceased owner's share go to their heirs?
Tenancy in common
Joint tenancy
Tenancy by the entirety
Tenancy in absolute
A corporation owns property in what form?
Tenancy in severalty
Tenancy in common
Joint tenancy
Tenancy by the entirety
Which of the following is most accurately described as personal property?
Fixture
Chattel
Improvement
Realty
Mr. Jones died & his will left Mrs. Jones the right to use, occupy, and enjoy his real estate until her death. At that time the real estate is to become the property of their son Willis. Mrs. Jones is a
Remainderman
Life tenant
Joint tenant
Tenant in common
Mr. Jones died & his will left Mrs. Jones the right to use, occupy, and enjoy his real estate until her death. At that time the real estate is to become the property of their son Willis. Willis is a
Remainderman
Life tenant
Joint tenant
Tenant in common
Mr. Jones died & his will left Mrs. Jones the right to use, occupy, and enjoy his real estate until her death. At that time the real estate is to become the property of their son Willis. Mrs. Jones has a
Fee simple estate in joint tenancy with Willis
Fee simple estate as tenant in common with Willis
Life estate
Life estate in joint tenancy with Willis
Which of the following is NOT realty?
A fee simple estate
A leasehold for indefinite duration
lumber
A life estate
Real estate is BEST defined as
Land & buildings
Land & all permanent attachments
Land & everything growing on it
Land only
A freehold estate is
One acquired without paying anything
Any leasehold
Any estate wherein one may use the property as he wishes
An estate of uncertain duration
An item of personalty that is affixed to realty so as to be used as a part of it is
A fixture
A chattel
A personal property
An estate of uncertain duration
Which is NOT considered a permanent attachment to land?
Anything growing on it
Fixtures
Chattels
Anything built upon the land
A person who has permission to use land, but has no other rights, has
Tenancy at sufferance
Tenancy in common
License to use
Fee simple estate
A person receives title to land by virtue of having used & occupied it for a certain period of time, without actually paying the previous owner for it receives title by
Will
Descent
Alienation
Adverse possession
A person who dies leaving no will is said to have died
Intestate
Without heirs
Unbequeathed
Unwillingly
A person who owns an undivided interest in land with at least one other, and has the right of survivorship, is said to be a
Tenant in common
Tenant at will
Joint tenant
Tenant at sufferance
Tenancy in severalty refers to
Ownership by one person or one entity, like corporation, only
Ownership by two persons only
Ownership by at least three persons
A special form of joint ownership available only to married couples
Dower rights are rights that assure that
A spouse receives a certain portion of his/her deceased spouse's estate
Dowagers may have property rights
A homeowner cannot lose his entire investment in his home
Husbands and wives share equally in property acquired during marriage
An easement is
The right to use the property of another for any purpose
The right to use the property of another for a specific purpose
A private contract and dos not permanently affect the realty
The right to keep another from using one's land illegally
The process whereby a person holding a claim against property can have the property sold to pay the claim is
A lien
A covenant
A mechanic's lien
Foreclosure
A person who appears to own property, but does not, is said to have
Good title
Recorded evidence of title
Constructive notice
Color of title
Two people who own undivided interests in the same realty, with right of survivorship, have
Tenancy in severalty
Tenancy in common
Tenancy at sufferance
Joint tenancy
A fee simple estate is
A freehold estate
A life estate
An estate for years
An estate in abeyance
Which of the following is NOT considered a permanent attachment to land?
Improvement to land
A fixture
Trees growing on the land
A load of bricks
A person who has some rights to land, but not all the possessory rights, has
A life estate
An interest in land
An estate at will
A fixture
A person who has color of title to land has
The appearance of title
Forgeries of state title papers
A right to on-half the income from the land
Foreign ownership
A life estate pur autre vie is one in which
The life tenant must occupy the premises and may not lease them to anyone else
The duration of the life estate is based upon the duration of the life of someone other than the life tenant
The life tenant has died
The life tenant may not occupy the property himself/herself
Which of the following would not be real property?
A lease for one month
An easement
Permanent ownership of mineral rights on someone else's land
A life estate
Adverse possession may establish
Use of property
A claim to title
Who owes back taxes
homestead rights
An easement by prescription may establish
Use of property
A claim to title
Who owes back taxes
Homestead rights
Fifty feet of land was added to Apple's farm because a river changed its course. This is an example of
Accretion
Avulsion
Riparian rights
Usufructory
Fifty feet of beachfront land was removed by flood. This is an example of
Riparian rights
Estovers
Avulsion
Emblements
As used in real estate practices, the land of a riparian owner border on
A river
A stream
A watercourse
Any of the Above
A person holding title to real property in severalty would most likely have
A life estate
An estate for years
Ownership in common with others
Sole ownership
Joint ownership of real property by two or more persons, each of whom has an undivided interest (not necessarily equal) without right of survivorship, is
A tenancy in partnership
A tenancy by the entireties
A tenancy in common
A leasehold tenancy
Generally, the taking of private land by governmental bodies for public use is governed by due process of law and is accomplished through
Exercise off police power
Eminent domain
Reverter
Escheat
Governmental land use planning and zoning are important examples of
Exercise of eminent domain
Use of police power
Deed restrictions
Encumbrance
After a man bought his apartment, he started receiving his own property tax bills. This indicates that he bought into a
Condominium
Cooperative
Leasehold
Syndicate
Helen and David, who are not married, want to buy a house together. To ensure that if one dies, the other automatically becomes the full owner, their deed must state that they are
Tenants in common
Tenants in severalty
Tenants by entirety
Joint tenants
Real property is
The land
The land, improvements and bundle of rights
The land and right to possess it
The land, buildings and easements
A house has a built-in bookcase and elaborate chandelier. The buyer is also getting a dinette set and a table lamp. Which is correct?
The built-in bookcase and chandelier are included in the real estate contract, while the lamp and dinette set are chattels and sold separately.
All items must be included in the real estate conract
All items must be included in the real estate contract
The chandelier is real estate while the other items must be sold on a bill of sale
Manmade additions to land are known as
Chattels
Trade fixtures
Easements
Improvements
No one seems to own the vacant land next to Mary's house, so she has used it for a pasture for many years. She may have a good chance of obtaining ownership by
Poaching
Foreclosure
Adverse possession
Eminent domain
An abstract of title contains
The summary of a title search
An attorney's opinion o title
A registrar's certificate of title
A quiet title lawsuit
In order to reach the beach, the Smiths have a permanent right-of-way across their neighbor's beachfront property. The Smiths own
An easement
A license
A deed restriction
A lien
A corporation usually owns property in
Tenancy in severalty
Joint tenancy
Tenancy in common
Tenancy by the entirety
Littoral rights for properties abutting the ocean give ownership
To the mean high water mark
To a point 100 feet from the shore
To the state ownership line
To a point designated by the U.S. Army Corps of Engineers
The lumber for a deck that has not yet been built is
A trade fixture
Real estate
Personal property
Fixture
The type of co-ownership that allows an owner's property to be left to his or her heirs is
Tenancy by the entirety
Tenancy by severalty
Tenancy in common
Joint tenancy
One who owns a life estate cannot
Sell his interest
Mortgage his interest
Devise his interest
Lease his interest
A condominium owner can avoid payment of their share of the common expenses by doing which of the following?
Not using certain common elements
Abandoning their apartment
Defaulting on mortgage payments
None of the above - payment cannot be avoided
Which type of property can become real estate by the manner of physical attachment?
Fixtures
Emblements
Portable appliances
Deeds
Owners of cooperative apartments and condominiums both
Own real estate
Own shares in a corporation
Must live full-time in their unit
Must pay assessments
The right of ________ gives the state ownership of property left by one who died without heirs and without a will.
Estovers
Intestate
Emblements
Escheat
A fee simple estate is best described as
Ownership for one's lifetime
Complete ownership, subject to eminent domain, zoning, taxation, and other government land use limitations
Interest in a property as limited by a deed
Ownership as long as one pays a fee or title
Which of the following is true about eminent domain?
The process used to acquire the property is called condemnation
Governments can use it whenever they want
Governments can pay whatever mount they like
Constitutionally, the right of eminent domain is guaranteed by the First Amendment.
Three people bought property with the understanding that if one of them died, his/her heirs would inherit that interest. Most likely they took title under which type of estate?
Joint tenancy
Tenancy in common
Estate in common
Tenancy by entireties
A city wants to buy land to build a convention center. Which of the following is true regarding eminent domain?
It is not allowed because a convention center is not a necessity
It can be applied with just compensation paid for the land
It will be too costly
Only federal and state governments have that power
A person who inherits real estate under the terms of a will is a
Bequest
Life estate
Devisee
Executor
When title to property is taken as tenants in common
All parties have an equal interest
Each tenant in common may sell his interest
Each tenant in common must pay rent to the landlord
When tenant dies, the share is distributed equally to the surviving tenants in common
If a person's grandfather dies intestate, and that person receives his grandfather's house, title was acquired by
Will
Estovers
Descent
Mitigation
The most extensive form of ownership in real estate is a
Paid-up fee
Life estate
Fee total
Fee simple
What type of rights does not refer to the use of water?
Riparian
Usufructory
Dower
Littoral
Mary gave John the right to park in her driveway for three weeks. This right is best called a/an
License
Easement
Right Of Way
Lease
Unmarried partners wish to buy a house using an ownership agreement whereby if one dies, that party's heirs become owners of their share. Which form of ownership should they use?
Joint tenancy
Tenancy in severalty
Limited partnership
Tenancy in common
Which is not true of a joint tenancy?
Its use is limited to a husband and wife
It offers the right of survivorship
It is a form of co-ownership
It differs from tenancy in common
A proprietary lease is a unique characteristic of what form of ownership?
Condominium
Cooperative
Time-Share
PUD
Which of the following is not a part of the bundle of rights
Possession
Enjoyment
Exclusion
Leasehold
The purpose of the NC Uniform Commercial Code (UCC) is
To allow a renter to terminate their lease before the end date
To allow a creditor to take ownership of an item on the property if previous owner has not paid for it.
To allow a commercial landlord the right to go inside a rental to fix issues
To allow an owner to take an appliance with them when they sell a property.
The exercise of eminent domain results in
Seizure
Unjust compensation
Condemnation
Governmentl authority
Which does a townhouse owner not own even a portion of?
Land under the townhouse
Commons Areas
Party walls
Outside of building
Which does a condo owner own?
Land underneath the condo
Outside of building
Airspace above the condo
Equal portion of commons area & airspace inside condo
A person lived in a friend's house for 20 years, with the friend's permission. This person
Owns the property under adverse possession
Owns the property under prescription
Must pay rent to the owner
Has no ownership interest
I give my sister permission to live in a house I own until the death of her daughter. This is
An ordinary life estate
A life estate pur autre vie
A leasehold interest
A tenancy for life
Upon expiration of a life estate, the property passes to the
Life tenant
Beneficiary
Remainderman
Trustee
A widower dies without making a will. His surviving children inherit the property by
Escheat
Law of intestate succession by descent
Estover
Emblements
Which of the following provides the most complete form of ownership?
Fee total
Fee simple absolute
Fee on condition
Leasehold
