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WorksheetsCH 02 - Property Ownership & Interests
Total questions: 64
Worksheet time: 2hrs 8mins
The concept by which land would increase automatically along a river or stream is known as:
accretion
littoral rights
avulsion
reliction
Which of the following is generally considered real property?
emblements
trade fixtures
a shrub planted in a decorative pot
a perennial shrub planted in the backyard
The phrase "bundle of legal rights":
is part of the definition of real property
is another name for a legal description
refers to the legal documents used in real estate transactions
refers to the tenant's rights in a lease
A trade fixture is considered:
a fixture
an easement
personalty
a license
Real property can become personal property by:
severance
purchase
hypothecation
attachment
A seller is under contract to sell a property using the standard offer to purchase and contract. The elegantly decorated master bedroom has vertical window blinds, hand-painted light switches and electrical outlet covers and draperies fashioned from fabric coordinated with the wallpaper. Which of the following items may the seller legally remove before the close of the transaction?
none of the items
the draperies and blinds
the hand-painted light switches and electrical outlet covers
the draperies
A business owner rents an empty building to use an ice cream parlor. The tenant subsequently installs large freezer units and several service counters. These additions:
are considered permanent improvements to the property
become the landlord's property once attached to the building
can be legally removed by the tenant at the termination of the lease
can only be removed by the tenant with the landlord's permission
The owner of a house wants to fence the yard for a dog. When the fence is erected, the fencing materials are converted to real estate by:
severance
annexation
immobility
indestructibility
Which of the following has an indefinite ownership period?
fee simple estate
life estate
estate for years
estate at will
Oil, gas and other subsurface rights are generally considered to be:
separate and apart from the rights or interest in the real estate
an item which can never be separated from the real estate and must transfer with the property
items of personalty which the owner can either include or exclude from the transfer
be part of the real estate and it's bundle of rights and automatically transfer to a subsequent owner unless specifically reserved or excepted in the deed
A woman wishes to donate a vacant lot that she owns in fee simple absolute to a hospital that is located next to her lot. An attorney prepares a deed that conveys the ownership of the lot to the hospital "so long as it is used for medical purposes." After the completion of the gift, the hospital will hold a:
pur autre vie estate
fee simple absolute estate
defeasible fee
fee simple to a condition subsequent estate
The rights of the owner of a property located along the banks of a small stream are called:
littoral rights
subjacent rights
riparian rights
hereditaments
A deed conveyed ownership to a grantee "so long as the existing building on the property is not destroyed." Following the transfer, the original grantor has what type of interest?
life estate
ongoing ownership in the property that lasts as long as the condition
fee simple estate
reversionary estate
A woman conveys a life estate to her son-in-law and stipulates that upon his death the estate will pass to her grandson. The grandson has an:
estate in reversion
estate in remainder
estate pur autre vie
estate for the life of another
A person who acquired ownership that can be inherited, with the provision "that the land must always be used for recreational purposes," has:
a fee simple absolute estate
a defeasible fee
a fee simple to a condition subsequent estate
an estate that cannot be sold
A brother and sister bought a commercial building and took title as joint tenants with right of survivorship. The brother died. The sister now owns the building:
as a joint tenant with right of survivorship with her brother's heirs
in severalty
as a tenant in common with her brother's heirs
as a life tenant with her brother's heirs having remainder interests
A person currently has the legal right to occupy and use a certain residential structure. The interest in the property could be all of the following, EXCEPT:
fee simple
remainder
leasehold
life estate
Co-owners of a fee simple interest in a small office building are neither related to nor a creditor to each other. One owner dies intestate. The surviving owner would become the sole owner of the property under which of the following rights?
adverse possession
reversionary interest
survivorship
foreclosure
Three joint tenants with rights of survivorship own a parcel of land. One owner sells his interest to a long-time friend. After the conveyance, the remaining original owners:
become tenants in common with each other
become tenants in common with each other and the newest owner
become joint tenants with the newest owner
remain joint tenants with each other
One of two owners holds an undivided 60% interest and the other holds an undivided 40% interest. The two owners probably hold their interest as:
cooperative owners
tenants by the entireties
community property owners
tenants in common
The owner of a condominium unit learns that a neighbor has failed to pay his condominium association dues. If the neighbor does NOT pay the dues:
a lien can be filed against the condominium complex
a lien can be filed against the neighbor's unit
a lien can only be filed against the common areas of the condominium
the taxing authority can order the condominium be dissolved
In order to create a joint tenancy relationship in the ownership of real estate, there must be unities of:
grantees, ownership, claim of right and possession
title, interest, encumbrance and survivorship
time, title, interest and possession
ownership, possession, heirs and title
The severalty owner of a parcel of land sells it. The buyer insists that the owner's wife also sign the deed. The purpose of obtaining the wife's signature is to:
terminate any rights the wife may have in the property
defeat any curtsey rights
provide evidence that the owner is married
subordinate the wife's signature to the buyer
Which item(s) listed below would be considered part of the "total circumstances test" to determine whether or not an item is a fixture?
I. The value
II. The size
I only
II only
Both I and II
Neither I nor II
Chrissy owns property that borders a large, navigable lake that has tides. Her property ends:
at the mean high-water mark of the lake
at the lake border
at the center of the lake
five feet before the lake
In North Carolina, what is the rescission period for the purchase of a new condominium?
3 calendar days
5 calendar days
7 calendar days
10 calendar days
In North Carolina, what is the rescission period for the purchase of a new timeshare?
5 calendar days
5 business days
7 calendar days
7 business days
Jack is not married and buys a vacant lot as his sole and separate property. Jack later married Jill and they buy a house together. How is the ownership of the vacant lot now classified?
Jack and Jill own the lot as tenancy by the entirety.
Jack and Jill own the lot as joint tenants.
Jack owns the lot in severalty.
They both own the lot and house as tenants in common.
With regard to a tenancy in common, each tenant in common has an equal right to possession and use of the land.
True
False
With regard to a tenancy in common, the interest (percentage of ownership) of all of the tenants in common must be equal.
True
False
Vonda and William purchased a home in 2003 with the deed simply listing both of them as “grantees” without specifying how they were to hold title. They married each other in early 2004.
How do they now likely hold title to the house purchased in 2003 if they have not made any other adjustments to their deed?
tenancy by the entirety
tenancy in severalty
joint tenancy
tenancy in common
When two people who own property under tenancy by the entirety sign a formal separation agreement, which of the following statements is correct?
The ownership changes immediately to tenancy in common.
The ownership changes immediately to joint tenancy.
The ownership must be determined by a court of law.
There is no change in the form of ownership at this time.
The NC Real Estate Commission can fine a timeshare broker for violations of the NC Timeshare Act.
True - The fine is $500 to the timeshare broker.
False - The NCREC can never fine a licensee (broker).
If there are violations of the NC Timeshare Act, the NCREC fine per violation is $X and toward whom?
$500 to the licensee
$500 to the broker
$500 to the developer
Which of the following statements is true?
I. A life estate is a freehold estate.
II. It is possible to have a freehold estate and a non-freehold estate on the same property at the same time.
I only
II only
Both I and II
The right to occupy a property for five or more periods of time involving five or more years is considered a:
l. Timeshare
ll. Interest in real property
l only
ll only
Both l and lI
Neither l nor ll
Five days after signing a contract to purchase a new timeshare, the buyer backs out of the deal. How long does the developer have to refund the purchaser’s money?
He has no obligation to return it, as there is a contract.
Thirty days from the date of purchase contract.
Thirty days from the date of cancellation.
Thirty days from the ten-day period in which these monies had to remain in the trust account.
Which of the following best defines the ownership in a condominium?
divided fee simple interest in the unit and an undivided tenant in common interest in the common areas
a divided interest in the unit and a divided interest in the common areas
shared ownership rights of both the unit and the common area as tenants in common
separate interest in the unit with the association holding title to the common area
A homeowner objected when a local utility company dug up his garden to install a natural gas line. The company claimed it had a valid easement supported by the county records. The homeowner claimed the easement was not valid because he was unaware of its existence. The easement was:
a valid easement in gross even though the owner did not know about it
a valid appurtenant easement owned by the utility company
not valid because the owner did not authorize the easement
not valid because the owner was not informed of its existence when he purchased the property
The owner of two acres of land sold one acre but retained an appurtenant easement over that land for ingress and egress to his retained lot. The retained lot:
is the dominant tenement
serves as the servient tenement
can be cleared of the easement when it is sold to a third party
is subject to an easement in gross
Personal property attached to real property is prevented from becoming real property by which of the following?
value attained through situs
an appurtenance agreement
security agreement and financing statement
air, land,mineral and oil rights
Which of the following is a right on the property of another from ownership in a particular parcel of real estate?
easment in gross
appurtenant easement
liscence
condemenation
Which of the following is/are correct?
an easement provides nonpossessory interest in land
the land on which an easement exists is the dominate tenate
the land that benefits from the easement is the servient tenant
the land that benifits from an easement is the ___ tenant
dominate
serviant
the land on which the easement exists is the ___ tenant
dominate
serviant
easements may be created in all of the following ways except
condemnation
dedication
prescription
assessment
if a property owner gives a specific person permission to cross his property, this is a(n)
easement in gross
easement appurtenant
nonfreehold estate
fee simple absolute
the creation of an easement by condemnation results from the following exercise of which of the following?
prescription
eminate domain
dedication
implication
a fee simple determinable is an example of:
I - Nonfreehold estate
II - defeasible estate
I only
II only
Both I and II
Neither I nor II
If a widow inherits an estate by will granting her the right of use and possession of the land for the rest of her life, with the provision that her estate will go to her children in fee simple at her death, she has received
an inheritable freehold estate
a life estate with remainder
a life estate pur autre vie
a nonfreehold estate
the highest and best form of real estate in real property is which of the following
appurtenant easement
defeasable fee
life estate in reversion
fee simple absolute
estate for years, estates form year to year, estates at will, and estates by sufferance
are leasehold estates
create a legal relationship between parties of landlord and tenant
are nonfreehold estates
are all of these
Which of the following types of ownership requires unity interest, title, time, and possession?
cooperative
tenancy in common
joint tenancy
condominium
None of the following includes the right to survivorship except
tenancy in common
tenancy by the entirety
life estate
joint tenant
The purchaser of a condominium unit receives title to the land on which the condominium is situated as a:
tenant by the entierty
tenant in common
joint tenant
tenant at sufferance
The purchaser of a condominium timeshare
takes title for a specified period of time each calendar year
may not convey title to anyone else
has a 30 day right to reciend the purchase contract
all of these
a tenant in common
may sell her interest in the property
may pledge the entire property as security for a mortgage
may not bring action to partition the property
has the right of survivorship in the property
ownership as tenants by the entirety includes
the right of one owner to convey title
the right to survivorship
ownership in unequal interest in the property with another
conversion to ownership as joint tenants is the owners are divorced
All of the following are examples of specific liens except
income tax liens
mortgage liens
mechanics lien
real property tax lien
which of the following is an estate that auto renews itself for consecutive years?
estate at will
life estate
estate from year to year
estate for years
All of the following are not false for timeshares EXCEPT
they have a 5 day right of recision
the developer must have a real estate license
project registration must take place with the commission before marketing
all time share salespersons must have have a real estate license
An appurtenant easement must:
I - involve a servient and dominate estate
II - run with the land
III - be obtained by condemnation
I only
III only
III and I only
I and II only
All of the following involve ownership in real property EXCEPT
cooperatives
condominiums
townhouses
time shares
All of the following are real property EXCEPT
standing timber
underground minerals
readily movable items
naturally growing vegetation
