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WorksheetsReal Estate Section II pt 2
Total questions: 54
Worksheet time: 27mins
Regarding Ownership
All partners are individually and totally liable for obligations of the partnership
general partnership
joint tenancy
limited partnenrship
trustee
Individual ownership of real property
Tenancy in Common
Tenancy in Severalty
Tenancy by Entireties
Joint Tenancy
A method of holding title that maintains the confidentiality of the true owner
Land Trust
Trustee
General Partnership
Limited Partnership
A partnership that has limited and general partners
Tenancy in common
Joint tenancy
General Partnership
Limited Partnership
Tenancy between husband and wife
Tenancy in severalty
Joint Tenancy
Tenancy by entireties
Tenancy in common
An estate with two or more owners, each with the right of survivorship
Tenancy in severalty
Joint Tenancy
Tenancy in common
Tenancy by the entireties
Co-Owners WITHOUT the right of survivorship
Tenancy in common
Joint tenancy
General Partnership
trustee
Holds title for someone else
Trustee
Land Trust
Limited Partnership
General Partnership
The owner of an undivided interest in land with no right of survivorship own it as a
tenant in common
joint tenant
tenant in severalty
either tenant in common or tenant in severalty
Property held in joint tenancy passes to the __________ upon the death of one of the owners
landlords
state
heirs of the deceased
surviving owners
What is the one unity in a tenancy in common ownership
interest
possession
time
title
A married woman may NOT own property with a man other than her husband as
tenants in common
joint tenants
tenants by the entireties
all of the above
Which of the following types of ownership CANNOT be created by operation of law, but must be created by the parties' expresses intent
community property
tenancy in common
joint tenancy
tenancy at will
Tenancy in severalty exists when
husband and wife own property together
any related persons hold real estate together
on persons own real estate
the tenant has the right to sublet
To create joint tenancy, the following four things must happen at the SAME time. Unity of ... (choose 4 answers)
Title, time, interest, possession
Title, possession, purchase, interest
Time, purchase, possession, partnership
Possession, sale, title, time
A joint tenancy may be terminated by ____________ of the parties or by ________________.
probate or sale
consent or probate
consent or sale
probate or death
When one joint tenant sells his interest to an outside party, the outside party takes title as a
joint tenant
tenant in common
limited partner
tenant in severalty
Fee simple title can be held in a trust
True
False
It is possible for the creator of the trust, the trustor, and the beneficiary to be the same person
True
False
In a tenancy by the entireties, each spouse owns a 50% interest in the property
True
False
If one owner in a joint tenancy sells his interest, the purchaser will be a joint tenant as well
True
False
Tenancy in common is the most common form of co-ownership
True
False
A tenancy by the entireties will be severed by divorce
True
False
Property Taxes
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Voluntary
Federal Taxes
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Voluntary
Vendor's Liens
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Voluntary
Mortgages
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Voluntary
Special Assessments
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Voluntary
Vendee's liens
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Volunary
Court Judgements
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Voluntary
Mechanic's Liens
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Voluntary
Lis Pendens
Specific Statutory Involuntary
General Statutory Involuntary
Specific Equitable Involuntary
Specific Equitable Voluntary
Except for tax liens and in some states a mechanic's lien, priority of the liens is determined by
amount of the debt
date of default
date of recording
court at time of foreclosure
Which of the following is NOT a specific lien?
a recorded property tax lien
a mechanic's lien
a judgement lien
a mortgage lien
The order of priority of liens would most likely be
mortgage, tax, mechanic's
tax, mortgage, mechanic's
mechanic's, tax, mortgage
mortgage, mechanic's, tax
Which of the following statements about liens is ALWAYS true?
a lien is an encumbrance on title
a lien arises from a debt
a lien creates a cloud on title when recorded
all of the above
a lien attached to one parcel of real estate is
a statutory lien
arises from a voluntary agreement
is a specific lien
is a federal tax lien
Carol has a right to use Fred's driveway for her lifetime. Carol has a/an
life estate
easement in gross
license to use
riparian right
The creation of an easement by prescription is most similar to
adverse possession
unlawful detainer action
accretion
police power
A lien that is established by state legislature is
a statutory lien
a legislative lien
an involuntary lien
both statutory and involuntary
Jim and Sally own adjoining properties. Sally's deed givers he the right to cross Jim's property. Sally's right is known as
an easement by necessity
an easement in gross
a license
an easement appurtenant
A landscaper has not been paid for landscaping a homeowner's yard. A friend tells him the house is for sale. What should the landscaper do?
sue the listing agent
file for an injunction
file for a lien
write a letter to the homeowners demanding payment immediately
Jones buys a lot that has not access by way of a public road. He can gain access to his land by way of his neighbors land that has public road access
A. only if the grantor of the property cause the property to be landlocked
B. only if his neighbor agrees to give him an easement
C. only by establishing an easement by prescription
D. either A or B
Permission granted to hunt on another's land is an example of
an incorporeal easement
a license
an easement by prescription
an easement appurtenant
Judgement liens are general, statutory, involuntary liens that attach to real and personal property
True
False
A writ of attachment is a statutory lien
true
false
Suppliers can get a mechanic's lien only if they have an express, written contract for the material supplied
true
false
An easement by necessity is one created by operation of law
true
false
An easement by implication is one created by operation of law.
true
false
Easements are terminated when the need for the easement no longer exists
true
false
A party wall agreement is a personal easement in gross
true
false
An easement may be accomplished by operation of law through the government's power of eminent domain in condemnation proceedings
true
false
An IRS lien is a general lien
true
false
You could have a lien on your property as a result of the county installing sidewalks in your neighborhood
true
false
