Chapter 2 Property Ownership and Interests Flashcards

Chapter 2 Property Ownership and Interests Flashcards 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:A) terminate

any rights the wife may have in the propertyB) defeat any curtesy rightsC) provide evidence that the owner is marriedD) subordinate the wife's signature to the buyer Terminate any rights the wife may have in the property(it is possible for married people to own property and hold title in their own name without their spouse listed as an owner.However, because most states recognize some marital interest of a spouse in the property the spouse's signature will usually be required at the time of sale) The right to occupy a property or five or more periods of

time involving five or more years is considered a :I.

TimeshareII. Interest in real propertyA) I onlyB) II onlyC) Both I and IID) Neither I nor II Both I and II(this is the definition of a timeshare. it is a right or interest in real property that is for five or more periods of time involving five or more years) Oil, gas, and other subsurface rights are generally

considered to be:A) separate and part from the rights or

interest in the real estateB) an item which can never be separated from the real estate and must transfer with the propertyC) items of personality which the owner can either include or exclude from the transferD) 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 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 With regard to a tenancy in common, which of the following is true?I. Each tenant in common has an equal right to possession and use of the landII. The interest of all of the tenants in common must be equalA) I onlyB) II onlyC) Both I and IID) Neither I nor II I only(tenants in common all have equal rights to possess and use the property. Their ownership rights do not have to be equal. The can own differing percentages.) 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:A)

become tenants in common with each otherB) become tenants in common with each other and the newest ownerC) become joint tenants with the newest ownerD) remain joint tenants with each other Remain joint tenants with each other(the original owners would still remain joint tenants because they meet the 4 unities of joint tenancy; time, title, interest, and possession.People can always sell or transfer their interest prior to their death. The long-time friend who purchased the interest would become a tenant in common with the other owners) A business owner rents an empty building to use as an ice cream parlor. The tenant subsequently installs larger freezer units and several service counters. These

additions:A) are considered permanent improvements to

the propertyB) become the landlord's property once attached to the buildingC) can be legally removed by the tenant at the termination of the leaseD) can only be removed by the tenant with the landlord's permission Can be legally removed by the tenant at the termination of the lease(these items are considered trade fixtures and as such remain personalty) The rights of the owner of a property located along the

banks of a small stream are called:A) littoral rightsB)

subjacent rightsC) riparian rightsD) hereditaments riparian rights(riparian water rights exist along rivers and streams. The rights along large bodies of water that are

subject to tides are littoral rights) 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:A) severanceB) annexationC)

immobilityD) indestructibility Annexation(this is the process of taking items of personal property and converting them to real estate. The fence materials were personal property. Once the fence was incorporated into the real estate it became part of the real property through the process of annexation.) In order to create a joint tenancy relationship in the

ownership of real estate, there must be unities of:A)

grantees, ownership, claim of right and possessionB) title, interest, encumbrances, and survivorshipC) time, title, interest, and possessionD) ownership, possession, heirs, and title Time, title, interest, and possession

The phrase "bundle of legal rights":A) is part of the

definition of real propertyB) is another name for a legal descriptionC) refers to the legal documentsD) refers to the tenant's right in a lease Is part of the definition of real property(the transfer of real property includes the transfer of a bundle of rights, including all of the rights, interests, and appurtenances that are part of the property. These are referenced by the acronym DEEPC, disposition, enjoyment, exclusions, possession, and control) When two people who own property under tenancy by the entirety sign a formal separation agreement, which of the following statements is correct?A) the ownership changes immediately to tenancy in commonB) the ownership changes immediately to joint tenancyC) the ownership must be determined by a court of lawD) there is no change in the form of ownership at this time There is no change in the form of ownership at this time(since the couple is still legally married the form of ownership does not change with separation) One of 2 owners holds an undivided 60% interest and the other holds an undivided 40% interest. The two owners

probably hold their interest as:A) cooperative ownersB)

tenants by the entiretiesC) community property ownersD) tenants in common Tenants in common(tenants in common may hold different percentages of ownership in the property. Typically the share or interest of joint tenants must by equal, although in NC that element of joint tenancy is not required) 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) a lien can be filed

against the condominium complexB) a lien can be filed against the neighbor's unitC) a lien can only be filed against the common areas of the condominiumD) the taxing authority can order the condominium be dissolved A lien can be filed against the neighbor's unit(unpaid condo or HOA dues can become a lien against the property) 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 valueII. The sizeA) I onlyB) II onlyC) Both I and IID) Neither I nor II Neither I nor II(the total circumstances rest, or IRMA uses the following factors to determine if an item is a fixture; intent, relationship, method, and attachment. Cost, size, and value are never factors in determining if something is a fixture) A person who acquired ownership that can be inherited, with the provision "that the land must always be used for

recreational purposes," has:A) a fee simple absolute

estateB) a defeasible feeC) a fee simple to a condition subsequent estateD) an estate that cannot be sold A defeasible fee(a defeasible fee is a transfer of real property that is subject to a condition)