chpt. 2 REE Flashcards

chpt. 2 REE Flashcards Co-ownership can occur in a variety of ways, with significant variation in how the bundle of rights is jointly held. All of the following entities are forms of direct co-ownership except partnership Requirements to create a joint tenancy are quite restrictive.They require the presence of the "four unities," which include all of the following except condition Which of the following types of liens is automatically superior to any other lien?property tax and assessment lien Property rights created from marriage have a clear implication for real estate transactions. Which of the following marital property rights gives a spouse a one-half claim on all property acquired "from the fruits of the marriage"?community property A principal definition of real estate is as a bundle of rights associated with the possession, use, and disposition of property. Each of the following is a fundamental characteristic of property rights except they only apply to tangible assets Nonpossessory interests (i.e., bundles of real property rights that do not include possession) include all of the following except leasehold interests When multiple individuals have use of a property, but their interests are not simultaneous, this type of co-ownership is referred to as a timeshare Which of the following types of direct co-ownership combines single person ownership with tenancy in common?condominium An important distinction both practically and conceptually is the difference between an easement and a license. All of the following characteristics pertain to a license except license enduring Real estate can be viewed as a bundle of rights. How these bundles of rights are grouped together determines the type of ownership interest an individual (or group of individuals) can stake claim to. In an ordinary life estate with remainder interests, which of the following rights is detached from the traditional bundle of rights that typically defines a fee simple absolute interest?disposition An easement is the right to use land for a specific and limited purpose. Which of the following easements involves a relationship between two parcels of land, is a permanent feature of both parcels involved, and gives the dominant

parcel some intrusive use of the servient parcel?affirmative easement appurtenant Tom recently purchased a home in a residential subdivision. While mowing his lawn and planting new shrubs for the first time since moving in, Tom's neighbor

came outside to inform him that he was violating one of the subdivision's rules which required the use of a specific professional lawn service for all property landscaping needs. Assuming this requirement can be enforced by the subdivision authority, this would be an example of a(n) restrictive covenant Which of the following forms of co-ownership, historically used for apartment buildings, is not considered a form of

true direct co-ownership but rather qualifies as a proprietary corporation?cooperative