Property, Estate,Ownership-Mulitple Choice Questions Flashcards

Property, Estate,Ownership-Mulitple Choice Questions Flashcards c.tenancy in common-The unequal interests disallow community property or joint tenancy. Severalty isownership by an individual.David left his son 2/3 interest and left his son's wife 1/3 interest in real property jointly and without the right of

survivorship. They will take title as:a.community

property.b.joint tenancy.c.tenancy in common.d.severalty.d.sole ownership-Property owned by one person or entity is known as sole and separate, or ownershipin severalty

Ownership in severalty would most likely involve:a.a fee

simple defeasible estate.b.tenancy in common.c.ownership with other parties.d.sole ownership.d.valid, but Hunter takes the property subject to Baker and Cooks right to share in the enjoyment and possession of the property-Each tenant-in-common has the right to use the entire property. Therefore, Turnercannot give exclusive possession to Hunter because the other tenants in commondid not agree to or sign the lease. Tenants in common are free to sell, convey (sellor lease), or mortgage their own interest.Baker, Cook, and Turner own equal interests in a parcel of land as tenants incommon. Without the consent of the others, Turner leased the entire parcel to Hunter for

agricultural purposes. Such a lease would be:a.valid and

binding for all three co-tenants.b.invalid because land owned by multiple owners may not be leased.c.valid, provided that the term did not exceed 51 years.d.valid, but Hunter takes the property subject to Baker and Cooks right to share in the enjoyment and possession of the property.b.real property.-Water on the surface, flowing in a stream or underground (percolating) is real property. If it is taken and bottled, then it becomes personal.

A running stream is considered:a.personal property.b.real

property.c.a fixture.d.a chattel.a.Lyn owns 2/3 and Pat owns 1/3 as tenants in common-A person may sell a joint tenancy interest, but may not will it.When Chris sold herinterest to Pat, Pat became a tenant in common. Bell and Lyn remained as jointtenants. When Bell died, Bell's third was automatically conveyed to Lyn, So Lynends up owning 2/3 and Pat 1/3-both as tenants in common.Chris, Bell, and Lyn took title to a property as joint tenants.Chris sold her shareto Pat, and then Bell died. Who owns the property now?a.Lyn owns 2/3 and Pat owns 1/3 as tenants in common.b.Lyn, Pat, and Bell's heirs own the property 1/3 each as joint tenants.c.Lyn owns 2/3 and Pat owns 1/3 as joint tenants.d.Lyn, Pat, and Bells's heirs own the property 1/3 each as tenants-in-common b.Leases-A lease, also known as a leasehold estate, is a personal property estate of a tenant.Which of the following is considered personal property?a.Mineralsb.Leasesc.All improvements to landd.Trees growing in a natural fores c.Riparian property owners own the water and may use as much as they want.-The owner of property bordering a stream or river has riparian rights (a riparianowner).Riparian property owners have reasonable use of flowing water, providing it does not injure other riparian landowners. Riparian rights have been ruled in court to be real property. Such rights, like most others, are not immune fromactions such as prescription and condemnation.Which of the following statements concerning riparian rights isnot correct?a.Riparian property owners have reasonable use of flowing water.b.The owner of property bordering a stream or river has riparian rights.c.Riparian property owners own the water and may use as much as they want.d.The owner of adjacent land may not lawfully divert all available water and thereby deprive a riparian owner of water.d.All of the above-An appurtenance is anything used with the land for its benefit, such as easementsand stock in a mutual water compa Which of the following is considered appurtenant to land?a.Something acquired by legal right and used with the land for its benefitb.A right-of-way over another's adjoining landc.Stock in a mutual water companyd.All of the above

c.estate of inheritance-Freehold estates are real property estates of ownership. This type of estate continuesfor an indefinite period and is sometimes called an estate of inheritance."Of indefinite duration" is a phrase that describes

an:a.tenancy for years.b.periodic tenancy.c.estate of

inheritance.d.less-than-freehold estate.c.Tenancy for years-A tenancy for years is one of the four types of nonfreehold estates. Choices (a), (b),and (d) are freehold estates.Which of the following is a nonfreehold estate?a.Life estateb.Estate of inheritancec.Tenancy for yearsd.Estate in remainder a.Ownership interests are equal-A joint tenancy requires equal interests. Community property ownership is also anequal 50/50 interest.How are a joint tenancy interest and a community property interest alike?a.Ownership interests are equalb.Only a husband and wife are involvedc.Both owners must join in any conveyanced.Both provide the right of survivorship d.An existing mortgage-Easements, mineral rights, and trees are all real property.Which of the following is considered personal property?a.An easementb.Mineralsc.Trees growing in a forestd.An existing mortgage a.rights or interests in the thing owned. - Property refers to the bundle (collection) of rights a person has in the thing owned.

In a technical sense, the term "property" refers to:a.rights

or interests in the thing owned.b.a freehold estate.c.personal property only.d.land and buildings only.a.Bearing wall in a single-family residence-Crops that are intended to be harvested and trade fixtures are personal property.A mobilehome not attached to a foundation, including its contents, is consideredpersonal property.Which of the following is considered real property?a.Bearing wall in a single-family residenceb.Grape crop that is governed by a sales contractc.Trade fixtures installed by a tenant that are removable without damaged.Built-in stove in a mobile home with no permanent foundation d.Personal property can become real property. - Personal property becomes real property if it is permanently affixed to land or improvements.Why do disputes arise regarding ownership of personal property?a.Personal property can be pledged.b.Personal property can be alienated.c.Personal property can be hypothecated.d.Personal property can become real property.b.Time of attachment-In addition to (a), (c), and (d), the other two general tests are the relationshipbetween the parties and an agreement between the parties.Of the following, which is not one of five general tests of a fixture?a.Method of attachmentb.Time of attachmentc.Adaptability of the itemd.Intention of the parties d.unenforceable-A contract to sell community real property must be signed by both spouses. Ifit is signed by only one, the contract cannot be enforced.A contract to sell community real property made by one spouse only

is:a.valid.b.illegal.c.enforceable.d.unenforceable.

b.survivor ship-These are four unities of a joint tenancy. If formed properly, a joint tenancy createsa right of survivorship.The words "time, title, interest, and possession" are most

closely related to:a.severalty.b.survivorship.c.sole

ownership.d.adverse possession b.reversion-The rights of possession and use would return to John, so John has a reversionaryinterest. A remainder interest would be one that goes to a third party.John conveys a portion of his fee estate to Fred that is for a term less than his own, John's own interest would

be:a.remainder.b.reversion.c.vested sufferance.d.fee

defeasible b.Airspace above the land--Land includes the surface, the space above, and the space beneath for anindefinite distance. Timber, crops, and landfill soil are movable

personal property.Which of the following is considered real property?a.Timberb.Airspace above the landc.Unharvested crops under a prior sales contractd.Landfill soil being

hauled