PROPERTY OWNERSHIP Flashcards

PROPERTY OWNERSHIP Flashcards The thing of which there may be ownership is called property. Property is divided into two classes-real and personal. All of the following are correct statements concerning property.things immovable by law are considered personal property.Which of the following best describes a severalty estate?even though a corporation has many individual stockholders it owns title in severalty.Severalty is sole ownership. Ownership resting in one person only. A corporation is a legal entity which is a legal person, and holds title to property in severalty.Which of the following would be a freehold estate?estate in feeestate at will, periodic tenancy and leasehold estate are less than freehold estates.A fee simple estate is most likely to be a: maximum interest obtainable.Most likely is a fee simple absolute which is the maximum interest obtainable. If it were a fee simple defeasible, the title could be defeated, which is not the maximum interest obtainable.Which of the following is an estate for an indefinite duration?a. an estate at will.b. an estate from period to period.c. an estate for years.d. an estate at sufferance.correct answer is a. an estate at will.An estate at will is the only less than freehold estate that is for an indefinite duration.There are certain requirements to be met to make a homestead valid. All of the following would cause a

homestead to be invalid excepts:a. renting the property.b.

recording a declaration of abandonment.c. selling the property.d. transferring the title to the property.correct answer is a. renting the property.In order for a homestead to be valid you must live on the property at the time of recording the homestead. You may then rent the property and still keep the homestead in effect.What is a less than freehold estate?Leasehold estateThe less than freehold estate, also called a leasehold estate, is owned by renters or tenants."A" deeds a property to "B' who takes possession of the property but fails to record his deed. "A" then deeds the same property to "C" who bought the property without inspecting it. However, "C" recorded his deed. Who has valid title?"B" has a valid title.The first party to buy and take possession of the land would be the rightful owner. Since "B" was in possession of the property it was "C's" duty to inspect the property for the rights to anybody in possession. If no one is in possession then first to record is first to right.An undivided interest in a condominium development:allows each fee owner to use the entire common area.A condominium consists of a separate fee interest in a particular specific space, the unit, plus an undivided interest in all common or public areas of the development.Which of the following is a correct statement concerning section and townships?a. a township contains 640 acres.b.a section contains 1 square mile.c. a township is a 36-mile square.d. a section is a 4-mile square.a section contains 1 square mile.A section contains 640 acres, in 1 mile square, and contains 1 square mile. A township is 6 miles square and contains 36 square miles.Which of the following interests does the lessee hold?chattel real and less than freehold estate.Leasehold estates are chattels real. They are also a less than freehold

estate.

A partnership may hold title to real property in:a. the name

of the partnership.b. the name of any individual partner in the partnership.c. the name of a third party as trustee for the partnership.d. any of the above.correct answer is d. any of the above.Under the Uniform Partnership Act, a partnership can hold title to real property in the name of the partnership, holding by tenancy in partnership and vested in a trustee, third party for the partnership.A wife recorded a declaration of homestead on the community property without her husband's signature.Which of the following exemptions would the couple receive?$100,000.The law permits the wife to declare a homestead exemption on1. her separate property.2. the husband's separate property.and 3. the community property, all without the signature or consent of her husband.The amount of the homestead is $75,000 for an individual. It is $100,000 if the homestead is a community property interest.Under lease, the leasehold estate lies with the: lessee.Lessor is the owner. He would have a freehold estate. The lessee holds the leasehold or less-than-freehold estate.Each row of townships running north and south in conjunction with a true meridian is more commonly known

as:

a range.Starting at the intersection of a chosen principal meridian and baseline are imaginary vertical lines called range lines, every 6 miles east and west of the meridian to form columns called ranges.The right to possess, use, enjoy, encumber and transfer

real property are known as the:

bundle of rights.Property rights are the rights someone has in something and are known collectively as the bundle of rights.In order to invalidate a homestead in California: sell the property and purchase two rental units.This is the only automatic way to abandon a homestead. The only other way is to record an abandonment of homestead.Which of the following is not a requirement of a valid homestead?a. a statement that the claimant is married.b.the name of claimant's spouse, if any.c. a statement that the claimant is residing on the property at the time of filing.d. a description of the property.correct answer is a.a single person may file a homestead;being married is not a requirement. The other 3 choices are required.All of the following statements concerning condominiums

are true except:a. real property taxes must be billed to the

entire project and prorated by the project manager.b. the unit ownership can be deeded for indefinite duration.c.condominium ownership may be in residential, industrial or commercial property.d. there is non-severability of the "in-common" and "separate interests" correct answer is a.the county tax assessors issue separate tax bills to each unit owner covering his interest.All the other choices are true.What are riparian rights?Riparian rights is the right to a reasonable use of the water adjoining, abutting or running through one's land or in known underground channels beneath the surface of one's land.The recording of a homestead exemption does not always

require identification of the:

market value.Any of the others are required for identification on a homestead exemption.

An appurtenance is:stock in a mutual water company.Transfers with the land.

Stock in a mutual water company would be the water rights

of the land and must transfer with the land.