Real estate Unit 4 quiz Flashcards

Real estate Unit 4 quiz Flashcards An owner purchased an interest in a house inBeachfront.The owner is entitled to the right ofpossession only between July 10 and August 4 of each year. Which of the following is MOST likely the type of ownership that has been purchased?Time-share. When a person holds an interest in property for a stated time each year, that person is sharing the property according to a time plan. It is a time-share.A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without stipulating a form of ownership. The two friends took title as which of the following?Tenants in common A legal arrangement under which the title to real property is held to protect the interests of a beneficiary is to trust An ownership interest that can be an estate interest or a right of use is Time-share Three people were concurrent owners of a parcel of real estate. When one of the owners died, that interest became part of the. deceased's estate. The deceased was tenant in common A trust is a legal arrangement in which property is held for the benefit of a third party by a trustee.The trustor creates a trust that is held for the benefit of the beneficiary who will ultimately benefit from the trust. A third party, the trustee, holds legal title to the property and carries out the trustor's instructions.A person lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, this person owns stock in the corporation and has a lease to the apartment. This type of ownership is called Cooperative, the owner has a proprietary right to occupy a unit and own shares in the corporation.A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely an estate by the entirety. Married persons may own property together as tenants in common, joint tenants, or as community property. Being more than one person, a couple cannot own in severalty. The right of survivorship is a distinguishing feature of tenancy by the entirety, which some states recognize as a form of joint tenancy reserved for a married couple.Which statement applies to both joint tenancy and tenancy by the entirety?The answer is the last survivor becomes a severalty owner.Tenancy by the entirety is a type of joint tenancy recognized by some states that is reserved for married couples. In both, there is a right of survivorship. The last survivor becomes sole (severalty) owner.The four unities of possession, interest, time, and title are associated with which of the following?The answer is joint tenancy. A joint tenancy can only be created by an intentional act and requires the four unities-equal possession, interest, and title which must all occur at the same time (PITT)-to be present.

Which of the following is MOST likely evidence of ownership in a cooperative?Shareholder's stock According to some states, any real property that either spouse owns at the time of marriage remains separate property. Further, any real property acquired by either spouse during the marriage (except by gift or inheritance or with the proceeds of separate property) belongs to both of them equally. What is this form of ownership called?Community property. This arrangement falls under community property law, which is found - with some variations in details - in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, and as an option in Alaska If property is held by two or more owners as joint tenants, the interest of a deceased co-owner will be passed to surviving owner or owners Which of the following is a form of sole ownership?Ownership in severalty Two people are co-owners of a small office building with the right of survivorship. One of the co-owners dies intestate and leaves nothing to be distributed to heirs.Which of the following would explain why the surviving co-owner acquired the deceased's interest!Joint tenancy The real property interest that takes the form ofpersonal property is Cooperative unit ownershipBecause it involves receiving shares of stock and a leasehold-both of which are considered by common law to be personal property-cooperative ownership is personal, not real, property.A man owns one of 20 units in fee simple, alongwith a 5% ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own?The answer is condominium. When a person owns part of a development in fee and a percentage of the rest in common with the other unit owners, this is condominium ownership.Which of the following refers to ownership by one person?Severalty A corporation is a legal entity, recognized as anartificial person. Property owned solely by the corporation is owned in The answer is severalty. The term person does not always refer to a natural individual-a human; the law regards a corporation as an artificial person. Because this is so, a corporation can own real estate in severalty (alone).Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys his interest to a friend.Which statement is TRUE The other two owners remain joint tenants