section 4 unit 1: Types of Estates exam questions Flashcards

section 4 unit 1: Types of Estates exam questions**** Flashcards

Sam and Bridget are cousins who jointly own property.They are both named on the deed, they received title at the same time, they have the right of survivorship, and they each have equal interest and undivided rights of possession. What type of ownership do they have?a.estate in severaltyb. joint tenancyc. tenancy by the entiretyd. tenancy in common

• joint tenancy

Where permitted, married couples usually hold property as ______.a. joint tenancyb. tenancy by the entiretyc. tenancy in commond. tenancy severalty

• tenancy by the entirety

Which of the following describes an estate for an unknown period of time, with either party permitted to terminate the lease by giving notice to the other?a. estate at willb. estate for yearsc. leasehold estated. life estate

• estate at willAn estate at will is an estate for an unknown

period of time, with either party permitted to terminate the lease by giving notice to the other.Lucas, Ivan, Chad, and Trace own a property as joint tenants. After a few years, Ivan sells his interest to Tom (with permission from Lucas, Chad, and Trace). Chad dies intestate but is survived by a wife, Amy. Trace also then passes away but wills his property to Monique. Who owns the property after Trace's death?a. Lucasb. Lucas and tomc. Lucas, Monique, and Amyd. Lucas, Tom, Amy, and Monique

• Lucas and tomJoint tenants are allowed to sell their

interests, so Tom became a property owner when Ivan sold his interest. However, joint tenancy is not inheritable but instead includes the right of survivorship. Trace's and Chad's interests passed to Lucas and Tom.Ken, Barbie, and Skipper owned a property as a joint tenancy. When Skipper moved out of state, she sold her interest to Midge. Two years later, Ken died. How is the interest in the property divided?a. Barbie and Midge each own 50%.b. Barbie and Skipper each own 50%.c. Barbie, Midge, and Ken's heirs each own one-third.d. Barbie owns two-thirds, and Midge owns one-third.

• Barbie owns two-thirds, and Midge owns one-third.

What form of ownership is inheritable and includes the entire bundle of rights, not subject to any conditions or qualifications?a. fee entireb. fee on conditionc. fee simple absoluted. qualified fee

• fee simple absolute

Which of these is the best example of an estate from period to period?a. After Morgan's one-year lease expired, he continued to lease the property with no defined end date.b.John's lease terminates automatically and is inheritable.c.Peggy's lease expired, but she wouldn't leave the apartment.d. Ricardo's lease has no specified end date and requires reasonable notice to terminate.

• After Morgan's one-year lease expired, he continued to

lease the property with no defined end date.

Which one of the following types of ownership termination allows each tenant to have a specific, divided portion (partition) of the property exclusively?a. termination by divisionb. Termination of co-ownership by partitionc.termination of estate in severaltyd. termination of joint tenancies

• Termination of co-ownership by partition

Which ownership type is defined by four unities: time, title,

interest, and possession?a. freehold estateb. joint tenancyc. Tenancy by the entiretyd. tenancy in common

• joint tenancyThis is joint tenancy. Tenancy by the

entirety requires a fifth unity (person). If one joint tenant dies, that tenant's interests go to the remaining joint tenants. If only one tenant is left, that tenant owns the property in severalty.Rhonda and Oliver bought an old schoolhouse with the hope of transforming it into a residence. They owned the property as joint tenants. After Oliver died, how did Rhonda own the building?a. As a joint tenant with rights of survivorshipb. As a tenant in common with Oliver's heirsc.in severaltyd. in trust

• in severaltyWhen there are only two joint tenants, the

death of one dissolves the joint tenancy. Rhonda is now the sole owner of an estate in severalty.What basic property right is NOT available to the holder of a life estate?a. controlb. dispositionc. ownershipd.possession

• dispositionThe holder of a life estate has the rights of

ownership, possession, and control. When a life estate terminates, ownership reverts to the grantor of the life estate.______ is the form of ownership used by married couples in certain states. It includes automatic survivorship rights.a.tenancy by five unitiesb. Tenancy by the entiretyc. tenancy by uniond. tenancy in common

• Tenancy by the entirety

Property with ownership by more than one person is known as ______.a. co-ownershipb. Dual ownershipc. estate by severaltyd. estate by partnership

• co-ownership

In which form of co-ownership is a person's ownership inheritable?a. joint tenancyb. Tenancy by the entiretyc.tenancy in commond. Tenancy in severalty

• tenancy common

Jess has permission to live on his father's property as long as Jess' grandmother is alive. This is an example of which type of life estate?a. conventionalb. life estate with remainderc. Pur autre vied. Reversionary

• Pur autre vieA pur autre vie life estate grants an estate to

someone for the duration of someone else's life.Which of the following is a life estate in property held by a widow?a. curtesyb. dowerc. estate at willd. homestead

• dower

Once Greg and Caitlin were married, they decided to purchase a home together. Since it was a shotgun wedding after a weekend in Vegas, they made sure that their ownership included the right of survivorship as well as protection from the other spouse attempting to sell the house from under them. Though not recognized in all states, the most likely form of co-ownership under which they would make this purchase is ______.a. estate in

severaltyb. joint tenancyc. Tenancy by the entiretyd.tenancy in common

• Tenancy by the entirety

Eva, Stella, and Lynn own a vacation home two blocks from the beach. Sadly, Stella passed away this winter, and so when summer arrives Eva and Lynn will be sharing the home with Stella's nephew Drew, to whom Stella willed her share of the property. What type of ownership is this?a.estate in severaltyb. joint tenancyc. tenancy by the entiretyd. tenancy in common

• tenancy in commonThis is a form of shared ownership,

but only tenancy in common provides for inheritability-the other forms share the rights of survivorship (the existing tenants assume the deceased's share of the property).

What's the difference between reversionary interest and remainder interest in a property?a. remainder interest applies only to heirsb. Reversionary interest only applies to spouses.c. With remainder interest, the property remains with the owner, even when a life tenant possesses the property.d. With reversionary interest, the property reverts to the owner after the death of the life tenant. With remainder interest, the title to the property goes to a named third party following the death of the life tenant.

• With reversionary interest, the property reverts to the

owner after the death of the life tenant. With remainder interest, the title to the property goes to a named third party following the death of the life tenant.Which type of ownership includes unity of time, title, interest, possession, and marriage?a. freehold estateb.joint tenancyc. Tenancy by the entiretyd. tenancy in common

• Tenancy by the entirety

Sherman, who owns property in a life estate, neglects the property, significantly diminishing its value. This is called ______.a. a lease optionb. an act of wastec. an estate at sufferanced. A possessional prerogative

• an act of waste

Ken, Dale, and James are brothers who own more than 100 acres as tenants in common. The relationship between Ken and James disintegrated, and so James initiated a lawsuit. The end result is that the court gave each brother a designated set of acres to own. What was granted by the court?a. bifurcationb. parcelc. partitiond. severalty

• partition

Jenner purchased his first home, to which he'll have access forever, as far as he knows. Jenner owns a(n) ______.a.estate for yearsb. freehold estatec. leasehold estated.Ownership estate

• freehold estateA freehold estate implies ownership for an

unlimited amount of time-the "free" refers to the ownership agreement being free of an end date.