Exam (elaborations)
Property Ownership(questions with complete solutions)
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Property Ownership(questions with complete solutions)
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Property Ownershipc. an estate for years. - correct answer ✔✔A less-than-freehold estate would be:
a. an estate in remainder.
b. a life estate.
c. an estate for years.
d. all of the above
a. market value. - correct answer ✔✔The recording of a homestead exemption does not always require
identification of the:
a. market value.
b. spouse (if married).
c. address.
d. type of property.
c. Homestead - correct answer ✔✔Which of the following must be recorded to be valid?
a. Easement
b. Real estate sales contract
c. Homestead
d. Lease
a. community property. - correct answer ✔✔Title vested as Bill and Wilma Bloom, husband and wife, will
be presumed:
a. community property.
,b. partnership.
c. joint tenancy.
d. tenancy in common.
c. Shares in a real estate syndicate owning real property - correct answer ✔✔Of the following, which is
not considered real property?
a. Solid minerals
b. Airspace over a property
c. Shares in a real estate syndicate owning real property
d. Trees and shrubbery
a. sell his interest in the property. - correct answer ✔✔One who holds property in joint tenancy with
another or others may:
a. sell his interest in the property.
b. will his interest in the property.
c. hold a lesser interest than the other joint tenants.
d. not transfer his interest in any manner without the consent of the joint tenants.
c. lessee. - correct answer ✔✔The recording of a lease is usually paid for by the:
a. vendee.
b. grantor.
c. lessee.
d. lessor.
b. Even though a corporation has many individual stockholders it owns title in severalty. - correct answer
✔✔Which of the following best describes a severalty estate?
,a. It is a type of co-tenancy estate.
b. Even though a corporation has many individual stockholders it owns title in severalty.
c. An ownership of real property by more than one person such as three tenants in common each
holding a 1/3 undivided interest would be classified as a severalty ownership.
d. A husband and wife hold real property in severalty.
b. stock in a mutual water company. - correct answer ✔✔An appurtenance is:
a. an easement in gross.
b. stock in a mutual water company.
c. an attachment.
d. all of the above
b. It would be an estate in reversion.
(reverts back to original owner) - correct answer ✔✔Myra gives her brother a life estate for his life,
thereafter to revert to Myra. He later gets married to Mona. Two years later he dies. What would
become of the estate?
a. It would be an estate in remainder.
b. It would be an estate in reversion.
c. Mona would inherit the property.
d. Myra would inherit the property.
c. The new owners have the right to want "A" out because the lease expired on "B"'s death - correct
answer ✔✔"A" leases property from "B" for a period of five years. During the five-year period, "B" dies.
It now comes out that "B" held a life estate on the property and the owners in remainder want "A" out.
"A" contends that the lease is still valid. Which of the following is correct?
a. The lease is valid for the remainder of the five-year period
b. The lease is void because "B" only held a life estate
, c. The new owners have the right to want "A" out because the lease expired on "B"'s death
d. None of the above
d. be encumbered.
A fee simple estate may be willed, rented, is of an unlimited duration, and may be encumbered or
borrowed against. - correct answer ✔✔A fee simple estate may:
a. not be willed.
b. not be leased.
c. be of a definite duration.
d. be encumbered.
a. It is always free of encumbrances - correct answer ✔✔Which is not an appropriate characteristic of a
fee simple estate?
a. It is always free of encumbrances
b. It is indefinite duration
c. It is transferable with or without consideration
d. It is transferable by will
d. maximum interest obtainable.
(fee and simple-absolute) - correct answer ✔✔A fee simple estate is most likely to be a:
a. freehold estate.
b. leasehold.
c. less-than-freehold estate.
d. maximum interest obtainable.
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