Tenants in common - Study guides, Class notes & Summaries

CPCU 551 - Addressing Commercial Property Risk Questions And Answers 2023 Condominium A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners. Condominium unit The portion of a condominium owned solely by a unit owner. Common elements Areas of a condominium that are jointly owned by all unit owners, includin...

A corporation is a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a tenancy in common between the new owner and the remaining joint tenants The owner of a condominium unit learns that a neighbor has failed to pay real estate taxes. I...

Tenancy in severalty - Answer sole ownership of a freehold estate CO-OWNERSHIP - Answer ownership by two or more owners Tenancy in common - Answer -co-tenants enjoy an individually owned, undivided interest; any ownership share possible; no survivorship Joint tenancy - Answer equal, undivided interest jointly owned by two or more parties, with survivorship; requires four unities to create: time, title, interest, possession; joint tenants can sell their interest, but the interest becomes a ...

Mary lives in a townhouse unit that she rents. A fire in the unit next door also damages Mary's unit. The damage is significant and Mary will have to move out while it is being repaired. Which tenants policy section will cover the cost of providing her with a temporary place to live? Select one: a. Property contents b. Additional living expenses c. Accident benefits d. Liability insurance - Answer-b. Additional living expenses. Similar to homeowners' insurance, a tenants policy carries...

National Real Estate Exam Prep Questions and Answers Graded A+ John, Maria and Mark are joint tenants. Mark dies. Maria sells her share to Jane. John and Jane are: a. Joint Tenants b. Tenants by Partition c. Sole Owners d. Tenants in Common d. tenants in common John owns lakefront property. He has been granted water rights to the lake. He has: a. Riparian Rights b. Appropriative Rights c. Littoral Rights d. Prior Appropriation c. littoral rights Mary's parents gave her ...

Property Management Unit 1 Questions and Answers Graded A+ What does a lease agreement typically outline? A) The property's historical value B) The terms and conditions of the rental arrangement C) The property's future development plans D) The owner's personal preferences Which of the following is considered a common type of residential property? A) Apartment B) Office building C) Shopping mall D) Warehouse What is the purpose of conducting tenant screenings? A) To...

Net-to-gross Rentable-to-useable Grossing factor correct answers Each of these metrics is a measure of efficiency (profitability for the owner); especially important in commercial office space construction. = Net/Gross (less-than 1): Net assignable area=all the spaces needed by the client (offices). Gross area is the whole building, including structure, mechanical, and circulation spaces not included in net assignable area. = Rentable/Useable (greater-than 1): Rentable includes common ar...

National Real Estate Exam Practice Questions and Answers with Verified Solutions A property owner has decided to do some landscaping work on his yard. He has planted a tree surrounded by some flowering shrubs. The tree and shrubs are an example of... improvements A property owner has a waterfront lot on a stream. He has the right to use the water from the stream. What is this right called? riparian A tenant is aware that his lease will expire at the end of the month. He has begun...

Study Guide for 302 Post Licensing Test Questions and Answers Rated A+ What is the purpose of a property management budget? To plan and track income and expenses related to the management of a rental property. How should a property manager handle a tenant's request for a lease renewal? Review the current lease terms, negotiate any changes if needed, and provide a new lease agreement. What is the role of a property manager in handling tenant disputes? Mediate between tenants, ad...

"A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct? A) It automatically becomes tenancy in severalty. B) It is divided, with B retaining their original interest and the balance going to A's estate. C) B holds fee simple ownership to A's share of the property D) B holds a life estate ownership to A's share of the property - Answer B) It is divided, with B retaining their original ...