FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 5: Types of Ownership

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

Multiple Choice

Review LaterAdd Note

Review Later

A fee simple absolute:

A) can be inherited.
B) is subject to government regulations.
C) provides ownership of the earth below and the sky above the boundaries of the owner's land.
D) all of the above.
E) none of the above.

F) B) and D)
G) B) and E)

Correct Answer

verified

Show Answer

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

Florian owns a life estate in Blackacre and Walter owns a remainder interest.

A) Walter must pay the annual taxes and Florian the interest on any debts on Blackacre.
B) if the county charges Blackacre a curb and sidewalk assessment, only Walter would have to pay it.
C) Florian, since he presently occupies Blackacre, must by law pay the insurance on any buildings.
D) Florian would have to pay for ordinary repairs, such as painting or window replacements and Walter would have to pay for extraordinary repairs such as replacing a furnace.

E) All of the above
F) A) and D)

Correct Answer

verified

Show Answer

Question 3

Multiple Choice

Review LaterAdd Note

A tenancy by the entirety:

Amy conveyed a deed to Carrie that created the following estates: "To Carrie provided that if the property is used for any uses other than recreation, grantor shall have the right to reenter the property and cause the grantee to forfeit the estate." Amy owns a ________ and Carrie owns a __________.

A owns a fee simple absolute estate.A later grants a life estate to B and when B dies to C.A now owns a reversionary interest.

Sonny and Cher have been married for forty years and live in Nevada, a community property state.Before their marriage, Sonny's only property was a winery in Pahrump, Nevada, worth 1 million dollars while Cher had 5 million dollars worth of property, including a ranch in northern Nevada.During their marriage Sonny and Cher accumulated an additional 6 million dollars worth of property, including 3 million dollars worth of property Sonny inherited from his uncle.The total amount of community property held by Sonny and Cher is:

A restraint on alienation is in direct conflict with certain social policies and might be invalid depending on the extent of the restriction. 10 A life estate pur autre vie is a future interest.

Property classified as community property may not be partitioned.

A life estate cannot be inherited. 12 A life tenant who makes improvements on leased property which are considered fixtures has an absolute right to remove them within a reasonable time after terminating the life estate.

Which of the following is not a future estate?

A tenancy in common, like a joint tenancy or tenancy by the entirety, can be created only by will or deed.

The following is (are) considered a freehold estate(s) :

In a trust arrangement, the beneficiary owns equitable title to the trust property.

A buyer of real property who wishes to receive the best interest possible would prefer a fee simple absolute over a fee simple defeasible.

Estates generally fall into two categories: fee estates and freehold estates.

The most important characteristic of the joint tenancy is the right of survivorship.

The key factor necessary to establish a partnership is the existence of a functioning business (Answers in boldface are correct)

Which of the following are incidents of a tenancy in a partnership:

A joint tenancy requires all of the following "unities" except the unity of:

A and B are joint tenants.A conveys his interest to C.B and C are now tenants in common.