Ch 3 : Property Rights: Identification

15 Questions | By Michaeldidia | Updated: Mar 20, 2022 | Attempts: 73

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Identifying the property rights and type of interests conveyed.

Questions and Answers

1.

The bundle of rights consists of all legal rights that are attached to the ownership of real property. These include the right to ____________ the property.
- A.
  
  Use and enjoy
- B.
  
  Transfer
- C.
  
  Possess
- D.
  
  All of the above
2.

Which type of estate represents the most complete form of ownership?
- A.
  
  Leasehold estate
- B.
  
  Fee simple estate
- C.
  
  Estate in fee
- D.
  
  Both (b) and (c)
3.

A property owner may impose qualifications, conditions, or restrictions when transferring title to property. If a seller imposes qualifications or conditions that the buyer must do or not do, this is known as a(n):
- A.
  
  Perpetual estate.
- B.
  
  Fee simple qualified estate.
- C.
  
  Life estate.
- D.
  
  Less-than-freehold estate.
4.

Which of the following is a leasehold estate?
- A.
  
  Life estate
- B.
  
  Estate of inheritance
- C.
  
  Estate for years
- D.
  
  Estate in remainder
5.

A month-to-month tenancy is typically an:
- A.
  
  Estate from period to period.
- B.
  
  Estate for years.
- C.
  
  Estate at sufferance.
- D.
  
  Estate in remainder.
6.

A partial interest is best described as an interest in real estate that represents:
- A.
  
  A fractional interest only.
- B.
  
  Less than the fee simple estate.
- C.
  
  The land or the improvements only.
- D.
  
  Ownership of all rights to the property.
7.

When property is owned by two or more persons or entities at the same time, it is known as concurrent ownership, or co-ownership. Which of the following is not a type of concurrent ownership?
- A.
  
  Joint tenancy
- B.
  
  Tenancy at sufferance
- C.
  
  Tenancy in common
- D.
  
  Community property
8.

An uncle left his nephew 2/3 interest and left his nephew's wife 1/3 interest in real property jointly and without the right of survivorship. The couple will assume title to an estate that is classified as:
- A.
  
  Leasehold.
- B.
  
  Joint tenancy.
- C.
  
  Tenancy in common.
- D.
  
  Partnership.
9.

The words time, title, interest, and possession are associated with:
- A.
  
  Undivided interest.
- B.
  
  Survivorship.
- C.
  
  Tenancy.
- D.
  
  Possession.
10.

As used in real estate law, the term tenancy is best described as:
- A.
  
  The landlord-tenant relationship.
- B.
  
  The retention of rights.
- C.
  
  A tenant in a lease agreement.
- D.
  
  A mode or method of holding title to real property by a lessee or owner.
11.

All of the following are classifications of a lease, except:
- A.
  
  Amount of payment.
- B.
  
  Type of real estate.
- C.
  
  Length of tern.
- D.
  
  Method of payment.
12.

The owner of a condominium has title to the unit and:
- A.
  
  The land under it.
- B.
  
  An individed interest in the common areas.
- C.
  
  Pays property taxes for his or her own unit.
- D.
  
  Both (b) and (c)
13.

In an undivided interest, the land itself is not divided--just the ownership. The buyer receives an undivided interest in a parcel of land as a _________________ with all the other owners.
- A.
  
  A tenant in common
- B.
  
  Stockholder
- C.
  
  Lessee
- D.
  
  Tenant in partnership
14.

What is the commonality between mobile homes and manufactured homes?
- A.
  
  Both are factory built
- B.
  
  Each must conform to HUD code
- C.
  
  Each is permanently attached to land
- D.
  
  They are primarily used as second homes
15.

Time-share properties are primarily designed for buyers who want:
- A.
  
  Income-producing real property.
- B.
  
  Vacation property.
- C.
  
  A primary residence.
- D.
  
  Agricultural property.