Ch 3 : Property Rights: Identification

15 Questions | Total Attempts: 42

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Education Quizzes & Trivia

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.