Exam 25: Land Use Regulation and Real Property

If a person lives in a house by paying rent on a monthly basis, which of the following types of tenancy would that represent?

What is a tenancy at will?

Which of the following is a form of co-ownership that disallows the right of survivorship and allows unilateral transfer of interest?

In a(n)________ deed the seller is not liable for defects in title that existed before the seller obtained the property or for encumbrances that were present when the seller obtained the property.

A general warranty deed contains the greatest number of warranties and provides the highest level of protection to a grantee.

Jonas is a successful investment banker who earns $400,000 income per year. Jonas marries Penny, a nurse at a county hospital. At the time of their marriage, Jonas owns $1 million of real estate and $1.5 million in securities, while Penny has no personal savings or property. After four years, Jonas and Penny opt for a divorce. Over the four years of their marriage Jonas has made $400,000 for the first two years and $500,000 for the remaining two. Penny has made $25,000 in the first three years, and $150,000 in the final year of their marriage. Their living expenses were $130,000 per year, and they have $1,450,000 of earned income saved in a bank account. During the marriage, Jonas's real estate has increased in value to $1.5 million, and his securities have increased in value to $3 million. -If they filed for divorce in a state that recognizes community property, what amount would each receive?

Buildings constructed on land are considered personal property.