Question 1

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

Accepted Answer

A) True 
 B)False  False

Question 2

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.

Accepted Answer

A) True 
 B)False  True

Question 3

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

Accepted Answer

A) True 
 B)False  True

Question 4

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

Accepted Answer

A) severance. 
B) time. 
C) interest. 
D) possession. 
E) title. 
A) severance. 
B) time. 
C) interest. 
D) possession. 
E) title.

Question 5

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

Accepted Answer

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. 
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.

Question 6

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

Accepted Answer

A) Interest in specific partnership property is assignable by an individual partner. 
B) A partner's right in specific property is not subject to attachment or execution. 
C) On the death of a partner, her interest in specific property passes to her heirs. 
D) A partner's right in specific property is not subject to dower. 
E) Two of the above.(b and d) 
A) Interest in specific partnership property is assignable by an individual partner. 
B) A partner's right in specific property is not subject to attachment or execution. 
C) On the death of a partner, her interest in specific property passes to her heirs. 
D) A partner's right in specific property is not subject to dower. 
E) Two of the above.(b and d)

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

A tenancy by the entirety:

Accepted Answer

A) can only be created between husband and wife. 
B) can only be terminated by the joint action of the husband and wife. 
C) can only be seized by creditors if the debt was owed by both husband and wife. 
D) All of the above. 
E) None of the above. 
A) can only be created between husband and wife. 
B) can only be terminated by the joint action of the husband and wife. 
C) can only be seized by creditors if the debt was owed by both husband and wife. 
D) All of the above. 
E) None of the above.

Question 9

Which of the following is not a future estate?

Accepted Answer

A) reversion. 
B) remainder. 
C) right of entry. 
D) defeasible fee. 
E) executory interest. 
A) reversion. 
B) remainder. 
C) right of entry. 
D) defeasible fee. 
E) executory interest.

Question 10

A fee simple absolute:

Accepted Answer

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. 
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.

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) fee simple absolute. 
B) fee simple defeasible. 
C) life estate. 
D) all the above. 
E) none of the above. 
A) fee simple absolute. 
B) fee simple defeasible. 
C) life estate. 
D) all the above. 
E) none of the above.

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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:

Accepted Answer

A) $6 million. 
B) $3 million. 
C) $7 million. 
D) $12 million. 
E) $11 million. 
A) $6 million. 
B) $3 million. 
C) $7 million. 
D) $12 million. 
E) $11 million.

Question 17

Property classified as community property may not be partitioned.

Accepted Answer

A) True 
 B)False

Question 18

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.

Accepted Answer

A) True 
 B)False

Question 19

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 __________.

Accepted Answer

A) possibility of reverter/fee simple subject to a condition subsequent. 
B) right of entry/fee simple determinable. 
C) reversion/fee tail. 
D) remainder/fee simple absolute. 
E) right of entry/fee simple subject to a condition subsequent. 
A) possibility of reverter/fee simple subject to a condition subsequent. 
B) right of entry/fee simple determinable. 
C) reversion/fee tail. 
D) remainder/fee simple absolute. 
E) right of entry/fee simple subject to a condition subsequent.

Question 20

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

Accepted Answer

A) True 
 B)False

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

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.

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

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

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

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

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

A tenancy by the entirety:

Which of the following is not a future estate?

A fee simple absolute:

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

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.

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

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

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

Property classified as community property may not be partitioned.

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.

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

The Nature of Property

The Scope of Real Property

Rights in Land of Others

The Search for Real Estate

The Real Estate Contract

Title and Insurance

Financing the Real Estate Purchase

Closings and Taxation: Other Methods of Acquisition

Landlord and Tenant

Rights and Duties of Landowners and Occupants

Legal Planning and Regulation of Land Use

Environmental Law and Regulation

Filters

Exam 5: Types of Ownership

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

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.

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

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

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

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

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

A tenancy by the entirety:

Which of the following is not a future estate?

A fee simple absolute:

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

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.

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

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

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

Property classified as community property may not be partitioned.

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.

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

The Nature of Property

The Scope of Real Property

Rights in Land of Others

The Search for Real Estate

The Real Estate Contract

Title and Insurance

Financing the Real Estate Purchase

Closings and Taxation: Other Methods of Acquisition

Landlord and Tenant

Rights and Duties of Landowners and Occupants

Legal Planning and Regulation of Land Use

Environmental Law and Regulation

Filters

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 __.