Question 1

Which of the following is NOT an example of concurrent ownership?

Accepted Answer

A)  A joint tenancy. 
B)  A tenancy by the entireties. 
C)  A tenancy in common. 
D)  A lease between a landlord and a tenant. 
A)  A joint tenancy. 
B)  A tenancy by the entireties. 
C)  A tenancy in common. 
D)  A lease between a landlord and a tenant.

Question 2

Martha conveyed her lakefront property to her daughter, Ellen, for life and then to Ellen's children, but if Ellen had no children, to Mark. Mark has a vested remainder.

Accepted Answer

A) True 
 B)False

Question 3

Bob and his sister, Claudia, can NOT own property by:

Accepted Answer

A)  a tenancy by the entireties. 
B)  tenancy in common. 
C)  joint tenancy. 
D)  They can own property in any of these ways. 
A)  a tenancy by the entireties. 
B)  tenancy in common. 
C)  joint tenancy. 
D)  They can own property in any of these ways.

Question 4

An estate in fee simple would have which of the following characteristics?

Accepted Answer

A)  It may be inherited. 
B)  It may be sold. 
C)  Judgment creditors may levy upon it. 
D)  All of these. 
A)  It may be inherited. 
B)  It may be sold. 
C)  Judgment creditors may levy upon it. 
D)  All of these.

Question 5

The All-Power Gas and Electric Company cleared a right of way across Larry's land and put up a power line, which it has maintained for the past 20 years. Now the company wants to replace the old line with a new one, and Larry has decided he doesn't want them on his land. Does the company have a recognizable interest in Larry's land? Can Larry keep the company from installing a new line?

Accepted Answer

The power company has an easement, which

Question 6

Which of the following represents concurrent property ownership?

Accepted Answer

A)  A cooperative. 
B)  A life estate. 
C)  A lease. 
D)  A fee simple absolute. 
A)  A cooperative. 
B)  A life estate. 
C)  A lease. 
D)  A fee simple absolute.

Question 7

An easement describes a limited possessory interest in the land.

Accepted Answer

A) True 
 B)False

Question 8

Mariella's purchase of a ticket to the ballet grants her a license to use the theater's premises during the performance, but it does not give her an interest in the real property.

Accepted Answer

A) True 
 B)False

Question 9

A leasehold from week to week or month to month is called a(n):

Accepted Answer

A)  fee simple absolute. 
B)  estate for years. 
C)  periodic tenancy. 
D)  tenancy at sufferance. 
A)  fee simple absolute. 
B)  estate for years. 
C)  periodic tenancy. 
D)  tenancy at sufferance.

Question 10

Bess, Ray, and Irwin inherited 48 acres of land, which they own as tenants in common. If Bess decides she wants to live on a portion of the land, in order to get clear title to that portion:

Accepted Answer

A)  Bess may request that the land be partitioned, which would change her, Ray's, and Irwin's undivided interests in the whole parcel into smaller, individually owned parcels. 
B)  Bess need only move onto the land, as she has the right to possession of the whole 48 acres. 
C)  Bess would need to convince Ray and Irwin to join her in selling the entire 48 acres, and she would then need to buy the portion she wishes to own separately. 
D)  Ray and Irwin must agree to relinquish their right of survivorship and thus destroy the present tenancy. 
A)  Bess may request that the land be partitioned, which would change her, Ray's, and Irwin's undivided interests in the whole parcel into smaller, individually owned parcels. 
B)  Bess need only move onto the land, as she has the right to possession of the whole 48 acres. 
C)  Bess would need to convince Ray and Irwin to join her in selling the entire 48 acres, and she would then need to buy the portion she wishes to own separately. 
D)  Ray and Irwin must agree to relinquish their right of survivorship and thus destroy the present tenancy.

Question 11

An interest that arises in a third party in the future is called a(n):

Accepted Answer

A)  reversion. 
B)  remainder. 
C)  assignment. 
D)  fee simple absolute. 
A)  reversion. 
B)  remainder. 
C)  assignment. 
D)  fee simple absolute.

Question 12

If Maverick subleases his rental townhome to Mavis for the summer, Mavis is primarily liable to pay the landlord the rent.

Accepted Answer

A) True 
 B)False

Question 13

The concept of waste, as used in real property, includes:

Accepted Answer

A)  any act that permanently injures the realty. 
B)  any omission that permanently injures the realty. 
C)  any act that unreasonably changes the value of the realty. 
D)  All of these. 
A)  any act that permanently injures the realty. 
B)  any omission that permanently injures the realty. 
C)  any act that unreasonably changes the value of the realty. 
D)  All of these.

Question 14

A characteristic of a tenancy in common is that:

Accepted Answer

A)  it is a rarely used form of concurrent ownership. 
B)  each co-owner has an undivided interest in the property and has the right to possession. 
C)  there is a right of survivorship. 
D)  All of these. 
A)  it is a rarely used form of concurrent ownership. 
B)  each co-owner has an undivided interest in the property and has the right to possession. 
C)  there is a right of survivorship. 
D)  All of these.

Question 15

a. What is a fee simple? 
b. What is a life estate? 
c. If Ed grants a life estate to his wife, what interest does he retain? Explain.

Accepted Answer

a. A fee simple (absolute) is an estate

Question 16

A periodic leasehold tenancy may be terminated:

Accepted Answer

A)  upon expiration of the period. 
B)  upon 6 months' notice in a tenancy from month to month. 
C)  upon the date set in the lease agreement. 
D)  upon notice at the expiration of any one period but only on adequate notice to the other party. 
A)  upon expiration of the period. 
B)  upon 6 months' notice in a tenancy from month to month. 
C)  upon the date set in the lease agreement. 
D)  upon notice at the expiration of any one period but only on adequate notice to the other party.

Question 17

Edith's grandfather conveyed to Edith the right to the family farm after her grandmother dies. This is called:

Accepted Answer

A)  a possibility of a reverter. 
B)  a reversionary interest. 
C)  a vested remainder. 
D)  a contingent remainder. 
A)  a possibility of a reverter. 
B)  a reversionary interest. 
C)  a vested remainder. 
D)  a contingent remainder.

Question 18

In a condominium:

Accepted Answer

A)  all residents own shares in the corporation that owns the building. 
B)  each resident purchases a living unit in the building. 
C)  the tenant owns a reversionary interest in the property. 
D)  the tenant creates a future interest in the property known as a possibility of reverter. 
A)  all residents own shares in the corporation that owns the building. 
B)  each resident purchases a living unit in the building. 
C)  the tenant owns a reversionary interest in the property. 
D)  the tenant creates a future interest in the property known as a possibility of reverter.

Question 19

A transaction whereby the tenant transfers away her entire interest under a lease is called a(n):

Accepted Answer

A)  sublease. 
B)  assignment. 
C)  eviction. 
D)  abandonment. 
A)  sublease. 
B)  assignment. 
C)  eviction. 
D)  abandonment.

Question 20

All other estates are derived from the fee simple estate.

Accepted Answer

A) True 
 B)False

Exam 48: Interests in Real Property

Which of the following is NOT an example of concurrent ownership?

Martha conveyed her lakefront property to her daughter, Ellen, for life and then to Ellen's children, but if Ellen had no children, to Mark. Mark has a vested remainder.

Bob and his sister, Claudia, can NOT own property by:

An estate in fee simple would have which of the following characteristics?

Which of the following represents concurrent property ownership?

An easement describes a limited possessory interest in the land.

Mariella's purchase of a ticket to the ballet grants her a license to use the theater's premises during the performance, but it does not give her an interest in the real property.

A leasehold from week to week or month to month is called a(n):

Bess, Ray, and Irwin inherited 48 acres of land, which they own as tenants in common. If Bess decides she wants to live on a portion of the land, in order to get clear title to that portion:

An interest that arises in a third party in the future is called a(n):

If Maverick subleases his rental townhome to Mavis for the summer, Mavis is primarily liable to pay the landlord the rent.

The concept of waste, as used in real property, includes:

A characteristic of a tenancy in common is that:

a. What is a fee simple? b. What is a life estate? c. If Ed grants a life estate to his wife, what interest does he retain? Explain.

A periodic leasehold tenancy may be terminated:

Edith's grandfather conveyed to Edith the right to the family farm after her grandmother dies. This is called:

In a condominium:

A transaction whereby the tenant transfers away her entire interest under a lease is called a(n):

All other estates are derived from the fee simple estate.

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