Question 1

What kind of property is an ownership interest in a time-share?

Accepted Answer

A)  Real property 
B)  Tangible personal property 
C)  Intangible personal property 
D)  Intellectual property 
A)  Real property 
B)  Tangible personal property 
C)  Intangible personal property 
D)  Intellectual property

Question 2

Match the terms with their descriptions:
-Estate in severalty

Accepted Answer

A)  Law governing a tenancy by partnership 
B)  Equal interest in a property by all owners 
C)  Deed to a condominium describing the entire property owned by the condominium association 
D)  Community property jurisdiction 
E)  Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of time
F) Real property is owned separately by one person
G) Division of the property into separate parcels
H) Tenancy that may be held only by a husband and wife
I) Deed to an individual condominium unit being transferred
J) To collect a sum of money by putting into effect the judgment of a court 
A)  Law governing a tenancy by partnership 
B)  Equal interest in a property by all owners 
C)  Deed to a condominium describing the entire property owned by the condominium association 
D)  Community property jurisdiction 
E)  Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of time
F) Real property is owned separately by one person
G) Division of the property into separate parcels
H) Tenancy that may be held only by a husband and wife
I) Deed to an individual condominium unit being transferred
J) To collect a sum of money by putting into effect the judgment of a court

Question 3

A form of ownership of real property that is available to business partners is called tenancy in ________.

Accepted Answer

The answer of A form of ownership of real property...

Question 4

An individual join tenant owns the entire estate, subject to the equal rights of other joint tenants.

Accepted Answer

A) True 
 B)False

Question 5

One of the most common co-tenant relationships is tenants in common.

Accepted Answer

A) True 
 B)False

Question 6

A single estate with multiple ownership is called joint tenancy with the right of ________.

Accepted Answer

The answer of A single estate with multiple ownership is...

Question 7

In resort areas of the country, ________ ownership is popular.

Accepted Answer

The answer of In resort areas of the country, ________...

Question 8

In her will, Virginia wants to leave her house to her four children. Additionally, she wants her children to have unity in possession. Discuss how Virginia can achieve this goal.

Accepted Answer

First option: in her will, Virginia can

Question 9

The word "tenant" applies not only to renters.

Accepted Answer

A) True 
 B)False

Question 10

Since each tenant in common has an undivided share, it automatically means that each co-tenant has an equal share of the property.

Accepted Answer

A) True 
 B)False

Question 11

When a business partner dies, his or her rights in specific partnership property passes to the decedent's heirs.

Accepted Answer

A) True 
 B)False

Question 12

What term describes real property owned separately by one person?

Accepted Answer

A)  Estate in entirety 
B)  Estate in severalty 
C)  Estate in totality 
D)  Estate in whole 
A)  Estate in entirety 
B)  Estate in severalty 
C)  Estate in totality 
D)  Estate in whole

Question 13

What organization may govern tenancy in partnership?

Accepted Answer

A)  UPA 
B)  RUPA 
C)  CC & Rs 
D)  Both A and B 
A)  UPA 
B)  RUPA 
C)  CC & Rs 
D)  Both A and B

Question 14

Match the terms with their descriptions:
-Timesharing

Accepted Answer

A)  Law governing a tenancy by partnership 
B)  Equal interest in a property by all owners 
C)  Deed to a condominium describing the entire property owned by the condominium association 
D)  Community property jurisdiction 
E)  Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of time
F) Real property is owned separately by one person
G) Division of the property into separate parcels
H) Tenancy that may be held only by a husband and wife
I) Deed to an individual condominium unit being transferred
J) To collect a sum of money by putting into effect the judgment of a court 
A)  Law governing a tenancy by partnership 
B)  Equal interest in a property by all owners 
C)  Deed to a condominium describing the entire property owned by the condominium association 
D)  Community property jurisdiction 
E)  Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of time
F) Real property is owned separately by one person
G) Division of the property into separate parcels
H) Tenancy that may be held only by a husband and wife
I) Deed to an individual condominium unit being transferred
J) To collect a sum of money by putting into effect the judgment of a court

Question 15

When real property is owned by more than one person, each owner is called a(n) ________.

Accepted Answer

The answer of When real property is owned by more...

Question 16

Match the terms with their descriptions:
-Levy on execution

Accepted Answer

A)  Law governing a tenancy by partnership 
B)  Equal interest in a property by all owners 
C)  Deed to a condominium describing the entire property owned by the condominium association 
D)  Community property jurisdiction 
E)  Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of time
F) Real property is owned separately by one person
G) Division of the property into separate parcels
H) Tenancy that may be held only by a husband and wife
I) Deed to an individual condominium unit being transferred
J) To collect a sum of money by putting into effect the judgment of a court 
A)  Law governing a tenancy by partnership 
B)  Equal interest in a property by all owners 
C)  Deed to a condominium describing the entire property owned by the condominium association 
D)  Community property jurisdiction 
E)  Fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval of time
F) Real property is owned separately by one person
G) Division of the property into separate parcels
H) Tenancy that may be held only by a husband and wife
I) Deed to an individual condominium unit being transferred
J) To collect a sum of money by putting into effect the judgment of a court

Question 17

What is an integral part of joint tenancy?

Accepted Answer

A)  Agreement of time 
B)  Unity of time 
C)  Concord of time 
D)  Unison of time 
A)  Agreement of time 
B)  Unity of time 
C)  Concord of time 
D)  Unison of time

Question 18

Interval owners have no right to use the common areas of the property.

Accepted Answer

A) True 
 B)False

Question 19

When a person dies intestate, leaving real property to several heirs, they may take the property as tenants in common.

Accepted Answer

A) True 
 B)False

Question 20

Four different "unities" of ownership are required for ________ tenancy.

Accepted Answer

The answer of Four different "unities" of ownership are required...

Exam 33: Multiple Ownership of Real Property

What kind of property is an ownership interest in a time-share?

Match the terms with their descriptions: -Estate in severalty

A form of ownership of real property that is available to business partners is called tenancy in ________.

An individual join tenant owns the entire estate, subject to the equal rights of other joint tenants.

One of the most common co-tenant relationships is tenants in common.

A single estate with multiple ownership is called joint tenancy with the right of ________.

In resort areas of the country, ________ ownership is popular.

In her will, Virginia wants to leave her house to her four children. Additionally, she wants her children to have unity in possession. Discuss how Virginia can achieve this goal.

The word "tenant" applies not only to renters.

Since each tenant in common has an undivided share, it automatically means that each co-tenant has an equal share of the property.

When a business partner dies, his or her rights in specific partnership property passes to the decedent's heirs.

What term describes real property owned separately by one person?

What organization may govern tenancy in partnership?

Match the terms with their descriptions: -Timesharing

When real property is owned by more than one person, each owner is called a(n) ________.

Match the terms with their descriptions: -Levy on execution

What is an integral part of joint tenancy?

Interval owners have no right to use the common areas of the property.

When a person dies intestate, leaving real property to several heirs, they may take the property as tenants in common.

Four different "unities" of ownership are required for ________ tenancy.

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