Deck 33: Multiple Ownership of Real Property

Question 1

What term describes real property owned separately by one person?

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

Answer 1

Estate in severalty

Question 2

What is concurrent ownership?

A) Real property owned by more than one person
B) Real property owned severally
C) Real property owned by business partners
D) Real property owned by a married couple

Answer 2

Real property owned by more than one person

Question 3

What kind of unity have tenants in common?

A) Unity of time
B) Unity of possession
C) Unity of interest
D) Unity of title

Answer 3

Unity of possession

Question 4

What is a characteristic of property ownership as tenancy in common?

A) Tenants own a unified right to be on the property
B) Tenants individually own a financial stake
C) All of the above
D) None of the above

Question 5

What term means "to collect a sum of money by putting into effect the judgment of a court"?

A) Levy on judgment
B) Levy on execution
C) Levy on implementation
D) Levy on performance

Question 6

What is an integral part of joint tenancy?

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

Question 7

What is an opt-in community property state?

A) Alaska
B) Minnesota
C) Florida
D) Illinois

Question 8

What is a community property jurisdiction?

A) Michigan
B) Arizona
C) Ohio
D) Indiana

Question 9

What is an example of community property?

A) Log cabin inherited by a husband
B) Ranch inherited by a wife
C) Boat bought by a wife
D) Beach house given to a wife as a gift by her relatives

Question 10

What is a legal basis for tenancy by the entirety?

A) Administrative regulation
B) Common law doctrine
C) State constitution
D) Legislation

Question 11

What was common law application of tenancy by the entirety?

A) Husband only had right to all the profits of the estate
B) Wife had the entire control over the marital estate
C) Husband and wife had mutual control over the marital estate
D) Husband had the entire control over the marital estate

Question 12

What is tenancy in partnership?

A) Business partners' ownership of real property
B) Business partners' ownership of personal property
C) Business partners' ownership of intellectual property
D) Business partners' lease of real property

Question 13

What organization may govern tenancy in partnership?

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

Question 14

What organizations are created by developers for the purposes of marketing and managing housing developments?

A) Proprietors associations
B) Homeowners associations
C) Property holders associations
D) Property owners associations

Question 15

What term describes a portion of a condominium owned separately in fee simple by an individual owner?

A) Block
B) Share
C) Unit
D) Compartment

Question 16

What is a legal name for a deed describing the entire property owned by the condominium association?

A) Master deed
B) Patron deed
C) Superior deed
D) Major deed

Question 17

What is a proprietary lease?

A) Time-share
B) Lease for a partnership property
C) Lease of an occupant of a cooperative apartment
D) Share in community property

Question 18

Who is a stockholder of the corporation that owns a cooperative apartment?

A) Any person
B) Corporation's employee
C) Member of the corporation's Board of Directors
D) Tenant

Question 19

What term describes a 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?

A) Partial ownership
B) Interval ownership
C) Divided ownership
D) Shared ownership

Question 20

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

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

Question 21

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

Question 22

The word "tenant" applies not only to renters.

Question 23

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

Question 24

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

Question 25

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

Question 26

A joint tenant may not transfer his or her own ownership to anybody.

Question 27

Community property originated in France.

Question 28

In community property jurisdictions, gifts acquired by spouses during marriage belong to both spouses equally.

Question 29

Under common law doctrine, each spouse owns the entire estate.

Question 30

All states have modified the common law version of tenancy of the entirety.

Question 31

Individual partners' interests in the partnership's property may be attached when there is a lawsuit against the partnership.

Question 32

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

Question 33

An ownership interest in a condominium is considered to be real property.

Question 34

Co-Op City, located in New York City, is the largest cooperative in the U.S.

Question 35

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

Question 36

An ownership interest in a time-share is considered to be real property.

Question 37

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

Question 38

Tenants in common have ________ of possession.

Question 39

When tenants in common want to separate their interests in the property, they can petition the court for a ________ of the premises.

Question 40

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

Question 41

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

Question 42

Property acquired by a husband or wife during marriage that belongs to both spouses equally is called ________ property.

Question 43

A tenancy by the ________ may be held only by a married couple.

Question 44

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

Question 45

A parcel of real property portions of which are owned separately in fee simple by individual owners is called a(n) ________.

Question 46

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

Question 47

Match the terms with their descriptions:

-Tenancy by the entirety

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 48

Match the terms with their descriptions:

-Master deed

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 49

Match the terms with their descriptions:

-Partition

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 50

Match the terms with their descriptions:

-Uniform Partnership Act

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 51

Match the terms with their descriptions:

-Timesharing

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 52

Match the terms with their descriptions:

-Unit deed

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 53

Match the terms with their descriptions:

-California

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 54

Match the terms with their descriptions:

-Unity of interest

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 55

Match the terms with their descriptions:

-Estate in severalty

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 56

Match the terms with their descriptions:

-Levy on execution

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 57

Define tenancy in common and identify the key characteristics of this co-tenants relationship.

Question 58

Define joint tenancy and identify the key characteristics of this co-tenants relationship.

Question 59

Define a cooperative apartment and identify the key characteristics of this separate ownership of property.

Question 60

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.

Question 61

Rob and Cara, living in California, during their marriage acquired a beach house and a log cabin together. Rob individually bought a farm, and Cara individually bought a beauty salon. Before the marriage, Cara owned a cooperative apartment, and Rob owned a condominium. Discuss how their property may be divided if they divorce.