Question 1

What is a proprietary lease?

Accepted Answer

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

Question 2

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

Accepted Answer

community

Question 3

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

Accepted Answer

Definition: Joint tenancy is a type of co-ownership of real property when two or more persons hold one and the same interest in the property, accruing by one and the same conveyance, commencing at one and the same time, and held by one and the same undivided possession.
 Joint tenancy requires four different "unities" of ownership:
 Unity of title
 Unity of time
 Unity of interest
Unity of possession 
 A joint tenant may not transfer his or her own ownership to another, including by using a will.
 Upon the death of a joint tenant, the surviving tenant owns the property in its entirety.
 Joint tenant may petition the court for a partition of the estate, which would end the joint tenancy.

Question 4

Match the terms with their descriptions:
-Tenancy by the entirety

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 timeF)  Real property is owned separately by one personG)  Division of the property into separate parcelsH)  Tenancy that may be held only by a husband and wifeI)  Deed to an individual condominium unit being transferredJ)  To collect a sum of money by putting into effect the judgment of a court

Question 5

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?

Accepted Answer

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

Question 6

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

Accepted Answer

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

Question 7

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

Accepted Answer

The answer of A parcel of real property portions of...

Question 8

What is a community property jurisdiction?

Accepted Answer

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

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

The answer of Define tenancy in common and identify the...

Question 11

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.

Accepted Answer

The answer of Rob and Cara, living in California, during...

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

What is an opt-in community property state?

Accepted Answer

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

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

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

Question 17

Match the terms with their descriptions:
-California

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 timeF)  Real property is owned separately by one personG)  Division of the property into separate parcelsH)  Tenancy that may be held only by a husband and wifeI)  Deed to an individual condominium unit being transferredJ)  To collect a sum of money by putting into effect the judgment of a court

Question 18

What is tenancy in partnership?

Accepted Answer

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 19

Tenants in common have ________ of possession.

Accepted Answer

The answer of Tenants in common have ________ of possession....

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 33: Multiple Ownership of Real Property

What is a proprietary lease?

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

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

Match the terms with their descriptions: -Tenancy by the entirety

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?

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

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

What is a community property jurisdiction?

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

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

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

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

What is an opt-in community property state?

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

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

Match the terms with their descriptions: -California

What is tenancy in partnership?

Tenants in common have ________ of possession.

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