Deck 48: Real Property

Question 1

Plant life that is severed from the land is considered ________.

A) intangible property
B) immovable property
C) real property
D) personal property

Answer 1

D

Question 2

Buildings constructed on land are considered personal property.

Answer 2

False

Question 3

A(n) ________ is an estate in which the owner has a present possessory interest in the real property.

A) estate pour autre vie
B) freehold estate
C) future interest
D) easement

Answer 3

B

Question 4

The difference between a qualified fee ownership and a fee simple ownership is that a qualified fee ownership can be ________.

A) transferred at will by the owner of the property
B) terminated if a specified event occurs or fails to occur
C) infinite in its duration
D) inherited without limitations

Question 5

A bridge would be an example of real property.

Question 6

Plant life and vegetation growing on the surface of land are considered ________.

A) intangible property
B) real property
C) personal property
D) chattels

Question 7

A(n) ________ grants the owner all the incidents of a fee simple absolute except that ownership may be taken away if a specified condition occurs or does not occur.

A) future interest
B) servient estate
C) fee simple defeasible
D) easement estate

Question 8

What are fixtures?

A) goods closely associated with a piece of real property
B) intangible properties created inside the premises of a real property
C) parts of a real property that are easily transferrable without substantial damage to the property
D) goods that cannot be classified as personal property or real property

Question 9

Plant life and vegetation growing on the surface of land are considered personal property.

Question 10

Kitchen cabinets in an apartment are considered fixtures.

Question 11

Land, as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land are known as ________.

A) chattel
B) intangible property
C) personal property
D) real property

Question 12

Which of the following is true of an ownership of real property that is fee simple absolute?

A) It cannot be inherited.
B) It terminates based on the occurrence or nonoccurrence of a specified event.
C) It is infinite in duration.
D) It cannot be transferred at will.

Question 13

Which of the following is true of subsurface rights in real property?

A) Subsurface rights cannot be used to mine radioactive elements.
B) Subsurface rights can be sold separately from surface rights.
C) Minerals found beneath real property have to be given up to the government.
D) Subsurface rights can only be invoked to dig oil wells.

Question 14

________ are an example of real property.

A) Buildings
B) Patents
C) Automobiles
D) Works of art

Question 15

Air rights enable the owner of a property to ________.

A) develop natural and cultivated plant life on the land
B) drill into the earth to utilize ground water for personal use
C) rent or sell the space above the property for commercial purposes
D) create fixtures inside the real property that become a part of the sale agreement

Question 16

Subsurface rights cannot be sold separately from surface rights.

Question 17

________ is a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.

A) Fee simple absolute
B) Life estate
C) Servient estate
D) Fee simple defeasible

Question 18

The rights to the earth located beneath the surface of the land are defined as ________.

A) chattel rights
B) air rights
C) mineral rights
D) joint rights

Question 19

What are surface rights in real property?

A) the right to possess the earth beneath the land
B) the right to occupy the land
C) the right to possess personal property
D) the right to convert personal property to negotiable instruments

Question 20

The legal rights that an owner has to possess, use, and enjoy the property are known as ________.

A) future interests
B) estate in land
C) easement rights
D) estoppel by deed

Question 21

The right of possession of remainder is an example of future interest.

Question 22

Which of the following is true of a life tenant?

A) A life tenant has the right to sell the life estate at will.
B) A person who gives a life estate to another is called a life tenant.
C) A life tenant can possess the life estate to the point of rendering it worthless by permanent damage.
D) A life tenant is treated as the owner of the property for the duration of the life estate.

Question 23

A terminated life estate property reverts to the grantor or the grantor's estate or other designated person.

Question 24

A life estate that is measured by the life of a third party is referred to as ________.

A) estate pour autre vie
B) servient estate
C) community property
D) future interest

Question 25

Which of the following is a form of co-ownership that disallows the right of survivorship and allows unilateral transfer of interest?

A) tenancy in common
B) joint tenancy
C) cooperatives
D) tenancy by the entirety

Question 26

The person who is given a life estate is called the life tenant.

Question 27

Carmen, Westbrook, and Ashton are concurrent owners of a large commercial building. Ashton executes a will that leaves all his property to his son in the event of his death. But after Ashton's death, his ownership interest in the building was acquired by the remaining two tenants of the building. Which of the following kinds of concurrent ownership would allow such a passage of title?

A) a tenancy by entirety
B) a community property
C) a joint tenancy
D) a tenancy in common

Question 28

A life tenant is treated as the owner of the property even after the duration of the life estate.

Question 29

________ is a form of co-ownership that includes the right of survivorship as well the right of tenants to unilaterally transfer their interest without the consent of co-tenants.

A) Tenancy in common
B) Joint tenancy
C) Cooperatives
D) Tenancy by the entirety

Question 30

Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi transfers her one-quarter interest in the building to a private charity organization owned by Stella. Which form of concurrent ownership would allow Karen, Kelsey, and Rita to become the owners of the property following Lizzi's death without the inclusion of the private charity organization run by Stella?

A) a tenancy by entirety
B) a community property
C) a joint tenancy
D) a tenancy in common

Question 31

Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi sells her one-quarter interest in the building to Stella. What kind of concurrent ownership now exists between Karen, Kelsey, Rita, and Stella?

A) a tenancy in common
B) a tenancy by entirety
C) a joint tenancy
D) a community property

Question 32

If a person owns real property in fee simple, his or her ownership has no limitation on inheritability.

Question 33

When does a joint tenancy become a tenancy in common?

A) when a joint tenant sells his or her property
B) when a joint tenant dies
C) when two joint tenants swap their share in the tenancy
D) when two joint tenants are bound by a marital relationship

Question 34

A fee simple owner has the right to exclusively possess and use his or her property to the extent that the owner has not transferred any interest in the property.

Question 35

Future interest in real property refers to an interest in ________.

A) real property that involves actual and current possession
B) real estate that represents the highest form of ownership
C) real property that has been sold or permanently transferred to a third party
D) real property that a grantor retains for himself or herself or a third party

Question 36

If a person owns real property in fee simple, his or her ownership is limited in duration.

Question 37

________ is an interest in real property that lasts for a specified person's lifetime.

A) Life estate
B) Fee simple absolute
C) Servient estate
D) Fee simple defeasible

Question 38

After the death of Horace, the remaining two joint tenants of the luxury restaurant Rendezvous became the owners of Horace's interest in the property automatically. This feature of their concurrent ownership is called ________.

A) quiet title action
B) adverse possession
C) nonconforming use
D) right of survivorship

Question 39

Which of the following provisions protects the interest of a joint tenancy upon the death of a joint tenant?

A) the quiet title action
B) the estate in land
C) the right of survivorship
D) the quitclaim deed

Question 40

What is a life estate?

Question 41

________ is a form of co-ownership of real property that can be used only by married couples.

A) Cooperative
B) Tenancy in common
C) Joint tenancy
D) Tenancy by the entirety

Question 42

Separate property is included in community property.

Question 43

A surviving spouse in a tenancy by the entirety has the right of survivorship.

Question 44

Reversion occurs when the rights of possession returns to a third party upon the expiration of a limited estate.

Question 45

A ________ is a right of possession that returns to the grantor after the expiration of a limited or contingent estate.

A) reversion
B) remainder
C) quiet title action
D) nonconforming use

Question 46

If a party to a tenancy in common sells his or her interest in the property, the tenancy in common becomes a tenancy by entirety.

Question 47

Jonas, a successful investment banker earning $400,000 per year, marries Penny, a nurse at a county hospital. While Jonas owns $1 million of real estate and $1.5 million in securities, Penny has no personal savings or property. After four years, they opt for a divorce. Over the four years of their marriage, Jonas has made $400,000 for the first two years and $500,000 for the remaining two. Penny has made $25,000 in the first three years, and $150,000 in the final year of their marriage. Their living expenses have been $130,000 per year, and they have $1,450,000 saved in a bank account. During the marriage, Jonas's real estate has increased in value to $1.5 million, and securities to $3 million. If they filed for divorce in a state that recognizes community property, what amount would each receive?

A) $1,300,000
B) $2,297,500
C) $725,000
D) $1,050,000

Question 48

Which of the following types of deeds only protects the buyer from defects in title caused by the seller?

A) a general warranty deed
B) a quitclaim deed
C) a grand deed
D) a special warranty deed

Question 49

Which of the following is the implied default title conveyed in a sale of real estate?

A) life estate
B) servient estate
C) fee simple absolute
D) fee simple defeasible

Question 50

Jonas, a successful investment banker earning $400,000 per year, marries Penny, a nurse at a county hospital. While Jonas owns $1 million of real estate and $1.5 million in securities, Penny has no personal savings or property. After four years, they opt for a divorce. Over the four years of their marriage, Jonas has made $400,000 for the first two years and $500,000 for the remaining two. Penny has made $25,000 in the first three years, and $150,000 in the final year of their marriage. Their living expenses have been $130,000 per year, and they have $1,450,000 saved in a bank account. During the marriage, Jonas's real estate has increased in value to $1.5 million, and securities to $3 million. If they filed for divorce in a state that recognizes community property, what would be the separate property owned by Jonas at the end of their marriage?

A) $1 million of real estate and $1.5 million in securities
B) $500,000 of real estate and $2.5 million in securities
C) $1.5 million of real estate and $3 million in securities
D) $2.5 million of real estate and $2 million securities

Question 51

A deceased joint tenant's will is effective over the right to survivorship.

Question 52

Which of the following forms of co-ownership of real property applies only to married couples?

A) joint tenancy
B) community property
C) tenancy in common
D) condominiums

Question 53

A joint tenant does not have the right to sell or transfer his or her interest in the property.

Question 54

Which of the following is true of a tenancy by the entirety?

A) It can only be formed between corporations.
B) It does not contain the conditional right of survivorship upon the death of a tenant.
C) It cannot be created by the usage of express words.
D) It cannot be transferred by a tenant without the consent of the other tenant.

Question 55

A(n) ________ is an instrument that describes a person's ownership interest in a piece of real property.

A) title insurance
B) deed
C) license
D) easement

Question 56

The Statute of Frauds requires real estate sales contracts to be in writing.

Question 57

Martin, who owned a piece of property along with two other tenants, executed a will in which he left all his property to his son. When Martin died, his son received his interest in the shared property and became a tenant with the other two owners. What kind of concurrent ownership would allow such a passage of title?

A) a joint tenancy
B) a tenancy in common
C) a tenancy by entirety
D) a community property

Question 58

Give an account of concurrent ownerships in a multiple-dwelling building.

Question 59

A tenant in common can sell his or her interest in the property without the consent of the other co-owners.

Question 60

Which of the following defines a remainder as a form of future interest?

A) It is a right of possession that returns to the grantor after the expiration of a limited or contingent estate.
B) It is a right of possession that returns to a third party upon the expiration of a limited or contingent estate.
C) It is a form of concurrent possession of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation.
D) It is a form of concurrent possession that includes the right of survivorship.

Question 61

Ownership of real property can be transferred by gift.

Question 62

________ is a title to real property that is free from any encumbrances or other defects that are not disclosed but would affect the value of the property.

A) Remainder title
B) Marketable title
C) Reversion title
D) Nonconforming title

Question 63

The attorney cannot be sued for any losses caused by his or her negligence in rendering an attorney's opinion.

Question 64

What is an abstract of title?

A) a recordation of a deed that gives constructive notice to the world of the owner's interest in a property
B) a judicial proceeding where a certificate of title is awarded to the real owner to property
C) a form of insurance obtained for losses caused by undiscovered defects in title
D) a chronological history of the chain of title and encumbrances affecting a property

Question 65

Recording a deed gives constructive notice to the world of the owner's interest in the property.

Question 66

A ________ is a situation in which a person holds an interest in another person's property without actually owning any part of the property.

A) present possessory interest
B) future interest
C) reversion
D) nonpossessory interest

Question 67

A deed in which the grantor of real property transfers whatever interest he or she has in the property to the grantee is known as a ________.

A) quitclaim deed
B) general warranty deed
C) grand deed
D) special warranty deed

Question 68

If an owner of real property fails to pay property taxes, the government can obtain a lien on the property for the amount of the taxes.

Question 69

Properties owned by state and federal governments are subject to the doctrine of adverse possession.

Question 70

In the context of a tax sale, many states provide a period of ________ after a tax sale during which the taxpayer can reclaim the property by paying the unpaid taxes and penalties.

A) stipulation
B) consideration
C) redemption
D) exemption

Question 71

What is a quiet title action?

A) a lawsuit to determine the rightful owner of a disputed property
B) a lawsuit to enforce the right to survivorship to the holder of the title deed
C) a lawsuit asking for the release of the details of a separate property from a couple
D) a lawsuit to obtain reimbursement for losses caused by undiscovered defects in title

Question 72

A given or required right to make limited use of someone else's land without owning or leasing it is called a(n) ________.

A) zoning ordinance
B) title insurance
C) easement
D) abstract of title

Question 73

In a special warranty deed, the seller is liable for defects in title that existed before the seller obtained the property.

Question 74

A deed can only be used to transfer a fee simple absolute interest in real property.

Question 75

A(n) ________ is a situation in which a person who wrongfully possesses someone else's real property obtains title to that property if certain statutory requirements are met.

A) adverse possession
B) reversion
C) nonpossessory interest
D) future interest

Question 76

The doctrine of adverse possession requires the delivery of deed for transfer of property to be valid.

Question 77

Which of the following statements is true of adverse possession?

A) Adverse possession requires the delivery of a deed.
B) Adverse possession is applicable on all property including those owned by federal and state governments.
C) Adverse possession requires continuous and uninterrupted occupancy of the property for the required statutory period.
D) Adverse possession covers only voluntary occupancy obtained with the express or implied permission of the owner.

Question 78

A(n) ________ is issued by the courts to the rightful owner following the Torrens method of determining title to the real property.

A) title insurance
B) abstract of title
C) certificate of title
D) restraining order

Question 79

To obtain title under adverse possession, the adverse possessor must physically occupy the property.

Question 80

A general warranty deed contains the greatest number of warranties and provides the highest level of protection to a grantee.