Question 1

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 2

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 3

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

Accepted Answer

A) True 
 B)False

Question 4

What is a community property jurisdiction?

Accepted Answer

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

Question 5

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 6

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 7

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 8

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

Accepted Answer

Definition: Tenancy in common is a type ...

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

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

Accepted Answer

community

Question 11

What is an opt-in community property state?

Accepted Answer

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

Question 12

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

Since Rob and Cara live in a community p...

Question 13

Tenants in common have ________ of possession.

Accepted Answer

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

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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 18

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 19

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 20

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

Exam 33: Multiple Ownership of Real Property

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

Correct Answer
verified

Match the terms with their descriptions: -California

Correct Answer
verified

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

Correct Answer
verified

What is a community property jurisdiction?

Correct Answer
verified

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

Correct Answer
verified

What is a proprietary lease?

Correct Answer
verified
C

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

Correct Answer
verified

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

Correct Answer
verified
Definition: Tenancy in common is a type ...
View Answer

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

Correct Answer
verified

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

Correct Answer
verified
community

What is an opt-in community property state?

Correct Answer
verified

Correct Answer
verified
Since Rob and Cara live in a community p...
View Answer

Tenants in common have ________ of possession.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

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?

Correct Answer
verified

What is tenancy in partnership?

Correct Answer
verified

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

Correct Answer
verified

Exam 33: Multiple Ownership of Real Property

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

Correct AnswerverifiedShow Answer

Match the terms with their descriptions: -California

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is a community property jurisdiction?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is a proprietary lease?

Correct AnswerverifiedC

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedDefinition: Tenancy in common is a type ...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct Answerverifiedcommunity

What is an opt-in community property state?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedSince Rob and Cara live in a community p...View AnswerShow Answer

Tenants in common have ________ of possession.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

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?

Correct AnswerverifiedShow Answer

What is tenancy in partnership?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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C

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Definition: Tenancy in common is a type ...
View Answer

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community

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Since Rob and Cara live in a community p...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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