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Q:
If a person holds an interest in another person's property without actually owning any part of the property, this is known as a ________.
A) present possessory interest
B) future interest
C) reversion
D) nonpossessory interest
Q:
Which of the following statements about adverse possession is true?
A) Adverse possession requires the delivery of a deed.
B) Adverse possession covers all property, including those owned by federal and state governments.
C) Adverse possession requires continuous and uninterrupted occupancy of the property.
D) Adverse possession covers only voluntary occupancy obtained with the express or implied permission of the owner.
Q:
________ 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) Equitable servitude
C) A non-possessory interest
D) A future interest
Q:
What is a quiet title action?
A) a lawsuit to determine the rightful owner of disputed real property and his or her rights
B) a lawsuit to enforce the right of survivorship against the holder of title to real property
C) a lawsuit asking for the judicial conversion of a joint tenancy to a tenancy in common
D) a lawsuit to obtain reimbursement for losses caused by undiscovered defects in title
Q:
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 ________ deed.
A) quitclaim
B) general warranty
C) grand
D) special warranty
Q:
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
Q:
A(n) ________ is an instrument that describes a person's ownership interest in a piece of real property.
A) indenture
B) deed
C) license
D) easement
Q:
Which of the following is the implied default title conveyed in the sale of real estate?
A) life estate
B) servient estate
C) fee simple absolute
D) fee simple defeasible
Q:
Give an account of concurrent ownerships in multiple-dwelling buildings.
Q:
The two forms of future interests in rights of possession are reversion and ________.
Q:
A right of possession that returns to the grantor after the expiration of a limited or contingent estate is known as a(n) ________.
Q:
In community property, property that is acquired through gift or inheritance either before or during marriage is considered ________.
Q:
________ is a form of co-ownership of real property that can be used only by married couples.
Q:
In a joint tenancy, upon the death of one of the co-owners, or joint tenants, the deceased person's interest in the property automatically passes to the remaining joint tenant or joint tenants. This is due to the co-owners' ________.
Q:
A remainder is an example of a future interest.
Q:
Reversion occurs when the rights of possession return to a third party upon the expiration of a limited estate.
Q:
Separate property is included in community property.
Q:
A surviving spouse in a tenancy by the entirety has the right of survivorship.
Q:
A tenant in common can sell his or her interest in the property without the consent of the other co-owners.
Q:
A joint tenant does not have the right to sell or transfer his or her interest in the property.
Q:
A deceased joint tenant's will is effective over the right to survivorship.
Q:
Which of the following defines a form of future interest in real property known as a remainder?
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 on 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.
Q:
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
Q:
A future interest in real property refers to ________.
A) an interest in real property that involves actual and current possession
B) an interest in an estate that represents the highest form of ownership
C) an interest in real property that has been sold or permanently transferred to a third party
D) an interest in real property that a grantor retains for himself or herself or a third party
Q:
Ben is a successful investment banker who earns $400,000 per year. Ben marries Elena, a nurse at a county hospital. At the time of their marriage, Ben owns real estate worth $1 million and securities worth $1.5 million, while Elena has no savings or property. After four years, Ben and Elena opt for a divorce. Over the four years of their marriage, Ben earns $400,000 in the first two years and $500,000 in the remaining two. Elena earns $25,000 in the first three years and $150,000 in the final year of their marriage. Their living expenses were $130,000 per year, and they have $1,450,000 of their earnings saved in a bank account. During the marriage, Ben's real estate increases in value to $1.5 million, and his securities increase in value to $3 million. If Ben and Elena file for divorce in a state that recognizes community property, what would be Ben's share of the real estate and securities holdings at the end of their marriage?
A) real estate worth $1 million and securities worth $1.5 million
B) real estate worth $500,000 and securities worth $2.5 million
C) real estate worth $1.5 million and securities worth $3 million
D) real estate worth $2.5 million and securities worth $2 million
Q:
Jonas is a successful investment banker who earns $400,000 per year. He marries Penny, a nurse at a county hospital. At the time of their marriage, Jonas owns real estate worth $1 million and securities worth $1.5 million, while Penny has no savings or property. After four years, Jonas and Penny opt for a divorce. Over the four years of their marriage, Jonas earns $400,000 in the first two years and $500,000 in the remaining two. Penny earns $25,000 in the first three years and $150,000 in the final year of their marriage. Their living expenses were $130,000 per year, and they have $1,450,000 of their earnings saved in a bank account. During the marriage, Jonas's real estate increases in value to $1.5 million, and his securities increase in value to $3 million. If they file 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
Q:
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) condominium
Q:
Which of the following is true of a tenancy by the entirety?
A) It can only be formed by and between corporations.
B) It does not include the right of survivorship.
C) It cannot be created by express words alone.
D) It cannot be transferred by one of the tenants without the consent of the other.
Q:
A ________ 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
Q:
Martin, who owned a piece of land 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) joint tenancy
B) tenancy in common
C) tenancy by the entirety
D) community property
Q:
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
Q:
Kate, Kelly, Rita, and Lucy own a large commercial building as joint tenants with a right of survivorship. Kate sells her one-quarter interest in the building to Bao. After the sale, Bao, Kelly, Rita, and Lucy are ________.
A) joint tenants, with a right of survivorship
B) tenants by the entirety, with no right of survivorship
C) tenants in common, with no right of survivorship
D) tenants by the entirety, with a right of survivorship
Q:
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 passes away, his ownership interest in the building is acquired by the two remaining tenants of the building. Which of the following kinds of concurrent ownership would allow such a passage of title?
A) a tenancy by the entirety
B) a community property
C) a joint tenancy
D) a tenancy in common
Q:
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
Q:
Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi sells a quarter of her interest in the building to Stella. What kind of concurrent ownership exists between Karen, Kelsey, Rita, and Stella?
A) a tenancy in common
B) a tenancy by the entirety
C) a joint tenancy
D) a community property
Q:
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
Q:
Horace, Keith, and John own Rendezvous, a luxury dining restaurant, as joint tenants. After the death of Horace, Keith and John became the owners of Horace's interest in the property automatically. This feature of concurrent ownership is called ________.
A) a quiet title action
B) adverse possession
C) a nonconforming use
D) the right of survivorship
Q:
A ________ is a form of co-ownership that includes the right of survivorship.
A) tenancy in common
B) joint tenancy
C) cooperative
D) tenancy by the entirety
Q:
What is a life estate?
Q:
A(n) ________ is a type of freehold estate wherein the ownership is taken away upon the occurrence or nonoccurrence of a specified condition.
Q:
A(n) ________ estateis an estate in which the owner has a present possessory interest in the real property.
Q:
Certain personal property is so closely associated with real property that it becomes part of the realty. Such items are called ________.
Q:
A life tenant is treated as the owner of the property even after the duration of the life estate.
Q:
A terminated life estate property reverts to the grantor or the grantor's estate or other designated person.
Q:
The person who is given a life estate is called the life tenant.
Q:
If a person owns real property in fee simple, his or her ownership has no limitation on inheritability.
Q:
If a person owns real property in fee simple, his or her ownership is limited in duration.
Q:
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.
Q:
Kitchen cabinets in a building are considered fixtures.
Q:
Plant life and vegetation growing on the surface of land are considered personal property.
Q:
Subsurface rights cannot be sold separately from surface rights.
Q:
A bridge is an example of real property.
Q:
Buildings constructed on land are considered personal property.
Q:
A life estate that is measured by the life of a third party is referred to as ________.
A) an estate pour autre vie
B) a servient estate
C) community property
D) a quid pro quo
Q:
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.
Q:
________ 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
Q:
A ________ 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) life estate
Q:
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
Q:
Which of the following is true of a 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.
Q:
________ 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
Q:
A(n) ________ is an estate in which the owner has a present possessory interest in the real property.
A) servient estate
B) freehold estate
C) future interest
D) easement
Q:
The legal right a real property owner has to possess, use, and enjoy the property is known as a(n) ________.
A) future interest
B) estate in land
C) easement right
D) estoppel by deed
Q:
Air rights enable the owner of property to ________.
A) develop cultivated plant life on the land
B) drill into the earth to utilize groundwater for personal use
C) rent or sell the space above the property for commercial purposes
D) create fixtures that become a part of the real estate sales contract
Q:
What is a fixture?
A) personal property so closely associated with real property that it becomes part of the realty
B) an intangible asset created within the parameters of certain real property
C) a component of real property that is easily transferrable without substantial damage to the real property
D) a tangible, physical item that cannot be classified as real property
Q:
Plant life that is severed from the land is considered ________ property.
A) intangible
B) immovable
C) real
D) personal
Q:
Plant life and vegetation growing on the surface of land are considered ________ property.
A) intangible
B) real
C) personal
D) community
Q:
Which of the following is true of subsurface rights in real property?
A) Subsurface rights cannot be used to mine exhaustible natural resources.
B) Subsurface rights can be sold separately from surface rights.
C) Subsurface rights are not provided for the discovery of malleable metals like gold and iron.
D) Subsurface rights can only be invoked to dig oil wells.
Q:
The rights to the earth located beneath the surface of the land are referred to as ________ rights.
A) chattel
B) air
C) mineral
D) joint
Q:
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
Q:
A(n) ________ is an example of real property.
A) building
B) patent
C) automobile
D) framed painting
Q:
Land as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land are known as ________ property.
A) intellectual
B) intangible
C) personal
D) real
Q:
Give an account of state environmental protection laws.
Q:
How are endangered species protected in the United States? Name three laws that protect wildlife species.
Q:
The secretary of commerce is empowered to enforce the provisions of the ________ Act to protect endangered marine species.
Q:
The Endangered Species Act applies only to private parties.
Q:
Taking is defined as an act intended to "harass, harm, pursue, hunt, shoot, wound, kill, trap, capture, or collect" an endangered animal.
Q:
Which of the following is true of the Endangered Species Act?
A) It is the only federal law that currently protects wildlife.
B) It empowers the U.S. secretary of the interior to declare a form of wildlife as endangered.
C) It does not include marine species and amphibian life.
D) It applies only to the government taking of any endangered species.
Q:
The disposal of new hazardous wastes is regulated by the ________ Act.
Q:
In 1980, Congress enacted the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), which is commonly called the ________.
Q:
The ________ Act provides for the creation of a government fund to finance the cleanup of hazardous waste sites.