broker exam ownership.txt

  1. The final step in transferring title is?
    Delivery and acceptance of signed deed by grantee
  2. Ownership of realty by one person in?
    Ownership in severalty
  3. What rights does a riparian owner hold in a navigable river course?
    Rights to the edge or accretion line of the river and down to low water mark. 
  4. A conveyance in which the grantor retains a future interest is?
    Life estate in reversion 
  5. What is the major difference between tenancy in common and joint tenancy?
    Joint tenants must hold equal interests and feature right of survivorship. 
  6. The recording of a deed at a registry of deeds is?
    Constructive notice of ownership to the public
  7. Growing timber becomes personal property by?
  8. When speaking of "improvements" regarding real estate we mean?
    Everything affixed to the land. 
  9. What does the word "title" mean
  10. What is the interest of a condominium owner?
    Separate fee interest in individual unit and undivided interest in common areas
  11. A grantee is 
    BUYER (a grantor is the seller) 
  12. A tenancy is another way of saying?
    Estate or interest
  13. Title to ownership of a condominium unit is vested in?
    Unit owner
  14. In a cooperative, the holder of of stock in the corporation is usually a?
    Proprietary lease
  15. A, B and Q are joint tenants. A dies. B transfers interest to S. What is the legal relationship between S and Q?
    Tenants in common
  16. What is an important distinction between a condo owner and a cooperative owner?
    Condo owns real estate (deed); Co-op owns personal property (stock certificate and proprietary lessee
  17. Is a real estate agent allowed to sell ownership in real estate limited partnership?
    No. the agent would need a securities license. 
  18. Joseph owns a house. He marries Helen. If Joseph dies, does Helen automatically own the house?
    No, not unless Joseph deeded the house to them both as tenants by the entirety. 
  19. Time sharing is also known as?
    • Interval ownership
    • Prepaid Vacation and 
    • Floating Use
  20. When a person owns a piece of real estate. How far up does their ownership go?
    There is no automatic limit to the space owned. 
  21. Real estate includes all EXCEPT:

    D. Real estate is immovable, affixed, and annexed. Tractors and threshers are moveable. 
  22. How should an unmarried couple own in real estate in order to provide each of their heirs the right to inherit their portion of the property?

    D. ONLY tenancy in common does not provide automatic right of survivorship
  23. Which is most important in determining ifan unknown   property is a fixture?
    A. Weight
    B. Cost
    C . Intention
    D. Probability
    • C. Intention 
    • Intention is one of the four tests that may be used to determine whether the property is a fixture, real property. 
  24. Which is an appurtenance?

    A. an appurtenance is a leal right to cross the land of an adjoining property. 
  25. Trade fixtures used by a retail tenant are?

    D. Personal Property installed by retail tenant is a trade fixture. 
  26. A and B are purchasing a duplex together and want to avoid probate when the first of them dies. How should they own it?

    A. Joint tenancy will give buyers the ownership they want and there is no joint tenancy without right of survivorship. 
  27. Rights to reasonable use of water in a waterway bordering land are:

    B. Riparian Rights relate to real property bordering a river
  28. Owning land bordering navigable waterway means owner's rights:

    C. Navigable waterways, real property ownership extends to the shoreline also called he accretion line. 
  29. The essential characteristics of condominium ownership are:

    C. Condo owners take individual title to their units, but own the common areas jointly.
  30. An estate reserved for married couples only is?

    B. Co-ownership reserved for married couples is tenancy by entirety
  31. Mother and two daughters equally own property. Mother died and left 1/3 share to one and 2/3 share to the other. Original ownership was:

    B. The only type of co-ownership that is inheritable is tenancy in common. 
  32. An air conditioner installed in a special opening through a wall is:

    A. The air conditioner becomes real property through its method of attachment. 
Card Set
broker exam ownership.txt
ownership section 1 day 1 broker exam