Question 1

Which of the following is required to create a joint tenancy?
A) Unities of time, title, interest and possession need not be present.
B) New joint tenants may be added without forming a new joint tenancy.
C) Survivorship exists among joint tenants.
D) Only a husband and wife may hold title as joint tenants.

Accepted Answer

Joint tenancy automatically includes the right of survivorship.

Question 2

A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the common areas would be held
A) as joint tenants.
B) community property.
C) as tenants in common.
D) in severalty.

Accepted Answer

They would own the common areas as tenants in common.

Question 3

Which of the following forms of property ownership offers the greatest flexibility for the investor wishing to sell his interest?
A) Limited partnership
B) Joint tenancy
C) Ownership in severalty
D) General partnership

Accepted Answer

The owner has complete control as the only interest holder.

Question 4

A tenant in common
A) has survivorship rights.
B) can sell his interest and bind his co-tenants.
C) cannot sell his interest without the consent of his co-tenants.
D) can sell his interest separately.

Accepted Answer

A tenant in common can sell his interest separately.

Question 5

An estate in severalty means
A) there are several ways to own real property.
B) several owners of real property.
C) ownership severed from any other ownership interest.
D) sole ownership by married couples.

Accepted Answer

Severalty means ownership by an individual person or entity.

Question 6

A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would own the property as
A) joint tenants.
B) community property.
C) partners.
D) tenants in common.

Accepted Answer

With no further distinction they are assumed to be tenants in common.

Question 7

A brother and sister owned property in joint tenancy. All of their other affairs were separate. The sister died penniless, leaving many unsecured debts. Her creditors could
A) attach the property that was owned in joint tenancy.
B) place alien against the brother's other pieces of property.
C) obtain no satisfaction since the property is now owned by the brother.
D) appeal to the probate court which would pay creditors out of the sale of the sister's property.

Accepted Answer

Her creditors could obtain no satisfaction since the property is now owned by the brother.

Question 8

Concurrent interests in real property must
A) be recorded.
B) include right of survivorship.
C) include equal interests.
D) include 2 or more people.

Accepted Answer

Concurrent interests in real property must include 2 or more people.

Question 9

When property is held by two or more owners as tenants in common, upon the death of one owner, that person's ownership interest would pass to
A) the surviving spouse only.
B) whoever is designated in the decedent's will.
C) the surviving owner and/or his heirs.
D) the remaining owner or owners.

Accepted Answer

With a tenancy in common each tenant can do whatever they want with their interest.

Question 10

Joint tenants must acquire their interests in jointly held property
A) at the same time.
B) from different sources.
C) in separate instruments.
D) from a partition action.

Accepted Answer

Joint tenants must acquire their interests at the same time.

Question 11

The term "undivided interest" means
A) each co-owner has the right to use the entire property.
B) when one co-owner dies, the remaining co-owners acquire his interest.
C) the property has not previously been sold.
D) no co-owner can sell his interest.

Accepted Answer

The term "undivided interest" means each co-owner has the right to use the entire property.

Question 12

An estate in severalty is one held by
A) one person.
B) two persons.
C) three or more persons.
D) joint tenants.

Accepted Answer

Severalty means ownership by an individual person or entity.

Question 13

A corporation, composed of many stockholders, desired to take title to real property. They would most likely take title
A) as a legal life estate.
B) in severalty.
C) as tenants in common.
D) as holders of corporate property.

Accepted Answer

They would hold the property as an individual entity.

Question 14

Sylvia and Bart, sister and brother, purchased a parcel of real property. Each had an undivided one-half interest. This could be an example of
A) severalty.
B) dower ownership.
C) co-ownership.
D) curtesy rights.

Accepted Answer

This would be an example of co-ownership.

Question 15

All of the following are true of a tenancy in common EXCEPT
A) all tenants hold an undivided interest in the entire property.
B) each tenant must have a separate deed to his/her share.
C) the tenants may dispose of all or part of their shares without the agreement of the other tenants.
D) there is no right of survivorship among the tenants.

Accepted Answer

The property is conveyed by a single deed.

Question 16

Property owned in severalty
A) is owned concurrently by at least two persons.
B) cannot be sold without the consent of several owners.
C) is an estate of inheritance.
D) may be willed.

Accepted Answer

The individual owner has all of the bundle of rights that have not already been conveyed.

Question 17

Ownership in severalty occurs when
A) two or more persons have identical interests in the same property concurrently.
B) husband and wife share ownership of the same property.
C) property is owned by one person.
D) two or more persons own the same property in any form of title.

Accepted Answer

Severalty means ownership by an individual person or entity.

Question 18

Four unities are required for the creation of joint tenancy. They are time, possession, interest, and
A) consideration.
B) competent parties.
C) title.
D) legal purpose.

Accepted Answer

The fourth unity is the unity of title.

Question 19

With regard to real property estates, tenancy in common refers to
A) occupancy by 2 or more persons.
B) ownership.
C) survivorship.
D) community property.

Accepted Answer

Tenancy in common refers to ownership.

Question 20

Three people are going to purchase an investment property as co-owners, and will take title as joint tenants. As joint tenants,
A) each will acquire their interests at the different moments in time.
B) each will receive a separate deed for his/her share.
C) all will have equal interests in the property.
D) all will enjoy unequal rights of possession.

Accepted Answer

As joint tenants, all will have equal interests in the property.

Quiz 3: Forms of Ownership

Which of the following is required to create a joint tenancy?

A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the common areas would be held

Which of the following forms of property ownership offers the greatest flexibility for the investor wishing to sell his interest?

A tenant in common

An estate in severalty means

A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would own the property as

A brother and sister owned property in joint tenancy. All of their other affairs were separate. The sister died penniless, leaving many unsecured debts. Her creditors could

Concurrent interests in real property must

When property is held by two or more owners as tenants in common, upon the death of one owner, that person's ownership interest would pass to

Joint tenants must acquire their interests in jointly held property

The term "undivided interest" means

An estate in severalty is one held by

A corporation, composed of many stockholders, desired to take title to real property. They would most likely take title

Sylvia and Bart, sister and brother, purchased a parcel of real property. Each had an undivided one-half interest. This could be an example of

All of the following are true of a tenancy in common EXCEPT

Property owned in severalty

Ownership in severalty occurs when

Four unities are required for the creation of joint tenancy. They are time, possession, interest, and

With regard to real property estates, tenancy in common refers to

Three people are going to purchase an investment property as co-owners, and will take title as joint tenants. As joint tenants,