Deck 25: Real Property and Land Use Regulation

Question 1

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.

Answer 1

D

Question 2

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

Answer 2

D

Question 3

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

Answer 3

C

Question 4

Buildings constructed on land are considered personal property.

Question 5

A(n)________ is an example of real property.

A)building
B)patent
C)automobile
D)framed painting

Question 6

A bridge is an example of real property.

Question 7

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

A)intangible
B)real
C)personal
D)community

Question 8

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

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

Question 9

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

Question 10

________ 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 11

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 12

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.

Question 13

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

Question 14

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

Question 15

________ 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 16

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.

Question 17

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

Question 18

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 19

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

Question 20

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

Question 21

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

Question 22

A(n)________ is a type of freehold estate wherein the ownership is taken away upon the occurrence or nonoccurrence of a specified condition.

Question 23

Certain personal property is so closely associated with real property that it becomes part of the realty.Such items are called ________.

Question 24

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

Question 25

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 26

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

Question 27

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 28

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 29

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

Question 30

Subsurface rights cannot be sold separately from surface rights.

Question 31

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

Question 32

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

Question 33

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

Question 34

What is a life estate?

Question 35

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

Question 36

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

Question 37

Kitchen cabinets in a building are considered fixtures.

Question 38

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

Question 39

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

Question 40

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

Question 41

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

Question 42

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

Question 43

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

Question 44

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 45

A remainder is an example of a future interest.

Question 46

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' ________.

Question 47

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

Question 48

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

Question 49

Separate property is included in community property.

Question 50

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.

Question 51

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

Question 52

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

Question 53

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

Question 54

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

Question 55

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 56

In community property,property that is acquired through gift or inheritance either before or during marriage is considered ________.

Question 57

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

Question 58

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

Question 59

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

Question 60

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.

Question 61

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

Question 62

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

Question 63

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

Question 64

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

Question 65

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 66

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

Question 67

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

Question 68

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

Question 69

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

Question 70

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

Question 71

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

Question 72

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.

Question 73

Give an account of concurrent ownerships in multiple-dwelling buildings.

Question 74

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 75

The two forms of future interests in rights of possession are reversion and ________.

Question 76

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

Question 77

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

Question 78

________ 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

Question 79

A right of possession that returns to the grantor after the expiration of a limited or contingent estate is known as a(n)________.

Question 80

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