Question 1

What term describes real property owned separately by one person?

Accepted Answer

Estate in severalty refers to property owned by one person or entity in its entirety, without any co-owners.

Question 2

What is concurrent ownership?

Accepted Answer

Concurrent ownership refers to property ownership shared by two or more individuals, which can include various forms such as joint tenancy, tenancy in common, and tenancy by the entirety (often applicable to married couples). It does not specify the nature of the relationship between the owners, making A the correct choice as it broadly encompasses any scenario where real property is owned by more than one person.

Question 3

What kind of unity have tenants in common?

Accepted Answer

Tenants in common are characterized by the unity of possession, meaning all tenants have an equal right to possess the whole property, but their ownership interests may differ in size or duration.

Question 4

What is a characteristic of property ownership as tenancy in common?

Accepted Answer

The answer of What is a characteristic of property ownership...

Question 5

What term means "to collect a sum of money by putting into effect the judgment of a court"?

Accepted Answer

"Levy on execution" refers to the process of collecting a sum of money by enforcing a court's judgment, typically involving the seizure and sale of the debtor's property.

Question 6

What is an integral part of joint tenancy?

Accepted Answer

Unity of time is a fundamental characteristic of joint tenancy, meaning that all joint tenants acquire their interest in the property at the same time.

Question 7

What is an opt-in community property state?

Accepted Answer

Alaska is unique among states in that it allows couples the option to opt into a community property system, which is not the default property system in the state.

Question 8

What is a community property jurisdiction?

Accepted Answer

Arizona is a community property jurisdiction, meaning that any assets acquired during the marriage are considered jointly owned by both spouses.

Question 9

What is an example of community property?

Accepted Answer

Community property refers to assets acquired by either spouse during the marriage, except for inheritances or gifts specifically given to one spouse. The boat bought by the wife during the marriage is an example of community property.

Question 10

What is a legal basis for tenancy by the entirety?

Accepted Answer

Tenancy by the entirety is a form of joint property ownership that is rooted in common law doctrine, traditionally available to married couples.

Question 11

What was common law application of tenancy by the entirety?

Accepted Answer

Under common law, tenancy by the entirety gave the husband control over the marital estate, reflecting the legal doctrine of coverture where a married woman's legal rights were subsumed by her husband.

Question 12

What is tenancy in partnership?

Accepted Answer

Tenancy in partnership refers to the business partners' collective ownership of real property used for the partnership's purposes, where each partner has an undivided interest in the property.

Question 13

What organization may govern tenancy in partnership?

Accepted Answer

The Uniform Partnership Act (UPA) and the Revised Uniform Partnership Act (RUPA) both provide frameworks that may govern tenancy in partnership, addressing the rights and obligations of partners in relation to partnership property.

Question 14

What organizations are created by developers for the purposes of marketing and managing housing developments?

Accepted Answer

Homeowners associations (HOAs) are organizations in residential communities that make and enforce rules for the properties and their residents. Developers often create HOAs to manage and market homes in the development, ensuring that the community maintains certain standards and amenities.

Question 15

What term describes a portion of a condominium owned separately in fee simple by an individual owner?

Accepted Answer

The term "unit" refers to the portion of a condominium that is owned separately in fee simple by an individual owner. This is distinct from the common areas, which are owned collectively by all unit owners.

Question 16

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

Accepted Answer

A master deed is the legal document that describes the entire property owned by a condominium association, including both individual units and common areas.

Question 17

What is a proprietary lease?

Accepted Answer

A proprietary lease is specific to cooperative housing, where the lease grants the right to occupy a specific apartment unit within the cooperative building.

Question 18

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

Accepted Answer

In a cooperative apartment arrangement, the corporation owns the property, and the tenants own shares in the corporation, giving them the right to occupy a specific apartment. This makes the tenant a stockholder of the corporation.

Question 19

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

Interval ownership is the correct term for a type of ownership where the owner has the right to possess, use, or occupy a property for a specific interval of time each year, often used in timeshare properties.

Question 20

What kind of property is an ownership interest in a time-share?

Accepted Answer

Time-share ownership is considered real property because it represents an ownership interest in real estate, allowing the owner to use the property for a specified period each year.

Quiz 33: Multiple Ownership of Real Property