Question 1

Bob owns a life estate in a ranch in Idaho.This means that:

Accepted Answer

A)  He can live on the ranch as long as he lives,but if he moves off the ranch,he loses it. 
B)  He can live on the ranch as long as he lives,or he can sell this right to someone else. 
C)  Bob,or his immediate family,can live on the ranch as long as at least one of them is still living. 
D)  Bob must live on the ranch for the rest of his life. 
A)  He can live on the ranch as long as he lives,but if he moves off the ranch,he loses it. 
B)  He can live on the ranch as long as he lives,or he can sell this right to someone else. 
C)  Bob,or his immediate family,can live on the ranch as long as at least one of them is still living. 
D)  Bob must live on the ranch for the rest of his life.

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

The right of survivorship is a feature of joint tenancy.

Accepted Answer

A) True 
 B)False

Question 4

Only nine states recognize the co-ownership form of property known as community property.

Accepted Answer

A) True 
 B)False

Question 5

Cultivated plant life is not considered to be real property.

Accepted Answer

A) True 
 B)False

Question 6

If a piece of property is sold at auction to satisfy a tax lien for unpaid taxes,any amount paid in excess of the amount of taxes owed is retained by the state.

Accepted Answer

A) True 
 B)False

Question 7

A freehold estate is one in which the owner has a future interest in land.

Accepted Answer

A) True 
 B)False

Question 8

Land held in fee simple absolute has no limitations on inheritability or duration.

Accepted Answer

A) True 
 B)False

Question 9

Remainders and reversions:

Accepted Answer

A)  are both interests where property can or will return to the grantor 
B)  differ in that a remainder is held by someone other than the grantor and the reversion is held by the original grantor 
C)  cannot be bought or sold because they are future interests 
D)  often exist when there is also a fee simple absolute ownership 
A)  are both interests where property can or will return to the grantor 
B)  differ in that a remainder is held by someone other than the grantor and the reversion is held by the original grantor 
C)  cannot be bought or sold because they are future interests 
D)  often exist when there is also a fee simple absolute ownership

Question 10

If a remainder that follows a life estate is vested,it means that there are no unmet conditions for the holder of the remainder to take the property upon the death of the holder of the life estate.

Accepted Answer

A) True 
 B)False

Question 11

A certificate of title for an automobile is evidence of ownership for a car.What is a deed evidence of? Why is there a difference? Should the real estate law be changed so that deeds are proof of current ownership?

Accepted Answer

A deed shows that a property was transfe

Question 12

A person's ownership rights in real property are called an estate.

Accepted Answer

A) True 
 B)False

Question 13

An abstract of title is a chronological history of the chain of title and encumbrances affecting the property.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is true of co-ownership of real property?

Accepted Answer

A)  Joint tenancy and tenancy in common are two terms to describe the same legal arrangement. 
B)  If it is unclear whether an arrangement is a joint tenancy or a tenancy in common,most courts will consider it to be a tenancy in common. 
C)  Two owners who are married to each other cannot own the property as tenants in common. 
D)  Tenancy by the entirety is often viewed as a special type of tenancy in common for persons married to each other. 
A)  Joint tenancy and tenancy in common are two terms to describe the same legal arrangement. 
B)  If it is unclear whether an arrangement is a joint tenancy or a tenancy in common,most courts will consider it to be a tenancy in common. 
C)  Two owners who are married to each other cannot own the property as tenants in common. 
D)  Tenancy by the entirety is often viewed as a special type of tenancy in common for persons married to each other.

Question 15

Amy transfers a piece of realty,"to Bill for his life,and then to John." What type of ownership interest has Amy created?

Accepted Answer

A)  life estate to Bill; reversion to Amy 
B)  life estate to Bill; reversion to John 
C)  life estate to Bill; remainder to John 
D)  life estate to Bill; remainder to John; reversion to Amy 
E)  life estate to Bill; remainder to Amy 
A)  life estate to Bill; reversion to Amy 
B)  life estate to Bill; reversion to John 
C)  life estate to Bill; remainder to John 
D)  life estate to Bill; remainder to John; reversion to Amy 
E)  life estate to Bill; remainder to Amy

Question 16

A life estate cannot be transferred.

Accepted Answer

A) True 
 B)False

Question 17

Co-ownership of real property is known as concurrent ownership.

Accepted Answer

A) True 
 B)False

Question 18

In a tenancy by the entirety,one tenant cannot transfer his interest without the consent of the other.

Accepted Answer

A) True 
 B)False

Question 19

In a condominium development,the common areas are owned:

Accepted Answer

A)  by the unit owners as joint tenants 
B)  by a corporation 
C)  by the homeowners association 
D)  by the unit owners as tenants in common 
E)  in fee simple defeasible by the unit owners 
A)  by the unit owners as joint tenants 
B)  by a corporation 
C)  by the homeowners association 
D)  by the unit owners as tenants in common 
E)  in fee simple defeasible by the unit owners

Question 20

George,the grantor,conveys property to Monica Simms,the grantee for life.George has no reversion interest in the property.

Accepted Answer

A) True 
 B)False

Exam 48: Real Property

Bob owns a life estate in a ranch in Idaho.This means that:

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

The right of survivorship is a feature of joint tenancy.

Only nine states recognize the co-ownership form of property known as community property.

Cultivated plant life is not considered to be real property.

If a piece of property is sold at auction to satisfy a tax lien for unpaid taxes,any amount paid in excess of the amount of taxes owed is retained by the state.

A freehold estate is one in which the owner has a future interest in land.

Land held in fee simple absolute has no limitations on inheritability or duration.

Remainders and reversions:

If a remainder that follows a life estate is vested,it means that there are no unmet conditions for the holder of the remainder to take the property upon the death of the holder of the life estate.

A certificate of title for an automobile is evidence of ownership for a car.What is a deed evidence of? Why is there a difference? Should the real estate law be changed so that deeds are proof of current ownership?

A person's ownership rights in real property are called an estate.

An abstract of title is a chronological history of the chain of title and encumbrances affecting the property.

Which of the following is true of co-ownership of real property?

Amy transfers a piece of realty,"to Bill for his life,and then to John." What type of ownership interest has Amy created?

A life estate cannot be transferred.

Co-ownership of real property is known as concurrent ownership.

In a tenancy by the entirety,one tenant cannot transfer his interest without the consent of the other.

In a condominium development,the common areas are owned:

George,the grantor,conveys property to Monica Simms,the grantee for life.George has no reversion interest in the property.

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