Question 1

Abbot,Costello,Martin and Lewis purchase a building together as joint tenants with a right of survivorship.Before Martin dies,he executes a will stating that his share of the property is to be transferred to his friend,Frank.Martin later dies.What happens to his share?

Accepted Answer

A)   Frank inherits Martin's one-fourth interest in the property.
B)   The property will be transferred to Martin's estate.
C)   Martin's interest will transfer to Abbot,Costello and Lewis.
D)   Martin will reserve his interest in the property until all parties to the original deed are deceased.

Question 2

Which form of real property ownership includes the greatest degree of ownership?

Accepted Answer

A)   fee simple limitless
B)   fee simple defeasible
C)   fee simple absolute
D)   absolute life estate
E)   remainder

Question 3

Which of the following is true about subsurface rights?

Accepted Answer

A)   The surface rights and subsurface rights cannot be separated.
B)   The subsurface rights extend 100 yards below the surface.
C)   The subsurface rights are considered personal property.
D)   The most valuable subsurface rights in most instances are mineral rights.

Question 4

In theory,mineral rights to land can extend to the center of the earth.

Accepted Answer

A) True 
 B)False

Question 5

Gloria owns a piece of real property.She sells one-half of this property to Sam,but reserves the rights to cross over Sam's land to get to her remaining one-half.Gloria has created a(n) :

Accepted Answer

A)   easement in gross
B)   easement appurtenant
C)   easement a pendre
D)   license
E)   profit

Question 6

Sam sells property to Betty and delivers Betty a deed that says,"This property is conveyed to Betty so long as she never operates a bar on the premises." If she operates a bar on the premises,Sam Seller may take possession of the property.The type of interest that Betty has acquired is a:

Accepted Answer

A)   fee simple absolute
B)   fee simple defeasible
C)   fee simple limited
D)   fee simple remainder
E)   fee simple life estate

Question 7

If a state has a redemption period following a tax sale,the owner who was delinquent in paying taxes has a specified period to pay the back taxes and prevent the sale from being finalized.

Accepted Answer

A) True 
 B)False

Question 8

Grantor transfers real property to the city for "as long as the property is used as a park." The city has a:

Accepted Answer

A)   fee simple absolute
B)   fee simple defeasible
C)   life estate
D)   reversion
E)   remainder

Question 9

A deed is a document that shows that property was transferred,but possession of the deed is no assurance that the holder of the deed still holds the property.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is characteristic of fee simple absolute ownership?

Accepted Answer

A)   It is infinite in duration.
B)   It can be willed and inherited.
C)   It is the highest form of ownership.
D)   It does not end upon the happening of some event.
E)   All of the above.

Question 11

The owner of a life estate,a reversion,or remainder may sell that interest to a third party.

Accepted Answer

A) True 
 B)False

Question 12

A life tenant may not mortgage the property in which he has a life estate.

Accepted Answer

A) True 
 B)False

Question 13

The highest form of land ownership is a fee simple absolute.

Accepted Answer

A) True 
 B)False

Question 14

The government may sell an owner's property for failure to pay taxes and then obtain a lien on the property for the amount of the taxes.

Accepted Answer

A) True 
 B)False

Question 15

Any provision in a decedent's will that mentions the disposition of property held in joint tenancy will not be effective.

Accepted Answer

A) True 
 B)False

Question 16

How does a tenancy by the entirety differ from a joint tenancy?

Accepted Answer

A)   In a tenancy by the entirety,the survivor gets the entire property when one co-owner dies.
B)   In a tenancy by the entirety,one co-owner cannot unilaterally sell his or her share.
C)   In a tenancy by the entirety,when there are two co-owners,each must own 50 percent.
D)   In a tenancy by the entirety,each co-owner owns an undivided interest in the whole.

Question 17

Can the holder of a life estate mortgage his life estate?

Accepted Answer

A)   Yes,with the only restrictions being those applicable to a mortgage of a fee simple interest.
B)   Yes,but only if the holder of the remainder interest or reversion also simultaneously mortgages that interest.
C)   Yes,so long as the mortgage term is limited to the length of the life estate.
D)   No,because of the uncertainty over how long the interest will last.
E)   No,because a life estate is not real property.

Question 18

Ownership of real property in fee simple defeasible means that:

Accepted Answer

A)   The ownership is for only a limited period of time.
B)   The ownership is absolute except that ownership may be lost upon the occurrence or nonoccurrence of some event.
C)   The property reverts to the grantor when some condition is met.
D)   Some type of joint ownership exists.
E)   The property was acquired through a donation.

Question 19

Bob and Mary are husband and wife,respectively.They co-own their home as tenants by the entirety.In early 1997,Bob,without Mary's knowledge,sells his share of the home to Alice,a ski instructor at Aspen Ski Area.Bob's will leaves all his property to Edith,a ski instructor at Sun Valley Ski Area.Bob unexpectedly dies on December 16,1997.Who will own the home following his death?

Accepted Answer

A)   Edith and Mary will each own half.
B)   Edith will have total ownership.
C)   Alice and Mary will each own half.
D)   Mary will have total ownership.
E)   Alice will have total ownership.

Question 20

The community property laws apply only to married couples.

Accepted Answer

A) True 
 B)False

Exam 48: Real Property

Which form of real property ownership includes the greatest degree of ownership?

Correct Answer
verified

The government may sell an owner's property for failure to pay taxes and then obtain a lien on the property for the amount of the taxes.

Correct Answer
verified

Which of the following is characteristic of fee simple absolute ownership?

Correct Answer
verified

How does a tenancy by the entirety differ from a joint tenancy?

Correct Answer
verified

Correct Answer
verified

The community property laws apply only to married couples.

Correct Answer
verified

If a state has a redemption period following a tax sale,the owner who was delinquent in paying taxes has a specified period to pay the back taxes and prevent the sale from being finalized.

Correct Answer
verified

Which of the following is true about subsurface rights?

Correct Answer
verified

Ownership of real property in fee simple defeasible means that:

Correct Answer
verified

The highest form of land ownership is a fee simple absolute.

Correct Answer
verified

The owner of a life estate,a reversion,or remainder may sell that interest to a third party.

Correct Answer
verified

Any provision in a decedent's will that mentions the disposition of property held in joint tenancy will not be effective.

Correct Answer
verified

A life tenant may not mortgage the property in which he has a life estate.

Correct Answer
verified

Can the holder of a life estate mortgage his life estate?

Correct Answer
verified

Sam sells property to Betty and delivers Betty a deed that says,"This property is conveyed to Betty so long as she never operates a bar on the premises." If she operates a bar on the premises,Sam Seller may take possession of the property.The type of interest that Betty has acquired is a:

Correct Answer
verified

In theory,mineral rights to land can extend to the center of the earth.

Correct Answer
verified

Grantor transfers real property to the city for "as long as the property is used as a park." The city has a:

Correct Answer
verified

Abbot,Costello,Martin and Lewis purchase a building together as joint tenants with a right of survivorship.Before Martin dies,he executes a will stating that his share of the property is to be transferred to his friend,Frank.Martin later dies.What happens to his share?

Correct Answer
verified

Gloria owns a piece of real property.She sells one-half of this property to Sam,but reserves the rights to cross over Sam's land to get to her remaining one-half.Gloria has created a(n) :

Correct Answer
verified

A deed is a document that shows that property was transferred,but possession of the deed is no assurance that the holder of the deed still holds the property.

Correct Answer
verified

Exam 48: Real Property

Which form of real property ownership includes the greatest degree of ownership?

Correct AnswerverifiedShow Answer

The government may sell an owner's property for failure to pay taxes and then obtain a lien on the property for the amount of the taxes.

Correct AnswerverifiedShow Answer

Which of the following is characteristic of fee simple absolute ownership?

Correct AnswerverifiedShow Answer

How does a tenancy by the entirety differ from a joint tenancy?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The community property laws apply only to married couples.

Correct AnswerverifiedShow Answer

If a state has a redemption period following a tax sale,the owner who was delinquent in paying taxes has a specified period to pay the back taxes and prevent the sale from being finalized.

Correct AnswerverifiedShow Answer

Which of the following is true about subsurface rights?

Correct AnswerverifiedShow Answer

Ownership of real property in fee simple defeasible means that:

Correct AnswerverifiedShow Answer

The highest form of land ownership is a fee simple absolute.

Correct AnswerverifiedShow Answer

The owner of a life estate,a reversion,or remainder may sell that interest to a third party.

Correct AnswerverifiedShow Answer

Any provision in a decedent's will that mentions the disposition of property held in joint tenancy will not be effective.

Correct AnswerverifiedShow Answer

A life tenant may not mortgage the property in which he has a life estate.

Correct AnswerverifiedShow Answer

Can the holder of a life estate mortgage his life estate?

Correct AnswerverifiedShow Answer

Sam sells property to Betty and delivers Betty a deed that says,"This property is conveyed to Betty so long as she never operates a bar on the premises." If she operates a bar on the premises,Sam Seller may take possession of the property.The type of interest that Betty has acquired is a:

Correct AnswerverifiedShow Answer

In theory,mineral rights to land can extend to the center of the earth.

Correct AnswerverifiedShow Answer

Grantor transfers real property to the city for "as long as the property is used as a park." The city has a:

Correct AnswerverifiedShow Answer

Abbot,Costello,Martin and Lewis purchase a building together as joint tenants with a right of survivorship.Before Martin dies,he executes a will stating that his share of the property is to be transferred to his friend,Frank.Martin later dies.What happens to his share?

Correct AnswerverifiedShow Answer

Gloria owns a piece of real property.She sells one-half of this property to Sam,but reserves the rights to cross over Sam's land to get to her remaining one-half.Gloria has created a(n) :

Correct AnswerverifiedShow Answer

A deed is a document that shows that property was transferred,but possession of the deed is no assurance that the holder of the deed still holds the property.

Correct AnswerverifiedShow Answer

Correct Answer
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