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Exam 5: Types of Ownership

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Question 1

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Estates generally fall into two categories: fee estates and freehold estates.

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Question 2

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Which of the following are incidents of a tenancy in a partnership:

A) Interest in specific partnership property is assignable by an individual partner.
B) A partner's right in specific property is not subject to attachment or execution.
C) On the death of a partner, her interest in specific property passes to her heirs.
D) A partner's right in specific property is not subject to dower.
E) Two of the above.(b and d)

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Question 3

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In a trust arrangement, the beneficiary owns equitable title to the trust property.

The key factor necessary to establish a partnership is the existence of a functioning business (Answers in boldface are correct)

The following is (are) considered a freehold estate(s) :

A and B are joint tenants.A conveys his interest to C.B and C are now tenants in common.

A fee simple absolute:

A joint tenancy requires all of the following "unities" except the unity of:

A life estate cannot be inherited. 12 A life tenant who makes improvements on leased property which are considered fixtures has an absolute right to remove them within a reasonable time after terminating the life estate.

Amy conveyed a deed to Carrie that created the following estates: "To Carrie provided that if the property is used for any uses other than recreation, grantor shall have the right to reenter the property and cause the grantee to forfeit the estate." Amy owns a ________ and Carrie owns a __________.

Property classified as community property may not be partitioned.

Sonny and Cher have been married for forty years and live in Nevada, a community property state.Before their marriage, Sonny's only property was a winery in Pahrump, Nevada, worth 1 million dollars while Cher had 5 million dollars worth of property, including a ranch in northern Nevada.During their marriage Sonny and Cher accumulated an additional 6 million dollars worth of property, including 3 million dollars worth of property Sonny inherited from his uncle.The total amount of community property held by Sonny and Cher is:

A owns a fee simple absolute estate.A later grants a life estate to B and when B dies to C.A now owns a reversionary interest.

A buyer of real property who wishes to receive the best interest possible would prefer a fee simple absolute over a fee simple defeasible.

Which of the following is not a future estate?

A tenancy in common, like a joint tenancy or tenancy by the entirety, can be created only by will or deed.

A tenancy by the entirety:

Florian owns a life estate in Blackacre and Walter owns a remainder interest.

A restraint on alienation is in direct conflict with certain social policies and might be invalid depending on the extent of the restriction. 10 A life estate pur autre vie is a future interest.

The most important characteristic of the joint tenancy is the right of survivorship.