broker exam ownership.txt

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ericamwallace
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196208
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broker exam ownership.txt
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2013-01-28 22:33:47
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ownership broker test
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ownership section 1 day 1 broker exam
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  1. The final step in transferring title is?
    Delivery and acceptance of signed deed by grantee
  2. Ownership of realty by one person in?
    Ownership in severalty
  3. What rights does a riparian owner hold in a navigable river course?
    Rights to the edge or accretion line of the river and down to low water mark. 
  4. A conveyance in which the grantor retains a future interest is?
    Life estate in reversion 
  5. What is the major difference between tenancy in common and joint tenancy?
    Joint tenants must hold equal interests and feature right of survivorship. 
  6. The recording of a deed at a registry of deeds is?
    Constructive notice of ownership to the public
  7. Growing timber becomes personal property by?
    Severance 
  8. When speaking of "improvements" regarding real estate we mean?
    Everything affixed to the land. 
  9. What does the word "title" mean
    Ownership
  10. What is the interest of a condominium owner?
    Separate fee interest in individual unit and undivided interest in common areas
  11. A grantee is 
    BUYER (a grantor is the seller) 
  12. A tenancy is another way of saying?
    Estate or interest
  13. Title to ownership of a condominium unit is vested in?
    Unit owner
  14. In a cooperative, the holder of of stock in the corporation is usually a?
    Proprietary lease
  15. A, B and Q are joint tenants. A dies. B transfers interest to S. What is the legal relationship between S and Q?
    Tenants in common
  16. What is an important distinction between a condo owner and a cooperative owner?
    Condo owns real estate (deed); Co-op owns personal property (stock certificate and proprietary lessee
  17. Is a real estate agent allowed to sell ownership in real estate limited partnership?
    No. the agent would need a securities license. 
  18. Joseph owns a house. He marries Helen. If Joseph dies, does Helen automatically own the house?
    No, not unless Joseph deeded the house to them both as tenants by the entirety. 
  19. Time sharing is also known as?
    • Interval ownership
    • Prepaid Vacation and 
    • Floating Use
  20. When a person owns a piece of real estate. How far up does their ownership go?
    There is no automatic limit to the space owned. 
  21. Real estate includes all EXCEPT:
    A. Air Rights
    B. Barns and Fences
    C. Tractors and Threshers
    D. Growing sycamore trees
    C. Real estate is immovable, affixed, and annexed. Tractors and threshers are moveable. 
    (this multiple choice question has been scrambled)
  22. How should an unmarried couple own in real estate in order to provide each of their heirs the right to inherit their portion of the property?
    A. Tenancy in common
    B. Joint Tenancy
    C. Tenancy by entirety
    D. Tenancy in serveralty
    A. ONLY tenancy in common does not provide automatic right of survivorship
    (this multiple choice question has been scrambled)
  23. Which is most important in determining ifan unknown   property is a fixture?
    A. Weight
    B. Cost
    C . Intention
    D. Probability
    • C. Intention 
    • Intention is one of the four tests that may be used to determine whether the property is a fixture, real property. 
  24. Which is an appurtenance?
    A. Easement over adjoining land
    B. Retail fixture
    C. Above-ground pool
    D. Refrigerator
    A. an appurtenance is a leal right to cross the land of an adjoining property. 
  25. Trade fixtures used by a retail tenant are?
    A. Emblements
    B. Appurtenances
    C. Personalty
    D. Realty
    C. Personal Property installed by retail tenant is a trade fixture. 
    (this multiple choice question has been scrambled)
  26. A and B are purchasing a duplex together and want to avoid probate when the first of them dies. How should they own it?
    A. Joint Tenancy with right of survivorship
    B. Joint Tenancy without the right of survivorship
    C. Tenancy in Common
    D. Right of survivorship is only available if they are married
    A. Joint tenancy will give buyers the ownership they want and there is no joint tenancy without right of survivorship. 
    (this multiple choice question has been scrambled)
  27. Rights to reasonable use of water in a waterway bordering land are:
    A. Riparian
    B. Adjoining
    C. Littoral 
    D. Mineral
    A. Riparian Rights relate to real property bordering a river
    (this multiple choice question has been scrambled)
  28. Owning land bordering navigable waterway means owner's rights:
    A. Are subject to public use
    B. Extend to own edge or accretion line
    C. End at middle of waterway
    D. Extend to other bank
    B. Navigable waterways, real property ownership extends to the shoreline also called he accretion line. 
    (this multiple choice question has been scrambled)
  29. The essential characteristics of condominium ownership are:
    A. A Corporation owned by residents owns everything. 
    B. individually owned units and jointly owned common areas
    C. Entire property jointly owned by residents
    D. Units owned individually, but only for a defined weeks during the year.
    B. Condo owners take individual title to their units, but own the common areas jointly.
    (this multiple choice question has been scrambled)
  30. An estate reserved for married couples only is?
    A. Life Estate
    B. Tenancy in common
    C. Estate by entirety
    D. Joint Tenancy 
    C. Co-ownership reserved for married couples is tenancy by entirety
    (this multiple choice question has been scrambled)
  31. Mother and two daughters equally own property. Mother died and left 1/3 share to one and 2/3 share to the other. Original ownership was:
    A. Joint Tenants
    B. Tenants by Entirety 
    C. Tenants in Severalty
    D. Tenants in common
    D. The only type of co-ownership that is inheritable is tenancy in common. 
    (this multiple choice question has been scrambled)
  32. An air conditioner installed in a special opening through a wall is:
    A. a chattel
    B. Personal property of seller
    C. Personalty
    D. A fixture
    D. The air conditioner becomes real property through its method of attachment. 
    (this multiple choice question has been scrambled)

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