Exam (elaborations)
Property Ownership questions with correct answers graded A+ already passed
- Course
- Institution
Property Ownership questions with correct answers graded A+ already passed
[Show more]
Content preview
Property OwnershipCondominium ownership would NOT be used on which of the following? - correct answer
✔✔Cooperative apartment
The main difference between a cooperative and condominium is that: - correct answer ✔✔a
condominium owner owns and finances their own unit
Time share ownership would be most evidenced by: - correct answer ✔✔Tenancy in common
A person that has stock ownership in an apartment and a proprietary right to lease that space would be
participating in a: - correct answer ✔✔Cooperative
The main difference a manager would need to realize between managing a condominium and an
apartment complex is that in a condominium: - correct answer ✔✔The people who reside there are unit
owners
The common areas in a condominium are owned by the unit owners under: - correct answer
✔✔Tenancy in common
Which of the following statements is true regarding a condominium? - correct answer ✔✔The owners
have an undivided interest in the common areas
When ownership is conveyed through the transfer of shares of stock, this is: - correct answer
✔✔cooperative
A condominium development with a long standing established homes association would be governed by
the: - correct answer ✔✔association of unit owners
What is the greatest type of interest an owner can receive in a condominium? - correct answer ✔✔fee
simple
, What interest does a condominium owner have in common with other condominium owners? - correct
answer ✔✔Undivided interest in the common areas
Which of the following items would automatically transfer with the sale of property? - correct answer
✔✔Plumbing Fixtures
Harvesting of crops that require annual planting means that the crops are considered to be: - correct
answer ✔✔personal property
Which of the following statements would be the best definition of a fixture? - correct answer ✔✔A
physical attachment to the real estate
Converting real property into personal property would be called a(n): - correct answer ✔✔severance
A fixture would be defined as: - correct answer ✔✔an item that is attached to a building
A buyer made an offer on a house and the seller accepted the offer as written. The buyer wanted some
of the seller's personal property to remain with the house. The personal property would transfer to the
buyer under which of the following conditions? - correct answer ✔✔If it was included in the contract
Two persons own a property under tenancy in common. Which statement would be correct assuming
one of the owners dies? - correct answer ✔✔The heirs of the deceased would inherit the property
The main difference between joint tenancy and tenancy in common is that joint tenancy: - correct
answer ✔✔carries the right of survivorship
An appurtenant easement can be terminated by: - correct answer ✔✔Merger of the properties
Which of the following scenarios would require an easement by necessity? - correct answer ✔✔An
owner was landlocked and could not gain access to his property
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now