Exam (elaborations)
PROPERTY OWNERSHIP TEST questions with 100% correct answers
- Course
- Institution
PROPERTY OWNERSHIP TEST questions with 100% correct answers
[Show more]
Content preview
PROPERTY OWNERSHIP TESTFor friends decide to purchase an investment property as co-owners and take title as joint tenants. All of
these are true, except - correct answer ✔✔The four friends will each receive a separate deed for their
share
A title search for a property under contract has revealed several outstanding liens against the property.
Which of these liens has highest priority? - correct answer ✔✔A property tax lien for the current year
A tax lien on a property can hinder the sale of the property my because it is - correct answer ✔✔An
encumbrance
Which external area can be included in the calculation of the gross living area of a property? - correct
answer ✔✔Closets
Tenancy with survivorship means - correct answer ✔✔The tendency interest will pass to the surviving
tenants upon the death of a co-tenant
A corporation takes title to real property - correct answer ✔✔In severalty
The priority of liens refers to which of these - correct answer ✔✔The order in which lines will be paid, if
property is sold to satisfy a debt
What is the difference between a general lien in a specific lien? - correct answer ✔✔In general lien
affects all of a debtor's property, while a specific lien affects only a certain piece of property
A metes and bounds legal description - correct answer ✔✔Uses descriptions moving in a set direction
Two men are co-owners in fee, simple of a small office building. One of the men dies in testate, and
leaves nothing to be distributed to his heirs. The surviving owner is related to neither the deceased
, owner nor his creditor. What would explain how the surviving owner acquired the deceased owners
interest in the office building? - correct answer ✔✔Joint tenancy
A person who owns one unit in a multi unit structure together, with a specified undivided interest in the
common elements as a tenant in common owns - correct answer ✔✔A condominium
Which tax targets homeowners in particular - correct answer ✔✔real property tax
In receiving a gift of a parcel of real estate, one of the two new owners was given an undivided, 60%
share, and the other received an undivided 40% share. They now hold title as. - correct answer
✔✔Tenants in common
The four unities of possession, interest, time, and title are associated with which of these - correct
answer ✔✔Joint tenancy
General real estate property taxes are also known as - correct answer ✔✔ad valorem taxes
The freehold estate of fee, simple, absolute, fee, simple, defeasible, and a life estate have all the same
attributes accept - correct answer ✔✔All owners may convey title via a will to their heirs
Neighbor A uses neighbor B's driveway to reach neighbor is garage, which is on neighbors is property.
Neighbor B's attorney explains that the ownership rights of neighbor A is real estate includes an
easement appurtenant giving neighbor A either right to use neighbor these driveway in this case,
neighbor B's property is. - correct answer ✔✔The servient tenement
Which of these would create a lien on real estate - correct answer ✔✔Unpaid mortgage loan
When a company furnishes materials for the construction of a house and the company is not paid, it may
file - correct answer ✔✔Mechanic's lien
Which of these would be classified as a general lien - correct answer ✔✔Judgment
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 $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78600 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now