Tenancy by the entirety - Study guides, Class notes & Summaries

All of the following would be considered real property except 1. Mineral rights 2. A leasehold estate 3. Fixtures 4. Air - 2. A leasehold estate The servient estate in an easement appurtenant is the property 1. Owned by the landlord 2. On which the easement is placed 3. Owned by the tenant 4. That benefits from the easement - 2. On which the easement is placed Which of the following statements concerning encumbrances is not true? 1. All encumbrances are lien 2. All liens are encumbra...

What are examples of real property? correct answers Vacant parking lot Kitchen Faucet Field of crops Shed Tenancy by entirety correct answers No independent right to convey; interest passes to spouse upon death Tenancy in common correct answers May convey to third party; interest passes to heirs upon death Joint tenancy correct answers May convey to third party during life; interest passes to other tenants upon death When partitioning property, courts will first seek to sell the ...

A real estate development corporation purchased land for a condominium project. The corporation most likely took title to the land A. as a general partnership. B. as a joint tenant. C. In severalty. D. as a syndication. - ANSWERD. as a syndication. Pulls funds for the development of projects Man made markers such as a steel rod or concrete post may be part of what type of legal description? A. Metes and Bounds B. Subdivision System C. Lot & Block D. Government Survey System - ANSWER...

Fixture QN=1 Personal property that securely attached to real estate in order to become part of the real estate is called ( ). All of the choices: "Tenancy in common", "Joint tenancy" and "Tenancy in entirety" QN=2 The most common ways real property can be owned by more than one person include ( ). What is the purpose of attachment and who attached the personal property? QN=3 To see whether Personal Property is regarded as real property, it is essential to look at ( ). False QN=...

What is a requirement of a Joint Tentants By Entirety account? A: Account owners must be spouses B. Account owners must be non-spouses C. Account owners must be unrelated D. Account owners must be engaged to be married correct answers Account owners must be spouses A tenancy by the entirety is a form of joint ownership that can only exist btwn a husband and wife Which life insurance policy has a fixed premium schedule, a guaranteed death benefit and a separate account? A: Whole...

Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air o :## 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the tenant 4. that benefits from the easement o :## 2. on which the easement is placed Which of the following statements concerning encumbrances is NOT true 2 | P a g e : 2 0 2 4 / 2 0 2 5 G r a d e A + ...

Gift splitting - ANS Allows a married couple to double their allowable annual exclusions is only allowed for married couples Ownership limited to spouses only - ANS Joint tenancy tenancy by the entirety community property Grantor retained interest Trust Grit - ANS Grantor can receive all income earned by the trust Qualified terminable interest Property Trust Q-tip - ANS Income of a Q-tip goes to the grantor's spouse Charitable lead Trust CLT - ANS The income go...

Which of the following is chattel? A. Detached garage B. Attached satellite dish owned by the seller C. Washer/Dryer D. In ground pool Rationale: The correct answer is C. The definition of chattel is personal property. Only the washer and dryer are not attached to the real property. - ANSWERSC. Washer/Dryer Which of the following allows for unequal shares of ownership? A. Tenants in common B. Joint Tenancy C. Tenancy by the entirety D. Freehold estates Rationale: The correct answer ...

When discussing the concept of total square footage with your client, what is the BEST way to describe how the total square footage is measured? A. Total area of the property measured from the inside walls of the home. B. Total Area Under Roof (TAUR) C. Measure all square footage of included real property, including both attached and detached structures. D. Living area square footage only. - ANSWER Correct!! Answer: Total Area Under Roof (TAUR) (This question covers Property Owners...

PSI REAL ESTATE SALESPERSON EXAM 1| ACTUAL EXAM ANSWERED 100% CORRECTLY| LATEST 2024 Which of the following would NOT be considered Real Property? 1. Mineral Rights 2. A Leasehold Estate 3. Fixtures 4. Air 2. A Leasehold Estate The servient estate in an easement appurtenant is the property 1. owned by the landlord 2. on which the easement is placed 3. owned by the tenant 4. that benefits from the easement 2. on which the easement is placed Which of the following statements concernin...