Severalty - Study guides, Class notes & Summaries

You have entered into a lease that requires you to pay 20 percent of the owner's expenses. Your lease would be an example of a: Select one: A.Net lease. B.Gross lease. C.Percentage lease. D.Variable lease. - ANSWERINCORRECT = C Perhaps correct answer is A.Net lease. A.Net lease. = used in commercial leases; tenant pays fixed amount of rent & pays some of the landlords cost B.Gross lease. = used in residential leases; aka fixed lease; tenant pays fixed amount of rent & landlord assum...

Compromise of 1877 Ans- Ended Reconstruction. Republicans promised to remove military from south 13th Amendment Ans- abolished slavery in 1865 14th Amendment Ans- Declares that all persons born in the U.S. are citizens and are guaranteed equal protection of the laws 15th Amendment Ans- gave African American men the right to vote Transcontinental Railroad Ans- Railroad connecting the west and east coasts of the continental US Manifest Destiny Ans- 1800s belief that Americans had th...

A corporation is a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a tenancy in common between the new owner and the remaining joint tenants

Tenancy in severalty - Answer sole ownership of a freehold estate CO-OWNERSHIP - Answer ownership by two or more owners Tenancy in common - Answer -co-tenants enjoy an individually owned, undivided interest; any ownership share possible; no survivorship Joint tenancy - Answer equal, undivided interest jointly owned by two or more parties, with survivorship; requires four unities to create: time, title, interest, possession; joint tenants can sell their interest, but the interest becomes a ...

"Severalty ownership" means that: A) ownership is by several parties B) ownership by one person C) co-ownership of several people D) joint tenancy of several people - B) ownership by one person Feedback: Correct: Severalty is holding title by ONE person. There is no dual ownership or survivorship clause. Which of the following is a less-than-freehold estate? A) property that has an easement on it B) possession held under a lease C) real estate minus the mineral, oil, and gas rights ...

"A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct? A) It automatically becomes tenancy in severalty. B) It is divided, with B retaining their original interest and the balance going to A's estate. C) B holds fee simple ownership to A's share of the property D) B holds a life estate ownership to A's share of the property - ACCURATE ANSWERS B) It is divided, with B retaining their original interest an...

NJ Title Insurance Producer Final Exam Set with Q&A "A" and "B" bought a house as tenants in common. If "A" dies which of the following statements about ownership of the house is correct? A) It automatically becomes tenancy in severalty. B) It is divided, with B retaining their original interest and the balance going to A's estate. C) B holds fee simple ownership to A's share of the property D) B holds a life estate ownership to A's share of the property - CORRECT ANSWER-B) ...

A corporation is a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a tenancy in common between the new owner and the remaining joint tenants The owner of a condominium unit learns that a neighbor has failed to pay real estate taxes. If this neighbor do...

Superior Real Estate School Exam| Questions and Answers, 100% Correct| Newly 2024 Superior Real Estate School Exam| Questions and Answers, 100% Correct| Newly 2024 All of the following are physical characteristics of land except: A. Indestructibility B. Uniqueness C. Immobility D. Scarcity D. Scarcity Under the doctrine of specific performance, the party harmed by breach of a real estate contract can ask a judge to force the breaching party to carry out the terms of the contract ra...

Tennessee National Portion REAL ESTATE EXAM Latest 2024 Graded A+ A corporation is - Answer ️️ -a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is - Answer ️️ -property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a - Answer ️️ -tenancy in common between the new owner and the remaining joint t...