Question 1

For a married couple, community property rules include all of the following except:

Accepted Answer

This statement is incorrect. If title is held without the right of survivorship, each spouse can will their interest to anyone they choose, not just to the surviving spouse. Therefore, community property rules do not require that each spouse will their interest to the surviving spouse.

Question 2

A married couple is planning to purchase a home. If they want to take title in such a way as to be able to will their separate interest, they should take title as:

Accepted Answer

Community property without the right of survivorship allows each spouse to will their half of the property to someone other than their spouse, providing the flexibility they desire in this scenario.

Question 3

Interest in real property held by a tenant is called:

Accepted Answer

Interest in real property held by a tenant is considered a less-than-freehold estate. This is because the tenant does not own the property outright or in fee simple, but rather has only a limited, temporary right to occupy and use the property under the terms of a lease or rental agreement. Freehold estates (A) refer to ownership of a property for an indefinite period of time, such as in a fee simple or life estate. Fee estate (B) is another term for fee simple, which is a type of freehold estate. Rental estate (C) is not a commonly used term and does not specifically refer to the interest held by a tenant in real property.

Question 4

A valid joint tenancy must have the four unities of:

Accepted Answer

A valid joint tenancy must have unity of title, meaning that all joint tenants acquired their interests in the property through the same deed or instrument; unity of time, meaning that all joint tenants acquired their interests at the same time; unity of possession, meaning that all joint tenants have an equal right to occupy the entire property; and unity of interest, meaning that each joint tenant has an equal share in the property. The option (B) correctly lists these four unities in the correct order.

Question 5

Johnson and Moscowitz hold title as tenants in common. Upon Johnson's death, Johnson's interest passes to:

Accepted Answer

In a tenancy in common, each tenant holds an individual, undivided ownership interest in the property. Upon the death of one tenant, their interest passes to their heirs or as directed by their will, which requires going through the probate process.

Question 6

Title held as "Elva L. Vargas, an unmarried woman" is an example of:

Accepted Answer

"Ownership in severalty" means that the property is owned by one individual or entity, which is the case in "Elva L. Vargas, an unmarried woman." "Joint tenancy" and "tenancy in common" both involve co-ownership, while "estate in remainder" refers to a future interest in a property.

Question 7

Real estate syndicates usually hold title as:

Accepted Answer

Real estate syndicates commonly hold title as a limited partnership. This allows for limited liability for the investors and a clear delineation of roles and responsibilities among the partners. Joint tenancy and tenants in common may be problematic as they do not offer the same level of protection from liability and can lead to disputes among co-owners. A corporation can be used but may not be the most popular option for real estate syndicates.

Question 8

Mr. Rhu deeds a life estate to Ms. Silva with the stipulation that upon her death the property comes back to him. If Rhu and Silva are killed together in an auto accident, who gets the property?

Accepted Answer

According to the stipulation, if Ms. Silva dies, the property comes back to Mr. Rhu. However, in the case where both Rhu and Silva die together, the property would pass to Rhu's heirs and devisees through his will or by intestate succession.

Question 9

In which one of the following ways are joint tenancy and tenants in common similar?

Accepted Answer

Both joint tenancy and tenants in common arrangements grant all owners the right of possession, meaning each owner has the right to occupy and use the property.

Question 10

A deeds to B for the life of C; upon C's death, title passes to D. This is an example of:

Accepted Answer

This is an example of an estate in remainder, where B holds a life estate for the duration of C's life, and upon C's death, the remainder passes to D. Option A (an estate in reversion) would mean that the property reverts back to the original grantor after C's death, which is not the case here. Option B (a grant of a reservation) refers to when the grantor reserves some rights in the property when conveying it to the grantee, which is also not applicable here. Option C (a less-than-freehold estate) refers to a lease or tenancy, and is not applicable in this scenario.

Question 11

Which of the following is not a principal baseline and meridian?

Accepted Answer

Riverside is not a principal baseline and meridian used in the Public Land Survey System (PLSS) for land description in the United States. Humboldt, Mount Diablo, and San Bernardino are recognized principal baselines and meridians.

Question 12

The highest form of ownership a person can have in a piece of property is:

Accepted Answer

Fee simple absolute provides the owner with the highest form of ownership in a piece of property. It gives the owner full and complete ownership, now and in the future, with no conditions or limitations. The owner is free to do what they wish with the property, including selling it or passing it on to heirs. This is the most common form of ownership for residential and commercial real estate in the United States.

Question 13

Community property is normally defined as any property acquired by a married person or registered domestic person:

Accepted Answer

Community property is typically defined as any property acquired during marriage or registration, meaning it belongs equally to both spouses or partners. While gifts and inheritances can be considered separate property if they were given to only one spouse or partner, any increase in value during the marriage or registration would still be considered community property. Property acquired prior to marriage or registration is generally considered separate property.

Question 14

Assume a brother and sister own title in a commercial property as joint tenants. The brother marries and deeds his interest to himself and his new wife. The sister now holds title in the property as:

Accepted Answer

When the brother deeds his interest to himself and his new wife, it severs the joint tenancy and creates a tenancy in common. The sister would now hold title as a tenant in common with the brother and his wife, each owning a separate and distinct share in the property.

Question 15

Susan owned a home prior to marriage to Carlos. Upon marriage, Susan's home:

Accepted Answer

In general, property owned by an individual prior to marriage remains their separate property unless it is commingled with community funds or transmuted into community property through a written agreement. Therefore, Susan's home would remain her separate property unless she commingled it with community funds.

Question 16

Greene deeds a life estate to Blue and upon Blue's death, title passes to Brown. This is an example of what type of life estate?

Accepted Answer

This is an example of an estate in remainder, as Brown has a future interest in the property that will become possessory upon the death of Blue.

Question 17

Don and June Seaman, father and daughter, purchased real estate as joint tenancy. Don died and left a number of personal debts. If he possessed no money or other property, his creditors could:

Accepted Answer

When real estate is owned as joint tenancy, upon the death of one of the joint tenants, their share automatically passes to the surviving joint tenant. If Don had no money or other property, his creditors would not be able to place a lien, obtain satisfaction or attachment against the real estate owned jointly with his daughter. However, if there were other assets owned solely by Don, those assets could potentially be used to satisfy his personal debts.

Question 18

When a non-occupying investor and an owner-occupant pool their resources to buy a home, this is called:

Accepted Answer

When a non-occupying investor and an owner-occupant pool their resources to buy a home, it is called equity sharing. This allows both parties to benefit from the investment and share in the responsibilities and costs of owning the property. It is a common arrangement for individuals who may not have the full financial resources to purchase a home on their own.

Question 19

If a person took title to real estate as a sole owner, the ownership is called:

Accepted Answer

Ownership in severalty refers to an individual owning a piece of real estate in their own name without any co-ownership. It is also called sole ownership. The individual has complete control and responsibility for the property without any other joint owners.

Question 20

Which of the following is not considered concurrent ownership?

Accepted Answer

The answer of Which of the following is not considered...

Quiz 2: Part I: Legal Description, Method of Acquiring Title , and Deeds