WRA Pre Exam Review with question and answers

What rights to property come with ownership? - correct answerControl; Disposition; Quiet enjoyment; Encumber; Exclude; Possession. What form of ownership allows title to a deceased spouse's property to pass to the surviving spouse without probate? - correct answerSurvivorship marital property. A special form of joint tenancy with right of survivorship. Just for married people. What are some examples of encumbrances? - correct answerEasement; Liens; Encroachments; Property taxes and Special assessments. What type of interest is a leasehold estate? - correct answerPersonal property interest. In what form of ownership does a condominium unit owner hold the condominium unit? - correct answerSeveralty In what form of ownership does a condominium unit owner hold the common elements? - correct answerTenancy-in-common Under what form of ownership does an individual purchase stock in a corporation and receive a lease for a unit from the corporation? - correct answerCooperative What kind of estate do you have if you own your home, even if it is subject to a mortgage? - correct answerIt is a fee simple absolute, which is a kind of freehold estate. Which type of property is automatically included in the purchase of real estate? - correct answerReal property (land, structures, fixture) Trees, buildings, etc. Personal property is only included if the parties include it in the accepted offer to purchase. What is achieved by recording a deed to property? - correct answerConstructive notice of ownership. How does title insurance serve as evidence of title? - correct answerIt is an insurance policy to protect the policy holder from defects in title. What protection does an abstract of title provide to a property owner? - correct answerAn abstract of title does not provide coverage for gaps in title or clouds on title. What is a gap endorsement (gap insurance)? - correct answerIt protects the property owner from clouds or claims on the title that might appear between the date of the title commitment and the date the deed showing the new owner is recorded (the gap). The title commitment is also called the preliminary report. What type of lien attaches to both real and personal property? - correct answer General lien. A specific lien attaches only to the property securing the debt. A chattel mortgage is an example of a specific lien - "chattel mortgage " is an old-fashioned term for a mortgage on personal property such as a car loan secured by the car.