WRA Pre Exam Review Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+

What rights to property come with ownership? : Control; 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? : Survivorship marital property. A special form of joint tenancy with right of survivorship. Just for married people. What are some examples of encumbrances? : Easement; Liens; Encroachments; Property taxes and Special assessments. What type of interest is a leasehold estate? : Personal property interest. In what form of ownership does a condominium unit owner hold the condominium unit? : Severalty In what form of ownership does a condominium unit owner hold the common elements? : Tenancy-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? 2 | P a g e : Cooperative What kind of estate do you have if you own your home, even if it is subject to a mortgage? : It 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? : Real 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? : Constructive notice of ownership. How does title insurance serve as evidence of title? : It 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? : An abstract of title does not provide coverage for gaps in title or clouds on titl