Property Ownership
Mr. and Mrs. Jones sold their home to a church, but retained the right to occupy the property as long as
they lived. The interest of the church is that of a: - correct answer ✔✔Remainder estate
A datum is most likely to be: - correct answer ✔✔A point on the surface of a parcel
What are physical characteristics of land? - correct answer ✔✔Heterogeneity (uniqueness),
indestructibility, and immobility
What are economic characteristics of land? - correct answer ✔✔Fixity, or investment permanence
The right of one party to possess and use real property exclusive of others is: - correct answer
✔✔Ownership
Mary has a life estate and her daughter has been named as the remainderman. Mary leases the property
to Susan for 5 years. One year later, Mary dies. Mary's daughter serves notice to Susan to vacate the
property. Which of the following statements is correct? - correct answer ✔✔The lease was valid only
during Mary's lifetime because it was one of the sticks in the bundle
Bundle of legal rights include - correct answer ✔✔Possession, control, enjoyment, exclusion, disposition
The most predictable element of severance is: - correct answer ✔✔Agreement
When a metes and bounds survey is used to describe property, the word "metes" refers to: - correct
answer ✔✔The length in inches, feet, or yards of a property line
Mary purchased the right to use an apartment for 2 weeks every year. This is an example of: - correct
answer ✔✔Interval ownership
, Time share ownership is most commonly seen - correct answer ✔✔vacation properties
A tenant and landlord enter into a six month lease on July 1, 2016, to expire on December 31, 2016.
Which of the following statements is correct? - correct answer ✔✔The lease will terminate on December
31, 2016
Residential property may be composed of: - correct answer ✔✔Single-family homes and cooperatives
Three people own a piece of property as tenants-in-common. Two of the owners want to sell the
property, but the third party does not. The two owners that want to sell: - correct answer ✔✔May file
suit for partition (a request for a court to divide concurrently owned property).
What is NOT considered to be a legal description of property? - correct answer ✔✔Taxpayer federal ID
number
A condominium association can most likely perform all of the following actions - correct answer ✔✔elect
a board of directors, award contracts to tradesman, and assess a fee to unit owners in order to convey
maintenance and repairs
Large blocks of land are located in a rural area of a Midwestern state. This would most likely be described
by: - correct answer ✔✔Government rectangular survey
The government survey method, or rectangular survey, is used in more than _____ states--mostly in the
mid-west. - correct answer ✔✔30
The rights of a condominium owner are defined by the: - correct answer ✔✔Bylaws and condominium
declaration
Boundary markers of land (natural or man-made) are best known as: - correct answer ✔✔Monuments
What is the best description of ownership in severalty? - correct answer ✔✔One person owns several
pieces of real property
Mr. and Mrs. Jones sold their home to a church, but retained the right to occupy the property as long as
they lived. The interest of the church is that of a: - correct answer ✔✔Remainder estate
A datum is most likely to be: - correct answer ✔✔A point on the surface of a parcel
What are physical characteristics of land? - correct answer ✔✔Heterogeneity (uniqueness),
indestructibility, and immobility
What are economic characteristics of land? - correct answer ✔✔Fixity, or investment permanence
The right of one party to possess and use real property exclusive of others is: - correct answer
✔✔Ownership
Mary has a life estate and her daughter has been named as the remainderman. Mary leases the property
to Susan for 5 years. One year later, Mary dies. Mary's daughter serves notice to Susan to vacate the
property. Which of the following statements is correct? - correct answer ✔✔The lease was valid only
during Mary's lifetime because it was one of the sticks in the bundle
Bundle of legal rights include - correct answer ✔✔Possession, control, enjoyment, exclusion, disposition
The most predictable element of severance is: - correct answer ✔✔Agreement
When a metes and bounds survey is used to describe property, the word "metes" refers to: - correct
answer ✔✔The length in inches, feet, or yards of a property line
Mary purchased the right to use an apartment for 2 weeks every year. This is an example of: - correct
answer ✔✔Interval ownership
, Time share ownership is most commonly seen - correct answer ✔✔vacation properties
A tenant and landlord enter into a six month lease on July 1, 2016, to expire on December 31, 2016.
Which of the following statements is correct? - correct answer ✔✔The lease will terminate on December
31, 2016
Residential property may be composed of: - correct answer ✔✔Single-family homes and cooperatives
Three people own a piece of property as tenants-in-common. Two of the owners want to sell the
property, but the third party does not. The two owners that want to sell: - correct answer ✔✔May file
suit for partition (a request for a court to divide concurrently owned property).
What is NOT considered to be a legal description of property? - correct answer ✔✔Taxpayer federal ID
number
A condominium association can most likely perform all of the following actions - correct answer ✔✔elect
a board of directors, award contracts to tradesman, and assess a fee to unit owners in order to convey
maintenance and repairs
Large blocks of land are located in a rural area of a Midwestern state. This would most likely be described
by: - correct answer ✔✔Government rectangular survey
The government survey method, or rectangular survey, is used in more than _____ states--mostly in the
mid-west. - correct answer ✔✔30
The rights of a condominium owner are defined by the: - correct answer ✔✔Bylaws and condominium
declaration
Boundary markers of land (natural or man-made) are best known as: - correct answer ✔✔Monuments
What is the best description of ownership in severalty? - correct answer ✔✔One person owns several
pieces of real property
