AYPO flashcards
Douglas, Meredith, and David form a partnership specifically to purchase an office
together, with each gaining use of one of the building's three floors. Many years later,
David dies with no will or known heirs of any sort. Who gains ownership of David's
portion of the building? - answer It becomes the property of the remaining partners,
Meredith and Douglas
Ersan owns a condominium unit in a high-rise building with 22 individual units. At one
point, another unit comes up for sale. Wanting to provide a place to live for his sister, he
purchases a second unit. After the purchase is completed what percentage of the
common elements are allocated to Ersan? - answer9% How? 2/22% 2/0.22
What is a disadvantage to a deed acquired in foreclosure? - answer Possibility of the
property still being occupied
What is an example of personal property? - answer2 tractors
Florine signs an agreement with Ignatius to rent one of his apartments for a year at
$850 per month. Fourteen months later, she has paid on time every month and
continues to and he accepts her payments, but they have never discussed either a rent
increase or time extension. What kind of agreement do they most likely have and what
happens to it? - answerThey have agreed to a periodic tenancy and it continue until one
informs the other of an intent to terminate.
Happy Baker leased a property for their new pastry shop and had some specially-
designed display cases installed for the duration of their occupancy. If Happy decides to
move out, the pastry displays would be considered which of the following? -
answerTrade fixtures (improvements a tenant makes to a property that are necessary
for the operation of their business.)
Gallery Owner was retiring and wished to pass the property and business to their
assistant. They reach a purchase agreement and owner wants to hand over the whole
building completely with no intention of pressing any claim on it in the future. Which of
the following would work best under the circumstances? - answerA bargain and sale
deed (offer no guarantees for the buyer against liens and claims that only the seller of
the property holds the title and has the right to transfer ownership.)
A property has a maximum assessed value - answer
Douglas, Meredith, and David form a partnership specifically to purchase an office
together, with each gaining use of one of the building's three floors. Many years later,
David dies with no will or known heirs of any sort. Who gains ownership of David's
portion of the building? - answer It becomes the property of the remaining partners,
Meredith and Douglas
Ersan owns a condominium unit in a high-rise building with 22 individual units. At one
point, another unit comes up for sale. Wanting to provide a place to live for his sister, he
purchases a second unit. After the purchase is completed what percentage of the
common elements are allocated to Ersan? - answer9% How? 2/22% 2/0.22
What is a disadvantage to a deed acquired in foreclosure? - answer Possibility of the
property still being occupied
What is an example of personal property? - answer2 tractors
Florine signs an agreement with Ignatius to rent one of his apartments for a year at
$850 per month. Fourteen months later, she has paid on time every month and
continues to and he accepts her payments, but they have never discussed either a rent
increase or time extension. What kind of agreement do they most likely have and what
happens to it? - answerThey have agreed to a periodic tenancy and it continue until one
informs the other of an intent to terminate.
Happy Baker leased a property for their new pastry shop and had some specially-
designed display cases installed for the duration of their occupancy. If Happy decides to
move out, the pastry displays would be considered which of the following? -
answerTrade fixtures (improvements a tenant makes to a property that are necessary
for the operation of their business.)
Gallery Owner was retiring and wished to pass the property and business to their
assistant. They reach a purchase agreement and owner wants to hand over the whole
building completely with no intention of pressing any claim on it in the future. Which of
the following would work best under the circumstances? - answerA bargain and sale
deed (offer no guarantees for the buyer against liens and claims that only the seller of
the property holds the title and has the right to transfer ownership.)
A property has a maximum assessed value - answer
