Property Ownership
Condominium ownership would NOT be used on which of the following? - correct answer
✔✔Cooperative apartment
The main difference between a cooperative and condominium is that: - correct answer ✔✔a
condominium owner owns and finances their own unit
Time share ownership would be most evidenced by: - correct answer ✔✔Tenancy in common
A person that has stock ownership in an apartment and a proprietary right to lease that space would be
participating in a: - correct answer ✔✔Cooperative
The main difference a manager would need to realize between managing a condominium and an
apartment complex is that in a condominium: - correct answer ✔✔The people who reside there are unit
owners
The common areas in a condominium are owned by the unit owners under: - correct answer
✔✔Tenancy in common
Which of the following statements is true regarding a condominium? - correct answer ✔✔The owners
have an undivided interest in the common areas
When ownership is conveyed through the transfer of shares of stock, this is: - correct answer
✔✔cooperative
A condominium development with a long standing established homes association would be governed by
the: - correct answer ✔✔association of unit owners
What is the greatest type of interest an owner can receive in a condominium? - correct answer ✔✔fee
simple
, What interest does a condominium owner have in common with other condominium owners? - correct
answer ✔✔Undivided interest in the common areas
Which of the following items would automatically transfer with the sale of property? - correct answer
✔✔Plumbing Fixtures
Harvesting of crops that require annual planting means that the crops are considered to be: - correct
answer ✔✔personal property
Which of the following statements would be the best definition of a fixture? - correct answer ✔✔A
physical attachment to the real estate
Converting real property into personal property would be called a(n): - correct answer ✔✔severance
A fixture would be defined as: - correct answer ✔✔an item that is attached to a building
A buyer made an offer on a house and the seller accepted the offer as written. The buyer wanted some
of the seller's personal property to remain with the house. The personal property would transfer to the
buyer under which of the following conditions? - correct answer ✔✔If it was included in the contract
Two persons own a property under tenancy in common. Which statement would be correct assuming
one of the owners dies? - correct answer ✔✔The heirs of the deceased would inherit the property
The main difference between joint tenancy and tenancy in common is that joint tenancy: - correct
answer ✔✔carries the right of survivorship
An appurtenant easement can be terminated by: - correct answer ✔✔Merger of the properties
Which of the following scenarios would require an easement by necessity? - correct answer ✔✔An
owner was landlocked and could not gain access to his property
Condominium ownership would NOT be used on which of the following? - correct answer
✔✔Cooperative apartment
The main difference between a cooperative and condominium is that: - correct answer ✔✔a
condominium owner owns and finances their own unit
Time share ownership would be most evidenced by: - correct answer ✔✔Tenancy in common
A person that has stock ownership in an apartment and a proprietary right to lease that space would be
participating in a: - correct answer ✔✔Cooperative
The main difference a manager would need to realize between managing a condominium and an
apartment complex is that in a condominium: - correct answer ✔✔The people who reside there are unit
owners
The common areas in a condominium are owned by the unit owners under: - correct answer
✔✔Tenancy in common
Which of the following statements is true regarding a condominium? - correct answer ✔✔The owners
have an undivided interest in the common areas
When ownership is conveyed through the transfer of shares of stock, this is: - correct answer
✔✔cooperative
A condominium development with a long standing established homes association would be governed by
the: - correct answer ✔✔association of unit owners
What is the greatest type of interest an owner can receive in a condominium? - correct answer ✔✔fee
simple
, What interest does a condominium owner have in common with other condominium owners? - correct
answer ✔✔Undivided interest in the common areas
Which of the following items would automatically transfer with the sale of property? - correct answer
✔✔Plumbing Fixtures
Harvesting of crops that require annual planting means that the crops are considered to be: - correct
answer ✔✔personal property
Which of the following statements would be the best definition of a fixture? - correct answer ✔✔A
physical attachment to the real estate
Converting real property into personal property would be called a(n): - correct answer ✔✔severance
A fixture would be defined as: - correct answer ✔✔an item that is attached to a building
A buyer made an offer on a house and the seller accepted the offer as written. The buyer wanted some
of the seller's personal property to remain with the house. The personal property would transfer to the
buyer under which of the following conditions? - correct answer ✔✔If it was included in the contract
Two persons own a property under tenancy in common. Which statement would be correct assuming
one of the owners dies? - correct answer ✔✔The heirs of the deceased would inherit the property
The main difference between joint tenancy and tenancy in common is that joint tenancy: - correct
answer ✔✔carries the right of survivorship
An appurtenant easement can be terminated by: - correct answer ✔✔Merger of the properties
Which of the following scenarios would require an easement by necessity? - correct answer ✔✔An
owner was landlocked and could not gain access to his property
