Exam All Answers and Illustrations
Given
Real property interests include... - 🧠 ANSWER ✔✔an appurtenance that
goes with the land.
Examples: buildings, fences, trees, water rights, the ground below, mineral
rights, air rights, easements
What is a form of ownership that is restricted to husbands and wives? - 🧠
ANSWER ✔✔Tenancy by the entirety.
,Each owns the entire parcel. Neither can separately convey and interest
during the other's life time. On the death of a spouse, the survivor owns the
property
Divorce would change this ownership to a tenancy in common
What would result from a condition in a deed?
a. fee simple
b. defeasible fee
c. chattels real.
d. nonfreehold estate - 🧠 ANSWER ✔✔B. Defeasible Fee
Fee simple determinable is a defeasible estate that could be lost lost upon
the happening of a specified condition.
If a deed specifies that a grant shall be only "for as long as"; or while a
property is in a particular use, the length of the estate is really determined
by the deed
, J installed central air-conditioning in his home. the compressor unit, which
was located outside the home, would be regarded as what? - 🧠 ANSWER
✔✔Real property
an investor's personal assets could be subject to a creditor's claim in a... -
🧠 ANSWER ✔✔General Partnership
An active partner and has unlimited personal liability for the debts of the
partnership. One general partner can personally obligate the other general
partners (Part of Tenancy in Partnership)
How does an S corporation differ from other corporations? - 🧠 ANSWER
✔✔Its investors have no personal liability
A tenant in a commercial building installed a large sign that was anchored
to the building with steel rods. Which term properly describes the sign?
A.Fixture
B. Trade fixture
C. Real Property
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