Property Ownership
Types of property ownership, estates, and interests in real property
Key Concepts
Freehold Estate
A freehold estate represents ownership of real property with an indefinite duration.
Life Estate
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Leasehold Estate
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
Bundle of Rights
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Real Property vs. Personal Property
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Types of Estates: Freehold vs. Leasehold
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
Water Rights: Riparian and Littoral
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
Forms of Ownership: Community Property
Community property is a system where property acquired during a marriage is owned equally by both spouses.
Practice Questions
Georgia recognizes tenancy by the entirety:
Georgia's mechanic's lien must be filed within:
Riparian rights are those rights possessed by
Ohio's Homestead Exemption provides property tax relief to:
In Ohio, which deed provides the greatest protection?
In a physical sense, real estate may be said to include everything EXCEPT
Fee simple is all of the following EXCEPT
Ohio recognizes which forms of joint ownership?
Nevada follows which recording system?
The term fee used in connection with real property means
New York transfer taxes are paid by:
An adverse possession claim in New York requires possession for:
An owner sold a parcel of real estate to a buyer with the stipulation that the buyer was not allowed to sell alcohol from the prem- ises. The buyer sold the property 10 years later to a buyer who converted the build- ing into a convenience store that sold beer. Should the owner or owner’s heirs claim a right of re-entry, what would be the basis for the lawsuit?
A freehold could be any of the following EXCEPT
A chef rented property to run a restaurant and securely fastened commercial-grade kitchen equipment. Which statement is correct?
In New York, a cooperative apartment owner holds:
When a real estate licensee misrepresents a property to a buyer, they are least likely to be subject to:
Which of the following can the grantor of a life estate NOT do?
The sale of real estate under a conditional installment sale gives the buyer (vendee):
Recording of deeds in Hawaii is done at the:
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Condo Hoa(7)
Florida condo buyers have the right to rescind within:
A Florida condo association must provide buyers with:
Under Florida's Condominium Act, a buyer of a condo has the right to cancel within:
Florida law requires condo associations to maintain:
The Florida Condominium Act requires disclosure of:
In Florida, HOA disclosure requirements include:
A Florida HOA can foreclose for unpaid assessments:
Condos Coops(2)
Deeds(5)
When a deed does NOT specify the estate being conveyed, it is presumed to transfer
A deed that contains no warranties is called a:
If Alycia deeds property to Bernice and her heirs, with the stipulation that if Bernice leaves no heirs the property will then go to Cynthia, then Cynthia now holds which type of estate?
In a deed, the clause that defines the nature of the estate being granted is the:
County records show that Frank owns a property. Chad deeds that property to Melody. Chad’s deed is considered:
Estates(1)
General(38)
Which statement is FALSE about a party wall built on the property line between two lots?
While appraising a single family residence (SFR), an appraiser observes cracks in the walls and floor. In response, the appraiser best recommends which of the following?
The maker of a negotiable instrument is able to defend against a holder in due course in the event of:
The main purpose of the Uniform Com- mercial Code is to
Which of these types of property is NOT normally real property?
Items that are affixed as appurtenances to land are usually real property. Which of these items is NOT real property?
When comparing a small house with a large house of similar quality, which of the following is true?
The boundary of a property is changed by
An example of personal property is
Which of these is a direct building cost?
Littoral property is located on
If a strip of land is washed away by flood, this action is known as:
Which of the following pieces of lumber contains exactly one board foot?
A flood hazard report will note that flooding is frequent when it is described as:
Which of the following is NOT an appurtenance?
A residence that has 6” x 6” posts set four feet apart instead of 2” x 4” studs is an example of construction.
What is a “gore”?
A man who makes a will is called
When commercial office demand and supply decline equally:
Which term BEST describes personal property?
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Ownership Types(1)
Title Transfer(6)
Conrad wills the family estate to his first son Michael with the provision that if Michael were to divorce in the future, title will pass to Conrad’s second son, Bret. This is an example of a(n):
Title to an owner’s real estate can be trans- ferred at the death of the owner by
A broker has an exclusive agency listing on a property. If the owner sells the property, the broker is entitled to:
A widow who is willed the use of the family home for the rest of her natural life, with provision that title shall pass to the children upon her death, holds
A man executed a will. After his death, the probate court declared the will invalid because it did not meet the state law require- ments. Who will receive title to the man’s real estate?
A buyer of a single family residence (SFR) is entitled to certification for all of the following, except:
Other Exam Topics
Buyer Representation Agreement
8% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam
Financing
12% of exam
Laws of Agency
12% of exam
Mandated Disclosures
6% of exam
Contracts
12% of exam
Transfer of Title
8% of exam
Practice of Real Estate
10% of exam
Real Estate Math
12% of exam
Master Property Ownership
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