(Ch. 5) Method of Ownership Flashcards
- A conveys property to B and C who are unrelated and not joint tenants. If B dies:
(A) C is the sole owner.
(B) B’s share goes to his heirs
(C) the property reverts back to A
(D) E comes into the picture.
(B)
B and C held as tenants in common
- Which of the following statements apply equally to joint tenant and tenant by the entirety?
A) there is no right to file a partition suit
B) The survivor becomes owner.
C) A deed signed by one will convey fractional interest.
D) A deed will not convey any interest unless signed by both spouses.
(B)
In Tenancy by the entirety, the martial unit owns the property: therefore, both spouses must act to partition or sell
- When a person owns property to the exclusion of all other persons, he is said to hold the property in:
A)personalty.
B)common.
C) severalty
D)The secret.
(C)
Sole ownership is called “Severalty”
- A tenancy in common must have unity of:
A) time
B) title
C) Interest
D) possession
(D)
Each tenant has undivided interest to possess the whole
- Co-ownership of property by a husband and wife can take any of the following forms except a:
A) tenancy in common
B) Tenancy by the entirety
C) joint tenancy
D) tenancy in severalty
(D)
Husband and wife can I own severalty , because serveralty is limited to one owner
- When used in connection with ownership interest, the term “partition” means:
A) a formal written request signed by a group of petitioners
B) court action by which owners of property seek to sever their common ownership
C) a bearing wall in a building
D) a non-bearing wall in the building
(B)
Only allowed in Tenancy in or with joint tenancy
- A joint tenant may NOT:
A) sell his interest.
B) give away his interest
C) encumber his interest
D) devise his interest
(D)
At death there is no interest in his estate to Will
- Your customer plans to get divorced shortly before closing of a property she and her boyfriend just purchased and asks you about how to hold title to the property. You should suggest she:
A) get divorced first
B) conceal the pending divorce
C) consult an attorney
D) choose joint tenancy
(C)
Real estate licensees should not give legal advice
- When purchasing real estate, the form or method of ownership (severally, tenants in common or joint tenants) should be determined by:
A) the broker
B) the buyer and his attorney
C) the seller
D) the law of the state in which the real estate is located
(B)
It is the unauthorized practice of law for a broker to determine the Tenancy, though he should discuss the various differences
- If title to a farm is held as tenants by the entirety, which of the following is true?
A) A valid contract of sale on the farm must be signed by both of the spouses that are selling
B) A creditor of one spouse can assert a valid lien on the farm
C) The husband can devise his interest
D) Spouses have no survivorship rights
(A)
The buyer could not obtain specific performance without both signatures. A creditor would have to be a creditor of both spouses
- When a person who owns real estate in severalty dies testate, his property:
A) goes entirely to the surviving joint tenant
B) is probated and distributed according to the will
C) Would be sold vested in the remaining tenant in common
D) revert to the country by escheat
(B)
Testate means having me a valid will
- Property purchased by a brother and sister with full survivorship would be:
A) Tenancy in common
B) Joint Tenancy
C) Tenancy by entirely
D) Sevalty
(B)
Tenancy by the entirety is limited to husband-and-wife
- One of the features of owning real property as tenants in common is:
A) each co-owner must have equal interest
B) each owner may not will his interest
C) each co-owner may acquire interest at different times
D) the last survivor owns property in severalty
(C)
A, B and D are true of joint tenancy
- Two sisters, Mary and Rose, inherit real estate from their mother with no stipulation except that one third is to go to Mary and 2/3 to Rose. Which of the following is true?
A) Mary and Rose are joint tenants of the property
B) Rose may not mortgage her interest in the property without Mary’s consent
C) upon Mary’s death her part of the property reverts to Rose
D) upon rose’s death, her share passes to her heirs or devisees
(D)
Mary and Rose were tenants in common because of equal shares
- A woman and her brother whole property in joint tenancy. The woman deed her part to herself and her husband, Therefore:
A) the deed to the husband is invalid
B) the joint tenacy is broken
C) All three now hold title in joint tenancy
D) join tenacy remains the same
(B)
The brother has a 1/2 undivided tenacy in common interest
- One of the advantages of joint tenancy is:
A) it cannot be terminated without the consent of each tenant
B) tenants may own different fractional shares
C) it avoid delays and expenses of probate
D) it can only exist between husband and wife
(C)
The property passes outside probate estate
- Property owned by a tenant in common passes at death:
A) to his co-tenant or tenants
B) to his estate
C) By right of survivorship
D) By escheat
(B)
No survivorship rights
- A joint tenant may NOT:
A) sell his interest
B) give away his interest
C) encumbered his interest
D) sell the property
(D)
He may sell his interest but not “the property”
- Where two brothers hold title to property, one with a 1/3 interest and the other a 2/3 interest, title would most likely be held as:
A) Joint Tenacy
B) Tenacy by entirely
C) tenancy in common
D) Tenacy in severalty
(C)
Equal shares required with joint tenancy
- A corporation cannot hold title to real property in New Jersey with another as a joint tenant because:
A) it is a violation of the Securities Act.
B) of its perpetual existence
C) it is difficult to list all stockholders in the deed
D) a corporation cannot convey title to real property
(B)
The corporation would always be the last survivor
- A, B, and C own property as joint tenants. C dies and B sells his interest in the property to D. The property is now owned:
A) as joint tenant by A, D and C’s widow E. his heir.
B) A and D as joint tenant
C) A and D as tenants in common, each with a 1/2 interest
D) A and D and B’s wife
(C)
Upon the death of C, A and B owned the property as joint tenants. When B sold his interest to D, A and D became tenants in common
- Hanna Marsh and Max Haver buy a house together. They are a young, unmarried couple and want to know how they should take title so that if one of them dies, that person’s heirs will inherit the property interest. Their attorney will most likely recommend:
A) joint tenacy
B) tenacy at will
C) tenacy by the entirety
D) tenancy in common
(D)
Because of no survivorship rights
- A deed in favor of Norman and Rosalie with the stated proportionate interests of 2/3 and 1/3 respectively:
A) creates a tenancy in common
B) creates a valid joint tenacy
C) creates a severalty interest for each
D) is void
(A)
Cannot be joint tenancy because of unequal shares. Cannot be severalty because of two owners
- A tenancy by the entirety exists:
A) automatically when names of husband and wife appear on the deed
B) whenever there is right of survivorship among concurrent owners
C) when two or more people own the entire property
D) after the owners have been divorced
(A)
Automatic in New Jersey
