Chapter 2 Flashcards
Which of the following types of ownership requires unity of interest, title, time and possession?
A) cooperative
B) tenancy in common
C) Joint Tenacy
D) Condominium
C. joint tenancy
None of the following includes the right of survivorship in NC EXCEPT?
A) Tenancy in common
B) Tenancy by the entirety
C) Life Estate
D) Joint Tenancy
B. tenancy by the entirety
The purchaser of a condominium unit receives title to the land on which the condominium is situated as a:
A) Tenant by entirely
B) Tenant in common
C) joint tenant
D) tenant at sufferance.
B. tenant in common
A purchaser of a condominium timeshare:
A) takes title for a specified time period (or periods) each calendar year.
B) may not convey title to anyone else.
C) has a 30-day right to rescind the purchase contract.
D) all of the above
A. takes title for a specified time period (or periods) each calendar year
In the cooperative form of ownership, owners:
A) the owner owns his unit in severalty
B) each owner owns an interest in the common areas
C) the owners own the building as tenants in common
D) none of the above
D) none of the above
A tenant in common:
A) may sell her interest in the property
B) may pledge the entire property as security for a mortgaged loan
C) may not bring legal action to partition the property
D) has the right of survivorship in the property
A. may sell her interest in the property
Ownership as tenants by the entirety includes which of the following?
A) the right of one owner to convey title to his share of ownership without the participation of the other owner.
B) the right of survivorship
C) ownership of an unequal interest in the property with another
D) conversion to ownership as joint tenants if the owners are divorced.
B. the right of survivorship
An encumbrance always:
A) has a positive effect on property value
B) has a negative effect on the property value
C) is a lien
D) non of the above
D. none of the above
All of the following are examples of specific liens EXCEPT:
A) income tax liens
B) mortgage liens
C) mechanic’s liens
D) real property tax liens
A. income tax liens
Which of the following statements regarding judgment liens is correct?
A) judgment liens will not attach to property to which title is held by a husband and wife as tenants by the entirely unless both participated in the creation of the debt and are both named as defendants in the judgment.
B) judgment liens have a priority over the real property tax assessment.
C) judgment liens have a priority over all liens other than property tax liens.
D) none of the above.
A) judgment liens will not attach to property to which title is held by a husband and wife as tenants by the entirely unless both participated in the creation of the debt and are both named as defendants in the judgment.
Liens, easements, encroachments, and restrictive covenants are examples of which of the following?
A) emblements
B) estovers
C) estates
D) encumbrances
D. encumbrances
Which of the following is an estate that automatically renews itself for consecutive periods?
A) estate at will
B) life estate
C) estate from year to year
D) estate for years
C. estate from year to year
New construction time-share properties in North Carolina require:
A) the developer to have a real estate license before sales are made.
B) project registration with the Commission before marketing the units for sale.
C) all time-share salespersons must have a time-share license in NC.
D) the purchaser to be given a right of rescission for 3 days from purchase.
B. project registration with the Commission before marketing the units for sale
Time-share property in North Carolina is considered:
A) must be for a residential use
B) is considered personal property
C) is the right to occupy a property during five or more separated time periods over five or more years.
D) allows a bona-fide employee of the developer to sell the units without a real estate license.
C) is the right to occupy a property during five or more separated time periods over five or more years.
An example of an appurtenant easement would be:
A) city water and sewer easement
B) easement for a neighbor friend to cross a nearby property to access the beach.
C) an easement for the adjoining property to have a driveway over the subject property.
D) a railroad right of way easement.
C. an easement for the adjoining property to have a driveway over the subject property
All of the following involve ownership of real property EXCEPT:
A) cooperatives
B) condominiums
C) townhouses
D0 time-shares
A) cooperatives
All of the following are real property EXCEPT:
A) standing timber
B) underground minerals
C) readily movable items
D) naturally growing vegetation.
C. readily movable items
The items included as real estate are:
A) trees
B) fences
C) a built- in microwave
D) all of the above
D. all of the above
A manufactured home that is towed to the land and placed upon a permanent foundation but still has the wheels, axles, and towing hitch attached will. Be considered:
A) personal property
B) real property
C) an improvement
D) a fixture
A. personal property
Personal property attached to real property is prevented from becoming real property by which of the following?
A) value
B) an appurtenance
C) security agreement and financing statement
D) mineral rights
C) security agreement and financing statement D
Which of the following is a right in the property of anther results from ownership in a particular parcel of real estate?
A) easement in gross
B) appurtenance easement
C) license
D) condemnation
B) appurtenance easement
