Chapter 3 Flashcards
(30 cards)
Full and complete ownership of land exists most nearly in a(n)
fee simple absolute
A fee simple estate includes an owner’s right to do all of the following with the property except to
condemn it.
Lis Pendens, a widow, devised a piece of property through her will to the Church of the Holy Fellow for so long as the property is to be used for church purposes. Several years later, the church conveyed this property to Chico El Bueno who intended to begin restaurant operations. Chico El Bueno received
no interest at all in the property
A life estate may be granted
for the duration of the life of the grantee or the life of someone other than the grantee.
Winkin conveys a house to Blinkin for life, then to Lincoln. Blinkin’s heirs have
no estate interest
In order to protect a family from the financial irresponsibility of the head of the household, Oklahoma provides a form of relief from creditors called
homestead exemption
In order to create a homestead right in Oklahoma, the claimant must
own and occupy the property as the principle residence.
the declaration of homestead in Oklahoma, filed by the head of a family by March 15, will exempt from the assessed valuation of the property the amount of
$1,000
Regarding homestead rights
when homestead property is sold, both spouses should sign the deed
A person holding title to real property in severalty would most likely have
sole ownership
Real property owned by public corporations, such as cities, counties, and school districts, is generally owned in
Severalty
Concurrent ownership of real property by two or more persons, each of whom has an undivided interest (not necessarily equal) without right of survivorship is
a tenancy in common
Ann and her brother, Bob, inherited under their mother’s will title to a house in joint tenancy. Ann married and had title to her share put in joint tenancy with her husband. Bob is now
a joint tenant owning an undivided ½ interest
Marlene and Alice own property as tenants in common. This means that if Marlene dies, she can leave her interest to
Anyone She wants to
Tenants in common must
share possession of the property
Which is true if two sisters, Mary and Kate, inherit real property with no conditions except the stipulation that one-third of the property is to go to Mary and two-thirds to Kate?
Mary and Kate are tenants in common
A, B, and C are joint tenants, each enjoying a one-third share of their jointly owned property. C dies suddenly. In her will she specified that her husband, D, who is not a member of the joint tenancy, should inherit her share of the property. A and B, meanwhile, protest that the deceased tenant’s share is rightfully theirs, to be split equally between them. Which of the following is true?
The court will rule in A’ and B’s favor.
A and B are now co-equal joint tenants.
Husband D acquires no interest in the tenancy as the result of his wife’s will.
In order to create a joint tenancy, the
four unities of time, title, interest and possession must be present
The so called “grand incident” of the joint tenancy is the right of
Survivorship
Mrs. Quirk is now a widow whose husband owned an office building jointly with right of survivorship with Tom Thug and Sam Sleazy. Upon her husband’s death, his will devised all his property to her. Mrs. Quirk is
none of the above. She has no interest at all.
Spice and Zesty bought a building and took title as joint tenants. Spice died testate. Zesty now owns the building
In Sevralty
To mortgage property held in a tenancy by the entireties, it is necessary to have the mortgage signed by the husband
and spouse both. Because neither alone has the power to convey the property.
The establishment of a condominium
is accomplished by a series of deeds to various owners, establishing fee simple interest in their respective properties.
must be done in strict accordance with state statutes because the condominium is not recognized under common law.
Max Meander sells his house and moves into a condominium. Shortly after moving in, he learns that, Noah Count, his next door neighbor has failed to pay his real estate taxes. If Count does not pay his taxes
the only lien that can be placed against the property is against Count’s unit and his interest in the common areas.
