Larkin Willis
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Property Ownership and Interests

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Larkin Willis
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Superior School Chapter 2

Question 1 of 40

1

The concept by which land would increase automatically along a river or stream is known as:

Select one of the following:

  • accretion

  • littoral rights

  • avulsion

  • reliction

Explanation

Question 2 of 40

1

Which of the following is generally considered real property?

Select one of the following:

  • emblements

  • trade fixtures

  • a shrub planted in a decorative pot

  • a perennial shrub planted in the backyard

Explanation

Question 3 of 40

1

The phrase "bundle of legal rights":

Select one of the following:

  • is part of the definition of real property

  • is another name for a legal description

  • refers to the legal documents used in real estate transactions

  • refers to the tenant's rights in a lease

Explanation

Question 4 of 40

1

A trade fixture is considered:

Select one of the following:

  • a fixture

  • an easement

  • personalty

  • a license

Explanation

Question 5 of 40

1

Real property can become personal property by:

Select one of the following:

  • severance

  • purchase

  • hypothecation

  • attachment

Explanation

Question 6 of 40

1

A seller is under contract to sell a property using the standard offer to purchase and contract. The elegantly decorated master bedroom has vertical window blinds, hand-painted light switches and electrical outlet covers and draperies fashioned from fabric coordinated with the wallpaper. Which of the following items may the seller legally remove before the close of the transaction?

Select one of the following:

  • none of the items

  • the draperies and blinds

  • the hand-painted light switches and electrical outlet covers

  • the draperies

Explanation

Question 7 of 40

1

A business owner rents an empty building to use an ice cream parlor. The tenant subsequently installs large freezer units and several service counters. These additions:

Select one of the following:

  • are considered permanent improvements to the property

  • become the landlord's property once attached to the building

  • can be legally removed by the tenant at the termination of the lease

  • can only be removed by the tenant with the landlord's permission

Explanation

Question 8 of 40

1

The owner of a house wants to fence the yard for a dog. When the fence is erected, the fencing materials are converted to real estate by:

Select one of the following:

  • severance

  • annexation

  • immobility

  • indestructibility

Explanation

Question 9 of 40

1

Which of the following has an indefinite ownership period?

Select one of the following:

  • fee simple estate

  • life estate

  • estate for years

  • estate at will

Explanation

Question 10 of 40

1

Oil, gas and other subsurface rights are generally considered to be:

Select one of the following:

  • separate and apart from the rights or interest in the real estate

  • an item which can never be separated from the real estate and must transfer with the property

  • items of personalty which the owner can either include or exclude from the transfer

  • be part of the real estate and it's bundle of rights and automatically transfer to a subsequent owner unless specifically reserved or excepted in the deed

Explanation

Question 11 of 40

1

A woman wishes to donate a vacant lot that she owns in fee simple absolute to a hospital that is located next to her lot. An attorney prepares a deed that conveys the ownership of the lot to the hospital "so long as it is used for medical purposes." After the completion of the gift, the hospital will hold a:

Select one of the following:

  • pur autre vie estate

  • fee simple absolute estate

  • defeasible fee

  • fee simple to a condition subsequent estate

Explanation

Question 12 of 40

1

The rights of the owner of a property located along the banks of a small stream are called:

Select one of the following:

  • littoral rights

  • subjacent rights

  • riparian rights

  • hereditaments

Explanation

Question 13 of 40

1

A deed conveyed ownership to a grantee "so long as the existing building on the property is not destroyed." Following the transfer, the original grantor has what type of interest?

Select one of the following:

  • life estate

  • ongoing ownership in the property that lasts as long as the condition

  • fee simple estate

  • reversionary estate

Explanation

Question 14 of 40

1

A woman conveys a life estate to her son-in-law and stipulates that upon his death the estate will pass to her grandson. The grandson has an:

Select one of the following:

  • estate in reversion

  • estate in remainder

  • estate pur autre vie

  • estate for the life of another

Explanation

Question 15 of 40

1

A person who acquired ownership that can be inherited, with the provision "that the land must always be used for recreational purposes," has:

Select one of the following:

  • a fee simple absolute estate

  • a defeasible fee

  • a fee simple to a condition subsequent estate

  • an estate that cannot be sold

Explanation

Question 16 of 40

1

A brother and sister bought a commercial building and took title as joint tenants with right of survivorship. The brother died. The sister now owns the building:

Select one of the following:

  • as a joint tenant with right of survivorship with her brother's heirs

  • in severalty

  • as a tenant in common with her brother's heirs

  • as a life tenant with her brother's heirs having remainder interests

Explanation

Question 17 of 40

1

A person currently has the legal right to occupy and use a certain residential structure. The interest in the property could be all of the following, EXCEPT:

Select one of the following:

  • fee simple

  • remainder

  • leasehold

  • life estate

Explanation

Question 18 of 40

1

Co-owners of a fee simple interest in a small office building are neither related to nor a creditor to each other. One owner dies intestate. The surviving owner would become the sole owner of the property under which of the following rights?

Select one of the following:

  • adverse possession

  • reversionary interest

  • survivorship

  • foreclosure

Explanation

Question 19 of 40

1

Three joint tenants with rights of survivorship own a parcel of land. One owner sells his interest to a long-time friend. After the conveyance, the remaining original owners:

Select one of the following:

  • become tenants in common with each other

  • become tenants in common with each other and the newest owner

  • become joint tenants with the newest owner

  • remain joint tenants with each other

Explanation

Question 20 of 40

1

One of two owners holds an undivided 60% interest and the other holds an undivided 40% interest. The two owners probably hold their interest as:

Select one of the following:

  • cooperative owners

  • tenants by the entireties

  • community property owners

  • tenants in common

Explanation

Question 21 of 40

1

The owner of a condominium unit learns that a neighbor has failed to pay his condominium association dues. If the neighbor does NOT pay the dues:

Select one of the following:

  • a lien can be filed against the condominium complex

  • a lien can be filed against the neighbor's unit

  • a lien can only be filed against the common areas of the condominium

  • the taxing authority can order the condominium be dissolved

Explanation

Question 22 of 40

1

In order to create a joint tenancy relationship in the ownership of real estate, there must be unities of:

Select one of the following:

  • grantees, ownership, claim of right and possession

  • title, interest, encumbrance and survivorship

  • time, title, interest and possession

  • ownership, possession, heirs and title

Explanation

Question 23 of 40

1

The severalty owner of a parcel of land sells it. The buyer insists that the owner's wife also sign the deed. The purpose of obtaining the wife's signature is to:

Select one of the following:

  • terminate any rights the wife may have in the property

  • defeat any curtsey rights

  • provide evidence that the owner is married

  • subordinate the wife's signature to the buyer

Explanation

Question 24 of 40

1

Which item(s) listed below would be considered part of the "total circumstances test" to determine whether or not an item is a fixture? I. The value II. The size

Select one of the following:

  • I only

  • II only

  • Both I and II

  • Neither I nor II

Explanation

Question 25 of 40

1

Chrissy owns property that borders a large, navigable lake that has tides. Her property ends:

Select one of the following:

  • at the mean high-water mark of the lake

  • at the lake border

  • at the center of the lake

  • five feet before the lake

Explanation

Question 26 of 40

1

In North Carolina, what is the rescission period for the purchase of a new condominium?

Select one of the following:

  • 3 calendar days

  • 5 calendar days

  • 7 calendar days

  • 10 calendar days

Explanation

Question 27 of 40

1

In North Carolina, what is the rescission period for the purchase of a new timeshare?

Select one of the following:

  • 5 calendar days

  • 5 business days

  • 7 calendar days

  • 7 business days

Explanation

Question 28 of 40

1

Jack is not married and buys a vacant lot as his sole and separate property. Jack later married Jill and they buy a house together. How is the ownership of the vacant lot now classified?

Select one of the following:

  • Jack and Jill own the lot as tenancy by the entirety.

  • Jack and Jill own the lot as joint tenants.

  • Jack owns the lot in severalty.

  • They both own the lot and house as tenants in common.

Explanation

Question 29 of 40

1

With regard to a tenancy in common, which of the following is true? l. Each tenant in common has an equal right to possession and use of the land. ll. The interest of all of the tenants in common must be equal.

Select one of the following:

  • l only

  • ll only

  • Both l and ll

  • Neither l nor ll

Explanation

Question 30 of 40

1

Vonda Lee and William purchased a home together in 2003 with the deed simply listing both of them as “grantees” without specifying how they were to hold title. They married each other in early 2004. How do they now likely hold title to the house purchased in 2003 if they have not made any other adjustments to their deed?

Select one of the following:

  • tenancy by the entirety

  • tenancy in severalty

  • joint tenancy

  • tenancy in common

Explanation

Question 31 of 40

1

When two people who own property under tenancy by the entirety sign a formal separation agreement, which of the following statements is correct?

Select one of the following:

  • The ownership changes immediately to tenancy in common.

  • The ownership changes immediately to joint tenancy.

  • The ownership must be determined by a court of law.

  • There is no change in the form of ownership at this time.

Explanation

Question 32 of 40

1

Which of the following statement(s) is/are true regarding timeshares in NC? I. The NC Real Estate Commission can fine a timeshare broker for violations of the NC Timeshare Act. II. If there are violations of the NC Timeshare Act, the fine per violation is $1,000.

Select one of the following:

  • I only

  • II only

  • Both I and II

  • Neither I nor II

Explanation

Question 33 of 40

1

Which of the following statements is true? I. A life estate is a freehold estate. II. It is possible to have a freehold estate and a non-freehold estate on the same property at the same time.

Select one of the following:

  • I only

  • II only

  • Both I and II

  • Neither I nor II

Explanation

Question 34 of 40

1

The right to occupy a property for five or more periods of time involving five or more years is considered a: l. Timeshare ll. Interest in real property

Select one of the following:

  • l only

  • ll only

  • Both l and lI

  • Neither l nor ll

Explanation

Question 35 of 40

1

Five days after signing a contract to purchase a new timeshare, the buyer backs out of the deal. How long does the developer have to refund the purchaser’s money?

Select one of the following:

  • He has no obligation to return it, as there is a contract.

  • Thirty days from the date of purchase contract.

  • Thirty days from the date of cancellation.

  • Thirty days from the ten-day period in which these monies had to remain in the trust account.

Explanation

Question 36 of 40

1

Which of the following would be considered real property? I. Electrical switch plate covers II. Gas logs attached to a fireplace

Select one of the following:

  • I only

  • II only

  • Both I and II

  • Neither I nor II

Explanation

Question 37 of 40

1

Which of the following best defines the ownership in a condominium?

Select one of the following:

  • divided fee simple interest in the unit and an undivided tenant in common interest in the common areas

  • a divided interest in the unit and a divided interest in the common areas

  • shared ownership rights of both the unit and the common area as tenants in common

  • separate interest in the unit with the association holding title to the common area

Explanation

Question 38 of 40

1

Jason's property is adjacent to a navigable river in North Carolina and Jason wants to sell his property. Which of the following statements is true?

Select one of the following:

  • Jason can restrict the public from using that portion of the river that is next to his property

  • An owner can sell the property and retain his rights to access the river once it is sold

  • Jason's land ends at the center of the waterway

  • If Jason obtains proper permits and builds a dock on the river, the dock will automatically become owned by the public

Explanation

Question 39 of 40

1

A homeowner objected when a local utility company dug up his garden to install a natural gas line. The company claimed it had a valid easement supported by the county records. The homeowner claimed the easement was not valid because he was unaware of its existence. The easement was:

Select one of the following:

  • a valid easement in gross even though the owner did not know about it

  • a valid appurtenant easement owned by the utility company

  • not valid because the owner did not authorize the easement

  • not valid because the owner was not informed of its existence when he purchased the property

Explanation

Question 40 of 40

1

The owner of two acres of land sold one acre but retained an appurtenant easement over that land for ingress and egress to his retained lot. The retained lot:

Select one of the following:

  • is the dominant tenement

  • serves as the servient tenement

  • can be cleared of the easement when it is sold to a third party

  • is subject to an easement in gross

Explanation

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