Topic du Jour
AS ALWAYS, KEEP OPEN TO A FULL WINDOW.
PROPERTY OWNERSHIP
- All of
the following are essential to a deed except:
a.
Names
of the grantor and grantee.
b.
Habendum
clause.
c.
Informal
property description.
d.
Consideration.
CORRECT!
- John
and Ron are joint tenants on a property.
If Ron dies, how would John own the property?
a.
In
severalty.
b.
As a
sole joint tenant.
c.
As a
tenant in common.
d.
As
an owner in survivorship.
CORRECT!
- Barney
is buying a property from Andy and wants to insure that Andy has not done
anything to jeopardize the title to the property. Barney should require Andy to sign a:
a.
Bargain
and sale deed.
b.
General
warranty deed.
c.
Quitclaim
deed.
d.
Special
warranty deed.
CORRECT!
- All of
the following are types of formal property descriptions except:
a.
Government
rectangular survey.
b.
Metes
and bounds.
c.
Street
address.
d.
Lot,
block and subdivision.
CORRECT!
- Alison,
Mallory and Valerie are tenants in common one property. Which of the following is true?
a.
If
Alison sells her share to Mallory, Mallory must have a majority interest in the
property.
b.
Alison
could not sell her share to Mallory without Valerie’s permission.
c.
If
Mallory dies, her share would be divided between Alison and Valerie.
d.
As
tenants in common, they would all have an equal right to possess the property.
CORRECT!
- George,
John, Thomas and James are joint tenants on a property. John sells his share to Abigail, and
then George gets married to Martha.
If George dies, who would own the property?
a.
Abigail,
Thomas, James and Martha would each own 25%.
b.
Thomas
and James would own 37.5% each, and Abigail would own 25%.
c.
Abigail,
Thomas and James would each own 33.33%.
d.
Abigail
would own 25%, Thomas and James would each own 33.33%, and Martha would own
8.33%.
CORRECT!
- Fred
and Ethel buy a property together, and then get married. If the deed does not specify the form
of ownership, they would be:
a.
Tenants
in common.
b.
Joint
tenants.
c.
Tenants
by the entireties.
d.
Tenants
in severalty.
CORRECT!
- Fred,
Wilma and Barney are joint tenants on a property. Barney has a will leaving all his
property to Betty. If Barney dies,
how will the property be owned?
a.
Fred
and Wilma would be tenants by the entireties.
b.
Fred
and Wilma would be joint tenants.
c.
Fred,
Wilma and Betty would be joint tenants.
d.
Fred
and Wilma would be joint tenants, and Betty would be a tenant in common.
CORRECT!
- Vincent
puts up a fence around his property, which also extends ten feet over his
property line, fencing off a portion of his neighbor Pablo’s
property. After 10 years, Vincent
sells his property to Claude, and 10 years after that, Claude sells the
property back to Vincent, who owns it for 10 more years. Pablo never discusses this matter with
anyone. Which of the following is
probably true?
a.
Vincent
could get ownership of the fenced-off area through adverse possession.
b.
Vincent
could not get ownership of the area, except in states where the required period
of occupation is less than 10 years, because his occupation was not continuous.
c.
Vincent
could not get ownership of the property unless Pablo gave him permission to put
up the fence first.
d.
Vincent
could never get ownership of the fenced-off area.
CORRECT!
- All of
the following are incorrect regarding tenancy in common except:
a.
All
the owners would have an equal interest.
b.
One
owner could only sell their share with permission of the other owners, or
through a partition suit.
c.
If
three people buy a property together, and the deed does not say otherwise, it
will be assumed that they are tenants in common.
d. If
one tenant in common dies, their share would be divided evenly between the
surviving owners.
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