Statutory Ownership and Freehold Estates and TenanciesVersión en línea two chapters into one. 10 and 11 por Latrica Bracey 1 The word "___" indicates an estates that cab be inherited a estate b tenancy c interest d fee 2 The most complete estate in land that once can hold is a fee simple determinable b fee simple subject to condition subsequent c fee simple absolute d fee simple subject to executory interest 3 A fee simple that is somehow qualified (limited) in the conveyancing instrument is known as a a fee simple absolute b life estate c conditional fee d defeasible fee 4 If an estate can expire, but no automatically, by the occurrence or non-occurrence of a specified event, and revert to the grantor, it is known as a fee simple absolute b fee simple subject to condition subsequent c fee simple determinable d fee simple subject to executory interest 5 If an estate can expire, but not automatically by the occurrence or non-occurence of a specified event, and it does require an affirmative act of re-entry by the grantor or his/her successors, it is known as a fee simple absolute b fee simple subject to condition subsequent c fee simple determinable d fee simple subject to executory interest 6 If an estate can pass automatically from the grantee to some 3rd person upon the occurrence or non-occurrence of a specified event, it is known as fee simple a absolute b determinable c subject to condition subsequent d subject to executory interest 7 A freehold estate that is not inheritable is a a life estate b fee tail c conditional fee d defeasible fee 8 They type of life estate measured by the life of the grantee is known as a/an a life estate by curtsey b estate pur autre vie c ordinary life estate d life estate by dower 9 An estate measured by the life of someone other than the grantee is known as a/an a life estate by curtsey b estate pur autre vie c ordinary life estate d life estate by dower 10 A present right to future possession of land is known as a/anfut a future interest b reversion c remainder d executory interest 11 The residue of an estate which remains with the grantor who regains possession when an estate granted by him/her terminates is a a joint tenancy b life estate c reversion d remainder 12 A future interest created in one other than the grantor that will become present posssessory at the death of the life tenant is called a joint tenancy b life estate c reversion d remainder 13 A freehold tenancy where one owner (person or corporation)owns the entire estate is a tenancy in severalty b joint tenancy c tenancy in common d tenancy by the entirety 14 A freehold tenancy in which 2 or more owners may own an undivided unequal percentage of interest in the same estate is known as a tenancy in severalty b joint tenancy c tenancy in common d tenancy by the entirety 15 A freehold tenancy in which 2 or more owners hold an undivided interest each owns the entire estate and there is right of survivorship, is called a tenancy in severalty b joint tenancy c tenancy in common d tenancy by the entirety 16 Evidence of owership often used as a substitue word for ownership is known as a estate b tenancy c title d fee 17 Individuals right in land such as use, possession, control, and disposition, are a reflection of one's ___in the land. a tenancies b licenses c easements d interests 18 An interest in land that is or may become possessory and is ownership measured in terms of duration is the definition of ___ in the Restatement of the Law of Property a interest b estate c tenancy d tile 19 When used in relation to freehold estates, ___ describes how land is held (alone or with others) a estate b interest c tenancy d title 20 An apt complex sells each of its units to individuals in fee simple ownership. This is an example of a a leasehold b condo c leaseback d cooperative 21 A condo owner may hold title a as a tenant in severalty b as a joint tenant c as a tenant in common d in any of the above forms, but without the right to partition the common areas 22 An owner of a cooperative receives ownership by a bill of sale b deed c stock certificate d leasehold 23 The owner of a cooperative is a a joint tenant b tenant at will c tenant in common d leasehold 24 Which of the following statements is true? a A condo owner owns real property in fee simple b A condo owner owns personal property called shares c A cooperative owner owns real property in fee simple d A cooperative owner owns real property called stock 25 M has purchased shares in a corporation and, in return, has received a proprietary lease. What kind of ownership is this arrangement? a time share b PUD c Condo d Cooperative 26 The cooperative owner has a/an a deed b leasehold c proprietary lease d condo 27 A business entity in which all participants are personally responsible for everything the business does is a/an a C Corp b general partnership c S Corp d limited partnership 28 The law in SC which made condo poosible is called a The SC Condo Act b The Law of Condo c The SC Horizontal Property Act d The Law of Horizontal Property 29 A type of business entity which is taxed like a partnership but is not a partnership is a either a C Corp or a RE Investment Trust b either a RE Investment Trust or an S Corp c either an S Corp or a C Corp d only an S Corp 30 A cooperation is classified as a residential b commerical c heavy industrial d light industrial
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