REAL ESTATE EXAM PROPERTY OWNERSHIP LATEST UPDATED

Time-share - Answer (sometimes called vacation ownership) is a property with a divided form of ownership or use rights. these properties are typically resort condominium units When an apartment building is converted to a condominium, how many days do the tenants have to purchase the unit? - Answer 90 days after the public report is issued Which of the following would be a responsibility of the planning commission: - districts - zoning - seismic safety - local improvement - Answer zoning Which of the following types of ownership CANNOT be created by operation of law, but must be created by the parties' expressed intent? - tenancy in common - tenancy by the entireties - community property - joint tenancy - Answer joint tenancy The owner of a condominium unit learns that a neighbor has failed to pay his real estate taxes. If this neighbor does not pay the taxes: - Answer a lien can be filed against the neighbor's unit and his percentage of the common elements The right to access telephone lines is an example of: - Answer an easement in gross Easement in Gross - Answer grants a company or individual limited rights to access another's property for a specific purpose "Of indefinite duration" is a characteristic which is particularly descriptive of an: - Answer estate of inheritence The state wants to acquire a strip of farmland to build a highway. Does the state have the right to acquire privately owned land for public use? - Answer yes, the state's right is called eminent domain Jones leased a property from Brown for a period of five years. Three years after signing the lease Brown died and it was determined that Brown held a life estate. Jones was told to vacate the property. If Jones contested the action, a Court would find: - Answer Jones' leasehold expired upon Brown's death Against a recorded deed from the owner of record, the party with the weakest position is a - Answer person with a prior unrecorded deed who is not in possession; possession and recording function the same way, they both give constructive notice. therefore the person who possess and/or records first gains title When a government agency takes possession of private property for public use, it is exercising the right of - Answer eminent domain When a company furnishes materials for the construction of a house and is subsequently not paid, it may file a(n): - Answer mechanic's lien An easement differs from a license in that a license: - Answer may be revoked Normally, a structure used primarily as a warehouse would be rented by: - Answer the square foot Sam and Nancy bought a store building and took title as joint tenants. Nancy died testate. Sam now owns the store: - Answer in severalty No matter how many joint tenants there are, there is still only...... - Answer one title to the entire property. each tenant must hold an equal interest in the property