Montana Real Estate Salesperson
Exam
Tenancy in Severalty - answer One person or Corporation owns
Tenancy in Common - answerEqual or unequal undivided ownership between 2 or more
people. Upon decease, shares are passed on to Heirs
Joint Tenancy - answer4 Unitys: Interest-each owner has same interest
Possession: all owners hold undivided interest
Time: interest received at same time
Title: all owners acquire their interest with the same deed
If one owner dies, interest reverts to other members
Tenancy by entirety - answer Only available to married couples. right of survivorship
exists, cant sell property without consent of both parties.
Bundle of Rights - answer Possession
Quiet Enjoyment
Disposal
Exclusion
Control
Fee Simple - answerYou possess all the rights
Riparian Rights - answerRiver, Stream, Lake. right to use water as long as neighbors
are unharmed
Littoral Rights - answeroceans and Navigable lakes. Own land only to Medium high
water mark
Encroachment - answerunlawful intrusion onto another's adjacent property by
improvements to real property
Easement - answerright or privilege one party has in the land of another
Easement Appurtenant - answerbenefits the land transferred automatically when land is
transferred to another party
Easement in Gross - answerBenefits the individual for personal or commercial use.
transferred with business purposes
Lien - answermakes specific property security for a debt or discharge of an obligation
Exam
Tenancy in Severalty - answer One person or Corporation owns
Tenancy in Common - answerEqual or unequal undivided ownership between 2 or more
people. Upon decease, shares are passed on to Heirs
Joint Tenancy - answer4 Unitys: Interest-each owner has same interest
Possession: all owners hold undivided interest
Time: interest received at same time
Title: all owners acquire their interest with the same deed
If one owner dies, interest reverts to other members
Tenancy by entirety - answer Only available to married couples. right of survivorship
exists, cant sell property without consent of both parties.
Bundle of Rights - answer Possession
Quiet Enjoyment
Disposal
Exclusion
Control
Fee Simple - answerYou possess all the rights
Riparian Rights - answerRiver, Stream, Lake. right to use water as long as neighbors
are unharmed
Littoral Rights - answeroceans and Navigable lakes. Own land only to Medium high
water mark
Encroachment - answerunlawful intrusion onto another's adjacent property by
improvements to real property
Easement - answerright or privilege one party has in the land of another
Easement Appurtenant - answerbenefits the land transferred automatically when land is
transferred to another party
Easement in Gross - answerBenefits the individual for personal or commercial use.
transferred with business purposes
Lien - answermakes specific property security for a debt or discharge of an obligation
