Course 1 Module 3 ACTUAL QUESTIONS
AND CORRECT ANSWERS
An Estate - CORRECT ANSWERS An interest in land that contains
various rights associated with ownership or tenancy.
The two most common types of estates are fee simple and leasehold.
Fee simple estate - CORRECT ANSWERS The person owns the property
and has all of the rights associated with this ownership (absolute right).
- most rights and fewest limitations
Leasehold estate - CORRECT ANSWERS An interest in land for a finite
period of time.
The person who is granted the leasehold is called the lessee or tenant, and the
grantor of the leasehold estate is called the lessor or landlord.
In a leasehold estate, the tenant has only the right of possession and use but not
ownership.
Air rights - CORRECT ANSWERS Rights to use space above the
physical surface of the land.
Construction of bridge approaches, piers, elevated streets and sidewalks, and in
some cases, entire building structures.
Construction of a skyscraper or multi-level building above an existing use, such
as a railroad, constitute air rights.
,Surface rights - CORRECT ANSWERS Any right of land that is not
mining rights.
Owners can be identified by title search.
Riparian rights - CORRECT ANSWERS Associated with the property
owner's access to and use of water.
Mineral rights - CORRECT ANSWERS Right to enter or use land for the
purpose of removing minerals (such as gas, oil, gold, silver, and precious
metals) on or beneath it.
Concurrent Ownership: Joint Tenancy - CORRECT ANSWERS One
owner dies, the other acquires the interest in the property.
Interest does not pass to their estate.
All the owners have an equal and undivided interest in the property.
Four Unities for Joint Tenancy - CORRECT ANSWERS Title
Each owner's interest must be the same and created at the same time in the same
document.
Time
The interests of all joint tenants must be created at the same time and for the
same period.
Possession
, Each owner must have an equal, undivided ownership in the property.
Interest
Each joint tenant must have an undivided share of the property at the same time
as the other joint tenants.
Concurrent Ownership: Tenants in Common - CORRECT ANSWERS
The interest of a deceased person does not pass to the survivor but is
treated as an asset of the deceased's estate.
Does not have to be equal share.
Standard Condominium - CORRECT ANSWERS - You own your
individual unit (like an apartment or house) outright.
- You share ownership of "common elements" with other owners (hallways,
elevators, lobbies, or playgrounds).
Common Elements Condominium (CEC) - CORRECT ANSWERS -
There are no individual units. Instead, it's just shared spaces like roads, parking
lots, green spaces, or community gardens.
- Owners jointly fund maintenance fee for the repair, maintenance, and
replacement of any common element.
- Each owner has their own separate property (called a Parcel of Tied Land, or
POTL), like a house, it is :tied: to the CEC.
Co-operative - CORRECT ANSWERS Instead of owning a specific unit
directly, you buy a share in a corporation that owns the entire property.
AND CORRECT ANSWERS
An Estate - CORRECT ANSWERS An interest in land that contains
various rights associated with ownership or tenancy.
The two most common types of estates are fee simple and leasehold.
Fee simple estate - CORRECT ANSWERS The person owns the property
and has all of the rights associated with this ownership (absolute right).
- most rights and fewest limitations
Leasehold estate - CORRECT ANSWERS An interest in land for a finite
period of time.
The person who is granted the leasehold is called the lessee or tenant, and the
grantor of the leasehold estate is called the lessor or landlord.
In a leasehold estate, the tenant has only the right of possession and use but not
ownership.
Air rights - CORRECT ANSWERS Rights to use space above the
physical surface of the land.
Construction of bridge approaches, piers, elevated streets and sidewalks, and in
some cases, entire building structures.
Construction of a skyscraper or multi-level building above an existing use, such
as a railroad, constitute air rights.
,Surface rights - CORRECT ANSWERS Any right of land that is not
mining rights.
Owners can be identified by title search.
Riparian rights - CORRECT ANSWERS Associated with the property
owner's access to and use of water.
Mineral rights - CORRECT ANSWERS Right to enter or use land for the
purpose of removing minerals (such as gas, oil, gold, silver, and precious
metals) on or beneath it.
Concurrent Ownership: Joint Tenancy - CORRECT ANSWERS One
owner dies, the other acquires the interest in the property.
Interest does not pass to their estate.
All the owners have an equal and undivided interest in the property.
Four Unities for Joint Tenancy - CORRECT ANSWERS Title
Each owner's interest must be the same and created at the same time in the same
document.
Time
The interests of all joint tenants must be created at the same time and for the
same period.
Possession
, Each owner must have an equal, undivided ownership in the property.
Interest
Each joint tenant must have an undivided share of the property at the same time
as the other joint tenants.
Concurrent Ownership: Tenants in Common - CORRECT ANSWERS
The interest of a deceased person does not pass to the survivor but is
treated as an asset of the deceased's estate.
Does not have to be equal share.
Standard Condominium - CORRECT ANSWERS - You own your
individual unit (like an apartment or house) outright.
- You share ownership of "common elements" with other owners (hallways,
elevators, lobbies, or playgrounds).
Common Elements Condominium (CEC) - CORRECT ANSWERS -
There are no individual units. Instead, it's just shared spaces like roads, parking
lots, green spaces, or community gardens.
- Owners jointly fund maintenance fee for the repair, maintenance, and
replacement of any common element.
- Each owner has their own separate property (called a Parcel of Tied Land, or
POTL), like a house, it is :tied: to the CEC.
Co-operative - CORRECT ANSWERS Instead of owning a specific unit
directly, you buy a share in a corporation that owns the entire property.
