Lesson 4 Quiz – Ownership

Which of the following is NOT a form of co-ownership?

Tenancy in common

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Joint tenancy

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Tenancy by the entirety

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Fee simple absolute

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What is the right of survivorship?

Right to exclude others from property

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Right to pass ownership to heirs

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Right of co-owner to inherit automatically

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Right to use property jointly

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Which type of ownership allows unequal interests?

Joint tenancy

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Tenancy by the entirety

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Tenancy in common

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Community property

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Which form of ownership is used by married couples in some states and includes survivorship?

Tenancy in common

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Joint tenancy

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Tenancy by the entirety

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Tenancy at will

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A trust in which the property is transferred during the trustor’s lifetime is called:

Testamentary trust

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Living trust

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Blind trust

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Constructive trust

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Which of the following terms is defined as “ownership of shares in owning corporation, plus proprietary lease in a unit; corporation has sole, undivided ownership”?

Cooperatives

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Condominiums

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Partnerships

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Trusts

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Which of the following is a characteristic of a cooperative ownership?

Ownership of real property

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Fee simple interest in the unit

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Proprietary lease and stock shares

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Individual deed for each unit

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The entire building

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The land underneath the unit

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Airspace of the unit and shared interest in common areas

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Only the personal property inside

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A freehold estate of potentially unlimited duration is a

fee simple estate

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life estate

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defeasible estate

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leasehold estate

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Condominium properties are created by executing and recording a

management agreement and an owner’s association

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condominium declaration and a master deed

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deed and survey

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legal description and a proprietary lease

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