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| 1 | |
A __________ is the most complete estate a person may have. |
| | A) | Fee simple absolute |
| | B) | Fee simple conditional |
| | C) | Fee complex absolute |
| | D) | Fee complex conditional |
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| 2 | |
A __________ is granted for the lifetime of an individual; the right to possess the property terminates at the individual's death. |
| | A) | Permanent estate |
| | B) | Life estate |
| | C) | Fee simple absolute |
| | D) | Fee simple conditional |
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| 3 | |
The holder of a __________ has a possessory, but not an ownership, interest in real property. |
| | A) | Fee simple conditional |
| | B) | Fee simple defeasible |
| | C) | Leasehold |
| | D) | Easement |
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| 4 | |
A __________ is the right to go onto someone's land and take part of the land or a product of it away from the land. |
| | A) | Sampling |
| | B) | Profit |
| | C) | Dispossession |
| | D) | Disposition |
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| 5 | |
In a __________, each co-owner has the right to sell his/her interest without the consent of the other owners, may own an unequal share of the property, and may have a creditor attach his/her interest; further, co-owners have the right to will/devise their ownership interests to heirs. |
| | A) | Fee simple absolute |
| | B) | Life estate |
| | C) | Tenancy in common |
| | D) | None of the above |
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| 6 | |
In a __________, co-owners all own equal shares of the property, and on the death of one owner, the property is divided equally among the surviving owners (i.e., surviving owners have the "right of survivorship"). |
| | A) | Fee simple absolute |
| | B) | Life estate |
| | C) | Tenancy in common |
| | D) | Joint tenancy |
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| 7 | |
Which of the following is not required in order to properly draft a deed? |
| | A) | Identification of the grantor and the grantee |
| | B) | An expression of the grantee's interest to convey the property |
| | C) | A legally sufficient description of the property, including its physical boundaries and any easements |
| | D) | All of the above are required in order to properly draft a deed |
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| 8 | |
The most commonly-used deed is the __________ deed. |
| | A) | General warranty |
| | B) | Express warranty |
| | C) | Implied warranty |
| | D) | Quitclaim |
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| 9 | |
From the grantee's perspective, the least desirable type of deed is the __________ deed. |
| | A) | Reservation of rights |
| | B) | Whole claim |
| | C) | Quitclaim |
| | D) | Irrevocable |
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| 10 | |
__________ describes the actions of a person who takes ownership of property by treating a piece of real property as his/her own. |
| | A) | Hostile claiming |
| | B) | Aversive possession |
| | C) | Adverse possession |
| | D) | None of the above |
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