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10 Cards in this Set
- Front
- Back
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Christine and Scott have been married for fifteen years. They have three children, a home, and a vacation home. The couple purchased their home together after their marriage, but Scott owned the vacation property prior to the union. Christine and Scott are now getting divorced. Christine wants half of their residence and half of the ownership of the vacation property. At times they have rented the vacation home and the proceeds have gone to their joint bank account. Does Christine have any legal right to the ownership of the vacation home?
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a) Yes, due to the commingling of the funds gained from rental proceeds, Christine will be allowed shared ownership of the vacation property.
b) Yes, although Scott came to the marriage with the vacation property, all property owned by each partner in a marriage is thus shared by the spouse. c) No, Scott came to the marriage with the vacation property, therefore it may remain a separate property. However, due to the commingling of the rental proceeds from the property in the joint account, she does have a right to half the proceeds. d) Both A and B |
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Patrice and Michael are in the process of refinancing their townhouse. The mortgage company calls and gives the couple the news they have a lien on their home for non-payment of the previous year's property taxes. What type of lien is on their property? What do they need to do to remedy their situation?
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a) Patrice and Michael have an involuntary lien placed on their home for delinquent property taxes. The couple needs to pay the taxes, any interest and/or late fees, and have the lien removed.
b) Patrice and Michael have a voluntary lien placed on their home for delinquent property taxes. The couple must pay the back taxes to have the lien removed c) Patrice and Michael have an equitable lien placed on their home for delinquent property taxes. The couple must pay the back taxes to have the lien removed. d) Patrice and Michael have a judgment lien placed on their home for delinquent property taxes. The couple must pay the back taxes and petition the court to have the lien removed. |
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All property in the United States falls under which system of land ownership?
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a) Feudal System
b) Allodial System c) Freehold System d) Dower System |
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Suzette is leasing a condo from the Garcias. She has been renting the condo for over three years. She renews the lease each year and, because of her loyalty and exemplarily rental history, the Garcia's allow her to make any décor changes she wishes. Which of the following statements is true about the relationship between the Garcias and Suzette?
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a) The Garcias own the condo in leasehold but rent it to Suzette in freehold.
b) The Garcias have entered into a Pur Autre Vie lease relationship with Suzette. c) The Garcias own the condo in freehold but rent it to Suzette in leasehold. d) The Garcias and Suzette have a tenants in common relationship. |
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The Moltasanto family has owned a vineyard in Sonoma for over one hundred years. They have owned all rights to the property since the first day of ownership. The property is always inherited by the oldest child after the death of the previous owner. Which type of estate is the Moltasanto family vineyard?
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a) Fee Simple Defeasible
b) Fee Simple Absolute c) Estate in Reversion d) Estate in Remainde |
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Penelope is interested in buying a 150-year-old historical home in San Francisco. If Penelope decides to purchase the home, it must be on the condition the original architectural features are never removed from the home. Additionally, if Penelope buys the home and then sells it at some point, the same condition must be in the sales contract, and so on. What type of freehold estate is this historic home?
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a) Fee Simple Defeasible
b) Estate in Reversion c) Fee Simple Absolute d) Curtesy Estate |
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Which of the following is not considered one of the six distinct forms of ownership in California?
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a) Tenancy in Common
b) Severalty c) Joint Tenancy d) Voluntary Tenancy |
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TBH, Inc. owns land for development adjacent to their corporate headquarters. TBH, Inc. is the sole owner of the property. The land will be developed as a shopping and restaurant area. Which form of ownership does this property fall under?
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a) Severalty
b) Unity of Possession c) Joint Tenancy d) Corporate |
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HEH, Inc. owns a large parcel of land which will be used for commercial development. Upon the sale of the property to HEH, Inc., the grantor in a written agreement established the lake may never be touched and the property may only be used for commercial purposes. Which type of private deed restriction is in place for HEH, Inc.'s property?
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a) Condition
b) Covenant c) Public d) Building |
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Ted and Jack are selling their home to Duncan and Gary. Upon the title search, the title company discovers Ted and Jack's home is free of any liens or problems and can be easily sold. Ted and Jack's property holds which type of title?
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a) Certificate of Title
b) Abstract c) Marketable Title d) Chain of Title |
