OWNERSHIP

Which of the following is true of a tenancy in common?

• The co-owners must be married

• The tenants share an indivisible interest

• The tenants must acquire their interests at the same time

• The tenants own equal shares of the estate

In a time-share freehold, owners acquire

• undivided interests as tenants in common

• A tenancy from period-to-period fora portion of a year

• A pro rata. share of a leased fee

• A tenancy in severalty for a portion of a year

In a cooperative, real property is owned. only by

• The individual unit owners

• The individual unit owners and the cooperative association

• The cooperate developer

• The corporate entity of this cooperative association

The owner of a cooperative owns

• Shares in a corporation or association and a proprietary lease in a physical unit

• A fee simple interest in a physical unit plus a tenancy in common in. common elements

• A tenancy in common in a physical unit and the common areas

• A ground lease in the physical unit's pro rata share of land and a proprietary lease in the unit

A condo owner can

• Sell or mortgage condo unit without hindrance from individual. owners of neighboring units

• Sell the interest in the physical unit separately from the interest in the common elements

• Exclude non-owners from the unit owners' pro-rata portion of the common elements

• Exlusively possess and use those portions of the common areas structurally or functionally necessary. for the operation of the unit

When an estate is held in trust, who holds the legal title?

• The beneficiary

• The trustor

• The trustee

• The property manger appointed by the trustee

One of the benefits offered by ownership in a tenancy by the entireties is

• The estate is subject to foreclosure only for jointly. incurred debts

• The estate. may be terminated only by mutual agreement

• The estate is not subject to foreclosure

• A co-owner may transfer his or her fractional interest without. the consent of other owners

Two individuals can own a house as tenants by entireties if

• They so elect at the time of acquiring title

• They are blood relatives

• They are married

• They incorporate

The most common form of co-ownership when the owners are not married is

• Tenancy in Common

• Joint Tenancy

• Tenancy by the entireties

• Tenancy in partnership

When a joint tenant dies, what happens to the tenant's interest in the estate?

• It passes to the decedent's heirs, who become joint tenants

• It passes as a tenancy in common to the decedent's heirs

• The joint tenancy terminates and becomes a tenancy in common with the decedents heirs and the surviving tenants as co-owners

• It passes to the surviving joint tenants