Week 3 Quiz

Tangible Personal Property

• is only digital assets stored on a computer.

• real estate properties that cannot be touched.

• physical items that can be touched and moved.

• items that are intangible and cannot be moved.

Sammy and her husband own a home together as tenants by the entirety. Is this a part of Sammy's probate estate?

• Yes.

• Yes, but only if her husband is still alive when she passed away.

• Yes, but only if her husband died first.

A tenancy in severalty is

• Ownership by one person.

• Ownership by a married couple.

• a tenancy in common.

• Joint ownership.

What type of tenancy is created by the following language. "James Shoemaker conveys and warrants Blackacre to Joe Smith and Mary Smith, a married couple."

• Tenancy in Common

• Joint Tenancy with Full Rights of Survivorship

• Tenancy in Severalty

• Tenancy by the Entireties

What interest does a life tenant have?

• A life estate

• The entire fee

• A right of reversion

• No interest.

A reversion of property interests

• Easement on property

• License the Grantor gives a Grantee to the use of property

• Leasehold
• is the interest a grantor alone has to the return of property under the possession of another.

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Jane owns a lake cottage. In a deed of conveyance, she states, "to my father, Jack, for life, then to my sister Sue, for her life." After several years, Jane dies. Followed by Jack, then Sue. Who owns the property?

• Janes Estate

• Jacks Estate

• Sues Estate

• The property escheated to the state.

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

A remainder is

• The Grantee's right to give a portion of their interest away.

• The Grantor's right to get their personal property back.

• A past estate in real property.

• A future estate in real property.

What type of tenancy is created by the language of this conveyance. "To Jane Doe and Bob Marley, jointly"

• Tenancy in Common
• Life Estate
• Joint Tenancy
• Leasehold Tenancy

In order to create a Joint Tenancy, which four unities must exist?

• Unity of Time,

  Unity of Title,

  Unity of Interest,

  Unity of Possession

• Unity of Duration,

  Unity of Title,

  Unity of Interest,

  Unity of Possession

• Unity of Purpose

  Unity of Time

  Unity of Interest

  Unity of Possession

• Unity of Marriage

  Unity Time

  Unity of Type

  Unity of Title