Indicate whether each statement is true or false. Then, change the italicized word or phrase of each false statement to make it true.

Answers 1. Ownership of interests in land in the United States follows the estate concept that developed under the English feudal system.

2. A freehold estate is an estate in which the holder owns the land only for life.

3. A fee simple estate cannot be sold during the owner's lifetime.

4. Today, by statute, the words "and his heirs" are no longer required to be in a deed to make a fee simple estate.

5. Today, the estate tail has been either abolished or made ineffective by state statutes.

6. A determinable fee is an estate in real property that never comes to an end.

7. Legal action must be taken to end an estate in fee simple subject to a condition subsequent if the condition occurs.

8. A life estate may not be created by will.

9. When a person grants a life estate to another and retains the fee, he or she is said to have a remainder interest.

10. Life tenants are responsible to the owners of the fee for the commission of waste.

From the list of legal terms that follows, select the one that matches each definition:

Answers a.common areas

b.community property

c.concurrent ownership

d.condominium

e.condominium association

f.cooperative apartment

g.co-ownership

h.co-tenants

i.covenants, conditions, & restrictions (CC&Rs)

j.creditors

k.joint tenancy

l.joint tenancy with the right of survivorship

m.joint tenants

n.levy on execution

o.master deed

p.moiety

q.partition

r.proprietary lease

s.several

t.tenancy by the entirety

u.tenancy in partnership

v.tenants in common

w.timesharing

x.unit deed

y.units

z.unity of interest

aa.unity of possession

bb.unity of time

cc.unity of title

dd.homeowners association

1.Property (other than a gift or inheritance) acquired by a husband or wife during marriage that belongs to both spouses equally.

2.Two or more owners of real property.

3.The individual portions of a condominium that are owned separately in fee simple by individual owners.

4.Equal interest in property by all owners.

5.A dwelling unit in which the occupants lease individual units and, at the same time, own shares of stock in the corporation that owns the building.

6.Separate, individual, and independent.

7.The division of land held by joint tenants or tenants in common into distinct portions so that they may hold them separately.

8.The part of a condominium or cooperative apartment building that is owned as tenants in common by all of the unit owners.

9.Two or more persons holding one and the same interest, accruing by one and the same conveyance, commencing at one and the same time, and held by one and the same undivided possession.

10.Ownership in which each person has an interest in partnership property and is a co-owner of such property.

11.A lease to an owner of the property.

12.Ownership by more than one person. (Select two answers.)

13.All owners of property taking title at the same time.

14.The estate owned by joint tenants. (Select two answers.)

15.People who are owed money.

16.A type of joint tenancy held by a husband and wife that offers protection against attachment and that cannot be terminated by one spouse alone.

17.A group of condominium unit owners that manages and maintains a condominium.

18.Equal rights to possession of the entire property by all owners.

19.Two or more persons holding an undivided interest in property, with each owner's interests going to his or her heirs on death rather than to the surviving co-owners.

20.A fee simple ownership of a unit of real property in which the owner can exercise the right of possession for only an interval, such as a week or two, each year. (Select two answers.)

21.A deed to the individual unit being transferred.

22.A parcel of real property, portions of which are owned separately in fee simple by individual owners, and the remainder of which is owned as tenants in common by all of the unit owners.

23.All owners of property receiving title from the same instrument.

24.To collect a sum of money by putting into effect the judgment of a court.

25.Regulates the appearance and use of property in ways that are stricter than local ordinance and zoning laws.

26.A deed to a condominium that describes the entire property that is owned by the condominium association.

27.A part, portion or fraction.

28.Markets and manages housing developments.

Indicate whether each statement is true or false. Then, change the italicized word or phrase of each false statement to make it true.

Answers 1. Originally, land in America was owned by the various foreign governments that had settled here.

2. Traditionally, a deed was required to be under seal to be effective; however, many states have done away with that requirement.

3. Some states have no requirement that a deed be witnessed.

4. When people die owning real estate separately, a deed is necessary to pass legal ownership to their heirs.

5. For title to pass to a surviving joint tenant, it is necessary to probate the estate of a deceased joint tenant.

6. An attachment has the effect of bringing property under the jurisdiction of the court as security for a debt.

7. A mortgagee's foreclosure sale is a private sale that occurs under the jurisdiction of the court.

8. A purchaser of real property at a tax sale takes the property subject to the former owner's right to take the property back.

9. In calculating the period required to obtain title by adverse possession, any uninterrupted use by previous non-owner occupiers may not be added to the time period.

10. Any addition to the soil made by nature, such as the very rapid accumulation of soil on land next to a stream, is called accretion.