#1
Which of the following is NOT a type of property ownership?
Sole proprietorship
ExplanationOwnership by a single individual, not a form of property ownership.
#2
Which type of property ownership involves a corporation owning the property?
Condominium ownership
ExplanationCorporation owns individual units, while common areas are jointly owned.
#3
Which type of property ownership involves a group of individuals sharing ownership in equal or unequal shares?
Tenancy in common
ExplanationOwners have distinct, separate shares in the property.
#4
What is the characteristic of a tenancy in common?
Equal ownership interest
ExplanationOwners hold equal or unequal shares, with no right of survivorship.
#5
In which type of estate can the property be inherited?
Fee simple absolute
ExplanationProvides unlimited inheritance rights to heirs.
#6
What is a defining characteristic of a joint tenancy?
Includes right of survivorship
ExplanationUpon death of a tenant, their share automatically passes to the surviving tenant(s).
#7
Which statement best describes a fee simple defeasible estate?
It can be terminated upon the occurrence of a specified event.
ExplanationOwnership is subject to certain conditions, which may lead to termination.
#8
What is a distinguishing feature of community property ownership?
Property acquired during marriage is owned equally by both spouses.
ExplanationProperty acquired during marriage is jointly owned by spouses.
#9
What is a distinguishing feature of a fee simple absolute estate?
Provides the owner with the highest form of ownership interest
ExplanationOwner has complete control and rights over the property with no limitations.