Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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1.
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Which method of ownership is similar to community
property, is not recognized in Montana and applies only to ownership by a married
couple?
a. | joint tenancy | c. | tenancy in common | b. | tenancy by the
entireties | d. | severalty |
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2.
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A tenancy by the entireties (entirety)
is:
a. | valid in Montana. | c. | is
valid if entered into after 2000 | b. | not valid in
Montana. | d. | is valid if entered into before 2000 |
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3.
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What is the only thing that I need to know about a
tenancy by the entireties?
a. | that it is not valid in Montana | c. | that it is valid in all states | b. | that it is valid in Montana | d. | will be valid in
Montana in 2010 |
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4.
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If a Montana married couple has a deed which states
that the couple owns Montana property in a tenancy by the entirety:
a. | the deed is not valid. | c. | the deed is sometimes valid | b. | the deed is valid. | d. | the deed is valid
if it was signed after 2000 |
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5.
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If two persons own a parcel of property, they are
presumed to be:
a. | joint tenants. | c. | tenants by the entirity | b. | tenants in
common. | d. | good friends |
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6.
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Ownership by one person is:
a. | severalty. | c. | joint
tenancy | b. | tenancy by the entirety. | d. | tenancy in
common |
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7.
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If the last survivor will take title, the parties
are:
a. | joint tenants. | c. | partners | b. | tenants in
common. | d. | good friends |
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8.
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A property owned in a tenancy by the severalties is
owned by:
a. | one person. | c. | property cannot be owned in severalty | b. | several persons. | d. | ownership in
severalty does not exist |
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9.
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A deed states that the grantees are "Karen
Wilson" and "Bob Hope" but the deed failed to state what type of tenancy was intended.
The two owners are:
a. | tenants in common. | c. | tenancy by the entirities | b. | joint tenants. | d. | owners in
severalty |
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10.
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Tenants in common have all of the following rights
EXCEPT the right:
a. | to sell their interests. | c. | of survivorship. | b. | to ask the court
to partition their interest. | d. | of inheritance. |
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11.
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When asked by the buyers how to hold title, the
broker should recommend:
a. | joint tenancy. | c. | severalty ownership. | b. | tenancy in
common. | d. | seek the advice of a lawyer. |
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12.
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A, B and C are joint tenants. C dies with a will
designating an heir. C's interest will go to:
a. | A and B. | c. | A but
not B | b. | C's heir. | d. | B but not
A |
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13.
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A and B are joint tenants. B dies.
a. | A has a joint tenancy with B's
heirs. | b. | The joint tenancy has been terminated and A now has a
fee simple interest in severalty. | c. | The joint tenancy
becomes a tenancy in common with B’s heirs. | d. | The joint tenancy becomes a tenancy by the entirity
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14.
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Usually, mineral rights:
a. | run with the land unless otherwise
agreed. | c. | never run with the land | b. | are owned by the local school district. | d. | are always
personal property |
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15.
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Two buyers prefer to own their property with no
right of survivorship. This is:
a. | joint tenancy. | c. | tenancy in severalty | b. | tenancy in
common. | d. | tenancy by the entirety |
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16.
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Riparian (water) and mineral rights:
a. | run with the land unless otherwise
agreed. | c. | never run with the land | b. | terminate when the land is sold. | d. | are always sold
seperately |
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17.
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Three persons own a property as joint tenants. One
of the owners dies.
a. | The two surviving owners are joint
tenants. | c. | The two surviving tenants are tenants is
common | b. | The joint tenancy was dissolved by the death of one.
owner. | d. | The two surviving tenants are tenants by the
entirety |
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18.
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The commonly used term "JTROS"
refers to:
a. | joint tenancy with a right of
survivorship. | c. | tenants by the entirety | b. | tenancy in common. | d. | tenants in
severalty |
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19.
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All of the rights that a person has to real estate,
such as the rights to lease, mortgage, sell, etc. are referred to as the:
a. | bundle of rights. | c. | limited rights of ownership | b. | whole-kit-and-kaboodle. | d. | public
rights |
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20.
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Which is not included in the individual's
bundle of rights?
a. | lease | c. | bequeath | b. | transfer | d. | condemnation |
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21.
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Property ownership includes:
a. | surface rights only. | c. | air rights only | b. | surface, ground to
the center of the earth, air to the heavens. | d. | water rights
only |
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22.
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A life estate is:
a. | a type of freehold interest. | c. | a type of leasahold estates | b. | a type of lien. | d. | a type of
tenancy |
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23.
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Freehold estates last:
a. | only for the duration of a lease. | c. | from year to year | b. | for at least the
extent of a life estate. | d. | for a specified period of
time |
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24.
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A freehold interest which could last forever is
a:
a. | fee simple estate. | c. | lease
estate | b. | life estate. | d. | tenancy by the
entireties |
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25.
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A transfers a life estate to B but specifies that A
will get the property back when B dies. This is a life estate with a:
a. | reversionary interest. | c. | return provision | b. | remainder
interest. | d. | release provision |
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26.
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Sam has a remainder interest in his mother's
farm. His mother is living in a rest home. Can Sam sell his interest?
a. | No, because he has no interest in the farm until his
mother dies. | b. | Yes, and the buyer
will then own the farm when Sam's mother dies. |
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27.
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A transfers a life estate to B with a reversionary
estate. B dies, who gets it?
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28.
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A remainder will get a farm when the life tenant
dies. You desire to purchase the farm. If you want to buy the farm, you would purchase the interests
of the:
a. | life tenant and remainder. | b. | life tenant only. |
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29.
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An owner sold a property but reserved the right to
use the property as long as she lived. This is:
a. | a life estate. | b. | an estate by sufferance. |
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30.
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The University of Montana purchased a home from Mr.
Prescott. The deed specified that Mr. Prescott could occupy the property for his life, but when he
died, the property would go to the University. Prescott's deed conveyed what interest to the
University?
a. | life estate | b. | remainder interest |
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31.
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Is it legal to give someone a life interest and
then get the property back upon the death of that person?
a. | Yes, this is a life estate with a reversionary
interest. | b. | No, this is not
allowed. |
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32.
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What do you call a life estate that comes into
existence only if a particular event occurs?
a. | contingent life estate | b. | mortgage |
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