Real Property Ownership: Rights, Trusts, and Estates, Exams of Investment Theory

Download Real Property Ownership: Rights, Trusts, and Estates and more Exams Investment Theory in PDF only on Docsity! Chapter 4 -Ownership of Real Property 1. Which of the following rights to land is the best indication of actual ownership? (A) possession (B) enjoyment (C) disposition (D) use 2. A fiduciary relationship wherein property is transferred to a trustee to be administered for the benefit of another describes (A) a lease (B) a trust (C) an executory interest (D) a beneficial interest 3. A non-freehold interest in land may also be identified as (A) adverse possession (B) a remainderman's interest (C) fee simple conditional title (D) a leasehold interest 4. The right that is limited to the use of a tract of land with no other rights conveyed is called (A) a life estate (B) a limited tenancy (C) an easement (D) a leasehold 5. An ownership right in land that terminates upon the death of one or more persons is called (A) a life estate (B) an inheritance (C) a devisee's right (D) a future interest 6. All of the following are classified as legal life estates that are created by statute EXCEPT (A) homestead (B) dower (C) remainder (D) curtesy 7. An estate in severalty means (A) joint tenancy (B) sole ownership (C) tenants in common (D) community property docsity.com