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Exam 2: Legal Foundations to Value

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Question 21

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Which of the following types of direct co-ownership is a form of joint tenancy for husband and wife created by marriage that protects each spouse from liens arising from either spouse alone?

A) Tenancy in common
B) Tenancy by the entirety
C) Condominium
D) Tenancy at Will

E) B) and C)
F) A) and D)

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Question 22

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Which of the following types of ownership estates is the most complete bundle of rights,and therefore carries the greatest value?

A) Fee simple absolute
B) Fee simple conditional
C) Ordinary life estate
D) Legal life estate

E) A) and D)
F) B) and C)

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Question 23

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Jeff owns 150 acres between a highway and a public beach.The state would like to build a road directly from the highway to the beach across a number of beach front properties including Jeff's.The space for this road would be considered a(n) :

Bill and Mike go in together to purchase 342 acres of land to use for hunting and family vacations.Ten years later,Bill dies and Bill's wife wants to sell his half of the land.Mike informs her that,unfortunately,she has no claim to the land and that upon Bill's death,his ownership interest transferred to Mike.What type of co-ownership did Bill and Mike have?

Restrictive covenants impose constraints on the use of the land,yet are limited in terms of their enforcement.All of the following are true regarding the enforcement of restrictive covenants EXCEPT:

The City of Grand Rapids installed a new water main on Oak Street.The city then decided to charge the property owners along Oak Street a proportional cost of the new water main.If a property owner refuses to pay their proportional share of the cost,the city may file a(n) :

Direct co-ownership implies that each co-owner holds a titled interest in the property,but without exclusive possession with respect to the other co-owners.Which of the following types of direct co-ownership is considered the closest to the fee simple absolute estate?

When multiple individuals have use of a property,but their interests are not simultaneous,this type of co-ownership is referred to as a:

Suppose an older homeowner lives adjacent to an expanding university that is interested in acquiring her residence for future university use.To allow the homeowner to continue to retain all rights of exclusive possession,use,and enjoyment during her lifetime,yet provide the university with the right of disposition,the university may want to purchase a(n) :

Co-ownership can occur in a variety of ways,with significant variation in how the bundle of rights is jointly held.All of the following entities are forms of direct co-ownership EXCEPT:

In some states,mining companies are deemed to own not only the minerals but also the space the minerals occupied before they were removed,thereby earning the distinction of ownership states.However,when the owner of an oil or gas well is able to claim all that is pumped from it,regardless of whether the oil or gas migrated from adjacent property,this is referred to as a _____________ state.