X, Y, and Z have undivided interest in a property. X has 1/2 ownership and Y and Z both have 1/4. What kind of ownership do they have? (1.7.2, 1.7.2.1,
... [Show More] 1.7.2.3, 1.7.2.5)
c. Tenancy in Common
A, B and C own a property as joint tenants. C dies, then B sells his interest in the property to D. The property is now owned by: (1.7.2.6)
c. A and D as tenants in common, each with one-half interest.
A kind of accretion on riparian land by action of water which deposits sediment. (see 1.2.2.4)
a. Alluvion
Jack gave Jill a Life Estate. Upon Jill's death Mary will receive the Life Estate. How would you describe Mary's interest in the property? (See 1.6.3.2)
b. Remainder
Bill's land is at the end of a long stream. Sediment consisting of sand and mud has been deposited onto his property causing his land to increase in size. This process is known as? (see 1.2.2.4)
b. Alluvion
Rights to a property only exist as long as a certain agreed upon building is located on it. This type of estate is known as? (1.6.2)
c. Fee Simple Determinable
A, B and C own a property as joint tenants. B sells his share of the property to X, and then C dies. The property is now owned by: (1.7.2.6)
c. A and X as tenants in common
Which type of estate grants the rights to a property as long as the occurrence or nonoccurrence of a specified event is taking place? (1.6.2)
b. Fee Simple Determinable
A tax advantage of real estate ownership is that the homeowner can exclude, from income taxation, a certain amount of profit on the sale of a home. The amount that a single person can exclude is: (See 1.1.3)
B) $250,000.00
The Clever Corporation has just sold a piece of property and realized a net capital gain of $4,500,000. In order to delay paying the taxes on this capital gain, the corporation can take advantage of a tax benefit in which they have a certain number of months in which they can use the $4.5 million to purchase another property of similar type, and avoid paying capital gains tax. This tax benefit is called: (See 1.1.3)
B) 1031 Like-Kind Exchange
One disadvantage of real estate, compared to other forms of investment, is that it: (See 1.1.4)
C) Requires management, maintenance, and upkeep
A disadvantage of real estate investment is that unlike the stock market, property takes several weeks or months to sell. For this reason, real estate is said to be: (See 1.1.4)
C) Less liquid than other forms of investment [Show Less]