UNIT 3:

BOBRA TAHAN

HOWARD HARRIS

NATIONAL INTERACTIVE

STUDY GROUP

1

Study Group Information

Please refer to your dashboard for the following:

Link to calendar of discussion topics

Links to discussion questions

Use this button on the Learning Management

System tab to access your dashboard:

2

Contact Information

Bobra Tahan and Howard Harris both have access to

this account:

nationalleadinstructor@kaplan.com

Please include the STATE where you will be taking

your exam anytime you reach out to us so we can

find the best resources for you.

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Setting up the room4

Setting up the room5

Unit 3:

TOPICS TO BE DISCUSSED:

Your questions

Forms of Ownership

Deeds

Probate

Adverse possession

Prescriptive easements

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QUESTION

Sole and separate ownership is known as an estate

in severalty.

True

False

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JOINT TENANCY VS TENANTS IN COMMON

Joint Tenants: Tenants in Common

TTIP or PITT

*Possession = equal *Possession=equal

*Interest= % same *Not necessary

*Time=same time *Not necessary

*Title=same instrument *Not necessary

RIGHT OF SUVIVORSHIP N/A

Must state as JT or in JT Default if not stated

CAN: sell, encumber, lease, CAN: sell, encumber, lease,

or give away your share w/o give away and WILL your

consent. Can NOT WILL your share w/o consent.

interest.

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QUESTION

Three individuals bought a building and took title as

joint tenants. One of the owners died testate. The

remaining owners now own the building:

A. As a tenant in common with rights of survivorship

B. As joint tenants with each other

C. Subject to the terms of the deceased owner’s will

D. As tenants in common with the deceased owner’s

heirs

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REVIEW

Co-ownership review

Joint Tenants Must Have Equal

Possession

Interest

Title all at the same

Time

Joined Together by PITT

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ABC

REVIEW

Co-ownership review

Tenants in Common

To the Children

Both Tenants in Common and Joint Tenancy have

equal rights of possession.

Tenants in Common allows the co-owners or co-

tenants to have unequal shares or interests in the

property.

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A

B

C

QUESTION

A broker should advise married couples that the best

way for them to take title is as:

A. Tenants in common

B. Advised by an attorney

C. Joint tenants

D. Tenants in common with right of survivorship

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QUESTION

Properties in which the owner is required to pay

assessments to an association which manages and

maintains the common elements are known as:

A. Residential or commercial condominiums

B. Townhomes

C. Timeshares

D. All of the above

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QUESTION

A condominium is created by filing a(n):

A. Declaration

B. Dedication

C. Domain

D. Dominant Estate

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QUESTION

Under the cooperative form of ownership, a

purchaser receives a proprietary lease and the right

to use the common elements:

True

False

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QUESTION

To be valid a deed must have all of the following

EXCEPT:

A. Competent grantor

B. Words of conveyance

C. A legal description

D. A notice of recordation

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QUESTION

The buyer and seller have a liquidated damages clause in an executory purchase agreement. The buyer has requested the seller supply them with the deed which will give the buyer the most protection. At closing the deed which offers the grantee the most protection and in which the grantor gives the most promises is a:

A. Special warranty deed

B. Quitclaim deed

C. General warranty deed

D. Bargain and sale deed

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QUESTION

Consideration and a competent grantee are

necessary elements for a valid deed:

True

False

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QUESTION

The moment when conveyance of a voluntary

transfer occurs is upon delivery and acceptance of

the deed:

True

False

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QUESTION

To be valid, a deed must be signed by the grantee:

True

False

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QUESTION

A grantor wanting no future claim or liability for the

transfer of real estate would use what type of deed?

A. Special warranty deed

B. Quitclaim deed

C. General warranty deed

D. Bargain and sale deed

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QUESTION

The seller has told the buyer that the transfer of title

will be by a quitclaim deed. In this case the grantee

accepting a quitclaim deed should require a title

insurance policy as part of the purchase contract?

True

False

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QUESTION

A homeowner has recorded a document that

protects them from unsecured creditors taking their

primary home,this is known as a :

A. Fee simple

B. A cooperative

C. A homestead

D. Fee simple defeasible

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QUESTION

A mother died testate, leaving all her property and

possessions to her daughter. In order for the

daughter to claim her inheritance she will need to:

A. Probate the will

B. Probate the will and file a deed for title to the

property

C. Do nothing as transfer is automatic in joint

tenancy

D. Follow the state laws of intestate succession

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QUESTION

Adverse possession is open, continuous, exclusive,

actual, and notorious (hostile) possession of

another’s property for a period of years as determine

by state law:

True

False

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MEMORY AID

Remember: OCEAN- Open, Continuous, Exclusive, Actual, and Notorious (hostile) without the owner’s knowledge

OCEAN is required to create adverse possession or a prescriptive easement

If the owner is aware of the use or possession and gives the user permission e.g. a license, to continue, the possession or use will NOT meet the criteria of notorious.

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CONTACT INFORMATION

Any questions I missed or that you still have?

Remember if you think of something after class you

can reach both Bobra Tahan and Howard Harris at :

nationalleadinstructor@kaplan.com

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