David Saks

When property is transferred from one owner to the next this process is referred to as devise.

Is this true or false ?

Please take your time. The answer is posted below the wildlife photo.

A. False

When real property is transferred from one owner to another this process is referred to as alienation.

Devise is a gift of real estate as instructed ion the will of the owner.

When we consider participation in a REIT, a real estate investment trust, it is necessary to have at least 325 participants according to the legal statute.

Is this considered true or false ?

Take your time on this tough question. The answer is posted below the royalty free wildlife photo as usual.

A. Absolutely false

There nis no regulation for the number of participants in an REIT.

The investors are required, however, to invest exclusively in mortgages and real estate as a condition of participation in the trust.

When we talk about a title which is taken in fee simple we're talking about a title that lasts forever and can be inherited or disposed of according to the owners wishes.

Is this true or false ?

Take your time. Thye solution is posted below the wildlife photo.

A. True

Whenever a title is taken in fee simple the owner is entitled to the full range of the bundle of legal rights which accompany the title, which include all of the rights which come with ownership of the property which include the rights to lease, enjoy, will the property to heirs, sell it or forget it.

When one considers the four unities of possession, interest, time and title  these unities are necessary to create a tenancy in common.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

Possession, interest, time and title (PITT) are the four unities necessary to create a joint tenancy.

A tenancy in common is a form of ownership whereupon two or more tenants have undivided interests in a property.

If a title is conveyed and a condition is written into the conveyance stating that no flea market activities may be held on the property this type of title is called a life estate.

True or false ?

Remember to take your time. The solution is below the wildlife photograph.

A. False

This type of deed conveyance is known as a fee simple defeasible estate because it can be revoked if a flea market sets up on the property.

A life estate only lasts as long as the person that has the deed is living.

When we speak of condominiums condominiums are individual housing units that have common areas that are owned in joint tenancy.

Is this true or false ?

Take your time. The solution is below the wildlife photo.

A. Very false

The common areas in a condominium development are owned by the tenants as tenants in common and shared equally.

When we speak of a unit in a cooperative we're talking about a unit that is also owned as a tenancy in common and shared by all of the residents of the building in which it is housed.

Is this true or false ?

Take your time. The solution can be found below the wildlife photo.

A. False

A cooperative unit is one of which the building is owned by a corporation and a unit in which the resident actually owns shares.

Tenants in common areas are for condominium owners.

When a landowner has water flowing through his or her land the landowner's rights to that water are known as easement rights.

Is this true or false ?

Remember to take your time. The solution is posted below the wildlife photo.

A. False

When a landowner has rights to the water flowing through his or her land those rights are known as riparian rights.

Riparian rights are the water rights of the landowner when the property is crossed by a stream or a body of water.

Because drapes are so important when considering the treament of a window they are considered real property.

Is this true or false ?

Take your time on this tough question. The solution is posted below the wildlife photo.

A. False

The drapes are personal property.

The commode in the bath or the sink in the kitchen would be considered part of the real estate.

If there's one thing that we can compare real estate to it's personal property.

Is this true or false ?

Take your time. The solution is posted below the wildlife photo.

A. False

Real property consists of everything that's appurtenant and attached to the land.

Personal property is usually property which has been severed from the land, and there are even specific legal tests which are carried out to substantiate this fact.