Ch1: Ownership

Which of the following BEST describes the extent of an owner's rights in land?
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Terms in this set (17)
A lender tried to force a homeowner to sell her home to pay the lender for personal debts incurred by the homeowner. Which of the following could the homeowner claim to stop the sale of her home?HomesteadA person owns a particular house in fee simple. She deeds a life estate in that house to her uncle. She also deeds the remainder interest to her cousin. If her uncle dies, what estate does the cousin hold?Fee simple estateWhich of the following terms BEST describes one or more persons' right to use a property to the exclusion of all others?Ownership (Fee simple)Two people wanted to purchased property together but did not want the property to go to their heirs upon the death of either person. Which type of ownership should they choose?Joint tenancyTwo unmarried people wanted to purchase property with the right of survivorship. What ownership form should they choose?Joint tenancyTwo people own a property under Tenancy-In-Common. Which of the following would be true?When one of the owners dies, their ownership interest would pass to their heirsThree parties own a residence as tenants in common but only two live there. The third party non-resident wants to sell the property, but the other two living there disagree and do not want to sell. In order to get the property sold, the third party would need to:initiate a lawsuit for partition