OK Bar Property Law 1 — Questions and Answers
Question 1: What is the difference between a joint tenancy and a tenancy in common?
- Joint tenancy includes right of survivorship; tenancy in common allows inheritance by heirs (Correct answer)
- They are identical forms of co-ownership
- Joint tenancy is only for married couples
- Tenancy in common requires equal shares
Correct answer: Joint tenancy includes right of survivorship; tenancy in common allows inheritance by heirs
Joint tenancy features the right of survivorship (the surviving tenant inherits), while tenancy in common allows each co-owner to pass their share to heirs.
Question 2: What is eminent domain?
- The government's power to take private property for public use with just compensation (Correct answer)
- A property owner's right to expand their land
- The power to zone property for commercial use
- A landlord's right to evict tenants
Correct answer: The government's power to take private property for public use with just compensation
Eminent domain allows the government to acquire private property for public purposes, but the Fifth Amendment requires payment of just compensation to the owner.
Question 3: What constitutes a fixture in real property law?
- Personal property that has become permanently attached to real property (Correct answer)
- Any item found on the property
- Only structural elements like walls and roofs
- Government-installed improvements only
Correct answer: Personal property that has become permanently attached to real property
A fixture is personal property that has been attached to real property in a manner suggesting permanence, becoming part of the realty and transferring with the property.
Question 4: What is a deficiency judgment in foreclosure?
- A judgment for the balance owed after the foreclosure sale proceeds are insufficient to cover the debt (Correct answer)
- A judgment that the property is worth more than the mortgage
- A penalty imposed on the lender for improper foreclosure
- A court finding of title defects
Correct answer: A judgment for the balance owed after the foreclosure sale proceeds are insufficient to cover the debt
When a foreclosure sale produces less than the outstanding mortgage balance, a deficiency judgment allows the lender to pursue the borrower for the remaining amount owed.
Question 5: What is a quitclaim deed?
- A deed that transfers whatever interest the grantor may have without warranties of title (Correct answer)
- A deed that guarantees clear title
- A deed used only for government properties
- A deed that includes title insurance
Correct answer: A deed that transfers whatever interest the grantor may have without warranties of title
A quitclaim deed conveys whatever interest the grantor has, if any, without making any warranties about the quality of that title or whether the grantor even has an interest.
Question 6: What is the Rule Against Perpetuities?
- A rule requiring that future interests must vest within a life in being plus 21 years (Correct answer)
- A rule preventing property from being sold more than once
- A rule that limits lease terms to 99 years
- A rule against multiple mortgages on one property
Correct answer: A rule requiring that future interests must vest within a life in being plus 21 years
The Rule Against Perpetuities invalidates future interests that might not vest within 21 years after the death of a measuring life in being at the creation of the interest.
OK Bar Property Law 1
What is the difference between a joint tenancy and a tenancy in common?