Question

1. which of the following is a possessory interest in land?

a. fee simple absolute

b. easement

c. profit

d. license

2. On July 1, 2010, Able, Baker and Charlie were deeded a piece of property as tenants in common. The deed provided that Able owned half the property and Baker and Charlie owned 25% each, if charlie dies, the property will be owned as follows:

a. able 1/2, baker 1/2

b. able 5/8, baker 3/8

c. able 1/3, baker 1/3, and charlie's heirs 1/3

d. able 1/2, baker 1/4 and charlie's heirs 1/4

3. what is a holographic will?

a. A will that is entirely handwritten and signed by the testator

b. a will that requires the beneficiary to be the witness of the will

c. a will that is revoked on behalf of a testator by a legal attorney

d.  a will that is orally declared at a testator's deathbed

4. Laura Dern received a check from UMB. She indorsed the check as follows: "for deposit only, /s/ Laura Dern". Laura's indorsement is:

a.	a blank indorsement
b.	a special indorsement
c.	a restrictive indorsement

d. none of the above

5

Answer 1

ANSWER

1. Fee simple absolute

In real estate, possessory interest means the intent and right of a person to occupy and/or exercise control over a particular plot of land. A possessory interest is distinguished from an interest in the title to property, which may not include the right to immediately occupy the property.

A non-possessory interest doesn't include a current right to possess the land. Some common possessory interests include fee simple absolute, life estate, and leasehold. Some common non-possessory interests include future interests, easements, profits, and licenses.

2. able 1/2, baker 1/2

Tenants-in-common do not have the right of survivorship. Upon the death of one joint tenant, his interests immediately pass on to the surviving joint tenants and not to the deceased's estate. Joint tenants hold a single unified interest in the entire property.Each joint tenant must have equal shares in the property. Each joint tenant may occupy the entire property subject only to the rights of the other joint tenants.

3. A will that is entirely handwritten and signed by the testator

Handwritten wills that are written by the person making the will (called the testator), and have not been witnessed or notarized, are called holographic wills. A holographic will is a handwritten and testator-signed document and is an alternative to a will produced by a lawyer.

4. A restrictive indorsement

A restrictive endorsement is an endorsement signed on the back of a check, note or bill of exchange which restricts to whom the paper may be transferred. In addition to holder's signature, it includes a restriction on how the paper may be used by transferee. Only the payee can write a restrictive endorsement.

A restrictive endorsement is made by writing “For deposit only” on the first line of the back of the check and then signing your name underneath. A check with a restrictive endorsement can only be deposited into an account in your name.