Question

Chapter: Real Property and Land Use

5. A life estate is not an actual form of ownership of land, it is actually a form of lease arrangement.True/False

6. An easement is not an ownership interest in land, it is just a "burden" on another person's estate.True/False

7. A "tenancy-in-common" and a "joint tenancy" are two types of joint ownership arrangements where a piece of property is owned by more than one person. True/False

8. A quitclaim deed is not a deed at all, it is actually a mortgage or lien document. True/False

Answer 1

5) True

Explanation - Yes this statement is true.Because A Life estate is not an actual ownership of land. But it's a way to possess a property. The recipient of the life estate is called the life tenant. Where the owner of the property deeds the property to the another person.but, reserve the life estate for the third party. So, we can say that a life estate is a form of a lease arrangement.

6) True

Explanation - Easement is a nonpossessory right. which allow to use the another land.but it also does not constitute the full ownership to the person. The easement means right to use of the property but does not possess it.

7) True

Explanation - Yes, tenancy-in-common and a joint tenancy are the two types of joint ownership arrangements.But the critical difference between the tenancy-in-common and joint tenancy is the right of survivorship. In which if the actual owner of the property died.It would automatically transfer to the co-owner. Under the tenancy-in-common and joint tenancy,Property can be owned by more than one person.

8) False

Explanation - A quitclaim deed is not a mortgage or lien document.A quitclaim deed means any person quit or left there interest in the property for anyone. Generally, Quitclaim is used as a proof to transfer the property among the spouse or the family member. We can say that A quitclaim deed is a kind of deed that is used to transfer the actual legal right of the property to another person or grantor.