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

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

Expert Solution

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.

keosha answered 2 years ago

Options are not an actual security. True or False? True False

True/False Indicate whether the statement is true or false. ____1.The form of organization for a business...

True/False Indicate whether the statement is true or false. ____1.The form of organization for a business is not an important issue, as this decision has very little effect on the income and wealth of the firm's owners. ____2.The major advantage of a regular partnership or a corporation as a form of business organization is the fact that both offer their owners limited liability, whereas proprietorships do not. ____3.There are three primary disadvantages of a regular partnership: (1) unlimited liability, (2)...

Many of the neurotransmitters are actually synthesized by neurons from vitamins. True False

TRUE OR FALSE : The residual is the difference between the actual value of a dependent...

TRUE OR FALSE : The residual is the difference between the actual value of a dependent variable and the value predicted by the estimated regression line.

If a firm is strong-form efficient, then it is semi-strong form efficient. True or False?

Is the following statement true or false and HOW? "If a Seller of Real Estate retains...

Is the following statement true or false and HOW? "If a Seller of Real Estate retains a life estate in the sold property it means that he sold his real estate to a third party but retained the right to own the property until his death."

which of the following is/are true regarding the ownership of life insurance 1. a policy can...

which of the following is/are true regarding the ownership of life insurance 1. a policy can only be issued to the insured. 2. generally, assigning a policy requires proof that the insured is still "insurable" meaning still in good health. 3. only a person with an insurable interest, generally a relative, a business associate, or lender, can be named as a beneficiary a. 1 b. 1 and 2 c. 3 d. all of the above

True or false: The cost of capital is the investor’s cost in the form of interest...

True or false: The cost of capital is the investor’s cost in the form of interest payments and dividends. True or false: Total common equity is the difference between retained earnings and paid in capital. True or false: Debt may be more advantageous than equity because equity can improve the company’s financial position as measured by various analytical ratios. True or false: The weighted average is the sum of the W × R products. True or false: If company FGH...

A group of businessmen formed a corporation to lease for 5 years a piece of land...

A group of businessmen formed a corporation to lease for 5 years a piece of land at the intersection of two busy streets. The corporation has invested $50,000 in car-washing equipment. They will depreciate the equipment by sum-of-years’ digits depreciation, assuming a $5,000 salvage value at the end of the 5-year useful life. The corporation is expected to have a before-tax cash flow, after meeting all expenses of operation (except depreciation), of $20,000 the first year, declining $3,000 per year...

TRUE OR FALSE a. When potential real GDP is equal to actual real GDP, there is...

TRUE OR FALSE a. When potential real GDP is equal to actual real GDP, there is no unemployment. b. A significant increase in wages will shift aggregate supply curve to the right in the short run. c. When the government decided to reduce their spending, then the aggregate supply curve will decrease or shift to the left in the short run. d. If the central Bank wants to expand aggregate demand, it can increase the money supply, which would increase...

Question