Eileen Loughlin
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ICFES/Saber 11 Real Estate Quiz am Chapter 7 Forms of Real Estate Ownership - Multiple Choice, erstellt von Eileen Loughlin am 10/11/2015.

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Chapter 7 Forms of Real Estate Ownership - Multiple Choice

Chapter 7 Forms of Real Estate Ownership - Multiple Choice

Frage 1 von 51

1

The four unities of possession, interest, time, and title are associated with

Wähle eine der folgenden:

  • Tenancy by the entirety

  • serveralty ownership

  • tenants in common

  • joint tenancy

Erklärung

Frage 2 von 51

1

A parcel of real estate was purchased by two friends. The deed they received from the seller at the closing transferred the property with no further explanation. The two friends MOST likely took title as

Wähle eine der folgenden:

  • joint tenants

  • tenants in common

  • tenants by the entirety

  • community property owners

Erklärung

Frage 3 von 51

1

Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys her interest to a friend. which of the following statements is TRUE?

Wähle eine der folgenden:

  • the first two owners remain joint tenants

  • the new owner has severalty ownership

  • they all become tenants in common

  • they all become joint tenants

Erklärung

Frage 4 von 51

1

In Pennsylvania, a conveyance made "to Arnold and Julia Haver, Husband and Wife," without further elaboration, creates a

Wähle eine der folgenden:

  • Joint tenancy

  • tenancy in common

  • tenancy by the entirety

  • partnership

Erklärung

Frage 5 von 51

1

A man owns one of 20 town houses in fee simple, along with a 5 percent ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own?

Wähle eine der folgenden:

  • cooperative

  • condominium

  • time-share

  • membership camping

Erklärung

Frage 6 von 51

1

Two sisters and their brother were concurrent owners of a parcel of real estate. The brother dies, and his interest passed according to his will to become part of his estate. This brother was a

Wähle eine der folgenden:

  • joint tenant

  • tenant in common

  • tenant by the entirety

  • severalty owner

Erklärung

Frage 7 von 51

1

A man conveys a vineyard in trust to his sister, with the instruction that any income derived from the vineyard is to be used for his daughter's medical care. Which of the following statements MOST accurately describes the realationship of these parties?

Wähle eine der folgenden:

  • The man is the trustee, the sister is the trustor, and his daughter is the beneficiary.

  • The man is the trustor, the sister is the trustee, and his daughter is the beneficiary

  • The man is the beneficiary, the sister is the trustor, and his daughter is the trustee.

  • The man is the trustor, the sister is the beneficiary, and his daughter is the trustee.

Erklärung

Frage 8 von 51

1

A condominium is created when

Wähle eine der folgenden:

  • the construction of the improvements is completed

  • the owner files a declaration in the public record

  • the condominium owners' association is established

  • all the unit owners file their documents in the public record.

Erklärung

Frage 9 von 51

1

Ownership that allows possession for a specific time each year

Wähle eine der folgenden:

  • cooperative

  • condominium

  • time-share

  • trust

Erklärung

Frage 10 von 51

1

Which of the following forms of ownership may be created by operation of law?

Wähle eine der folgenden:

  • joint tenancy

  • tenancy by the entirety

  • joint tenancy with right of survivorship

  • tenancy in common

Erklärung

Frage 11 von 51

1

A corporation may own real estate in all of the following manners EXCEPT

Wähle eine der folgenden:

  • in trust

  • in severalty

  • in partnership

  • in joint tenancy

Erklärung

Frage 12 von 51

1

All of the following are forms of concurrent ownership EXCEPT

Wähle eine der folgenden:

  • tenancy by the entirety

  • community property

  • tenancy in common

  • severalty

Erklärung

Frage 13 von 51

1

The right of survivorship is associated with

Wähle eine der folgenden:

  • severalty ownership

  • community property

  • tenancy in common

  • joint tenancy

Erklärung

Frage 14 von 51

1

All of the following involve a freehold interest EXCEPT

Wähle eine der folgenden:

  • a condominium

  • time-share use

  • tenancy by the entirety

  • tenancy in common

Erklärung

Frage 15 von 51

1

If a property is held by two or more owners as tenant in common, the interest of the deceased cotenant will pass to the

Wähle eine der folgenden:

  • surviving owner or owners

  • heirs to the deceased

  • state by the law of escheat

  • trust under which the property was owned.

Erklärung

Frage 16 von 51

1

A woman lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, she owns stock in the corporation and has a lease to an apartment. What type of ownership is this?

Wähle eine der folgenden:

  • condominium unit

  • cooperative unit

  • time-share

  • leasehold

Erklärung

Frage 17 von 51

1

An owner purchases an interest in a resort property. The owner is entitled to the right of possession only between July 10 and August 4 of each year. The owner MOST likely purchased a

Wähle eine der folgenden:

  • condominium unit

  • time-share

  • cooperative unit

  • membership camping interest

Erklärung

Frage 18 von 51

1

Which statement applies to both joint tenancy and tenancy by the entirety?

Wähle eine der folgenden:

  • There is no right to file a partition suit.

  • The last survivor becomes a severalty owner

  • A deed signed by one owner will convey a fractional interest

  • A deed will not convey any interest unless signed by both spouses.

Erklärung

Frage 19 von 51

1

Two people are co-owners of a small office building with the right of survivorship. Once of the co-owners dies without a will and leaves nothing to be distributed to his heirs. Which of the following would explain why the second co-owner acquired the deceased's interest?

Wähle eine der folgenden:

  • Adverse possession

  • Foreclosure

  • Reversionary interest

  • Joint tenancy

Erklärung

Frage 20 von 51

1

An owner or developer of a newly built condominium building must provide each prospective unit purchaser with all of the following EXCEPT

Wähle eine der folgenden:

  • a public offering statement

  • a two-year warranty against structural defects

  • a resale certificate

  • a property report

Erklärung

Frage 21 von 51

1

The ownership of real estate by one individual

Klicke und ziehe, um den Text zu vervollständigen.

    tenancy in common
    joint tenancy
    partition
    partnership
    proprietary lease
    severalty
    tenancy by the entirety
    board of directors
    trust
    testamentary trust

Erklärung

Frage 22 von 51

1

A business organization in which all members participate in the operation and management of the business and share full liability for business losses and obligations

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fee
    condominium
    corporation
    general partnership
    right of survivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 23 von 51

1

A business organization that is a legal entity managed and operated by a board of directors

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fee
    condominium
    corporations
    general partnership
    right of survivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 24 von 51

1

On the death of a joint tenant, the deceased's interest transfers directly to the remaining joint tenants

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fee
    condominium
    corporation
    general partnership
    right of survivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 25 von 51

1

A business organization that combines the tax advantages of limited partnership and the limited liability or corporations

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fee
    condominium
    corporation
    general partnership
    right of survivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 26 von 51

1

in a community property state, real or personal property that was owned solely by either spouse prior to marriage, or acquired by inheritance or gift during the marriage

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fee
    condominium
    corporation
    general partnership
    right of survivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 27 von 51

1

A form of property ownership in which each owner holds an undivided interest in certain common elements in addition to holding individual property in fee simple

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fee
    condominium
    corporation
    general partnership
    right of survivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 28 von 51

1

special payments required of condominium unit owners to address specific expenses

Klicke und ziehe, um den Text zu vervollständigen.

    assessment
    condo fee
    condominium
    corporation
    general partnership
    right of suvivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 29 von 51

1

Recurring fees required of condominium unit owners to cover basic maintenance and operations

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fees
    condominium
    corporation
    general partnership
    right of survivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 30 von 51

1

A fee simple interest in property that entitles the owner to use the facility for a certain period of time

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fee
    condominium
    corporation
    general partnership
    right of suvivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 31 von 51

1

A contract right under which a developer retains ownership of a property and the purchaser receives the right to occupy and use the facilities for a certain period

Klicke und ziehe, um den Text zu vervollständigen.

    assessments
    condo fee
    condominium
    corporation
    general partnership
    right of survivorship
    limited liability company
    separate property
    time-share estate
    time-share use

Erklärung

Frage 32 von 51

1

The three basic ways in which a fee simple estate may be held are in severalty, in co-ownership, and in trust

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 33 von 51

1

The term severalty means that there is only one owner of a single property

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 34 von 51

1

In a tenancy in common, property is owned by two or more owners with the right of suvivorship

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 35 von 51

1

The ownership of an undivided fractional interest in a property is characteristic of a tenancy in common

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 36 von 51

1

when all of the other owners' interest in a joint tenancy have passed to the one surviving owner, that owner then holds title in entirety

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 37 von 51

1

When title to a single parcel of real estate is held by two or more individuals, the parties may be referred to as concurrent owners.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 38 von 51

1

The four unities characteristic of a tenancy in common are possession, interest, title and time (PITT)

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 39 von 51

1

when a joint tenant conveys interest in the jointly held property to a new owner, the new owner becomes a joint tenant.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 40 von 51

1

Co-tenants may terminate their co-ownership by asking a court to partition the property

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 41 von 51

1

In a tenancy by the entirety, neither spouse can convey a half-interest to a third party, and neither spouse may take court action to partition or divide the property

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 42 von 51

1

In a community property state, community property includes all property, both real and personal, acquired by either party prior to or during the marriage.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 43 von 51

1

the person who creates a trust is referred to as the trustor.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 44 von 51

1

In a general partnership, the death of one of the partners does not affect the organization's continuity.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 45 von 51

1

Condominium owners hold their own units in fee simple and the common elements under proprietary leases.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 46 von 51

1

the management and operation of a cooperative are determined by the bylaws of the corporation that owns the property.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 47 von 51

1

Ownership of a cooperative interest is personal property.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 48 von 51

1

A time-share estate includes the right to use the property for a certain specified period of time.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 49 von 51

1

An owner can transfer or sell a condominium unit to anyone, unless the condominium association provides for a right of first refusal.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 50 von 51

1

A major advantage of living trusts is that they reduce the time and costs of probate.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 51 von 51

1

A real estate investment trust is a type of housing connected by common walls.

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

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