4002069
Beschreibung
Quiz von Eileen Loughlin, aktualisiert more than 1 year ago
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Erstellt von Eileen Loughlin
vor mehr als 8 Jahre
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Frage 1
Frage
The four unities of possession, interest, time, and title are associated with
Antworten
-
Tenancy by the entirety
-
serveralty ownership
-
tenants in common
-
joint tenancy
Frage 2
Frage
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
Antworten
-
joint tenants
-
tenants in common
-
tenants by the entirety
-
community property owners
Frage 3
Frage
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?
Antworten
-
the first two owners remain joint tenants
-
the new owner has severalty ownership
-
they all become tenants in common
-
they all become joint tenants
Frage 4
Frage
In Pennsylvania, a conveyance made "to Arnold and Julia Haver, Husband and Wife," without further elaboration, creates a
Antworten
-
Joint tenancy
-
tenancy in common
-
tenancy by the entirety
-
partnership
Frage 5
Frage
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?
Antworten
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cooperative
-
condominium
-
time-share
-
membership camping
Frage 6
Frage
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
Antworten
-
joint tenant
-
tenant in common
-
tenant by the entirety
-
severalty owner
Frage 7
Frage
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?
Antworten
-
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.
Frage 8
Frage
A condominium is created when
Antworten
-
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.
Frage 9
Frage
Ownership that allows possession for a specific time each year
Antworten
-
cooperative
-
condominium
-
time-share
-
trust
Frage 10
Frage
Which of the following forms of ownership may be created by operation of law?
Antworten
-
joint tenancy
-
tenancy by the entirety
-
joint tenancy with right of survivorship
-
tenancy in common
Frage 11
Frage
A corporation may own real estate in all of the following manners EXCEPT
Antworten
-
in trust
-
in severalty
-
in partnership
-
in joint tenancy
Frage 12
Frage
All of the following are forms of concurrent ownership EXCEPT
Antworten
-
tenancy by the entirety
-
community property
-
tenancy in common
-
severalty
Frage 13
Frage
The right of survivorship is associated with
Antworten
-
severalty ownership
-
community property
-
tenancy in common
-
joint tenancy
Frage 14
Frage
All of the following involve a freehold interest EXCEPT
Antworten
-
a condominium
-
time-share use
-
tenancy by the entirety
-
tenancy in common
Frage 15
Frage
If a property is held by two or more owners as tenant in common, the interest of the deceased cotenant will pass to the
Antworten
-
surviving owner or owners
-
heirs to the deceased
-
state by the law of escheat
-
trust under which the property was owned.
Frage 16
Frage
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?
Antworten
-
condominium unit
-
cooperative unit
-
time-share
-
leasehold
Frage 17
Frage
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
Antworten
-
condominium unit
-
time-share
-
cooperative unit
-
membership camping interest
Frage 18
Frage
Which statement applies to both joint tenancy and tenancy by the entirety?
Antworten
-
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.
Frage 19
Frage
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?
Antworten
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Adverse possession
-
Foreclosure
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Reversionary interest
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Joint tenancy
Frage 20
Frage
An owner or developer of a newly built condominium building must provide each prospective unit purchaser with all of the following EXCEPT
Antworten
-
a public offering statement
-
a two-year warranty against structural defects
-
a resale certificate
-
a property report
Frage 21
Frage
The ownership of real estate by one individual [blank_start]is[blank_end]
Antworten
-
tenancy in common
-
joint tenancy
-
partition
-
partnership
-
proprietary lease
-
severalty
-
tenancy by the entirety
-
board of directors
-
trust
-
testamentary trust
Frage 22
Frage
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 [blank_start]is[blank_end]
Antworten
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assessments
-
condo fee
-
condominium
-
corporation
-
general partnership
-
right of survivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 23
Frage
A business organization that is a legal entity managed and operated by a board of directors [blank_start]is[blank_end]
Antworten
-
assessments
-
condo fee
-
condominium
-
corporations
-
general partnership
-
right of survivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 24
Frage
On the death of a joint tenant, the deceased's interest transfers directly to the remaining joint tenants [blank_start]is[blank_end]
Antworten
-
assessments
-
condo fee
-
condominium
-
corporation
-
general partnership
-
right of survivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 25
Frage
A business organization that combines the tax advantages of limited partnership and the limited liability or corporations [blank_start]is[blank_end]
Antworten
-
assessments
-
condo fee
-
condominium
-
corporation
-
general partnership
-
right of survivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 26
Frage
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 [blank_start]is[blank_end]
Antworten
-
assessments
-
condo fee
-
condominium
-
corporation
-
general partnership
-
right of survivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 27
Frage
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 [blank_start]is[blank_end]
Antworten
-
assessments
-
condo fee
-
condominium
-
corporation
-
general partnership
-
right of survivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 28
Frage
special payments required of condominium unit owners to address specific expenses [blank_start]is[blank_end]
Antworten
-
assessment
-
condo fee
-
condominium
-
corporation
-
general partnership
-
right of suvivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 29
Frage
Recurring fees required of condominium unit owners to cover basic maintenance and operations [blank_start]is[blank_end]
Antworten
-
assessments
-
condo fees
-
condominium
-
corporation
-
general partnership
-
right of survivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 30
Frage
A fee simple interest in property that entitles the owner to use the facility for a certain period of time [blank_start]is[blank_end]
Antworten
-
assessments
-
condo fee
-
condominium
-
corporation
-
general partnership
-
right of suvivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 31
Frage
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 [blank_start]is[blank_end]
Antworten
-
assessments
-
condo fee
-
condominium
-
corporation
-
general partnership
-
right of survivorship
-
limited liability company
-
separate property
-
time-share estate
-
time-share use
Frage 32
Frage
The three basic ways in which a fee simple estate may be held are in severalty, in co-ownership, and in trust
Antworten
- True
- False
Frage 33
Frage
The term severalty means that there is only one owner of a single property
Antworten
- True
- False
Frage 34
Frage
In a tenancy in common, property is owned by two or more owners with the right of suvivorship
Antworten
- True
- False
Frage 35
Frage
The ownership of an undivided fractional interest in a property is characteristic of a tenancy in common
Antworten
- True
- False
Frage 36
Frage
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
Antworten
- True
- False
Frage 37
Frage
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.
Antworten
- True
- False
Frage 38
Frage
The four unities characteristic of a tenancy in common are possession, interest, title and time (PITT)
Antworten
- True
- False
Frage 39
Frage
when a joint tenant conveys interest in the jointly held property to a new owner, the new owner becomes a joint tenant.
Antworten
- True
- False
Frage 40
Frage
Co-tenants may terminate their co-ownership by asking a court to partition the property
Antworten
- True
- False
Frage 41
Frage
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
Antworten
- True
- False
Frage 42
Frage
In a community property state, community property includes all property, both real and personal, acquired by either party prior to or during the marriage.
Antworten
- True
- False
Frage 43
Frage
the person who creates a trust is referred to as the trustor.
Antworten
- True
- False
Frage 44
Frage
In a general partnership, the death of one of the partners does not affect the organization's continuity.
Antworten
- True
- False
Frage 45
Frage
Condominium owners hold their own units in fee simple and the common elements under proprietary leases.
Antworten
- True
- False
Frage 46
Frage
the management and operation of a cooperative are determined by the bylaws of the corporation that owns the property.
Antworten
- True
- False
Frage 47
Frage
Ownership of a cooperative interest is personal property.
Antworten
- True
- False
Frage 48
Frage
A time-share estate includes the right to use the property for a certain specified period of time.
Antworten
- True
- False
Frage 49
Frage
An owner can transfer or sell a condominium unit to anyone, unless the condominium association provides for a right of first refusal.
Antworten
- True
- False
Frage 50
Frage
A major advantage of living trusts is that they reduce the time and costs of probate.
Antworten
- True
- False
Frage 51
Frage
A real estate investment trust is a type of housing connected by common walls.
Antworten
- True
- False
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