Eileen Loughlin
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ICFES/Saber 11 Real Estate Quiz on Chapter 7 Forms of Real Estate Ownership - Multiple Choice, created by Eileen Loughlin on 10/11/2015.

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Eileen Loughlin
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Chapter 7 Forms of Real Estate Ownership - Multiple Choice

Question 1 of 51

1

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

Select one of the following:

  • Tenancy by the entirety

  • serveralty ownership

  • tenants in common

  • joint tenancy

Explanation

Question 2 of 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

Select one of the following:

  • joint tenants

  • tenants in common

  • tenants by the entirety

  • community property owners

Explanation

Question 3 of 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?

Select one of the following:

  • the first two owners remain joint tenants

  • the new owner has severalty ownership

  • they all become tenants in common

  • they all become joint tenants

Explanation

Question 4 of 51

1

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

Select one of the following:

  • Joint tenancy

  • tenancy in common

  • tenancy by the entirety

  • partnership

Explanation

Question 5 of 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?

Select one of the following:

  • cooperative

  • condominium

  • time-share

  • membership camping

Explanation

Question 6 of 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

Select one of the following:

  • joint tenant

  • tenant in common

  • tenant by the entirety

  • severalty owner

Explanation

Question 7 of 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?

Select one of the following:

  • 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.

Explanation

Question 8 of 51

1

A condominium is created when

Select one of the following:

  • 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.

Explanation

Question 9 of 51

1

Ownership that allows possession for a specific time each year

Select one of the following:

  • cooperative

  • condominium

  • time-share

  • trust

Explanation

Question 10 of 51

1

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

Select one of the following:

  • joint tenancy

  • tenancy by the entirety

  • joint tenancy with right of survivorship

  • tenancy in common

Explanation

Question 11 of 51

1

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

Select one of the following:

  • in trust

  • in severalty

  • in partnership

  • in joint tenancy

Explanation

Question 12 of 51

1

All of the following are forms of concurrent ownership EXCEPT

Select one of the following:

  • tenancy by the entirety

  • community property

  • tenancy in common

  • severalty

Explanation

Question 13 of 51

1

The right of survivorship is associated with

Select one of the following:

  • severalty ownership

  • community property

  • tenancy in common

  • joint tenancy

Explanation

Question 14 of 51

1

All of the following involve a freehold interest EXCEPT

Select one of the following:

  • a condominium

  • time-share use

  • tenancy by the entirety

  • tenancy in common

Explanation

Question 15 of 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

Select one of the following:

  • surviving owner or owners

  • heirs to the deceased

  • state by the law of escheat

  • trust under which the property was owned.

Explanation

Question 16 of 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?

Select one of the following:

  • condominium unit

  • cooperative unit

  • time-share

  • leasehold

Explanation

Question 17 of 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

Select one of the following:

  • condominium unit

  • time-share

  • cooperative unit

  • membership camping interest

Explanation

Question 18 of 51

1

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

Select one of the following:

  • 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.

Explanation

Question 19 of 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?

Select one of the following:

  • Adverse possession

  • Foreclosure

  • Reversionary interest

  • Joint tenancy

Explanation

Question 20 of 51

1

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

Select one of the following:

  • a public offering statement

  • a two-year warranty against structural defects

  • a resale certificate

  • a property report

Explanation

Question 21 of 51

1

The ownership of real estate by one individual

Drag and drop to complete the text.

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

Explanation

Question 22 of 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

Drag and drop to complete the text.

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

Explanation

Question 23 of 51

1

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

Drag and drop to complete the text.

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

Explanation

Question 24 of 51

1

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

Drag and drop to complete the text.

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

Explanation

Question 25 of 51

1

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

Drag and drop to complete the text.

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

Explanation

Question 26 of 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

Drag and drop to complete the text.

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

Explanation

Question 27 of 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

Drag and drop to complete the text.

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

Explanation

Question 28 of 51

1

special payments required of condominium unit owners to address specific expenses

Drag and drop to complete the text.

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

Explanation

Question 29 of 51

1

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

Drag and drop to complete the text.

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

Explanation

Question 30 of 51

1

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

Drag and drop to complete the text.

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

Explanation

Question 31 of 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

Drag and drop to complete the text.

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

Explanation

Question 32 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 33 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 34 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 35 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 36 of 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

Select one of the following:

  • True
  • False

Explanation

Question 37 of 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.

Select one of the following:

  • True
  • False

Explanation

Question 38 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 39 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 40 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 41 of 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

Select one of the following:

  • True
  • False

Explanation

Question 42 of 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.

Select one of the following:

  • True
  • False

Explanation

Question 43 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 44 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 45 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 46 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 47 of 51

1

Ownership of a cooperative interest is personal property.

Select one of the following:

  • True
  • False

Explanation

Question 48 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 49 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 50 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

Question 51 of 51

1

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

Select one of the following:

  • True
  • False

Explanation

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