Eileen Loughlin
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ICFES/Saber 11 Real Estate Test sobre Chapter 7 Forms of Real Estate Ownership - Multiple Choice, creado por Eileen Loughlin el 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

Pregunta 1 de 51

1

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

Selecciona una de las siguientes respuestas posibles:

  • Tenancy by the entirety

  • serveralty ownership

  • tenants in common

  • joint tenancy

Explicación

Pregunta 2 de 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

Selecciona una de las siguientes respuestas posibles:

  • joint tenants

  • tenants in common

  • tenants by the entirety

  • community property owners

Explicación

Pregunta 3 de 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?

Selecciona una de las siguientes respuestas posibles:

  • the first two owners remain joint tenants

  • the new owner has severalty ownership

  • they all become tenants in common

  • they all become joint tenants

Explicación

Pregunta 4 de 51

1

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

Selecciona una de las siguientes respuestas posibles:

  • Joint tenancy

  • tenancy in common

  • tenancy by the entirety

  • partnership

Explicación

Pregunta 5 de 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?

Selecciona una de las siguientes respuestas posibles:

  • cooperative

  • condominium

  • time-share

  • membership camping

Explicación

Pregunta 6 de 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

Selecciona una de las siguientes respuestas posibles:

  • joint tenant

  • tenant in common

  • tenant by the entirety

  • severalty owner

Explicación

Pregunta 7 de 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?

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 8 de 51

1

A condominium is created when

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 9 de 51

1

Ownership that allows possession for a specific time each year

Selecciona una de las siguientes respuestas posibles:

  • cooperative

  • condominium

  • time-share

  • trust

Explicación

Pregunta 10 de 51

1

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

Selecciona una de las siguientes respuestas posibles:

  • joint tenancy

  • tenancy by the entirety

  • joint tenancy with right of survivorship

  • tenancy in common

Explicación

Pregunta 11 de 51

1

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

Selecciona una de las siguientes respuestas posibles:

  • in trust

  • in severalty

  • in partnership

  • in joint tenancy

Explicación

Pregunta 12 de 51

1

All of the following are forms of concurrent ownership EXCEPT

Selecciona una de las siguientes respuestas posibles:

  • tenancy by the entirety

  • community property

  • tenancy in common

  • severalty

Explicación

Pregunta 13 de 51

1

The right of survivorship is associated with

Selecciona una de las siguientes respuestas posibles:

  • severalty ownership

  • community property

  • tenancy in common

  • joint tenancy

Explicación

Pregunta 14 de 51

1

All of the following involve a freehold interest EXCEPT

Selecciona una de las siguientes respuestas posibles:

  • a condominium

  • time-share use

  • tenancy by the entirety

  • tenancy in common

Explicación

Pregunta 15 de 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

Selecciona una de las siguientes respuestas posibles:

  • surviving owner or owners

  • heirs to the deceased

  • state by the law of escheat

  • trust under which the property was owned.

Explicación

Pregunta 16 de 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?

Selecciona una de las siguientes respuestas posibles:

  • condominium unit

  • cooperative unit

  • time-share

  • leasehold

Explicación

Pregunta 17 de 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

Selecciona una de las siguientes respuestas posibles:

  • condominium unit

  • time-share

  • cooperative unit

  • membership camping interest

Explicación

Pregunta 18 de 51

1

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

Selecciona una de las siguientes respuestas posibles:

  • 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.

Explicación

Pregunta 19 de 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?

Selecciona una de las siguientes respuestas posibles:

  • Adverse possession

  • Foreclosure

  • Reversionary interest

  • Joint tenancy

Explicación

Pregunta 20 de 51

1

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

Selecciona una de las siguientes respuestas posibles:

  • a public offering statement

  • a two-year warranty against structural defects

  • a resale certificate

  • a property report

Explicación

Pregunta 21 de 51

1

The ownership of real estate by one individual

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 22 de 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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 23 de 51

1

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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 24 de 51

1

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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 25 de 51

1

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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 26 de 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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 27 de 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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 28 de 51

1

special payments required of condominium unit owners to address specific expenses

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 29 de 51

1

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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 30 de 51

1

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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 31 de 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

Arrastra y suelta para completar el texto.

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

Explicación

Pregunta 32 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 33 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 34 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 35 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 36 de 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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 37 de 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.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 38 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 39 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 40 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 41 de 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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 42 de 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.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 43 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 44 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 45 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 46 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 47 de 51

1

Ownership of a cooperative interest is personal property.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 48 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 49 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 50 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 51 de 51

1

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

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

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