Question 1

The basic concept of community property law is that the husband and wife are merged into one by marriage.

Accepted Answer

A) True 
 B)False  False

Question 2

In a limited partnership, the partners provide the bulk of the invested capital, have little to say in the day-to-day management of the partnership, share in the profit and losses, and contract with the general partners to limit their financial liability.

Accepted Answer

A) True 
 B)False  True

Question 3

Which of the following forms of property ownership offers the greatest flexibility for the investor wishing to sell his interest?

Accepted Answer

A)  Limited partnership 
B)  Joint tenancy 
C)  Ownership in severalty 
D)  General partnership 
A)  Limited partnership 
B)  Joint tenancy 
C)  Ownership in severalty 
D)  General partnership C

Question 4

One of the key characteristics of a tenancy by the entireties is that neither spouse has a disposable interest in the property during the lifetime of the other.

Accepted Answer

A) True 
 B)False

Question 5

Choose the one most appropriate answer for each.
-husband and wife share equally in any property purchased during marriage

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 6

Some states automatically assume that a tenancy by the entirety is created when ____________________ persons buy real estate.

Accepted Answer

The answer of Some states automatically assume that a tenancy...

Question 7

Choose the one most appropriate answer for each.
-form of property co-ownership that features the right of survivorship

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 8

Choose the one most appropriate answer for each.
-ownership by two or more persons that gives each the right to use the entire property

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 9

A tenant in common

Accepted Answer

A)  has survivorship rights. 
B)  can sell his interest and bind his co-tenants. 
C)  cannot sell his interest without the consent of his co-tenants. 
D)  can sell his interest separately. 
A)  has survivorship rights. 
B)  can sell his interest and bind his co-tenants. 
C)  cannot sell his interest without the consent of his co-tenants. 
D)  can sell his interest separately.

Question 10

Choose the one most appropriate answer for each.
-the possibility that it may be difficult to sell one's partnership interest on short notice

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 11

Choose the one most appropriate answer for each.
-property acquired before marriage in a community property state

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 12

Hallie and Wally, husband and wife, owned property as tenants by the entirely. Wally sold the property without his wife's signature. One day later, he died. The property goes to

Accepted Answer

A)  the purchaser. 
B)  the purchaser and Hallie share equally. 
C)  Hallie who owns the entire estate. 
D)  no one, there is a cloud on the title. 
A)  the purchaser. 
B)  the purchaser and Hallie share equally. 
C)  Hallie who owns the entire estate. 
D)  no one, there is a cloud on the title.

Question 13

Choose the one most appropriate answer for each.
-ownership by two or more persons at the same time

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 14

The surviving co-owner may automatically inherit the deceased co-owner's share when the property is held

Accepted Answer

A)  as tenancy in common. 
B)  in severalty. 
C)  as a trust. 
D)  as tenancy by the entirely. 
A)  as tenancy in common. 
B)  in severalty. 
C)  as a trust. 
D)  as tenancy by the entirely.

Question 15

Choose the one most appropriate answer for each.
-joint tenants must acquire their interests from the same source i.e., the same deed or will

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 16

The most distinguishing characteristic of joint tenancy is the right of ____________________.

Accepted Answer

The answer of The most distinguishing characteristic of joint tenancy...

Question 17

Which of the following is required to create a joint tenancy?

Accepted Answer

A)  Unities of time, title, interest and possession need not be present. 
B)  New joint tenants may be added without forming a new joint tenancy. 
C)  Survivorship exists among joint tenants. 
D)  Only a husband and wife may hold title as joint tenants. 
A)  Unities of time, title, interest and possession need not be present. 
B)  New joint tenants may be added without forming a new joint tenancy. 
C)  Survivorship exists among joint tenants. 
D)  Only a husband and wife may hold title as joint tenants.

Question 18

Choose the one most appropriate answer for each.
-takes effect during the life of its creator

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 19

In regard to a partnership, ____________________ refers to the possibility that it may be difficult to sell one's partnership interest on short notice in order to raise cash.

Accepted Answer

The answer of In regard to a partnership, ____________________ refers...

Question 20

Choose the one most appropriate answer for each.
-a form of joint ownership with the right of survivorship which is reserved for married persons

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Exam 3: Forms of Ownership

The basic concept of community property law is that the husband and wife are merged into one by marriage.

In a limited partnership, the partners provide the bulk of the invested capital, have little to say in the day-to-day management of the partnership, share in the profit and losses, and contract with the general partners to limit their financial liability.

Which of the following forms of property ownership offers the greatest flexibility for the investor wishing to sell his interest?

One of the key characteristics of a tenancy by the entireties is that neither spouse has a disposable interest in the property during the lifetime of the other.

Choose the one most appropriate answer for each. -husband and wife share equally in any property purchased during marriage

Some states automatically assume that a tenancy by the entirety is created when ____________________ persons buy real estate.

Choose the one most appropriate answer for each. -form of property co-ownership that features the right of survivorship

Choose the one most appropriate answer for each. -ownership by two or more persons that gives each the right to use the entire property

A tenant in common

Choose the one most appropriate answer for each. -the possibility that it may be difficult to sell one's partnership interest on short notice

Choose the one most appropriate answer for each. -property acquired before marriage in a community property state

Hallie and Wally, husband and wife, owned property as tenants by the entirely. Wally sold the property without his wife's signature. One day later, he died. The property goes to

Choose the one most appropriate answer for each. -ownership by two or more persons at the same time

The surviving co-owner may automatically inherit the deceased co-owner's share when the property is held

Choose the one most appropriate answer for each. -joint tenants must acquire their interests from the same source i.e., the same deed or will

The most distinguishing characteristic of joint tenancy is the right of ____________________.

Which of the following is required to create a joint tenancy?

Choose the one most appropriate answer for each. -takes effect during the life of its creator

In regard to a partnership, ____________________ refers to the possibility that it may be difficult to sell one's partnership interest on short notice in order to raise cash.

Choose the one most appropriate answer for each. -a form of joint ownership with the right of survivorship which is reserved for married persons

Nature and Description of Real Estate

Rights and Interests in Land

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

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