Question 1

When a person who owns property in joint tenancy dies, his share goes to

Accepted Answer

A)  his spouse. 
B)  the surviving co-tenants. 
C)  creditors. 
D)  heirs in his will. 
A)  his spouse. 
B)  the surviving co-tenants. 
C)  creditors. 
D)  heirs in his will.

Question 2

Choose the one most appropriate answer for each.
-provides the liability protection of a corporation with profit-and-loss pass-through of a partnership

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 3

A brother and sister owned property in joint tenancy. All of their other affairs were separate. The sister died penniless, leaving many unsecured debts. Her creditors could

Accepted Answer

A)  attach the property that was owned in joint tenancy. 
B)  place alien against the brother's other pieces of property. 
C)  obtain no satisfaction since the property is now owned by the brother. 
D)  appeal to the probate court which would pay creditors out of the sale of the sister's property. 
A)  attach the property that was owned in joint tenancy. 
B)  place alien against the brother's other pieces of property. 
C)  obtain no satisfaction since the property is now owned by the brother. 
D)  appeal to the probate court which would pay creditors out of the sale of the sister's property.

Question 4

Choose the one most appropriate answer for each.
-shared ownership of a single property with no 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 5

All of the following are true of a tenancy in common EXCEPT

Accepted Answer

A)  all tenants hold an undivided interest in the entire property. 
B)  each tenant must have a separate deed to his/her share. 
C)  the tenants may dispose of all or part of their shares without the agreement of the other tenants. 
D)  there is no right of survivorship among the tenants. 
A)  all tenants hold an undivided interest in the entire property. 
B)  each tenant must have a separate deed to his/her share. 
C)  the tenants may dispose of all or part of their shares without the agreement of the other tenants. 
D)  there is no right of survivorship among the tenants.

Question 6

Joint tenants must acquire their interests in jointly held property

Accepted Answer

A)  at the same time. 
B)  from different sources. 
C)  in separate instruments. 
D)  from a partition action. 
A)  at the same time. 
B)  from different sources. 
C)  in separate instruments. 
D)  from a partition action.

Question 7

When property is held by two or more owners as tenants in common, upon the death of one owner, that person's ownership interest would pass to

Accepted Answer

A)  the surviving spouse only. 
B)  whoever is designated in the decedent's will. 
C)  the surviving owner and/or his heirs. 
D)  the remaining owner or owners. 
A)  the surviving spouse only. 
B)  whoever is designated in the decedent's will. 
C)  the surviving owner and/or his heirs. 
D)  the remaining owner or owners.

Question 8

When a property is held by one person, it is called an estate in ____________________.

Accepted Answer

The answer of When a property is held by one...

Question 9

A trust is an arrangement whereby title to real and/or personal property is transferred by its owner (the Trustor)to a beneficiary.

Accepted Answer

A) True 
 B)False

Question 10

Most real estate investors shun corporations because of the double taxation feature and because the tax benefits of owning real estate are trapped inside the corporation.

Accepted Answer

A) True 
 B)False

Question 11

Concurrent interests in real property must

Accepted Answer

A)  be recorded. 
B)  include right of survivorship. 
C)  include equal interests. 
D)  include 2 or more people. 
A)  be recorded. 
B)  include right of survivorship. 
C)  include equal interests. 
D)  include 2 or more people.

Question 12

Choose the one most appropriate answer for each.
-a label given to joint tenancy because of its right of survivorship feature

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 13

In states recognizing tenancy by the entirety for married couples, in order to legally sell property, a husband and wife must both sign the

Accepted Answer

A)  listing and the deed. 
B)  earnest money agreement and the deed. 
C)  listing only. 
D)  earnest money agreement only. 
A)  listing and the deed. 
B)  earnest money agreement and the deed. 
C)  listing only. 
D)  earnest money agreement only.

Question 14

Typically an investment in a REIT requires a large amount of money.

Accepted Answer

A) True 
 B)False

Question 15

In nearly all states, if two or more persons are named as owners, and there is no indication as to how title was taken, they are presumed to be ______________________________.

Accepted Answer

The answer of In nearly all states, if two or...

Question 16

Three people are going to purchase an investment property as co-owners, and will take title as joint tenants. As joint tenants,

Accepted Answer

A)  each will acquire their interests at the different moments in time. 
B)  each will receive a separate deed for his/her share. 
C)  all will have equal interests in the property. 
D)  all will enjoy unequal rights of possession. 
A)  each will acquire their interests at the different moments in time. 
B)  each will receive a separate deed for his/her share. 
C)  all will have equal interests in the property. 
D)  all will enjoy unequal rights of possession.

Question 17

Choose the one most appropriate answer for each.
-the joint tenants must enjoy the same undivided possession of the whole 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 18

The term "undivided interest" means

Accepted Answer

A)  each co-owner has the right to use the entire property. 
B)  when one co-owner dies, the remaining co-owners acquire his interest. 
C)  the property has not previously been sold. 
D)  no co-owner can sell his interest. 
A)  each co-owner has the right to use the entire property. 
B)  when one co-owner dies, the remaining co-owners acquire his interest. 
C)  the property has not previously been sold. 
D)  no co-owner can sell his interest.

Question 19

Choose the one most appropriate answer for each.
-owned by one person;sole ownership

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 20

Sylvia and Bart, sister and brother, purchased a parcel of real property. Each had an undivided one-half interest. This could be an example of

Accepted Answer

A)  severalty. 
B)  dower ownership. 
C)  co-ownership. 
D)  curtesy rights. 
A)  severalty. 
B)  dower ownership. 
C)  co-ownership. 
D)  curtesy rights.

Exam 3: Forms of Ownership

When a person who owns property in joint tenancy dies, his share goes to

Choose the one most appropriate answer for each. -provides the liability protection of a corporation with profit-and-loss pass-through of a partnership

A brother and sister owned property in joint tenancy. All of their other affairs were separate. The sister died penniless, leaving many unsecured debts. Her creditors could

Choose the one most appropriate answer for each. -shared ownership of a single property with no right of survivorship

All of the following are true of a tenancy in common EXCEPT

Joint tenants must acquire their interests in jointly held property

When property is held by two or more owners as tenants in common, upon the death of one owner, that person's ownership interest would pass to

When a property is held by one person, it is called an estate in ____________________.

A trust is an arrangement whereby title to real and/or personal property is transferred by its owner (the Trustor)to a beneficiary.

Most real estate investors shun corporations because of the double taxation feature and because the tax benefits of owning real estate are trapped inside the corporation.

Concurrent interests in real property must

Choose the one most appropriate answer for each. -a label given to joint tenancy because of its right of survivorship feature

In states recognizing tenancy by the entirety for married couples, in order to legally sell property, a husband and wife must both sign the

Typically an investment in a REIT requires a large amount of money.

In nearly all states, if two or more persons are named as owners, and there is no indication as to how title was taken, they are presumed to be ______________________________.

Three people are going to purchase an investment property as co-owners, and will take title as joint tenants. As joint tenants,

Choose the one most appropriate answer for each. -the joint tenants must enjoy the same undivided possession of the whole property

The term "undivided interest" means

Choose the one most appropriate answer for each. -owned by one person;sole ownership

Sylvia and Bart, sister and brother, purchased a parcel of real property. Each had an undivided one-half interest. This could be an example of

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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