Exam 4: Forms of Real Estate Ownership

In a real estate transaction, the grantor is:

Why is a limited liability company (LLC) a cross between a corporation and a partnership?

A buyer takes his deed to the county courthouse and has it recorded. Later, the original deed is lost in a house fire. The buyer:

Name four of the six essential elements of a valid deed.

A deed is a document that serves which purpose?

One of the main differences between joint tenancy and tenancy in common is:

Ownership that is held by one person only is called:

If you are purchasing a piece of property, which type of deed would you want? Discuss why you would want this deed by comparing it to the other types of deeds.

In joint tenancies, the unity of title means:

In non-recourse financing, the lender will look to which of the following for repayment of the debt?

Which of the following are considered legal entities?

More than half the people in America die without a will or with a defective will. When you die without a valid will, you are said to have died:

In which type of deed does the grantor warrant that he or she has unencumbered, valid title and that he or she will pay to defend the grantee's title if it is challenged?

What is a sub-chapter S corporation?

In a trust, the person who creates the trust and transfers title is called:

Name the main way that general partnerships and limited partnerships are different.

If you live in a state that does not require deeds to be filed, should you file your deed anyway? Why or why not?

If you die without a legal will and you have heirs, those heirs receive your property through title by descent.

Discuss the differences between condominiums, cooperatives, and timeshares.

In a real estate investment trust (REIT), the investors: