Question 1

Choose the one most appropriate answer for each.
-a method of combining the capital and expertise of two or more persons, each retaining financial liability

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

Question 2

Choose the one most appropriate answer for each.
-organization of members or managers with little formal organization and limited liability

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

Question 3

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

Accepted Answer

The answer of A trust is an arrangement whereby title...

Question 4

Four unities are required for the creation of joint tenancy. They are time, possession, interest, and

Accepted Answer

A)  consideration. 
B)  competent parties. 
C)  title. 
D)  legal purpose.

Question 5

A joint venture is a partnership to carry out numerous business projects.

Accepted Answer

A) True 
 B)False

Question 6

Sara Jane, a married woman, and Don Dudley, a single man, may NOT own real estate as

Accepted Answer

A)  tenants in common. 
B)  joint tenants. 
C)  tenants by the entirety. 
D)  a concurrent estate.

Question 7

In a state recognizing community property, real property acquired before marriage is brought into the marriage as community property.

Accepted Answer

A) True 
 B)False

Question 8

Choose the one most appropriate answer for each.
-composed of general partners who mainly organize and operate the partnership and limited partners who provide the capital

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

Question 9

Subchapter S corporations are not popular as a method of organization for real estate brokers and developers.

Accepted Answer

A) True 
 B)False

Question 10

Because of the survivorship feature, tenancy in common has loosely been labeled a "poor man's will."

Accepted Answer

A) True 
 B)False

Question 11

A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the common areas would be held

Accepted Answer

A)  as joint tenants. 
B)  community property. 
C)  as tenants in common. 
D)  in severalty.

Question 12

The greatest advantage of sole ownership is flexibility.

Accepted Answer

A) True 
 B)False

Question 13

An estate in severalty means

Accepted Answer

A)  there are several ways to own real property. 
B)  several owners of real property. 
C)  ownership severed from any other ownership interest. 
D)  sole ownership by married couples.

Question 14

Because a corporation is an entity (or legal being)in the eyes of the law, the corporation must pay income taxes on its profits.

Accepted Answer

A) True 
 B)False

Question 15

Choose the one most appropriate answer for each.
-each joint tenant has exactly the same rights as all other joint tenants

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

Question 16

A corporation, composed of many stockholders, desired to take title to real property. They would most likely take title

Accepted Answer

A)  as a legal life estate. 
B)  in severalty. 
C)  as tenants in common. 
D)  as holders of corporate property.

Question 17

Real Estate Investment Trusts (REITs)pool the money of many investors for the purchase of real estate, much as mutual funds do with stocks and bonds.

Accepted Answer

A) True 
 B)False

Question 18

One of the most outstanding characteristics of joint tenancy is that

Accepted Answer

A)  death extinguishes the interest of the deceased. 
B)  tenants use separate deeds. 
C)  tenants hold unequal interests. 
D)  interests of the deceased tenant pass to his natural survivors.

Question 19

In a general partnership, each partner can loose no more than what he has invested in the partnership.

Accepted Answer

A) True 
 B)False

Question 20

Choose the one most appropriate answer for each.
-surviving joint tenants automatically acquire all the rights of the deceased joint tenant

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

Exam 3: Forms of Ownership

Choose the one most appropriate answer for each. -a method of combining the capital and expertise of two or more persons, each retaining financial liability

Choose the one most appropriate answer for each. -organization of members or managers with little formal organization and limited liability

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

Four unities are required for the creation of joint tenancy. They are time, possession, interest, and

A joint venture is a partnership to carry out numerous business projects.

Sara Jane, a married woman, and Don Dudley, a single man, may NOT own real estate as

In a state recognizing community property, real property acquired before marriage is brought into the marriage as community property.

Choose the one most appropriate answer for each. -composed of general partners who mainly organize and operate the partnership and limited partners who provide the capital

Subchapter S corporations are not popular as a method of organization for real estate brokers and developers.

Because of the survivorship feature, tenancy in common has loosely been labeled a "poor man's will."

A couple purchased a condominium taking title as joint tenants. Regarding the other owners, interest in the common areas would be held

The greatest advantage of sole ownership is flexibility.

An estate in severalty means

Because a corporation is an entity (or legal being)in the eyes of the law, the corporation must pay income taxes on its profits.

Choose the one most appropriate answer for each. -each joint tenant has exactly the same rights as all other joint tenants

A corporation, composed of many stockholders, desired to take title to real property. They would most likely take title

Real Estate Investment Trusts (REITs)pool the money of many investors for the purchase of real estate, much as mutual funds do with stocks and bonds.

One of the most outstanding characteristics of joint tenancy is that

In a general partnership, each partner can loose no more than what he has invested in the partnership.

Choose the one most appropriate answer for each. -surviving joint tenants automatically acquire all the rights of the deceased joint tenant