Quiz
Chapter 7
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Questions in this quiz (25)
1a parcel of real estate was purchased by Howard Evers and Tina Chance. Evers paid 1/3 or the cost and Chance paid the balance. the seller's deed received at the closing conveyed the property "to Howard Evers & Tina Chance," without further explanation. They are
- Ajoint tenants
- Btenants in common, each owning a one-half undivided interest
- Ctenants in common with Evers owning an undivided 1/3 interst
- Dgeneral partners in a joint venture
2if property is held by two or more owners as tenants in common, upon the death of one owner the ownership of his or her share passes to the
- Aremaining owner or owners
- Bheirs or whoever is designated under the deceased owner's will
- Csurviving owner and his own heirs
- Ddeceased owner's surviving spouse
3in nj a deed conveying property to a married couple, such as to "Frank Peters and Marcia Peter, husband and wife," creates a
- Ajoint tenancy
- Btenancy by the entirety
- Ctenancy in common
- Dperiodic tenancy
4which of the following statements applies equally to joint tenants and tenants by the entirety?
- Athere is no right to file a partition suit
- Bthe survivor becomes complete owner
- Csale of one share creates a tenancy in common
- Da deed must state the type of tenancy desired
5della and her cousin, zeke, inherited their grandfather's farm. zeke lives there, refuses to pay taxes and gives sell and rent. della can
- Aestablish a joint tenancy
- Bsue for partition
- Cinherit automatically when zeke dies
- Dexercise her right of reverter
6Pete and Joe own an apartment building as joint tenants. if Pete sells his interest to Clem,
- AClem becomes a joint tenant with Joe
- BClem becomes a joint Tennant with Pete
- CClem and Joe become tenants in common
- Dthe sale is invalid, and Joe becomes sole owner
7John and Mary buy a home together right after their wedding. if the deed states nothing to the contrary, they are
- Atenants by the entirety
- Bjoint tenants
- Ctenants in common
- Dtenants in severalty
8Jim and Joe buy a small shopping plaza together. if their deed states nothing of the contrary, they are
- Atenants by the entirety
- Bjoint tenants
- Ctenants in common
- Dcooperative owners
9x, y, and z are joint-tenant owners of a hunting lodge. z dies, leaving everything to his wife. which statement is true
- Ax and y are no joint tenants with mrs. z
- Bx and y are joint tenants, with mrs. z as tenant in common
- Cx and y are now the only owners of the property
- Dx, y and mrs z are now tenants in common
10rita and her friend want to buy a house together and ensure that if one dies the other inherits automatically. they should take title as
- Atenants by the entirety
- Bjoint tenants
- Ctenants in common
- Dlife tenants
11sandy and Neva bought a store together as joint tenants. neva dies, leaving everything she owns to her daughter. sandy now owns the store
- Ajointly with neva's daughter
- Bas a tenant in common
- Cas a life tenant
- Din severalty
12an artificial person created by legal means is known as a
- Atrust
- Bcorporation
- Climited partnership
- Djoint tenancy
13the 4 unities required to create a joint tenancy include all of the following except
- Atime
- Btitle
- Cpartnership
- Dintrest
14x, y and z each invest 1K in a new business. x and y do not participate in the operation of the new venture, but agree to let z make all of the decisions regarding its day-to-day management. if the business experiences a 6K loss, how is liability shared under these facts
- Aas partners, x, y and z are equally liable for the loss: 2K each
- Bthis is a limited partnership in which partners cannot be held liable for more that the 3K original total investment
- Cas general partner, z is liable for any loss, x & y have no liability
- Das limited partners, x & y are only liable to the extent of their investment
15common elements include
- Astairwells
- Bswimming pool
- Cfoyers
- Dall of the above
16the term CC&R refers to
- Aclubhouse, courts and recreation
- Bcovenants, conditions, and restrictions
- Ccodos, co-ops, and resort timeshares
- Dcontracts, citations and releases
17the owner of a co-op apartment receives
- Aa deed
- Ba property tax bill
- Ca life estate
- Dshares in a corporation
18the right to reject prospect new owners is held by the board of directors of a
- Atown house
- Btime-share
- Cco-op
- Dcondo
19jerry owns a fee simple interest in his apartment together with a specified undivided percentage of common elements. his building is organized as a
- Acondo
- Breal estate investment trust
- Cco-op
- Dsyndicated venture
20Dorothy bought an apartment and received shares in a corporation and a proprietary lease to her unit. her building is organized as a
- Aco-op
- Bcondo
- Cjoint venture
- Dsyndicate
21a board of directors commonly reserves the right to approve or disapprove of potential buyers in which form of joint ownership
- Aco-op
- Bcondo
- Cjoint venture
- Dtenancy in common
22stock in a co-op is usually considered
- Areal property
- Bpersonal property
- Cproprietary property
- Da common element
23the term reserves refers to
- Atenants willing to invest in a conversion
- Bweeks of the yearned by a time-share purchaser
- Cpercentage of ownership for each condo deed
- Dfunds set aside for major repairs in the future
24long-term stability of residence is most characteristic of
- Aa co-op
- Btime-sharing
- Ca condo
- Dan apartment
25the lackeys have a right to live in unit 6B only between march 3-15 of every year. the rest of the year, others have the exclusive right to Iive in the unit. this is
- Aco-op apartment
- Btime-share
- Cillegal in NJ
- Da rental apartment
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- Description
- nj real estate
- Author
- Gena G
- Language
- English
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