Quiz
Chapter 7 Forms of Real Estate Ownership - Multiple Choice
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Questions in this quiz (51)
1The four unities of possession, interest, time, and title are associated with
- ATenancy by the entirety
- Bserveralty ownership
- Ctenants in common
- Djoint tenancy
2A parcel of real estate was purchased by two friends. The deed they received from the seller at the closing transferred the property with no further explanation. The two friends MOST likely took title as
- Ajoint tenants
- Btenants in common
- Ctenants by the entirety
- Dcommunity property owners
3Three people are joint tenants with rights of survivorship in a tract of land. One owner conveys her interest to a friend. which of the following statements is TRUE?
- Athe first two owners remain joint tenants
- Bthe new owner has severalty ownership
- Cthey all become tenants in common
- Dthey all become joint tenants
4In Pennsylvania, a conveyance made "to Arnold and Julia Haver, Husband and Wife," without further elaboration, creates a
- AJoint tenancy
- Btenancy in common
- Ctenancy by the entirety
- Dpartnership
5A man owns one of 20 town houses in fee simple, along with a 5 percent ownership share in the parking facilities, recreation center, and grounds. What kind of property does he own?
- Acooperative
- Bcondominium
- Ctime-share
- Dmembership camping
6Two sisters and their brother were concurrent owners of a parcel of real estate. The brother dies, and his interest passed according to his will to become part of his estate. This brother was a
- Ajoint tenant
- Btenant in common
- Ctenant by the entirety
- Dseveralty owner
7A man conveys a vineyard in trust to his sister, with the instruction that any income derived from the vineyard is to be used for his daughter's medical care. Which of the following statements MOST accurately describes the realationship of these parties?
- AThe man is the trustee, the sister is the trustor, and his daughter is the beneficiary.
- BThe man is the trustor, the sister is the trustee, and his daughter is the beneficiary
- CThe man is the beneficiary, the sister is the trustor, and his daughter is the trustee.
- DThe man is the trustor, the sister is the beneficiary, and his daughter is the trustee.
8A condominium is created when
- Athe construction of the improvements is completed
- Bthe owner files a declaration in the public record
- Cthe condominium owners' association is established
- Dall the unit owners file their documents in the public record.
9Ownership that allows possession for a specific time each year
- Acooperative
- Bcondominium
- Ctime-share
- Dtrust
10Which of the following forms of ownership may be created by operation of law?
- Ajoint tenancy
- Btenancy by the entirety
- Cjoint tenancy with right of survivorship
- Dtenancy in common
11A corporation may own real estate in all of the following manners EXCEPT
- Ain trust
- Bin severalty
- Cin partnership
- Din joint tenancy
12All of the following are forms of concurrent ownership EXCEPT
- Atenancy by the entirety
- Bcommunity property
- Ctenancy in common
- Dseveralty
13The right of survivorship is associated with
- Aseveralty ownership
- Bcommunity property
- Ctenancy in common
- Djoint tenancy
14All of the following involve a freehold interest EXCEPT
- Aa condominium
- Btime-share use
- Ctenancy by the entirety
- Dtenancy in common
15If a property is held by two or more owners as tenant in common, the interest of the deceased cotenant will pass to the
- Asurviving owner or owners
- Bheirs to the deceased
- Cstate by the law of escheat
- Dtrust under which the property was owned.
16A woman lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan securing the entire property. Like the other residents, she owns stock in the corporation and has a lease to an apartment. What type of ownership is this?
- Acondominium unit
- Bcooperative unit
- Ctime-share
- Dleasehold
17An owner purchases an interest in a resort property. The owner is entitled to the right of possession only between July 10 and August 4 of each year. The owner MOST likely purchased a
- Acondominium unit
- Btime-share
- Ccooperative unit
- Dmembership camping interest
18Which statement applies to both joint tenancy and tenancy by the entirety?
- AThere is no right to file a partition suit.
- BThe last survivor becomes a severalty owner
- CA deed signed by one owner will convey a fractional interest
- DA deed will not convey any interest unless signed by both spouses.
19Two people are co-owners of a small office building with the right of survivorship. Once of the co-owners dies without a will and leaves nothing to be distributed to his heirs. Which of the following would explain why the second co-owner acquired the deceased's interest?
- AAdverse possession
- BForeclosure
- CReversionary interest
- DJoint tenancy
20An owner or developer of a newly built condominium building must provide each prospective unit purchaser with all of the following EXCEPT
- Aa public offering statement
- Ba two-year warranty against structural defects
- Ca resale certificate
- Da property report
21The ownership of real estate by one individual [blank_start]is[blank_end]
- Atenancy in common
- Bjoint tenancy
- Cpartition
- Dpartnership
- Eproprietary lease
- Fseveralty
- Gtenancy by the entirety
- Hboard of directors
- Itrust
- Jtestamentary trust
22A business organization in which all members participate in the operation and management of the business and share full liability for business losses and obligations [blank_start]is[blank_end]
- Aassessments
- Bcondo fee
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of survivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
23A business organization that is a legal entity managed and operated by a board of directors [blank_start]is[blank_end]
- Aassessments
- Bcondo fee
- Ccondominium
- Dcorporations
- Egeneral partnership
- Fright of survivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
24On the death of a joint tenant, the deceased's interest transfers directly to the remaining joint tenants [blank_start]is[blank_end]
- Aassessments
- Bcondo fee
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of survivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
25A business organization that combines the tax advantages of limited partnership and the limited liability or corporations [blank_start]is[blank_end]
- Aassessments
- Bcondo fee
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of survivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
26in a community property state, real or personal property that was owned solely by either spouse prior to marriage, or acquired by inheritance or gift during the marriage [blank_start]is[blank_end]
- Aassessments
- Bcondo fee
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of survivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
27A form of property ownership in which each owner holds an undivided interest in certain common elements in addition to holding individual property in fee simple [blank_start]is[blank_end]
- Aassessments
- Bcondo fee
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of survivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
28special payments required of condominium unit owners to address specific expenses [blank_start]is[blank_end]
- Aassessment
- Bcondo fee
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of suvivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
29Recurring fees required of condominium unit owners to cover basic maintenance and operations [blank_start]is[blank_end]
- Aassessments
- Bcondo fees
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of survivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
30A fee simple interest in property that entitles the owner to use the facility for a certain period of time [blank_start]is[blank_end]
- Aassessments
- Bcondo fee
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of suvivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
31A contract right under which a developer retains ownership of a property and the purchaser receives the right to occupy and use the facilities for a certain period [blank_start]is[blank_end]
- Aassessments
- Bcondo fee
- Ccondominium
- Dcorporation
- Egeneral partnership
- Fright of survivorship
- Glimited liability company
- Hseparate property
- Itime-share estate
- Jtime-share use
32The three basic ways in which a fee simple estate may be held are in severalty, in co-ownership, and in trust
- ATrue
- BFalse
33The term severalty means that there is only one owner of a single property
- ATrue
- BFalse
34In a tenancy in common, property is owned by two or more owners with the right of suvivorship
- ATrue
- BFalse
35The ownership of an undivided fractional interest in a property is characteristic of a tenancy in common
- ATrue
- BFalse
36when all of the other owners' interest in a joint tenancy have passed to the one surviving owner, that owner then holds title in entirety
- ATrue
- BFalse
37When title to a single parcel of real estate is held by two or more individuals, the parties may be referred to as concurrent owners.
- ATrue
- BFalse
38The four unities characteristic of a tenancy in common are possession, interest, title and time (PITT)
- ATrue
- BFalse
39when a joint tenant conveys interest in the jointly held property to a new owner, the new owner becomes a joint tenant.
- ATrue
- BFalse
40Co-tenants may terminate their co-ownership by asking a court to partition the property
- ATrue
- BFalse
41In a tenancy by the entirety, neither spouse can convey a half-interest to a third party, and neither spouse may take court action to partition or divide the property
- ATrue
- BFalse
42In a community property state, community property includes all property, both real and personal, acquired by either party prior to or during the marriage.
- ATrue
- BFalse
43the person who creates a trust is referred to as the trustor.
- ATrue
- BFalse
44In a general partnership, the death of one of the partners does not affect the organization's continuity.
- ATrue
- BFalse
45Condominium owners hold their own units in fee simple and the common elements under proprietary leases.
- ATrue
- BFalse
46the management and operation of a cooperative are determined by the bylaws of the corporation that owns the property.
- ATrue
- BFalse
47Ownership of a cooperative interest is personal property.
- ATrue
- BFalse
48A time-share estate includes the right to use the property for a certain specified period of time.
- ATrue
- BFalse
49An owner can transfer or sell a condominium unit to anyone, unless the condominium association provides for a right of first refusal.
- ATrue
- BFalse
50A major advantage of living trusts is that they reduce the time and costs of probate.
- ATrue
- BFalse
51A real estate investment trust is a type of housing connected by common walls.
- ATrue
- BFalse
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- ICFES/Saber 11 Real Estate Quiz on Chapter 7 Forms of Real Estate Ownership - Multiple Choice, created by Eileen Loughlin on 10/11/2015.
- Author
- Eileen Loughlin
- Language
- English
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- 194
- History
- Created on 10 Nov 2015 · updated on 19 Feb 2016
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