Chapter 7 Forms of Real Estate Ownership - Multiple Choice

Eileen Loughlin
Quiz by Eileen Loughlin, updated more than 1 year ago
Eileen Loughlin
Created by Eileen Loughlin about 6 years ago
60
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Description

ICFES/Saber 11 Real Estate Quiz on Chapter 7 Forms of Real Estate Ownership - Multiple Choice, created by Eileen Loughlin on 11/10/2015.

Resource summary

Question 1

Question
The four unities of possession, interest, time, and title are associated with
Answer
  • Tenancy by the entirety
  • serveralty ownership
  • tenants in common
  • joint tenancy

Question 2

Question
A 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
Answer
  • joint tenants
  • tenants in common
  • tenants by the entirety
  • community property owners

Question 3

Question
Three 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?
Answer
  • the first two owners remain joint tenants
  • the new owner has severalty ownership
  • they all become tenants in common
  • they all become joint tenants

Question 4

Question
In Pennsylvania, a conveyance made "to Arnold and Julia Haver, Husband and Wife," without further elaboration, creates a
Answer
  • Joint tenancy
  • tenancy in common
  • tenancy by the entirety
  • partnership

Question 5

Question
A 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?
Answer
  • cooperative
  • condominium
  • time-share
  • membership camping

Question 6

Question
Two 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
Answer
  • joint tenant
  • tenant in common
  • tenant by the entirety
  • severalty owner

Question 7

Question
A 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?
Answer
  • The man is the trustee, the sister is the trustor, and his daughter is the beneficiary.
  • The man is the trustor, the sister is the trustee, and his daughter is the beneficiary
  • The man is the beneficiary, the sister is the trustor, and his daughter is the trustee.
  • The man is the trustor, the sister is the beneficiary, and his daughter is the trustee.

Question 8

Question
A condominium is created when
Answer
  • the construction of the improvements is completed
  • the owner files a declaration in the public record
  • the condominium owners' association is established
  • all the unit owners file their documents in the public record.

Question 9

Question
Ownership that allows possession for a specific time each year
Answer
  • cooperative
  • condominium
  • time-share
  • trust

Question 10

Question
Which of the following forms of ownership may be created by operation of law?
Answer
  • joint tenancy
  • tenancy by the entirety
  • joint tenancy with right of survivorship
  • tenancy in common

Question 11

Question
A corporation may own real estate in all of the following manners EXCEPT
Answer
  • in trust
  • in severalty
  • in partnership
  • in joint tenancy

Question 12

Question
All of the following are forms of concurrent ownership EXCEPT
Answer
  • tenancy by the entirety
  • community property
  • tenancy in common
  • severalty

Question 13

Question
The right of survivorship is associated with
Answer
  • severalty ownership
  • community property
  • tenancy in common
  • joint tenancy

Question 14

Question
All of the following involve a freehold interest EXCEPT
Answer
  • a condominium
  • time-share use
  • tenancy by the entirety
  • tenancy in common

Question 15

Question
If a property is held by two or more owners as tenant in common, the interest of the deceased cotenant will pass to the
Answer
  • surviving owner or owners
  • heirs to the deceased
  • state by the law of escheat
  • trust under which the property was owned.

Question 16

Question
A 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?
Answer
  • condominium unit
  • cooperative unit
  • time-share
  • leasehold

Question 17

Question
An 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
Answer
  • condominium unit
  • time-share
  • cooperative unit
  • membership camping interest

Question 18

Question
Which statement applies to both joint tenancy and tenancy by the entirety?
Answer
  • There is no right to file a partition suit.
  • The last survivor becomes a severalty owner
  • A deed signed by one owner will convey a fractional interest
  • A deed will not convey any interest unless signed by both spouses.

Question 19

Question
Two 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?
Answer
  • Adverse possession
  • Foreclosure
  • Reversionary interest
  • Joint tenancy

Question 20

Question
An owner or developer of a newly built condominium building must provide each prospective unit purchaser with all of the following EXCEPT
Answer
  • a public offering statement
  • a two-year warranty against structural defects
  • a resale certificate
  • a property report

Question 21

Question
The ownership of real estate by one individual [blank_start]is[blank_end]
Answer
  • tenancy in common
  • joint tenancy
  • partition
  • partnership
  • proprietary lease
  • severalty
  • tenancy by the entirety
  • board of directors
  • trust
  • testamentary trust

Question 22

Question
A 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]
Answer
  • assessments
  • condo fee
  • condominium
  • corporation
  • general partnership
  • right of survivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 23

Question
A business organization that is a legal entity managed and operated by a board of directors [blank_start]is[blank_end]
Answer
  • assessments
  • condo fee
  • condominium
  • corporations
  • general partnership
  • right of survivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 24

Question
On the death of a joint tenant, the deceased's interest transfers directly to the remaining joint tenants [blank_start]is[blank_end]
Answer
  • assessments
  • condo fee
  • condominium
  • corporation
  • general partnership
  • right of survivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 25

Question
A business organization that combines the tax advantages of limited partnership and the limited liability or corporations [blank_start]is[blank_end]
Answer
  • assessments
  • condo fee
  • condominium
  • corporation
  • general partnership
  • right of survivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 26

Question
in 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]
Answer
  • assessments
  • condo fee
  • condominium
  • corporation
  • general partnership
  • right of survivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 27

Question
A 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]
Answer
  • assessments
  • condo fee
  • condominium
  • corporation
  • general partnership
  • right of survivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 28

Question
special payments required of condominium unit owners to address specific expenses [blank_start]is[blank_end]
Answer
  • assessment
  • condo fee
  • condominium
  • corporation
  • general partnership
  • right of suvivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 29

Question
Recurring fees required of condominium unit owners to cover basic maintenance and operations [blank_start]is[blank_end]
Answer
  • assessments
  • condo fees
  • condominium
  • corporation
  • general partnership
  • right of survivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 30

Question
A fee simple interest in property that entitles the owner to use the facility for a certain period of time [blank_start]is[blank_end]
Answer
  • assessments
  • condo fee
  • condominium
  • corporation
  • general partnership
  • right of suvivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 31

Question
A 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]
Answer
  • assessments
  • condo fee
  • condominium
  • corporation
  • general partnership
  • right of survivorship
  • limited liability company
  • separate property
  • time-share estate
  • time-share use

Question 32

Question
The three basic ways in which a fee simple estate may be held are in severalty, in co-ownership, and in trust
Answer
  • True
  • False

Question 33

Question
The term severalty means that there is only one owner of a single property
Answer
  • True
  • False

Question 34

Question
In a tenancy in common, property is owned by two or more owners with the right of suvivorship
Answer
  • True
  • False

Question 35

Question
The ownership of an undivided fractional interest in a property is characteristic of a tenancy in common
Answer
  • True
  • False

Question 36

Question
when all of the other owners' interest in a joint tenancy have passed to the one surviving owner, that owner then holds title in entirety
Answer
  • True
  • False

Question 37

Question
When title to a single parcel of real estate is held by two or more individuals, the parties may be referred to as concurrent owners.
Answer
  • True
  • False

Question 38

Question
The four unities characteristic of a tenancy in common are possession, interest, title and time (PITT)
Answer
  • True
  • False

Question 39

Question
when a joint tenant conveys interest in the jointly held property to a new owner, the new owner becomes a joint tenant.
Answer
  • True
  • False

Question 40

Question
Co-tenants may terminate their co-ownership by asking a court to partition the property
Answer
  • True
  • False

Question 41

Question
In 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
Answer
  • True
  • False

Question 42

Question
In a community property state, community property includes all property, both real and personal, acquired by either party prior to or during the marriage.
Answer
  • True
  • False

Question 43

Question
the person who creates a trust is referred to as the trustor.
Answer
  • True
  • False

Question 44

Question
In a general partnership, the death of one of the partners does not affect the organization's continuity.
Answer
  • True
  • False

Question 45

Question
Condominium owners hold their own units in fee simple and the common elements under proprietary leases.
Answer
  • True
  • False

Question 46

Question
the management and operation of a cooperative are determined by the bylaws of the corporation that owns the property.
Answer
  • True
  • False

Question 47

Question
Ownership of a cooperative interest is personal property.
Answer
  • True
  • False

Question 48

Question
A time-share estate includes the right to use the property for a certain specified period of time.
Answer
  • True
  • False

Question 49

Question
An owner can transfer or sell a condominium unit to anyone, unless the condominium association provides for a right of first refusal.
Answer
  • True
  • False

Question 50

Question
A major advantage of living trusts is that they reduce the time and costs of probate.
Answer
  • True
  • False

Question 51

Question
A real estate investment trust is a type of housing connected by common walls.
Answer
  • True
  • False
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