TENNESSEE NATIONAL PORTION REAL
ESTATE EXAM | COMPREHENSIVE EXAM
PREP, PRACTICE QUESTIONS, CORRECT
ANSWERS AND STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,A corporation is a legal entity that can buy and sell real estate as set out in its charter.
Ownership in severalty is property owned by one individual or corporation.
A house is owned by three joint tenants, and one of the tenancy in common between the new owner and the remaining joint tenants
owners, as permitted by state law, sells that interest to a new
owner. The result is a
The owner of a condominium unit learns that a neighbor has a lien can be filed against the neighbor's unit and percentage of the common elements.
failed to pay real estate taxes. If this neighbor does not pay
the taxes,
Real properties owned by public entities, such as cities, owned in severalty
counties, states, and public agencies are generally
The partition of property that is owned concurrently can be court action
accomplished by
A fee simple estate may be held in three basic ways
Eight heirs are now the owners of a farm as tenants in all the owners.
common. This means that use of the property can be
determined by agreement of
When parties own property as tenants in common, each has equal rights of possession with the other owners.
owner
A person who owns one unit in a multiunit structure together condominium
with a specified undivided interest in the common elements
owns a
A trust is a device by which one person transfers ownership of the benefit of a third party.
property to someone else to hold or manage for
Joint tenancy is a form of concurrent ownership of property that is available to two or more people,
whether married or unmarried.
,Property owned by a married person can belong to the spouses together or be the separate property of one spouse.
An ownership interest that is based on annual occupancy time share.
intervals is a
Depending on the type of trust and its purpose, the trustor, people or legal entities.
trustee, and beneficiary can all be either
A deed conveying land on a one-third and two-thirds share tenancy in common
basis establishes a
An advantage of cooperative ownership of a dwelling is that there are income tax advantages.
The term severalty comes from the fact that a sole owner is severed or cut off from other owners.
Which of the following is NOT a form of co-ownership? Ownership in severalty
If a shareholder in a cooperative defaults in maintenance the burden of the default falls on the remaining shareholders.
payments,
Once a property is established as a condominium, each unit one or more persons in any type of ownership or tenancy recognized by state law.
becomes a separate parcel of real estate that is owned in fee
simple and may be held by
Three people are joint tenants with rights of survivorship in a The other two owners remain joint tenants.
tract of land. One owner conveys his interest to a friend.
Which statement is TRUE?
The forms of property ownership are controlled by the state
An ownership interest that can be an estate interest or a right time share.
of use is a
One of the distinguishing characteristics of a land trust is that do not name the beneficiary
public records usually
, The real property interest that takes the form of personal the cooperative unit ownership.
property is
Three women were concurrent owners of a parcel of real tenant in common
estate. When one of the women died, her interest, according
to her will, became part of the estate. The deceased was a
A neutral individual holds title for the benefit of another when held in trust.
property is
The four unities of possession, interest, time, and title are Joint tenancy
associated with which of the following?
A legal arrangement under which the title to real property is trust
held to protect the interests of a beneficiary is a
If property is held by two or more owners as joint tenants, the the surviving owner or owners
interest of a deceased co-owner will be passed to
A trust is a legal arrangement in which property is held for the benefit of a third party by a(n)
trustee
Two people are co-owners of a small office building with the Joint tenancy
right of survivorship. One of the co-owners dies intestate and
leaves nothing to be distributed to his heirs. Which of the
following would explain why the surviving co-owner acquired
the deceased's interest?
A person lives in an apartment building. The land and cooperative
structures are owned by a corporation, with one mortgage
loan securing the entire property. Like the other residents, this
person owns stock in the corporation and has a lease to the
apartment. This type of ownership is called
A married couple co-owns a farm and has the right of an estate by the entirety
survivorship. This arrangement is MOST likely
ESTATE EXAM | COMPREHENSIVE EXAM
PREP, PRACTICE QUESTIONS, CORRECT
ANSWERS AND STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,A corporation is a legal entity that can buy and sell real estate as set out in its charter.
Ownership in severalty is property owned by one individual or corporation.
A house is owned by three joint tenants, and one of the tenancy in common between the new owner and the remaining joint tenants
owners, as permitted by state law, sells that interest to a new
owner. The result is a
The owner of a condominium unit learns that a neighbor has a lien can be filed against the neighbor's unit and percentage of the common elements.
failed to pay real estate taxes. If this neighbor does not pay
the taxes,
Real properties owned by public entities, such as cities, owned in severalty
counties, states, and public agencies are generally
The partition of property that is owned concurrently can be court action
accomplished by
A fee simple estate may be held in three basic ways
Eight heirs are now the owners of a farm as tenants in all the owners.
common. This means that use of the property can be
determined by agreement of
When parties own property as tenants in common, each has equal rights of possession with the other owners.
owner
A person who owns one unit in a multiunit structure together condominium
with a specified undivided interest in the common elements
owns a
A trust is a device by which one person transfers ownership of the benefit of a third party.
property to someone else to hold or manage for
Joint tenancy is a form of concurrent ownership of property that is available to two or more people,
whether married or unmarried.
,Property owned by a married person can belong to the spouses together or be the separate property of one spouse.
An ownership interest that is based on annual occupancy time share.
intervals is a
Depending on the type of trust and its purpose, the trustor, people or legal entities.
trustee, and beneficiary can all be either
A deed conveying land on a one-third and two-thirds share tenancy in common
basis establishes a
An advantage of cooperative ownership of a dwelling is that there are income tax advantages.
The term severalty comes from the fact that a sole owner is severed or cut off from other owners.
Which of the following is NOT a form of co-ownership? Ownership in severalty
If a shareholder in a cooperative defaults in maintenance the burden of the default falls on the remaining shareholders.
payments,
Once a property is established as a condominium, each unit one or more persons in any type of ownership or tenancy recognized by state law.
becomes a separate parcel of real estate that is owned in fee
simple and may be held by
Three people are joint tenants with rights of survivorship in a The other two owners remain joint tenants.
tract of land. One owner conveys his interest to a friend.
Which statement is TRUE?
The forms of property ownership are controlled by the state
An ownership interest that can be an estate interest or a right time share.
of use is a
One of the distinguishing characteristics of a land trust is that do not name the beneficiary
public records usually
, The real property interest that takes the form of personal the cooperative unit ownership.
property is
Three women were concurrent owners of a parcel of real tenant in common
estate. When one of the women died, her interest, according
to her will, became part of the estate. The deceased was a
A neutral individual holds title for the benefit of another when held in trust.
property is
The four unities of possession, interest, time, and title are Joint tenancy
associated with which of the following?
A legal arrangement under which the title to real property is trust
held to protect the interests of a beneficiary is a
If property is held by two or more owners as joint tenants, the the surviving owner or owners
interest of a deceased co-owner will be passed to
A trust is a legal arrangement in which property is held for the benefit of a third party by a(n)
trustee
Two people are co-owners of a small office building with the Joint tenancy
right of survivorship. One of the co-owners dies intestate and
leaves nothing to be distributed to his heirs. Which of the
following would explain why the surviving co-owner acquired
the deceased's interest?
A person lives in an apartment building. The land and cooperative
structures are owned by a corporation, with one mortgage
loan securing the entire property. Like the other residents, this
person owns stock in the corporation and has a lease to the
apartment. This type of ownership is called
A married couple co-owns a farm and has the right of an estate by the entirety
survivorship. This arrangement is MOST likely
