TREC EXAM QUESTIONS AND ANSWERS

An injured party can sue the owner and business (sole proprietorship) - Answer- false which of the following would allow you total control of company and protect the investors from creditors and lawyers if you messed up? - Answer- Limited partnership when starting a corporation, you would register... - Answer- both internal revenue service and state where it is registered sub s corporating has no limit on the number of stockholders - Answer- false (35) what is similar to general partnership but does not allow creditors to come after the personal assets of the owner - Answer- limited liability company Which is not necessary when starting a new business as a corporation - Answer- list the owners who are not responsible personally You would find at least one general partner in a... - Answer- limited partnership allows 3 owners - Answer- general partnership. limited partnership, corporations if a person wanted to start a business and not have to be responsible for the debts of the business... - Answer- form a corporation which form of business would have multiple owners totally responsible for the debts and taxes - Answer- general partnership owning property by land trust requires that... - Answer- identity of the legal owner is kept confidential what kind of legal discription should be used in most real estate transactions? - Answer- the same one used in prior transfers of the parcel, verificed by a surveyor A legal easement can NOT be created by - Answer- merger of the titles real property can be converted to personal property by: - Answer- severance tenants at sufferance - Answer- tenants who stay at property after lease has expired 2