Elscores 8/18/2024 6:16:34 PM
Tennessee National Portion REAL
ESTATE EXAM
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 owners, as permitted by state law,
sells that interest to a new owner. The result is a
~: tenancy in common between the new owner and the remaining joint tenants
The owner of a condominium unit learns that a neighbor has failed to pay real estate taxes. If
this neighbor does not pay the taxes,
~: a lien can be filed against the neighbor's unit and percentage of the common elements.
Real properties owned by public entities, such as cities, counties, states, and public agencies
are generally
~: owned in severalty
The partition of property that is owned concurrently can be accomplished by
~: court action
A fee simple estate may be held
, Elscores 8/18/2024 6:16:34 PM
~: in three basic ways
Eight heirs are now the owners of a farm as tenants in common. This means that use of the
property can be determined by agreement of
~: all the owners.
When parties own property as tenants in common, each owner
~: has equal rights of possession with the other owners.
A person who owns one unit in a multiunit structure together with a specified undivided
interest in the common elements owns a
~: condominium
A trust is a device by which one person transfers ownership of property to someone else to
hold or manage for
~: the benefit of a third party.
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 intervals is a
, Elscores 8/18/2024 6:16:34 PM
~: time share.
Depending on the type of trust and its purpose, the trustor, trustee, and beneficiary can all be
either
~: people or legal entities.
A deed conveying land on a one-third and two-thirds share basis establishes a
~: tenancy in common
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 payments,
~: the burden of the default falls on the remaining shareholders.
Once a property is established as a condominium, each unit becomes a separate parcel of real
estate that is owned in fee simple and may be held by
, Elscores 8/18/2024 6:16:34 PM
~: one or more persons in any type of ownership or tenancy recognized by state law.
Three people are joint tenants with rights of survivorship in a tract of land. One owner
conveys his interest to a friend. Which statement is TRUE?
~: The other two owners remain joint tenants.
The forms of property ownership are controlled by
~: the state
An ownership interest that can be an estate interest or a right of use is a
~: time share.
One of the distinguishing characteristics of a land trust is that public records usually
~: do not name the beneficiary
The real property interest that takes the form of personal property is
~: the cooperative unit ownership.
Three women were concurrent owners of a parcel of real estate. When one of the women
died, her interest, according to her will, became part of the estate. The deceased was a
~: tenant in common
A neutral individual holds title for the benefit of another when property is
Tennessee National Portion REAL
ESTATE EXAM
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 owners, as permitted by state law,
sells that interest to a new owner. The result is a
~: tenancy in common between the new owner and the remaining joint tenants
The owner of a condominium unit learns that a neighbor has failed to pay real estate taxes. If
this neighbor does not pay the taxes,
~: a lien can be filed against the neighbor's unit and percentage of the common elements.
Real properties owned by public entities, such as cities, counties, states, and public agencies
are generally
~: owned in severalty
The partition of property that is owned concurrently can be accomplished by
~: court action
A fee simple estate may be held
, Elscores 8/18/2024 6:16:34 PM
~: in three basic ways
Eight heirs are now the owners of a farm as tenants in common. This means that use of the
property can be determined by agreement of
~: all the owners.
When parties own property as tenants in common, each owner
~: has equal rights of possession with the other owners.
A person who owns one unit in a multiunit structure together with a specified undivided
interest in the common elements owns a
~: condominium
A trust is a device by which one person transfers ownership of property to someone else to
hold or manage for
~: the benefit of a third party.
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 intervals is a
, Elscores 8/18/2024 6:16:34 PM
~: time share.
Depending on the type of trust and its purpose, the trustor, trustee, and beneficiary can all be
either
~: people or legal entities.
A deed conveying land on a one-third and two-thirds share basis establishes a
~: tenancy in common
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 payments,
~: the burden of the default falls on the remaining shareholders.
Once a property is established as a condominium, each unit becomes a separate parcel of real
estate that is owned in fee simple and may be held by
, Elscores 8/18/2024 6:16:34 PM
~: one or more persons in any type of ownership or tenancy recognized by state law.
Three people are joint tenants with rights of survivorship in a tract of land. One owner
conveys his interest to a friend. Which statement is TRUE?
~: The other two owners remain joint tenants.
The forms of property ownership are controlled by
~: the state
An ownership interest that can be an estate interest or a right of use is a
~: time share.
One of the distinguishing characteristics of a land trust is that public records usually
~: do not name the beneficiary
The real property interest that takes the form of personal property is
~: the cooperative unit ownership.
Three women were concurrent owners of a parcel of real estate. When one of the women
died, her interest, according to her will, became part of the estate. The deceased was a
~: tenant in common
A neutral individual holds title for the benefit of another when property is
