Comprehensive Study 1 Up to Date Content
Tennessee National Portion REAL
ESTATE EXAM Latest Questions
and Graded Answers
A corporation is
Ans: a legal entity that can buy and sell real estate
as set out in its charter.
Ownership in severalty is
Ans: 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
Ans: 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,
Ans: 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
Ans: owned in severalty
Up to Date Content
,Comprehensive Study 2 Up to Date Content
The partition of property that is owned concurrently can be
accomplished by
Ans: court action
A fee simple estate may be held
Ans: 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
Ans: all the owners.
When parties own property as tenants in common, each
owner
Ans: 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
Ans: condominium
A trust is a device by which one person transfers ownership
of property to someone else to hold or manage for
Ans: the benefit of a third party.
Joint tenancy is
Up to Date Content
,Comprehensive Study 3 Up to Date Content
Ans: 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
Ans: the spouses together or be the separate
property of one spouse.
An ownership interest that is based on annual occupancy
intervals is a
Ans: time share.
Depending on the type of trust and its purpose, the trustor,
trustee, and beneficiary can all be either
Ans: people or legal entities.
A deed conveying land on a one-third and two-thirds share
basis establishes a
Ans: tenancy in common
An advantage of cooperative ownership of a dwelling is that
Ans: there are income tax advantages.
The term severalty comes from the fact that
Ans: a sole owner is severed or cut off from other
owners.
Which of the following is NOT a form of co-ownership?
Up to Date Content
, Comprehensive Study 4 Up to Date Content
Ans: Ownership in severalty
If a shareholder in a cooperative defaults in maintenance
payments,
Ans: 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
Ans: 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?
Ans: The other two owners remain joint tenants.
The forms of property ownership are controlled by
Ans: the state
An ownership interest that can be an estate interest or a
right of use is a
Ans: time share.
One of the distinguishing characteristics of a land trust is that
public records usually
Ans: do not name the beneficiary
Up to Date Content
Tennessee National Portion REAL
ESTATE EXAM Latest Questions
and Graded Answers
A corporation is
Ans: a legal entity that can buy and sell real estate
as set out in its charter.
Ownership in severalty is
Ans: 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
Ans: 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,
Ans: 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
Ans: owned in severalty
Up to Date Content
,Comprehensive Study 2 Up to Date Content
The partition of property that is owned concurrently can be
accomplished by
Ans: court action
A fee simple estate may be held
Ans: 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
Ans: all the owners.
When parties own property as tenants in common, each
owner
Ans: 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
Ans: condominium
A trust is a device by which one person transfers ownership
of property to someone else to hold or manage for
Ans: the benefit of a third party.
Joint tenancy is
Up to Date Content
,Comprehensive Study 3 Up to Date Content
Ans: 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
Ans: the spouses together or be the separate
property of one spouse.
An ownership interest that is based on annual occupancy
intervals is a
Ans: time share.
Depending on the type of trust and its purpose, the trustor,
trustee, and beneficiary can all be either
Ans: people or legal entities.
A deed conveying land on a one-third and two-thirds share
basis establishes a
Ans: tenancy in common
An advantage of cooperative ownership of a dwelling is that
Ans: there are income tax advantages.
The term severalty comes from the fact that
Ans: a sole owner is severed or cut off from other
owners.
Which of the following is NOT a form of co-ownership?
Up to Date Content
, Comprehensive Study 4 Up to Date Content
Ans: Ownership in severalty
If a shareholder in a cooperative defaults in maintenance
payments,
Ans: 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
Ans: 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?
Ans: The other two owners remain joint tenants.
The forms of property ownership are controlled by
Ans: the state
An ownership interest that can be an estate interest or a
right of use is a
Ans: time share.
One of the distinguishing characteristics of a land trust is that
public records usually
Ans: do not name the beneficiary
Up to Date Content
