Ree3433 Real estate law- ucf- Exam 2
Which of the following forms of ownership is the least desirable for a person seeking to
protect her personal assets? - ANS-General Partnership
The following is considered a freehold estate:
A)fee simple absolute.
B)fee simple defeasible.
C)fee simple subject to a condition subsequent
D) all of the above. - ANS-all of the above.
A fee simple absolute:
A)can be inherited.
B)is subject to governmental regulations.
C)Provides ownership of the earth below and sky above the boundaries of the
owner's land.
D) all of the above. - ANS-all of the above.
A and B are joint tenants. A conveys his interest to C. B and C are now tenants in
common. T or F - ANS-True
Which of the following has "double" taxation?
A) a limited liability company.
B)a "C" corporation.
C)a "S" corporation
D)all of the above.
E)two of the above. - ANS-a "C" corporation.
Lucy and Sam own a house together as join tenants, but not as spouses. Sam becomes
quite ill, so the two board a plane to see a special doctor across the county even though
the couple wasn't sure Sam could survive the long ride. Sadly, the plane crashes while
en route and they are both presumed dead. Who gets the house? - ANS-Lucy's heir's
get half and Sam's heir's get half.
Ann owns a life estate in Blackacre and Mark owns a remainder interest. What are they
responsible to pay for? - ANS-Ann would have to pay for ordinary repairs and Mark for
extraordinary repairs
Which of the following forms of ownership is the least desirable for a person seeking to
protect her personal assets? - ANS-General Partnership
The following is considered a freehold estate:
A)fee simple absolute.
B)fee simple defeasible.
C)fee simple subject to a condition subsequent
D) all of the above. - ANS-all of the above.
A fee simple absolute:
A)can be inherited.
B)is subject to governmental regulations.
C)Provides ownership of the earth below and sky above the boundaries of the
owner's land.
D) all of the above. - ANS-all of the above.
A and B are joint tenants. A conveys his interest to C. B and C are now tenants in
common. T or F - ANS-True
Which of the following has "double" taxation?
A) a limited liability company.
B)a "C" corporation.
C)a "S" corporation
D)all of the above.
E)two of the above. - ANS-a "C" corporation.
Lucy and Sam own a house together as join tenants, but not as spouses. Sam becomes
quite ill, so the two board a plane to see a special doctor across the county even though
the couple wasn't sure Sam could survive the long ride. Sadly, the plane crashes while
en route and they are both presumed dead. Who gets the house? - ANS-Lucy's heir's
get half and Sam's heir's get half.
Ann owns a life estate in Blackacre and Mark owns a remainder interest. What are they
responsible to pay for? - ANS-Ann would have to pay for ordinary repairs and Mark for
extraordinary repairs
