Tennessee National Portion REAL ESTATE EXAM questions with correct answers

A corporation is - Answer a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is - Answer 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 - Answer 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, - Answer 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 - Answer owned in severalty The partition of property that is owned concurrently can be accomplished by - Answer court action A fee simple estate may be held - Answer 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 - Answer all the owners.