TENNESSEE NATIONAL PORTION REAL ESTATE EXAM QUESTIONS AND ANSWERS 2025
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.
When parties own property as tenants in common, each owner - (answer)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 - (answer)condominium
A trust is a device by which one person transfers ownership of property to someone else to hold or
manage for - (answer)the benefit of a third party.
,TENNESSEE NATIONAL PORTION REAL ESTATE EXAM QUESTIONS AND ANSWERS 2025
Joint tenancy is - (answer)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 - (answer)the spouses together or be the separate
property of one spouse.
An ownership interest that is based on annual occupancy intervals is a - (answer)time share.
Depending on the type of trust and its purpose, the trustor, trustee, and beneficiary can all be either -
(answer)people or legal entities.
A deed conveying land on a one-third and two-thirds share basis establishes a - (answer)tenancy in
common
An advantage of cooperative ownership of a dwelling is that - (answer)there are income tax advantages.
The term severalty comes from the fact that - (answer)a sole owner is severed or cut off from other
owners.
Which of the following is NOT a form of co-ownership? - (answer)Ownership in severalty
If a shareholder in a cooperative defaults in maintenance payments, - (answer)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 - (answer)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? - (answer)The other two owners remain joint tenants.
,TENNESSEE NATIONAL PORTION REAL ESTATE EXAM QUESTIONS AND ANSWERS 2025
The forms of property ownership are controlled by - (answer)the state
An ownership interest that can be an estate interest or a right of use is a - (answer)time share.
One of the distinguishing characteristics of a land trust is that public records usually - (answer)do not
name the beneficiary
The real property interest that takes the form of personal property is - (answer)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 - (answer)tenant in
common
A neutral individual holds title for the benefit of another when property is - (answer)held in trust.
The four unities of possession, interest, time, and title are associated with which of the following? -
(answer)Joint tenancy
A legal arrangement under which the title to real property is held to protect the interests of a
beneficiary is a - (answer)trust
If property is held by two or more owners as joint tenants, the interest of a deceased co-owner will be
passed to - (answer)the surviving owner or owners
A trust is - (answer)a legal arrangement in which property is held for the benefit of a third party by a(n)
trustee
Two people are co-owners of a small office building with the right of survivorship. One of the co-owners
dies intestate and leaves nothing to be distributed to his heirs. Which of the following would explain
why the surviving co-owner acquired the deceased's interest? - (answer)Joint tenancy
, TENNESSEE NATIONAL PORTION REAL ESTATE EXAM QUESTIONS AND ANSWERS 2025
A person lives in an apartment building. The land and structures are owned by a corporation, with one
mortgage loan securing the entire property. Like the other residents, this person owns stock in the
corporation and has a lease to the apartment. This type of ownership is called - (answer)cooperative
A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely -
(answer)an estate by the entirety
The person who creates a trust conveys real or personal property to a - (answer)trustee
Because a corporation is a legal entity, it can own real estate in - (answer)severalty or as a tenant in
common.
A parcel of property was purchased by two friends. The deed they received from the seller at closing
transferred the property without further explanation. The two friends took title as which of the
following? - (answer)tenants in common
A corporation is a legal entity, recognized as an artificial person. Property owned solely by the
corporation is - (answer)owned in severalty
The real property interest that takes the form of personal property is - (answer)cooperative unit
ownership.
An exercise room available to all occupants in a condominium development would be regarded as a -
(answer)common element.
Title is held by two persons as joint tenants with rights of survivorship. If one party dies, - (answer)the
deceased party's interest goes to the co-owner
Which of the following statements about a condominium unit is TRUE? - (answer)Each owner owns and
finances an individual unit.
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.
When parties own property as tenants in common, each owner - (answer)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 - (answer)condominium
A trust is a device by which one person transfers ownership of property to someone else to hold or
manage for - (answer)the benefit of a third party.
,TENNESSEE NATIONAL PORTION REAL ESTATE EXAM QUESTIONS AND ANSWERS 2025
Joint tenancy is - (answer)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 - (answer)the spouses together or be the separate
property of one spouse.
An ownership interest that is based on annual occupancy intervals is a - (answer)time share.
Depending on the type of trust and its purpose, the trustor, trustee, and beneficiary can all be either -
(answer)people or legal entities.
A deed conveying land on a one-third and two-thirds share basis establishes a - (answer)tenancy in
common
An advantage of cooperative ownership of a dwelling is that - (answer)there are income tax advantages.
The term severalty comes from the fact that - (answer)a sole owner is severed or cut off from other
owners.
Which of the following is NOT a form of co-ownership? - (answer)Ownership in severalty
If a shareholder in a cooperative defaults in maintenance payments, - (answer)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 - (answer)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? - (answer)The other two owners remain joint tenants.
,TENNESSEE NATIONAL PORTION REAL ESTATE EXAM QUESTIONS AND ANSWERS 2025
The forms of property ownership are controlled by - (answer)the state
An ownership interest that can be an estate interest or a right of use is a - (answer)time share.
One of the distinguishing characteristics of a land trust is that public records usually - (answer)do not
name the beneficiary
The real property interest that takes the form of personal property is - (answer)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 - (answer)tenant in
common
A neutral individual holds title for the benefit of another when property is - (answer)held in trust.
The four unities of possession, interest, time, and title are associated with which of the following? -
(answer)Joint tenancy
A legal arrangement under which the title to real property is held to protect the interests of a
beneficiary is a - (answer)trust
If property is held by two or more owners as joint tenants, the interest of a deceased co-owner will be
passed to - (answer)the surviving owner or owners
A trust is - (answer)a legal arrangement in which property is held for the benefit of a third party by a(n)
trustee
Two people are co-owners of a small office building with the right of survivorship. One of the co-owners
dies intestate and leaves nothing to be distributed to his heirs. Which of the following would explain
why the surviving co-owner acquired the deceased's interest? - (answer)Joint tenancy
, TENNESSEE NATIONAL PORTION REAL ESTATE EXAM QUESTIONS AND ANSWERS 2025
A person lives in an apartment building. The land and structures are owned by a corporation, with one
mortgage loan securing the entire property. Like the other residents, this person owns stock in the
corporation and has a lease to the apartment. This type of ownership is called - (answer)cooperative
A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely -
(answer)an estate by the entirety
The person who creates a trust conveys real or personal property to a - (answer)trustee
Because a corporation is a legal entity, it can own real estate in - (answer)severalty or as a tenant in
common.
A parcel of property was purchased by two friends. The deed they received from the seller at closing
transferred the property without further explanation. The two friends took title as which of the
following? - (answer)tenants in common
A corporation is a legal entity, recognized as an artificial person. Property owned solely by the
corporation is - (answer)owned in severalty
The real property interest that takes the form of personal property is - (answer)cooperative unit
ownership.
An exercise room available to all occupants in a condominium development would be regarded as a -
(answer)common element.
Title is held by two persons as joint tenants with rights of survivorship. If one party dies, - (answer)the
deceased party's interest goes to the co-owner
Which of the following statements about a condominium unit is TRUE? - (answer)Each owner owns and
finances an individual unit.
