Question 1

With tenants in common, if nothing is said regarding the size of each co-owner's interest, the law presumes that all interests are equal.

Accepted Answer

A) True 
 B)False

Question 2

Property owned before marriage and property acquired after marriage by gift, inheritance, or purchase with separate funds are all considered the couple's community property.

Accepted Answer

A) True 
 B)False

Question 3

The phrase "a poor man's will" has often been applied to

Accepted Answer

A)  severalty ownership. 
B)  joint tenancy. 
C)  tenancy in common. 
D)  tenancy in common., 
A)  severalty ownership. 
B)  joint tenancy. 
C)  tenancy in common. 
D)  tenancy in common.,

Question 4

____________________ is a broad term that simply refers to two or more individuals who have combined to pursue an investment enterprise too large for any of them to undertake individually.

Accepted Answer

The answer of ____________________ is a broad term that simply...

Question 5

A joint venture is a partnership formed to carry out a ____________________ business venture.

Accepted Answer

The answer of A joint venture is a partnership formed...

Question 6

An estate in severalty is one held by

Accepted Answer

A)  one person. 
B)  two persons. 
C)  three or more persons. 
D)  joint tenants. 
A)  one person. 
B)  two persons. 
C)  three or more persons. 
D)  joint tenants.

Question 7

Investors in real estate investment trusts are called ____________________.

Accepted Answer

The answer of Investors in real estate investment trusts are...

Question 8

A man has separated from his wife and filed for divorce. They own property as tenants by the entirely. He signs an exclusive right to sell listing agreement. The wife does not sign. The broker then brings a full price offer which the husband accepts. The wife does not sign. Which is true?

Accepted Answer

A)  The broker cannot collect a commission since the wife didn't sign the listing. 
B)  The broker may sue the wife for specific performance. 
C)  The broker may collect commission from the husband only. 
D)  The broker may collect from the husband and wife. 
A)  The broker cannot collect a commission since the wife didn't sign the listing. 
B)  The broker may sue the wife for specific performance. 
C)  The broker may collect commission from the husband only. 
D)  The broker may collect from the husband and wife.

Question 9

Community property could include

Accepted Answer

A)  property acquired by one spouse before marriage. 
B)  gifts made to one spouse or the other. 
C)  property inherited by one spouse or the other. 
D)  property acquired before marriage and maintained with community funds. 
A)  property acquired by one spouse before marriage. 
B)  gifts made to one spouse or the other. 
C)  property inherited by one spouse or the other. 
D)  property acquired before marriage and maintained with community funds.

Question 10

A ____________________ trust takes effect after death.

Accepted Answer

The answer of A ____________________ trust takes effect after death....

Question 11

With regard to real property estates, tenancy in common refers to

Accepted Answer

A)  occupancy by 2 or more persons. 
B)  ownership. 
C)  survivorship. 
D)  community property. 
A)  occupancy by 2 or more persons. 
B)  ownership. 
C)  survivorship. 
D)  community property.

Question 12

A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would own the property as

Accepted Answer

A)  joint tenants. 
B)  community property. 
C)  partners. 
D)  tenants in common. 
A)  joint tenants. 
B)  community property. 
C)  partners. 
D)  tenants in common.

Question 13

In several states, a land trust allows an owner to create a trust wherein he is both the trustor and the trustee.

Accepted Answer

A) True 
 B)False

Question 14

The most widely recognized aspect of joint tenancy is the

Accepted Answer

A)  right of equal interest. 
B)  right of equal use. 
C)  right of survivorship. 
D)  simultaneous creation of ownership. 
A)  right of equal interest. 
B)  right of equal use. 
C)  right of survivorship. 
D)  simultaneous creation of ownership.

Question 15

Property owned in severalty

Accepted Answer

A)  is owned concurrently by at least two persons. 
B)  cannot be sold without the consent of several owners. 
C)  is an estate of inheritance. 
D)  may be willed. 
A)  is owned concurrently by at least two persons. 
B)  cannot be sold without the consent of several owners. 
C)  is an estate of inheritance. 
D)  may be willed.

Question 16

Ownership in severalty occurs when

Accepted Answer

A)  two or more persons have identical interests in the same property concurrently. 
B)  husband and wife share ownership of the same property. 
C)  property is owned by one person. 
D)  two or more persons own the same property in any form of title. 
A)  two or more persons have identical interests in the same property concurrently. 
B)  husband and wife share ownership of the same property. 
C)  property is owned by one person. 
D)  two or more persons own the same property in any form of title.

Question 17

If a limited partner becomes too involved in the management of the partnership he may become a general partner's operation of law and have more liability than he bargained for.

Accepted Answer

A) True 
 B)False

Question 18

Separate property can be conveyed or mortgaged without the signature of the owner's spouse.

Accepted Answer

A) True 
 B)False

Question 19

Choose the one most appropriate answer for each.
-each joint tenant must acquire his or her ownership interest at the same moment

Accepted Answer

A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title 
A) community property 
B) concurrent ownership 
C) estate in severalty 
D) general partnership 
E) illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question 20

In community property states, property not held as community property is designated as separate property.

Accepted Answer

A) True 
 B)False

Exam 3: Forms of Ownership

With tenants in common, if nothing is said regarding the size of each co-owner's interest, the law presumes that all interests are equal.

Property owned before marriage and property acquired after marriage by gift, inheritance, or purchase with separate funds are all considered the couple's community property.

The phrase "a poor man's will" has often been applied to

____________________ is a broad term that simply refers to two or more individuals who have combined to pursue an investment enterprise too large for any of them to undertake individually.

A joint venture is a partnership formed to carry out a ____________________ business venture.

An estate in severalty is one held by

Investors in real estate investment trusts are called ____________________.

A man has separated from his wife and filed for divorce. They own property as tenants by the entirely. He signs an exclusive right to sell listing agreement. The wife does not sign. The broker then brings a full price offer which the husband accepts. The wife does not sign. Which is true?

Community property could include

A ____________________ trust takes effect after death.

With regard to real property estates, tenancy in common refers to

A deed grants a parcel of land to Betty and Art, with no further distinction as to tenancy. Betty and Art would own the property as

In several states, a land trust allows an owner to create a trust wherein he is both the trustor and the trustee.

The most widely recognized aspect of joint tenancy is the

Property owned in severalty

Ownership in severalty occurs when

If a limited partner becomes too involved in the management of the partnership he may become a general partner's operation of law and have more liability than he bargained for.

Separate property can be conveyed or mortgaged without the signature of the owner's spouse.

Choose the one most appropriate answer for each. -each joint tenant must acquire his or her ownership interest at the same moment

In community property states, property not held as community property is designated as separate property.

Nature and Description of Real Estate

Rights and Interests in Land

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Taxes and Assessments

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

Filters