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KW
Unit 4 Quiz Questions
| Question | Answer |
|---|---|
| A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without stipulating a form of ownership. The two friends took title as which of the following? | Tenants in common |
| The four unities of possession, interest, time and title are associated with which of the following? | Joint Tenancy |
| Three people are joint tenants with rights of survivor ship i a tract of land. One owner conveys his interest to a friend. Which statement is true? | The other two owners remain joint tenants. |
| A man owns one of 20 units in a fee simple, along with a 5% ownership share in the parking facilities, recreation center and grounds. What kind of property does he own? | a condominium |
| A trust is a legal arrangement in which property is held for the benefit of a third party by whom? | A trustee |
| Three people were concurrent owners of a parcel of real estate. When one of the owners died, that interest became part of the deceased's estate. The deceased was...? | a tenant in comon |
| A legal agreement under which the title to real property is held to protect the interests of a beneficiary is what? | A trust |
| A person lives in an apartment bldg where the land and structures are owned by a corporation with one mortgage loan securing property. This person owns stock in the corporation, like the other residents and has a lease to the apt. This ownership is...? | a cooperative |
| An owner purchased an interest in a house in Beachfront. The owner is entitled to the right of possession only between July 10 and Auguse 4 of each year. What is most likely the type of ownership that was purchased? | Time share. |
| A corporation is a legal entity, recognized as an artificial person. Property owned solely by the corporation is owned in what? | severalty |
| Which of the following refers to ownership by one person? | Severalty |
| A married couple co-owns a farm and has the right of survivorship. This arrangement is MOST likely what? | An estate by the entirety |
| The real property interest that takes the form of personal property is what? | |
| Two people are co-owners of a small office building with the right of survivor-ship. One co-owner dies intestate and leaves nothing to be distributed to heirs. What would explain why the surviving co-owner acquired the deceased interest? | Jo oint tenancy |
| What is MOST likely evidence of ownership in a cooperative? | Shareholder stock |
| An ownership interest that can be an estate interest or a right of use is a what? | time share |
| What statement applies to both joint tenancy and tenancy by the entirety? | The last survivor becomes a severalty owner |
| Which of the following is NOT a form of co-ownership? Tenancy in common, Ownership in severalty, Tenancy by the entirety, or community property? | Ownership in severalty |
| If property is held by two or more owners as joint tenants, the interest of a deceased co-owner will be passed to whom? | The surviving owner or owners |
Created by:
kerry.goode