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Which of these is not a requirement to be a corporation?
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Nina has her property held in a trust. She's both the trustor and the trustee, and she can take the property in and out whenever she wishes. When she dies, however, the property will have a new designated trustee and go to her heirs. What is the trust?
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Real estate GA
Q&A
| Question | Answer |
|---|---|
| Which of these is not a requirement to be a corporation? | Public trading. |
| Nina has her property held in a trust. She's both the trustor and the trustee, and she can take the property in and out whenever she wishes. When she dies, however, the property will have a new designated trustee and go to her heirs. What is the trust? | Revocable trust. |
| Mack and Macie have a business together. They are both hands-on managers of the business, and they both assume unlimited liability for their business. What kind of business are they most likely to have? | General partnership. |
| Why is an LLP a common business form for medical practices? | Because partners are shielded from personal liability if another doctor gets sued for malpractice. |
| Katie recently bought a house. The title was conveyed via a deed of trust. Katie has placed the title with a trustee who will hold it until released by the lender. In this arrangement, Katie is the: | Trustor. |
| What is undivided interest? | A co-owner's (or co-tenant's) interest that grants right of ownership (or possession) of the entire property, as opposed to only a portion of it. |
| Two business associates own a property as tenants in common. If one dies, what will happen to the decedent's ownership share in the property? | It passes to the heirs of the decedent. |
| What statutory principle provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners? | Right of survivorship. |
| What is meant by the term “right of survivorship”? | The right of survivorship predetermines that when one co-owner dies, their ownership interest reverts to the surviving co-owners. |
| Your clients are buying properties as co-owners, and are unsure how they want to take title. What should you do? | Advise them to speak to their attorney |
| Co-op boards cannot reject applicants for which of these reasons? | Being a member of a class protected by the Fair Housing Act. |
| According to the Georgia Timeshare Act, what is required before a contract becomes finalized? | A Seven-day rescission period. |
| A condo owner has exclusive rooftop access through her condo unit. If it needs repairs, who is responsible for making those repairs? | All of the condo building's co-owners, out of their HOA dues |
| When does a testamentary trust come into being? | When the trustor dies. |
| Which of the following statements is true about a corporation? | Regarded as a legal person. |
| What is the most common type of a REIT? | equity REIT |
| In a sole proprietorship, the owner_______. | Is personally responsible for the business's debts. |
| Which of the following features in a condominium complex is the BEST example of a common element? | The swimming pool. |
| What is the difference between equity REITs and mortgage REITs? | Equity REIT's invest in property, mortgage REIT's invest in mortgages and mortgage-backed securities. |
| What two kinds of ownership do condo owners have? | Fee simple absolute and tenancy in common |
| Which of these laws made it legal for partnerships to own title in the name of the partnership? | Uniform Partnership Act. |
| What form of co-ownership features individual, undivided interest in the property and includes rights of inheritance rather than survivorship? | Tenancy in common |
| What is is the term used for an undivided ownership of an estate, with an interest that is exclusive from other owners? | Severalty |
| A property is owned by Tim, Jim, Kim, and Bim as joint tenants. Kim decides to sell her share to Jeremy. Which of these statements accurately describes Jeremy's ownership in the property? | Jeremy will take title as a tenant in common with a 25% share in the property |
| Jaimie is part of a business. It is a partnership where all partners are shielded from personal liability. Partners cannot be personally held liable for other partners' mistakes. What kind of business is Jaimie most likely part of? | LLP |
| All partners assume unlimited personal liability in what type of business organization? | General partnership. |
| Jacinda is a partner in a business. She manages the business day-to-day, and she is personally liable for the business's debts. What kind of partner is she most likely to be? | General partner. |
| Rebecca owns a business in her own name. She is personally liable for her business's profits, losses, and legal liabilities. What kind of business is she most likely to have? | sole proprietorship |
| In Georgia, how do married property owners take title? | As either joint tenants or tenants in common, depending on what is in the deed. |
| Harriet is a shareholder in a company. This company has hundreds of shareholders, is publicly traded, owns property in severalty, and is subject to double taxation. What kind of business does Harriet most likely own shares in? | C-Corp. |
| Which of the following are two primary types of trusts? | Living trusts and testamentary trusts. |
Created by:
Nana0904